‘’ out of retirement’’
I guess that’s one way of viewing it.
‘’ out of retirement’’
Playing to his strengths. Uh huh, makes sense.
And they’re back…with a bang
A true Irish success story
good luck to them
“Nice house”? Au contraire! Merely a Bog Standard House, as you well know.
Blood pressure Friday
A lot of fireplaces in that gaff - count the chimney pots!
Nice gaff alright. And not bad value (especially when someone else is picking up the tab)
That’s 25% off the original asking price in Feb. 2016. Fantastic negotiating skills in the current market .
irishtimes.com/life-and-sty … -1.2546539
But how would you feel if you just paid a million Euro more for a smaller house nearby?
They must be so proud that, at the same time and so close by, the OA was able to realise more than five times that amount for Gorse Hill, thus reducing by a few million the vast mountain of debts which they worked so hard to accumulate and which the banks have landed on the shoulders of the Irish taxpayer.
Has the 1m+ market outside Dublin moved much the last few years?
(this is about 5km further from St Stephens Green than Tallaght, and really ought to be considered outside of Dublin in the current between-the-canals-or-gtfo mentality)
Killiney is outside Dublin ?
Proximity to Stephens green must be the only advantage Tallaght has over Killiney . And the over 1m market in the area appears to be doing pretty well !
The Sunday Business Post online digest has this tantalising snippet: “The saga of Gorse Hill: How the Gorse Hill O’Donnells bounced back, debt-free and back into business…”. Anyone with a subscription care to tell us the gist of the article?
Not much in it to be honest - vast majority is rehashing the story of the battle with BOI. A few paragraphs at the end to say they bought the house above in Killiney and are back in business.
I always find it amazing how these bankrupts seem to bounce back so quickly at the end of the bankruptcy period.
It’s almost as if they retained control of a large sum of money/assets but kept it hidden/beyond reach while the rest of us pick up the tab.
Brian O’Donnell has a shit reputation and I can’t imagine any funders dealing with him or his family. When he went out on his own the other big legal firms scoffed at him in relation to providing M&A advice as he simply did not have the number of people required to deal with a big transaction. He was a big leveraged property play and a small legal firm. He was described to me as “wishy washy” in relation to a property purchase. I will wait until the guy dies before posting anything more. Such is the lack of the first amendment here.
This family’s case is emblematic of our crisis which saw the effective abolition of personal responsibility for business debt, regardless of corporate structure or personal guarantees. Despite the enormous losses suffered by their lenders (ultimately by all of us), this family will soon find willing lenders for their future projects.
Don’t confuse this with lending to mere mortals. Keep saving for that deposit and try not to think about them buying a mansion straight out of bankruptcy.
Totally agree with this.
What I find surprising is that banks seem constantly willing to lend anew to certain serial defaulters who see business after business fold. Or even that banks seem willing to fund the setup of new retail businesses in a location that has seen multiple retail businesses fail to succeed. Meanwhile it can be difficult for sound businesses to even get their overdraft increased by these same banks to fund expansion or slower payments. You would have to wonder at how banks measure risk or don’t seem to measure it at all in some situations.
Let’s hope “the authorities” are thinking exactly this.
This is Ireland
Abandon all hope and just keep paying your taxes
Inspired. Blake could play Biggles, the elder O’Donnell could do pompous Lord Bertie Lissie, Blaise as cousin Algernon Montgomery Lacey (sorry, no actual female parts in Biggles), Jerry Beades as the ever-helpful Flight Sergeant Smyth, Vincent Brown as Tug Carrington, and the Bank of Ireland as a corporate version of German intelligence officer Erich von Stalhein.