Nama offered deal to allow developer's wife to keep €7m - BARRY O'HALLORAN and RAY MANAGH -> http://www.irishtimes.com/newspaper/fro ... tml?via=mr
State assets agency Nama was prepared to allow a developer’s wife to keep €7 million from €17 million in cash transferred to her by her husband in a deal it offered the couple during negotiations on the repayment of loans worth €457 million.
The High Court heard yesterday that developer David Daly, whose properties include the Louis Vuitton store on London’s Bond Street, transferred €80 million in assets, including €17 million in cash, to his wife Mary in 2009 for tax reasons.
Mr Daly and his family owe AIB €457 million on loans which have been transferred to Nama. The agency has appointed receivers to his British properties while the bank has taken control of his Irish assets.there is more
agency or should it be more accurately described as State liabilities
NAMA no longer considering deal with Daly on transfers - Emmet Oliver -> http://www.independent.ie/business/iris ... 75702.html
The Peart judgment said: "It is quite clear from the correspondence between NAMA and Mr Daly and his advisers that NAMA regarded it as fundamental to any consensus on a way forward that these assets would be transferred back by Mary Daly so that they would be available to NAMA."
"While there was some narrowing of the gap, for instance by NAMA agreeing to a transfer back of only €10m of the €17m cash, Mary Daly was not willing to transfer back all of the assets which NAMA desired.
"Mr Daly believes that this is the main reason why NAMA was unwilling to reach agreement with him."
However, NAMA has disagreed with this and described the cash issue as just one important issue.there is more
Development land 'unsaleable' at present, NAMA staff told - Emmet Oliver -> http://www.independent.ie/business/iris ... 77267.html
NAMA staff have been told to tell the agency's top borrowers there is no point in trying to sell development land because its "not currently saleable", a document seen by the Irish Independent shows.
Major developers are currently trying to pay down their debts, but the agency's staff have been told to make it clear that selling development land is a waste of time at this point of the property downturn.
The staff are told in the document: "Make practical recommendations regarding disposals, eg development land not currently saleable."there is more