"Developer's son was the only one to voice any fears..."

[Ivor_Lot]

This will resonate with many on the pin.When I returned to Ireland after years in Germany,the bubble was pretty obvious to me.Obviously not to those living in the bubble,as we know now. They should have listened to the son.

**Developer’s son was the only one to voice any fears about ‘overheated’ land market **

AFTER a week spent in Court Nine, businessman Philip Lynch must rue the day that he got his family involved in the business of property development.

As he sat beside his wife Eileen, daughters Philippa and Therese and son Paul listening to his other daughter, Judith Whelan, being grilled in the witness box about their failed property investment, he must have wondered how it all went so badly wrong.snip…>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

This bit resonated with me most:

**Paul, who had recently returned to Ireland from the US, was the only one who was worried about investing in property at that time. Judith said he was reluctant because he felt the market was overheated.
**
They listened to his view and their parents made it “patently clear” that their only reluctance was that they could “expose them to something”.

Oh and this

"This land was considered to be no risk and had only an upside to it," Judith told the court.

independent.ie/national-news/developers-son-was-the-only-one-to-voice-any-fears-about-overheated-land-market-2576755.html

[BlameGame]

You know when I saw the headline I thought this was going to be about Simon Kelly!!

I think I saw him last week in a Long Wheel Base 2006 WW Reg S Class parked on Wicklow Street.
It might not have been him but the year and reg would make sense

[Ivor_Lot]

You know when I saw the headline I thought this was going to be about Simon Kelly!!

So did I

[JOE]

So did I but it was another gobshite or at least the son of one. People who sign contracts should pay their debts and stop trying to push it on the Irish taxpayer. I don’t believe his fairy tale that the dog ate his homework…does anyone?

[T-B-M]

She was employed by her mother in February 2006 as a “business consultant”, she said, and managing the family’s €25m property deal was to be her first big task.

Here is some monopoly money to play with…

[superfurryanimal]

I don’t want to pay it back even though I have the means…I meant to get a non recourse loan but didn’t bother to check the documents…get the taxpayer to pay it back or maybe the PI policy of the lawyers I am suing…these banks are bust…there was no equity in the deal but it was still non recourse…

[bigbooks]

I can’t really judge on the basis of the evidence in the papers whether or not they really did think the loan was non recourse but christ almighty I can’t believe the sense of entitlement that they should have been even thinking that way. “If there’s a gain (and of course there will be) we’ll take it but if there’s a loss then the bank takes it”.

[ps200306]

The way I’m reading it, the kids want the parents to take all the hit. As the daughter says: “they never wanted to burden their children with debts if the deal didn’t work out”.

Presumably this is on the basis that the parents are fooked anyway so there’s no point in them all going down with the same sinking ship. Works out best for the parents too, if they can get a dig out from the kids after the whole mess blows over.

I presume they won’t get away with it though.

[dowtchaboy]

I presume this is part of the property? It’s a brand-new, but never opened shopping centre on the ring road in Waterford. There’s a high wall around it so I was never able to see any more than the Google streetview shows - dunno how fitted-out the place is/was.
maps.google.ie/maps?q=52.231529,-7.141027&ie=UTF8&hnear=Waterford,+County+Waterford&gl=ie&t=h&rq=1&split=0&sll=52.231529,-7.141027&sspn=0.001462,0.004452&ll=52.231529,-7.141027&spn=0.001462,0.004452&z=18

Waterford seems to have lots of underused retail/industrial estates, as well as unused shopping centres - here’s one I’d love to know the story behind: (Ferrybank)

maps.google.ie/maps?q=52.267803,-7.097082&ie=UTF8&gl=ie&t=h&rq=1&split=0&sll=52.267803,-7.097082&sspn=0.002922,0.008905&ev=zo&ll=52.267803,-7.097082&spn=0.002922,0.008905&z=17

[hairy_cake]

When Judith finished college, her father helped her to buy a property and he did the same for Philippa.

or rather

When Judith finished college, her father bought her a property and he did the same for Philippa.

greed, idiocy, entitlement, lack of responsibility - shocking story.

[coc]

I see on #vinb tonight that tomorrow’s IT carries a plan to save the country presented by 17 philosopher kings, first among which is a certain Philip Lynch. Could this be the same clown involved in this clusterfuck?

[In_the_region_of]

I see on #vinb tonight that tomorrow’s IT carries a plan to save the country presented by 17 philosopher kings, first among which is a certain Philip Lynch. Could this be the same clown involved in this clusterfuck?

The brass neck brigade.

[coc]

Who better to advise on the cleanup of a motorway pileup than a drunken lorry driver I suppose? Some of the other philosopher kings have previous too.

[jonovox]

Stick to what you know boys and girls - that’s the moral.

[mr_anderson]

Stick to what you know boys and girls - that’s the moral.

+1
You have no idea the amount of times I’ve seen people make money in their specialised field … only to lose it in another.

As Charles Kindleberger famously said, ‘there is nothing so corrosive to good judgment as watching your neighbor become rich’.

[slasher]

I see on #vinb tonight that tomorrow’s IT carries a plan to save the country presented by 17 philosopher kings, first among which is a certain Philip Lynch. Could this be the same clown involved in this clusterfuck?

Derek Quinlan and a few other ‘legends’ gave their sage advice at the start of the downturn in a series of incoherent sh1te in the IT

[yoganmahew]

I see on #vinb tonight that tomorrow’s IT carries a plan to save the country presented by 17 philosopher kings, first among which is a certain Philip Lynch. Could this be the same clown involved in this clusterfuck?

Derek Quinlan and a few other ‘legends’ gave their sage advice at the start of the downturn in a series of incoherent sh1te in the IT

Advice the previous government tried to follow - no firesales, confidence blah blah, build for victory… look at us now!

[Ardillaun]

Stick to what you know boys and girls - that’s the moral.

+1
You have no idea the amount of times I’ve seen people make money in their specialised field … only to lose it in another.

Doctors are a great example of this. Even chess players are not immune. A friend of mine was at a tournament years ago and several of the guys lost a lot (for them) in a poker game against a civilian. They could not believe he had the brains to beat them.

[Inis_Man]

Stick to what you know boys and girls - that’s the moral.

+1
You have no idea the amount of times I’ve seen people make money in their specialised field … only to lose it in another.

Doctors are a great example of this. Even chess players are not immune. A friend of mine was at a tournament years ago and several of the guys lost a lot (for them) in a poker game against a civilian. They could not believe he had the brains to beat them.

Old cobbler’s tip of the day: Cobbler, stick to thy last

[JohnnyTheFox]

Stick to what you know boys and girls - that’s the moral.

+1
You have no idea the amount of times I’ve seen people make money in their specialised field … only to lose it in another.

Doctors are a great example of this.

Ah yes, doctors and dentists as restaurateurs because they figure “I eat out often, and I’m clever, therefore I will be easily able to run a restaurant as a hobby”.