What struck me was the pipeline of Unknown Speculators who are underwater on BTL excesses, many of whom will find themselves over in England over the next 3 - 5 years. The other thing that struck me was how this bloke managed to ‘create’ €500m according to that article…OH!! and his accountants obviously who wrote the value on back in the day.
And for every ‘unknown’ on the hook for €250m there must be another 100 on the hook for €250k or more in speculative borrowings that they cannot service and who have been allowed to kick the can down the road for the past 5 years or so.
I never heard about that bunch of speculators in Cork before and neither did the Indo until now. I do expect a lot more names that are at least familiar to me to show up in London over the next few years all the same.
I googled someone from school recently because I’d had news of his brother but was wondering what himself was up to.
Lo and behold a newspaper article detailing a judgment against him for monies owed on BTLs.
On the IBRC programme on RTE the other night Michael OFlynn of Elysian fame was down as owning €280m, Mr Conway is much lower profile but owes almost as much (whats €30m nowadays) Dennehys Cross has unfinished student accommodation on one side and the old Dennehys Cross garage which I think is what Mr Conway was involved in. It is untouched and developing into an eyesore. Watercourse road in my opinion will never be developed to the level mentioned here. Castletreasure might be of some value but not for a long time to come
I actually forgot about Frinailla the company these guys are involved with. Paudie Dennehy is an interesting chap
From the Examiner article of 2010
Among Frinailla’s other undeveloped sites is one at Tramore Road, a former Keating’s bakery site with asbestos contamination issues, where around 100 apartments were proposed.
Receiver Kieran Wallace of KPMG yesterday said he could not comment until later this week on his likely strategy for the three Frinailla sites taken into his control. He was appointed last week as receiver of two Frinailla companies, Oakdon and Castle Treasure Homes.
I heard an interesting story about another Cork person who has his own thread a few threads down from this one, who had an interesting way of doing legal work. He had a “visitation” from a very large and angry tradesman, suffice to say the matter was settled out of court
A lot of stories about that great Munster team not being the cleverest in terms of property investment. Frankie is an agent for a fair few Rugby stars and has a few gigs on the radio and tv, one of the mates met him in the Canaries over Christmas on holidays so times cant be too bad
ah, but if he did’nt have these debts, he would’nt have had to slum it in the Canaries…he could have gone to the Caribbean for xmas
My theory is that a lot of the nerds that went to school with the rugby stars saw the boom as a chance to get in with them and have the girls/lifestyle etc they could only dream of in school. So some of the nerds make easy money in the boom…side up to their former school heroes…‘hi, see this development here…I can get you 3 apts in there before the official launch at special price…me love you long time’!!!
The rugby stars saw a chance for quick cash, the nerds got to hang out with them…win win for all.
But now it’s not in the best interests of the country to bankrupt the stars (even with the nice tax breaks they get for spending their careers based in ireland)…they got all the breaks, and they still want more
They were sitting ducks to be honest - they’ve got decent money coming in for a finite period of time (10 years if they’re lucky), so they have to invest it fairly quickly and they don’t necessarily have much of a background in investment.
Roll back to the early/mid naughties and the only show in town was property investment, so even with decent independent advice, it would’ve been hard to avoid being burned.
Former Irish rugby star Frankie Sheahan and his business partner brother, Joseph, have lost their High Court challenge against Bank of Ireland taking possession of a number of their property investments and appointing a receiver over them
Brent pope was on talking about art for outsiders as part of culture night, this is something if is genuinely interested in, and he seems to be a big advocate for art therapy used for mental illness, addiction, prisoner rehabilitation etc. Seemed genuine on that issue. Nothing about the pension in Bulgaria…I expect, like many, he’s going to be hacking away for a lot more years than he originally reckoned