Gannon Homes 'won't sell into weak market'

BoyRacer · **Joined:** Jul 26, 2009 **Posts:** 10066

Gannon Homes 'won't sell into weak market' - Laura Noonan -> http://www.independent.ie/business/iris ... 88649.html

Quote:

Gerry Gannon's Gannon Homes has insisted it won't sell houses into a depressed market, despite being dependent on the NAMA for survival.
The position of one of Dublin's biggest landowners is revealed in new filings with the Companies Office, which were signed off by Gannon Homes' directors on October 7.
Gannon Homes' directors confirm that the company booked losses of more than €50m in 2008 and that the firm is now "dependant on Nama support to continue as a going concern".
But the company insists, in the accounts, that the losses suffered in 2008 are unlikely to materialise since they include "extremely conservative" property valuations that triggered €33m of asset writedowns.

there is more

Renting And Proud! · **Joined:** Apr 4, 2008 **Posts:** 1333

Ah the luxury of having your failed business propped up by the taxpayer

Puck may be Famous · **Joined:** May 3, 2008 **Posts:** 2040

Fair play to you Gerry! I wouldn't sell them for less than their worth either.

finnie · **Posted:** Sun Jan 09, 2011 10:36 pm

Should this not be in the 'signs of the ( 10 year) depression' thread??

Scrambler · **Joined:** Jul 23, 2010 **Posts:** 401

BoyRacer wrote:

Gannon Homes 'won't sell into weak market' - Laura Noonan -> http://www.independent.ie/business/iris ... 88649.html

Quote:

Gerry Gannon's Gannon Homes has insisted it won't sell houses into a depressed market, despite being dependent on the NAMA for survival.
The position of one of Dublin's biggest landowners is revealed in new filings with the Companies Office, which were signed off by Gannon Homes' directors on October 7.
Gannon Homes' directors confirm that the company booked losses of more than €50m in 2008 and that the firm is now "dependant on Nama support to continue as a going concern".
But the company insists, in the accounts, that the losses suffered in 2008 are unlikely to materialise since they include "extremely conservative" property valuations that triggered €33m of asset writedowns.

there is more

you know I think this is entirely the mentality that is drawing out this great depression and freezing up this country completely in terms of a recovery. People who are in neg equity can't sell - banks won't hand over title deeds until mortgage paid in full I imagine. Everybody else thinks 'Why sell now for a pittance? It will come back up, we just need to hang in there'. Nobody can realistically borrow huge sums ie the prices being asked for. With the current austerity measures we are all broke and terrified. It won't move much at all - economy silently frozen, maybe being whittled down at a snail's pace, while Iceland and other countries kind of get over it and move on. Why is Gannon allowed to do this?! These loans are now owned by the tax payer surely, so let him decide. NAMA is a joke, a money spinner for developers to rip off decent tax payers, as they did all thru the boom and enjoyed every minute of it

Arthur Daley · **Posted:** Sun Jan 09, 2011 11:31 pm

Scrambler wrote:

Why is Gannon allowed to do this?! These loans are now owned by the tax payer surely, so let him decide. NAMA is a joke, a money spinner for developers to rip off decent tax payers, as they did all thru the boom and enjoyed every minute of it

That's quite enough of the bollshie fanaticism for one night. Good God people not in front of the IMF please.

thewatcher · **Joined:** Nov 8, 2006 **Posts:** 490

No doubt about it, we are japanese now. Years of stagnation here we come, all to save a few developers , ff the soon to be extinct party of traitors.

DSE3Br · **Joined:** Feb 24, 2008 **Posts:** 1328

We only have one side of this story, if even.

johnnyskeleton · **Joined:** Jun 7, 2008 **Posts:** 2521

Arthur Daley wrote:

Scrambler wrote:

Why is Gannon allowed to do this?! These loans are now owned by the tax payer surely, so let him decide. NAMA is a joke, a money spinner for developers to rip off decent tax payers, as they did all thru the boom and enjoyed every minute of it

That's quite enough of the bollshie fanaticism for one night. Good God people not in front of the IMF please.

Too right. Taxpayers are meant to be seen, not heard.

Ireland_is_different · **Joined:** Mar 16, 2007 **Posts:** 1572

Puck may be Famous wrote:

Fair play to you Gerry! I wouldn't sell them for less than their worth either.

yes, and you're right
the problem is that Gannon's idea of what they are worth is different to the market....

xman · **Joined:** Sep 18, 2007 **Posts:** 5536

I have my $80 Cisco shares from 2001.

I'm not selling them into a weak market.

The Unwelcome Guest · **Posted:** Mon Jan 10, 2011 1:12 pm

The problem is Sheriff Bart is now sponsored by NAMA and though it sounds like an empty threat from Gannon, where's the instigation on the other side?

As was pointed out a long time ago, the most important thing about NAMA was the change of creditor secured for Ireland's Lords and Earls class, the developers... No Lithuanian debt collectors means Gerry can now conceivably hold fast to his position as NAMA I and NAMA Mark II continue to create further holes in lifeboat Ireland...

xman · **Joined:** Sep 18, 2007 **Posts:** 5536

I've just submitted Version 5 of my "Business Plan" to the people who lent me all that money ten years ago.

It's remarkably similar to Version 1.

superfurryanimal · **Joined:** Jul 3, 2010 **Posts:** 63

Losses in 2008...what a bunch of jokers.

Nama is a bailout. Private money for this toxic stuff if properly priced would immediately wipe any equity. Developers should work for a salary and if that is not attractive then they can move on.

It is amazing that these guys are all hanging around for the subsidised upside.

Homemaker · **Posted:** Mon Jan 10, 2011 11:30 pm

xman wrote:

I've just submitted Version 5 of my "Business Plan" to the people who lent me all that money ten years ago.

It's remarkably similar to Version 1.

Don't put your trust in Him, Jesus Saves (in a non-irish bank)

Gannon Homes 'won't sell into weak market'

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