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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Sat Jul 16, 2011 12:33 am 
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mr_anderson wrote:
It's all just such a mess, isn't it !


Probably reflective of the change in government more than anything else.


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Sat Jul 16, 2011 1:05 am 
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grumpy wrote:
Probably reflective of the change in government more than anything else.




Plus ça change, plus c'est la même chose !


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Sun Oct 23, 2011 5:20 pm 
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NAMA like 'corporate terrorists' in selling off developer's hotel loans - Siobhan Creaton -> http://www.independent.ie/business/iris ... 04580.html

Quote:
Paddy McKillen got kicked out of Claridges in London last week. The reclusive property investor who is the hotel's biggest shareholder was told his bags were packed and he would have to find somewhere else to stay. "That was the best news I could have heard," he says through a spokeswoman. "The hotel was full. They needed my room."
He doesn't mind being evicted from a top London hotel in this way but wants to make it clear he won't be leaving Claridges, the Connaught or the Berkeley hotels under any other circumstances.
McKillen is battling to retain control of the Maybourne Hotel Group that owns the three hotels. He owns 37pc of it.

there is more

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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Sat Nov 26, 2011 12:16 pm 
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Nama drawn into McKillen legal row with Barclays - Simon Carswell -> http://www.irishtimes.com/newspaper/fin ... 99079.html

Quote:
The National Asset Management Agency has been drawn into another legal action involving property investor Paddy McKillen, this time over its sale of the debt on the Maybourne hotel group to his rivals, the Barclay Brothers.

The High Court in London has joined Nama to the action taken by Mr McKillen, a shareholder in the group behind the Claridges, Berkeley and Connaught hotels in London, against the brothers over the alleged suppression of his minority interests in the business.

Mr McKillen, who owns just over 36 per cent of the group, is suing the brothers, who have effective control over almost 64 per cent, to take control of the hotels.

there is more

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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Tue Mar 20, 2012 2:14 pm 
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The court case has started, but the real news is that they've got a new photo of McKillen!
Quote:
THE nationalisation of Anglo Irish Bank and the transfer of company loans to NAMA caused financial "damage" to media-shy developer Paddy McKillen, the London High Court has heard.
http://www.independent.ie/business/iris ... 55181.html


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Mon Mar 26, 2012 9:09 am 
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John McManus in Irish Times today.

Quote:
Blood must have rushed to the cheeks of Mike Aynsley when his chummy texts to Paddy McKillen surfaced in the High Court in London last week.

There is a danger of making a lot out of a little, but the two text messages and the context given to them in court paint a rather different picture of Aynsley and Anglo Irish Bank – now known as Irish Bank Resolution Corporation – from the one so assiduously crafted over the last two or three years.


Quote:
But this notion of IBRC does not sit well with the rather more “business as usual” tone struck in Aynsley’s text message of last January 27th to McKillen, in which he is sharing a confidential board decision.

“BB have now been told that the bank has chosen a path to work consensually with you rather than to deal with them, I understand they are not happy.”

It was followed a few minutes later with another text: “Please keep that confidential I cant have board positions like this leaking out.”

The texts chime with McKillen’s assertion in court that Alan Dukes, IBRC’s chairman, had told him it would stand by him as a “customer of 25 years” who had “the best performing loans in the bank”.

It does not look great for Aynsley and Dukes. The communications depict them as actively supporting McKillen in a course of action that is counter to the interests of the National Asset Management Agency and, by extension, the taxpayer.


Quote:
The notion that IBRC is still chummying up to big Anglo clients and doing deals is very hard for most people to understand. And it’s one the Minister for Finance might find hard to explain.


http://www.irishtimes.com/newspaper/finance/2012/0326/1224313892578.html


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Mon Mar 26, 2012 12:13 pm 
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Hugely embarrassing.
Is it worthy of resignation ?


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Mon Mar 26, 2012 12:22 pm 
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I'm not so convinced that the action is contrary to Nama's best interest; the Barclay brothers' MO has always been to buy assets on the cheap from distressed investors; IMHO they tried to shaft McKillen with "Fat Arse" going along with this;


Comparing McKillen to Sean Quinn is not accurate or fair


Quote:
Mr Marshall told the court that “significant payment was made from the Barclay brothers’ organisation” to the wife of Derek Quinlan, an Irish financier who was a shareholder and founder in Coroin along with Mr McKillen.
Mr Marshall alleged that from January 2011 Mr Quinlan was “joined at the hip” and did nothing contrary to the wishes of the Barclays.
Mr Marshall also invited Mr Justice Richards to draw “adverse inferences” from the fact neither of the Barclay brothers would be attending court.
The High Court was told that Mr McKillen, who owns 36.2 per cent of Coroin, and other Irish investors including Mr Quinlan, set up the company to buy the trophy hotels in 2004, “riding a wave of cheap and easy Irish debt” provided by Irish banks.
By 2009, a number of the shareholders had exited and “things were not looking so rosy” after the banks which funded the deal had “gone bust or been nationalised”.
In January last year the Barclays gained a foothold by buying one of the shareholders, Misland, for £70m. Mr Quinlan’s debts were then taken into Nama, Ireland’s “bad bank”. The Barclays seized the opportunity to do a deal with Nama to buy Mr Quinlan’s debts, giving them effective control of his stake in Maybourne Group, which is a subsidiary of Coroin.
Mr McKillen’s High Court action alleges the Barclay brothers infringed his “pre-emption rights” to have first refusal on the stakes of any other investors in the hotels that came up for sale. The Barclays and their companies deny the allegations.


Of course they should be trying to recover maximum amount of loans ASAP, but at the expense of those actually servicing their loans?


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Wed Jun 27, 2012 1:40 pm 
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London court finds against McKillen

Quote:
A court in London has ruled in favour of the National Asset Management Agency (Nama) in relation to its transfer of property loans from developer Patrick McKillen to a company controlled by the Barclay brothers.

The Court of Appeal had been asked to determine whether the underlying loan agreement permitted Nama to transfer loans from Coroin, the holding company of the Maybourne Hotel Group loans to Maybourne Finance Limited, which was controlled by the Barclay borthers, without needing to consult with Coroin.

Nama acquired the debts in June 2010, and made the transfer in September 2011.

Mr McKillen challenged the transfer, arguing that Nama was obliged to consult Coroin.

In a statement, the agency said it was still awaiting judgment from the High Court in England following the trial of the broader issues in Mr McKillen's case against the Barclay Brothers and others.

A spokesperson for the developer declined to comment.



http://www.irishtimes.com/newspaper/bre ... ing30.html


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Fri Aug 10, 2012 2:22 pm 
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Quote:
Barclay brothers win hotel dispute
By Jane Croft, Law Courts Correspondent
The billionaire Barclay brothers have won a bitter legal dispute against Irish property developer Patrick McKillen over the future of three of London’s most prestigious hotels.


http://www.ft.com/cms/s/0/b54793c6-e2e2 ... z239YjmyrG


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Sat Aug 11, 2012 8:11 am 
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[url]PROPERTY DEVELOPER Paddy McKillen vowed to continue his fight with the billionaire Barclay brothers[/url]
http://www.irishtimes.com/newspaper/fin ... gn=digests

I remember reading the John Grisham books in the 90's and the rich in the states seemed obsessed with avoiding paying money to the government in taxes at all costs. They would happily pay 100k to a tax consultant to avoid paying 100k in tax.

Is this the same here? Are the property developers of Ireland happily trying to avoid paying money back to the banks/nama/the state by giving their money to their solicitor friends instead for pointless court cases? Treasury Holdings seem to be doing the same. They should be concentrating on generating money and value for the tax payer. Cuts costs, don't increase them


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Sat Aug 11, 2012 8:41 am 
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http://www.independent.ie/national-news ... 96641.html

Quote:
Mrs McFeely secured a temporary stay on the seizure of the property earlier this year as her son was sitting his Leaving Certificate. However, Eamon (17) claims on his Facebook page that he studied "f**k all".


Quote:
Mr McFeely will claim in his bankruptcy challenge that Theresa McGuinness, the lay litigant who placed him into bankruptcy, did not comply with requirements under the 1988 Bankruptcy Act when she petitioned to have him out of business for up to 12 years.

Ms McGuinness, of Rush, Co Dublin, bought a house from Coalport -- the company that built Priory Hall -- in 2006. She was awarded €100,000 in damages in 2009 after the property was found to have serious structural faults.


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Sun Aug 12, 2012 9:55 am 
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dipole wrote:
http://www.independent.ie/national-news/nama-officers-move-in-to-take-possession-of-mcfeelys-home-3196641.html

Quote:
Mrs McFeely secured a temporary stay on the seizure of the property earlier this year as her son was sitting his Leaving Certificate. However, Eamon (17) claims on his Facebook page that he studied "f**k all".


Well he was in Michaels so that's possible.

Joking aside, it's hard not to feel sorry for these deveopers' kids. They're being dragged into the spotlight and it's nothing to do with them.

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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Sun Aug 12, 2012 9:57 am 
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evilal wrote:
dipole wrote:
http://www.independent.ie/national-news/nama-officers-move-in-to-take-possession-of-mcfeelys-home-3196641.html

Quote:
Mrs McFeely secured a temporary stay on the seizure of the property earlier this year as her son was sitting his Leaving Certificate. However, Eamon (17) claims on his Facebook page that he studied "f**k all".


Well he was in Michaels so that's possible.

Joking aside, it's hard not to feel sorry for these deveopers' kids. They're being dragged into the spotlight and it's nothing to do with them.



Actually I take that back. His Facebook image is a picture of his CLK convertible. Twat.

Edit: plus pics of his Fixie bike. Hipster twat.

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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Tue Sep 11, 2012 4:50 pm 
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London court finds that McKillen pay all costs of the court case against Barclays/Nama. Estimated to be £20m :!:


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