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 Post subject: The Mansfield saga
PostPosted: Sun Jul 11, 2010 7:40 pm 
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The Mansfield saga -> http://www.sbpost.ie/newsfeatures/the-m ... 50415.html

Quote:
Jim Mansfield needed to hatch a plan. Citywest Hotel, his sprawling leisure and conference complex in west Dublin, had suffered a 15 per cent slide in revenues as a result of the slump, but it was still outperforming the market.
The hotel and leisure sector was being bruised and battered by the recession.
Yet, based on his calculations, Mansfield was confident that Citywest would report an operating profit of between €4.5 million and €5 million for 2009.
Based on bookings, he expected that figure to rise in 2010. After years of protracted legal wrangling, the hotelier had finally opened his Citywest Convention Centre, an audacious three-storey structure capable of hosting 4,000 delegates.
But it was not enough, and the 71-year-old business veteran knew it. His Citywest complex had bank borrowings of around €180 million, and even a profit of €5 million was not enough to cover the hotel’s interest repayments.

there is more


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 Post subject: Re: The Mansfield saga
PostPosted: Sun Jul 11, 2010 8:21 pm 
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Mansfield receives high court writs - Neil Callanan -> http://www.tribune.ie/business/news/art ... urt-writs/

Quote:
Cork-based retail group Musgrave has lodged a High Court action against the Citywest Hotel, which is owned by Jim Mansfield and was placed into receivership last week by Bank of Scotland (Ireland). The proceedings were issued last month. Musgrave declined to comment when contacted last week.
Meanwhile, RMS Titanic has lodged High Court proceedings against the Mansfield Group and a company called Citywest Productions. Citywest hosted a Titanic exhibition last year. A spokeswoman for RMS Titanic did not respond to an email seeking comment.
A receiver was also appointed by Bank of Scotland (Ireland) last week to Mansfield's Finnstown Country House in Lucan, Co Dublin.


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 Post subject: Re: The Mansfield saga
PostPosted: Sun Jul 11, 2010 8:24 pm 
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The last of the self-made men is still smiling in the face of disaster -> http://www.independent.ie/opinion/analy ... 54107.html

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But now Jim Mansfield, the self-made Tsar of Citywest, is seeing a significant chunk of his empire snatched from his grasp as Bank of Scotland (Ireland) puts receiver Martin Ferris in to run the business over a debt of €180m.

It all happened in just over an hour last Wednesday. Struggling with cash flow after spending €30m on an ill-timed Convention Centre at his west Dublin complex, he could no longer meet the re-payment terms he had agreed with the bank.

While his other lenders were prepared to support the business, Bank of Scotland (Ireland), the bank that rode into Ireland with billions of euro and very attractive interest rates during the glory days, is now trying to extract its pound of flesh as it re-assesses its involvement in the Irish market

there is more


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 Post subject: Re: The Mansfield saga
PostPosted: Sun Jul 11, 2010 11:37 pm 
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BoyRacer wrote:
The last of the self-made men is still smiling in the face of disaster -> http://www.independent.ie/opinion/analy ... 54107.html

Quote:
But now Jim Mansfield, the self-made Tsar of Citywest, is seeing a significant chunk of his empire snatched from his grasp as Bank of Scotland (Ireland) puts receiver Martin Ferris in to run the business over a debt of €180m.

It all happened in just over an hour last Wednesday. Struggling with cash flow after spending €30m on an ill-timed Convention Centre at his west Dublin complex, he could no longer meet the re-payment terms he had agreed with the bank.

While his other lenders were prepared to support the business, Bank of Scotland (Ireland), the bank that rode into Ireland with billions of euro and very attractive interest rates during the glory days, is now trying to extract its pound of flesh as it re-assesses its involvement in the Irish market

there is more


The SINDO article is a terrible example of journalism.

It isn't made clear that all the direct quotes from him were made before the Receiver was appointed.
Even the opening preamble about the paintings in his house is misleading.
The journalist has never been in his house but won't say so unambiguously!

No wonder they lose circulation.


EDIT - It is a terrible indictment of Ireland that the only way to be "self made" is to have some sort of connection to land and building.
No Oracles or Microsofts for us.
We'll keep feting people who build shopping centres and houses.


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 Post subject: Re: The Mansfield saga
PostPosted: Mon Jul 19, 2010 8:25 pm 
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Quote:
Companies sued over Titanic artefacts
MARY CAROLAN

A US company which provided artefacts recovered from the doomed ocean liner the Titanic to be put on display at the Citywest Hotel in Dublin has sued two companies over alleged failure to pay some $1.38 million dollars for that exhibition.

RMS Titanic Inc is suing Citywest Productions Ltd, Citywest Park, Saggart, Co Dublin, and HSS, trading as the Mansfield group, in proceedings transferred to the Commercial Court today.

Rossa Fanning, for Martin Ferris, receiver of HSS, said Mr Ferris does not intend to defend the proceedings because he has no role in relation to unsecured creditors. The court also heard solicitors for Citywest Productions Ltd would be applying to come off record for that company.

In those circumstances, Mr Justice Peter Pelly said he would transfer the proceedings and would list the application to come off record for Friday next. If the case was not defended, the plaintiff could bring whatever application it considered necessary to secure judgment in default of defence, the judge said.


more here:
http://www.irishtimes.com/newspaper/breaking/2010/0719/breaking59.html


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 Post subject: Re: The Mansfield saga
PostPosted: Tue Jul 20, 2010 9:03 am 
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Quote:
It is a terrible indictment of Ireland that the only way to be "self made" is to have some sort of connection to land and building.


off the top of my head

http://en.wikipedia.org/wiki/Martin_Naughton

http://en.wikipedia.org/wiki/Tony_O'Reilly

http://en.wikipedia.org/wiki/Pat_McDonagh

http://en.wikipedia.org/wiki/Tony_Ryan

http://en.wikipedia.org/wiki/Se%C3%A1n_Quinn

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 Post subject: Re: The Mansfield saga
PostPosted: Sat Jul 24, 2010 2:24 am 
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Quote:
Charge against land in favour of Ben Dunne

A CHARGE in favour of businessman Ben Dunne was submitted recently for registration against land in Newcastle, Co Dublin, owned by Jim Mansfield, the owner and developer of the Citywest complex.

The amount of money involved is understood to be less than €500,000 and was to allow Mr Mansfield settle a pressing debt.

Mr Mansfield and Mr Dunne are understood to have had business dealings in the past and Mr Dunne was approached by Mr Mansfield back in the 1990s when he first began buying land in west Dublin.

The company that operates the Citywest Hotel and conference complex, HSS, was placed into receivership by Bank of Scotland (Ireland) on July 6th.

The next day applications were lodged with the Property Registration Office for the registration of a charge in the name of Mr Dunne against three folios of land in Co Dublin. The charges are being processed.

On July 9th further applications to have charges in favour of BHK Nominees Ltd were lodged. They were lodged against the same three portfolios as the applications for Mr Dunne, as well as three other folios.

Attempts to contact Mr Mansfield through Citywest were unsuccessful. Mr Dunne did not comment. BHK Nominees is owned in equal parts by Ronan Hannigan and Colman Bermingham, solicitors with Noel Smyth Partners.


http://www.irishtimes.com/newspaper/fin ... 89419.html

Ben Dunne/Mansfield. Symbiosis.

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 Post subject: Re: The Mansfield saga
PostPosted: Sat Jul 24, 2010 11:44 am 
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popout_list wrote:
Quote:
It is a terrible indictment of Ireland that the only way to be "self made" is to have some sort of connection to land and building.


off the top of my head

http://en.wikipedia.org/wiki/Martin_Naughton

http://en.wikipedia.org/wiki/Tony_O'Reilly

http://en.wikipedia.org/wiki/Pat_McDonagh

http://en.wikipedia.org/wiki/Tony_Ryan

http://en.wikipedia.org/wiki/Se%C3%A1n_Quinn


What a collection of rogues!

Why don't you add Denis O'Brien too.

If you exclude those that have benefited from political patronage what are you left with?

Pat McDonagh....the founder of Supermacs and an oirish pub chain that's in deep trouble.
Larry Ellison better watch out. FFS.
http://www.independent.ie/business/iris ... 31718.html


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 Post subject: Re: The Mansfield saga
PostPosted: Sat Jul 24, 2010 12:06 pm 
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http://www.independent.ie/national-news/lsquono-drugs-in-my-businessrsquo-ndash-billionaire-1462183.html

http://www.independent.ie/national-news/mansfield-jet-trafficking-led-by-former-ira-activist-135293.html

http://www.flightlevel350.com/forum/index.php?showtopic=9375

http://www.irishtimes.com/newspaper/weekend/2009/1107/1224258254591.html

http://www.soldiersofdestiny.org/acoachandfour.htm

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 Post subject: Re: The Mansfield saga
PostPosted: Sat Jul 24, 2010 1:40 pm 
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BlameGame wrote:

If you exclude those that have benefited from political patronage what are you left with?

Pat McDonagh....the founder of Supermacs and an oirish pub chain that's in deep trouble.
Larry Ellison better watch out. FFS.


Actually, you'd be surprised.
There are a lot of 'quiet' millionaires (and billionaires) out there.


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 Post subject: Re: The Mansfield saga
PostPosted: Sat Jul 24, 2010 4:15 pm 
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Spinnaker wrote:

that's a very interesting gossip site there, spinnaker! I spent far too long perusing it today.

Is there any truth to the bit about
Quote:
Jim has been feted on RTE as one of the richest and most successful men in Ireland it is probably unfashionable to mention that it is alleged in one recently published book that when he was dealing in used and scrap cars out Crooksling way (in an earlier life) , he received three blank blanks-all of which he served- for various petty blanks such as blank and blank.

Must say I had never heard a whisper of that. (the "blank"s are me being sensitive to the 'Pin's legal eagles.)


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 Post subject: Re: The Mansfield saga
PostPosted: Sat Jul 24, 2010 4:37 pm 
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Jimbo has frequently admitted that he was known to the Guards and 'in trouble' as a 'young fella'

Edit: Incidentally I belive our friend from the aforementioned website made his few bob and retired early to the Canary Islands from where he entertains us with his thoughts. Jolly good luck to him I say :mrgreen:


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 Post subject: Re: The Mansfield saga
PostPosted: Sat Jul 24, 2010 4:54 pm 
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Not about Jim Mansfield himself but the company he keeps:
Quote:
Never mind the past. Now he's a 'smooth, likeable' CEO
From allegedly misselling insurance, to bankruptcy and 'brutal and unlawful' dismissals, it's all there in Seán Whelan's path to the top, writes Michael Clifford

...
.. The previous week, I had made initial inquiries about a Seán Whelan whom I had been informed had worked in Quinn Insurance, despite having been fingered in a high-profile case of misselling policies to isolated farmers some years before ( although there is no suggestion that Quinn Insurance knew this).

Whelan came to prominence in 1995, when it was revealed that he was the subject of an investigation in Canada Life. A ruse in which he had been involved had been uncovered.

Acting as a tied agent to Canada Life, he was selling what he purported to be mortgage/pension policies, which, he told the clients, would allow them to receive loans of between £30,000 and £500,000. Most of the policies were offered to farmers living on both sides of the border. Canada Life didn't deal in mortgages. The products he was selling didn't exist. At least 30 clients were thus duped and Canada Life knew nothing of his activities.
At the time, Whelan was highly regarded by Canada Life, although he wasn't an employee. In 1994, its in-house magazine had praised Whelan as an example of a top salesman, who was "incredibly energetic".

Once the ruse was discovered by the company, Canada Life cut ties with Whelan.

However, the company was the subject of legal action by around 20 of the clients, and High Court proceedings were issued. All of the cases were settled in actions that, according to legal sources, ultimately cost Canada Life close to €500,000. Whelan was never prosecuted.

By the time the story broke in March 1995, Whelan was already in big trouble on other fronts.

His company TA Electronics had got into serious difficulties, and some people were determined that he would not emerge lightly. TA Electronics was involved in the marketing and sale of mobile phones, which were still relatively rare in the early 1990s.

Initially, Whelan had some success, exploiting contacts in both the GAA and the church. ...
Within a few years, TA Electronics was creaking under huge debts, despite the health of the economy and the expanding market for mobile phones.

By February 1995, Whelan was personally in debt to over £300,000. The main creditor was a company called Dieder, an investment vehicle for Dermot Desmond, which was owed £146,000. In September 1994, Dieder obtained a High Court judgement against Whelan and TA Electronics for the same amount.

Whelan sought to have his debts consolidated. He retained insolvency agent Billy Flynn, who also operates as a private detective. Most creditors were willing to settle for around 10% of what they were owed.

For instance, AIB agreed to settle its debt of £52,000 for £5,200. Woodchester Finance was willing to accept £7,586 for a debt of £75,000. Ulster Bank was owed £6,440, but settled for £644. There was, however, one creditor who was not for compromising.

Flynn made contact with Desmond through the latter's solicitor, Ivor FitzPatrick. He was told that the solicitor would recommend to Desmond that he settle for £20,000.
...

"Our client requires full payment of the monies due and owing to him and will not consider any proposals to settle for less."

Desmond was embarking down the road of bankrupting Whelan. The billionaire financier has a reputation for generosity, particularly towards those who have failed in business. According to sources close to the case, Desmond had determined in this instance to act on a matter of principle as he was extremely dissatisfied with how Whelan had conducted himself, both in relation to Didier and with others.

Following a petition from Didier, Whelan was adjudicated by the High Court to be declared bankrupt on 3 April 1995. In November of that year he applied to be allowed to leave the jurisdiction as he was unemployed and had been offered a job by a communications company in Stoke-on-Trent. He was granted permission, according to his bankruptcy file.

It is unclear what Whelan worked at thereafter before he returned to Ireland. In an online business profile, he lists himself as having been the chief operating officer of a company based in the Caribbean island of Mauritius.

Whelan is also listed as having served as a managing director of a German based company, and a stint as vice president of Avocent International, based in Shannon.

In any event, he landed a job with Quinn Insurance in 2008. Despite his previous contribution to the insurance industry at Canada Life, he was appointed a senior commercial claims manager, reporting to Seán Quinn Jnr. Whelan confirmed to the Sunday Tribune that he worked for Quinn for 12 months at this time. In March 2009, he took up a position in the Mansfield Group and within two months was describing himself as chief operating officer of the group.

Whelan's bankruptcy was never discharged. Under bankruptcy law, it can be an offence for the bankrupt to act as a company director. His current position is described as CEO of the Mansfield Group, but he is not a member of the board. His bankruptcy file has no entries after 2001, and appears to have drifted into disrepair.

One person unlikely to have encountered the smooth side of Whelan is former CityWest manager John Glynn. In an affidavit filed in the High Court last January to prevent his dismissal from the group, Glynn alleged that Whelan had been constantly trying to undermine him.

Glynn alleged that Whelan had joined the group in what appeared to be a consultancy role, as a result of being a social acquaintance of Jim Mansfield Jnr.

Within two months of joining, Whelan was describing himself as the CEO. Glynn had been on a salary of €250,000, which Whelan had arbitrarily cut by €100,000 in July 2009, only reinstating it following the intervention of Jim Mansfield. In October, the salary was cut again, when Mansfield was in hospital for a serious health complaint.

Glynn says that in December, Whelan wrote him a letter complaining about a traffic management issue at CityWest. Glynn tore up the letter and walked into Whelan "in a moment of weakness" and handed him the remains. Whelan then dismissed him.

Mansfield Snr and Whelan both disputed Glynn's contentions.

In February, the High Court granted Glynn the temporary injunction against his dismissal, which, the judge said, appeared to have been "brutally and unlawfully" effected last Christmas Eve.

Meanwhile, the Saudis are coming. Whelan is currently the driving force behind the Mansfield Group's planned CityWest Institute of Further Education. This is, in effect, a language school which will cater for 750 Saudi Arabian students. The students will be housed in apartments in CityWest, which heretofore had been casualties of the property downturn.

Concerns have been expressed in education circles about the proposal, but the South Dublin VEC is backing it. Concerns have also been voiced about the ghettoisation of a large number of Saudis in an education course that is supposed to encompass integration in the host country.

The Saudi Ministry of Education is supporting the venture, and it is understood that at least €10m has already been invested by the Saudis. If the venture is a success, it can only strengthen trade links. If it runs into problems, there will undoubtedly be repercussions for those links.

When Whelan was contacted last week, he was in Saudi Arabia. Asked about his position in the Mansfield Group, he said there was no legal problem, despite his status as a bankrupt.

"Once you don't hold an official position on a company board, you're okay," he said. He was "98% sure" of his legal position. He said he didn't misssell policies when he was an agent for Canada Life.

"No, I didn't. I was there for a short time, I don't remember the time." In reference to the actions taken against Canada Life he said: "I have no knowledge of what happened after I left."

July 4, 2010


from: http://www.tribune.ie/news/article/2010/jul/04/never-mind-the-past-now-hes-a-smooth-likeable-ceo/


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 Post subject: Re: The Mansfield saga
PostPosted: Sat Jul 24, 2010 5:33 pm 
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dowtchaboy wrote:
Spinnaker wrote:

that's a very interesting gossip site there, spinnaker! I spent far too long perusing it today.


Yup, it's got a lot of rich information on FF antics buried in the details on that website. Dirty stuff, really dirty stuff. :nin

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 Post subject: Re: The Mansfield saga
PostPosted: Thu Sep 16, 2010 12:53 pm 
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I am hearing some mad, mad rumours relating to Mr. Sean WHelan. Anyone got any update on his status in the Mansfield Empire?


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