Developers want loan interest ‘rolled up’ - Emmet Oliver → independent.ie/business/iris … 34763.html
No shit. Shocking revelations there Emmet.
Why would anyone show forbearance to these muppets?
They were on the wrong side of the trade, the funding is gone and the market is closed.
When it all commences again, it’s going to be at a whole new price level - and these guys are so far underwater as to be the men from Atlantis.
No more good money after bad.
The only thing that should be rolled up is their fricking title deeds and you know where we should shove em.
Repossess every last bit of stuff off these clowns.
not a penny more in salaries to these failures.
Intern the 30 biggest defaulters in spike island for being a clear and present danger to the financial stability of the State.
Waterboard them to find the “ticking bomb” of their undeclared liabilities and assetts.
These guys should be put on minimum wage ( the new one) and given some equity participation in any upside that emerges from their efforts. The idea that any of these inept chancers is worth a six figure salary is a bad joke. It’s developers dole.
There are no leading Developers. There are no developers. There is no market. It is over for them.
Yes, article should read ‘Leading Debtors’ or ‘Most Indebted Business Failures’
It aint over as long as they get to hang on to the trappings of wealth. If NAMA hasn’t already reversed the huge transfers of assets and wealth between spouces, family and business then it is unlikely to be able do do it (needs to be challenged within 2 years, I believe).
Case in point how does Sean Dunne, a guy who is probably insolvent wind up with a €2million mansion in America, probably not in his name mind you.
I found that quite strange, has he got citizenship there, are they not chasing him for his debts? all vry strange.
Not really . He may have gone in on a business visa . Puts lots of cash into a business and away he goes .
However at the same time he is saying his debts are overdue and he cannot repay them. Do you see the conflict in the two positions?
I am only guessing at his visa status . But to answer your question . No .
He and many other developers are taking the state for a ride, the schemes being perpetrated by these chancers (assest transfers, intercompany loans etc) is going to be multiples of the annual social welfare fraud which attracts so much attention. Yet you do not see a problem with a man spending money which he owes to NAMA?
Is he saying that?
Dunner is one of the sharper ones out there; no personal guarantees for him AFAIK - and as to NAMA is he even in NAMA - his loans were with Ulster Bank, no?
I believe he made a statement to some media outlet along the lines of him being insolvent (liabilities exceeds assets) at the time (possibly 2008). Mabye things have picked up since then.
I’m sure somebody can dig up the link, i really couldn’t be bothered, sorry.
I thought he said that his company was insolvent but he wasn’t; can’t find it thou
good find grumpy (bloody Ctrl+F didn’t!),
I stand corrected,
Sharp as a fucking tack!
The man who spent €379m to open a corner shop…
Christ!
point taken!! 
I suppose it’s all relative
I’ve heard he had a lot of assets in Sarth Effrika; I wonder if those assets have been handed over to his creditors…
The developers were told months ago that rolling up interest wouldn’t be allowed. Graham Emmett made a speech in London about it, covered by Tribune and S Times at the time. Nama said last week that it cannot classify loans as performing if interest is being rolled up on them.