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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Thu Dec 01, 2016 9:21 pm 
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The proposers appear to be making a mint in spite of everything.
In the EA/auctioneering/property business AMVs have to be declared to protect the consumer preventing a proposers from promising the world and delivering nothing yet still collecting their fees.


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Fri Jan 13, 2017 10:39 am 
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Location: SthDub
Detroit: Eddie Hobbs-founded fund forfeits scores of houses
Investments firm also dragged into row over lack of heat at apartment block it rents ou
http://www.irishtimes.com/business/comp ... -1.2935207
Quote:

Brendan Investments Pan European Property (Bipep), the fund co-founded by television personality and financial adviser Eddie Hobbs, has had scores of houses it owns in Detroit seized by local authorities over unpaid property taxes.
The fund raised almost €13 million from Irish small investors at the end of the boom, and initially invested in Germany before moving into the risky Detroit abandoned homes market in 2012. The Irish Times recently revealed that angry investors have been told by Bipep they are likely to lose 90 per cent of their cash.
Seizure records from the treasury authorities in Wayne County, Michigan, show the extent to which the fund’s investment strategy in Detroit has blown up in investors’ faces.
The latest seizure list, published about two weeks ago, details 80 Bipep properties, purchased through its US subsidiary Artesian Equities, which have been forfeited for non-payment of taxes....
...Mr Hobbs, who fronted the scheme’s public fundraising in 2008, stood down as a director of Bipep two years ago and sold his shares in the management company. He retains a 4.5 per cent stake in Bipep and is on course to lose most of the estimated €450,000 he personally invested.


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Fri Jan 13, 2017 10:47 am 
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Posts: 2812
Location: God's Country
FreeFallin wrote:
Detroit: Eddie Hobbs-founded fund forfeits scores of houses
Investments firm also dragged into row over lack of heat at apartment block it rents ou
http://www.irishtimes.com/business/comp ... -1.2935207
Quote:

Brendan Investments Pan European Property (Bipep), the fund co-founded by television personality and financial adviser Eddie Hobbs, has had scores of houses it owns in Detroit seized by local authorities over unpaid property taxes.
The fund raised almost €13 million from Irish small investors at the end of the boom, and initially invested in Germany before moving into the risky Detroit abandoned homes market in 2012. The Irish Times recently revealed that angry investors have been told by Bipep they are likely to lose 90 per cent of their cash.
Seizure records from the treasury authorities in Wayne County, Michigan, show the extent to which the fund’s investment strategy in Detroit has blown up in investors’ faces.
The latest seizure list, published about two weeks ago, details 80 Bipep properties, purchased through its US subsidiary Artesian Equities, which have been forfeited for non-payment of taxes....
...Mr Hobbs, who fronted the scheme’s public fundraising in 2008, stood down as a director of Bipep two years ago and sold his shares in the management company. He retains a 4.5 per cent stake in Bipep and is on course to lose most of the estimated €450,000 he personally invested.



I'm guessing the original prospectus to investors said the fund would invest in European property (the clue is in the name). So how did the funds get directed into Detroit? :?


Last edited by Inis Man on Fri Jan 13, 2017 12:11 pm, edited 1 time in total.

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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Fri Jan 13, 2017 11:58 am 
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Joined: Oct 29, 2007
Posts: 11430
Location: Multiverse
It really marks an astonishing accomplishment to lose money in property during this time.
Phenomenal achievement.


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Fri Jan 13, 2017 12:53 pm 
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Joined: Mar 4, 2009
Posts: 1497
This has the makings of a fascinating story. One would love to know the relationships between the web of companies involved, who owns them all and who sold the US properties to them.

Personally, I would be very reluctant to invest in a property fund even if I was confident property would appreciate. I would be too worried that there are too many ways for those controlling the fund/company to make money out of it for themselves - e.g. management companies / transactions with connected parties.

For clarity, I am not alleging any such misconduct here because the facts are not available to support such an allegation. I hope somebody gets to the bottom of the facts for the investors. Is there any way to identify the investors I wonder ;)


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Fri Jan 13, 2017 6:22 pm 
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Old Time Landlord

Joined: Aug 21, 2007
Posts: 363
https://namawinelake.wordpress.com/2013 ... oportions/

2013 article about one of the companies, Metro, that Brendan Investments partnered with in Detroit. Sounds very shady - selling uninhabitable places at vast markup with fake tenants in place to create an initial income.


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Sat Jan 14, 2017 10:42 am 
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Of Systemic Importance

Joined: Jun 9, 2008
Posts: 7042
Quote:
The family of EuroMillions winner Dolores McNamara have had about 40 houses seized by local authorities in the US city of Detroit, Michigan, for non-payment of property taxes, according to public records.

The McNamaras, including Dolores and five of her six adult children, are thought to have spent about $5 million (€4.7 million) on more than 100 homes in poorer parts of the city between 2012 and 2014.

Ms McNamara, from Limerick, won a €115 million EuroMillions lottery jackpot in 2005.

The family is understood to have entered the risky Detroit property market by way of connections made through television personality and financial adviser Eddie Hobbs, who has acted as an adviser to Dolores McNamara.

They appear to have suffered heavy losses on their investment.
...
Mr Hobbs does not advise clients on property investments, but he did introduce Ms McNamara to his former business partners at Brendan Investments, Hugh O’Neill and Vincent Regan.


http://www.irishtimes.com/business/comp ... -1.2936630

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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Sat Jan 14, 2017 4:33 pm 
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Joined: Jan 11, 2009
Posts: 494
grumpy wrote:
Quote:
The family of EuroMillions winner Dolores McNamara have had about 40 houses seized by local authorities in the US city of Detroit, Michigan, for non-payment of property taxes, according to public records.

The McNamaras, including Dolores and five of her six adult children, are thought to have spent about $5 million (€4.7 million) on more than 100 homes in poorer parts of the city between 2012 and 2014.

Ms McNamara, from Limerick, won a €115 million EuroMillions lottery jackpot in 2005.

The family is understood to have entered the risky Detroit property market by way of connections made through television personality and financial adviser Eddie Hobbs, who has acted as an adviser to Dolores McNamara.

They appear to have suffered heavy losses on their investment.
...
Mr Hobbs does not advise clients on property investments, but he did introduce Ms McNamara to his former business partners at Brendan Investments, Hugh O’Neill and Vincent Regan.


http://www.irishtimes.com/business/comp ... -1.2936630

"between 2012 and 2014"
sometimes things are "cheap" for a reason .. ..how on earth did they manage not to make money investing in property during this timeframe?

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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Sat Jan 14, 2017 5:57 pm 
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Old Time Landlord

Joined: May 23, 2009
Posts: 397
That should make the story nice and juicy enough that we might see Eddie actually being asked about it at some point.


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Mon Jan 16, 2017 3:42 pm 
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Joined: Jan 8, 2008
Posts: 348
grumpy wrote:
Quote:
The family of EuroMillions winner Dolores McNamara have had about 40 houses seized by local authorities in the US city of Detroit, Michigan, for non-payment of property taxes, according to public records.

The McNamaras, including Dolores and five of her six adult children, are thought to have spent about $5 million (€4.7 million) on more than 100 homes in poorer parts of the city between 2012 and 2014.

Ms McNamara, from Limerick, won a €115 million EuroMillions lottery jackpot in 2005.

The family is understood to have entered the risky Detroit property market by way of connections made through television personality and financial adviser Eddie Hobbs, who has acted as an adviser to Dolores McNamara.

They appear to have suffered heavy losses on their investment.
...
Mr Hobbs does not advise clients on property investments, but he did introduce Ms McNamara to his former business partners at Brendan Investments, Hugh O’Neill and Vincent Regan.


http://www.irishtimes.com/business/comp ... -1.2936630

Perhaps she can write off this loss against the tax she paid on her 9 figure fortune?

Oh wait...


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Mon Jan 16, 2017 6:01 pm 
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Joined: Feb 8, 2007
Posts: 5119
mr_anderson wrote:
It really marks an astonishing accomplishment to lose money in property during this time.
Phenomenal achievement.

It is actually quite an accomplishment. They were lucky enough to have side-stepped one of the worlds greatest financial crashes only to wade into another.

What's even more amazing is that Eddie still seems to be licensed by the Central Bank to provide financial advice.

hobbsfinancial.ie


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Sat Feb 11, 2017 11:22 am 
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Under CAB Investigation

Joined: May 12, 2012
Posts: 1800
Eddie bites back:


“I can be questioned for my judgment, no doubt about that,” he says. “But I’ll defend my integrity. I’m embarrassed by what has happened. You can see I’m annoyed I have to explain it, but I don’t engage in chicanery.”


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Sat Feb 11, 2017 12:01 pm 
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Posts: 9019
Skippy 3 wrote:
Eddie bites back:


“I can be questioned for my judgment, no doubt about that,” he says. “But I’ll defend my integrity. I’m embarrassed by what has happened. You can see I’m annoyed I have to explain it, but I don’t engage in chicanery.”

"I'm not a crook, I'm a fool!"


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Sun Feb 12, 2017 10:36 pm 
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Posts: 5273
Location: Ahernistan
I think the most remarkable thing about this saga; is that somehow Gay Byrne managed to not invest in it.

I find that very disturbing; as I've always used his investment in a project as a guide to whether or not it was a complete con job :nin

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"Mr Kelly said Ireland’s “reputational capital” had been damaged by “chancers” such as ex-Anglo Irish Bank chairman Seán FitzPatrick, who had been abetted by “buffoons” such as former financial regulator Patrick Neary, Minister for Finance Brian Lenihan and the Taoiseach." - Irish Times 13th Jan 2009

"If you can't be a good example, then you'll just have to be a horrible warning." (Catherine Aird)


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Sun Feb 12, 2017 10:37 pm 
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Location: SthDub
:lol: Good one


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