Recourse to Eddie and his mates too ( including the lad hiding in the bunker in Tunisia ) ??
Eddie resigned as a Director some time ago. Maybe he is not as thick as he seems.
Imagine lending €750,000 to a business with those problems. Imagine hearing about all its problems through the IT.
Hiding behind legalities is no longer acceptable to the investing public. Especially in this era of private public communication, the very least the public and the fund’s investors should expect is that Eddie explains if not on TV but then by YouTube exactly where it went wrong and what lessons have been learned. Resigning as director is not good enough when the director’s high profile was what enabled the fund to attract investors in the first place. To maintain or restore any shreds of credibility, Hobbs must come public and discuss where he and the fund went wrong and what they will do to help out the Irish men and women who put their trust and money in his care. To continue ignoring the investors or hiding behind legalities is to effectively raise two fingers at everyone who supported Hobbs and the fund, and investors won’t take it well if the his silence on the failure continues.
Tbis is Ireland, we don’t do accountability, we do brass neck and 2 fingers so expect no more.
20 July 2013
And just to remind, the suit against Metro was posted in May 2013 by NWL
Was this an investment vehicle that legally should have been restricted to high net worth knowledgeable investors? If it was such a regulated investment vehicle then there may be questions to be answered by the investment intermediaries as well as the fund itself. (I must admit that I am too lazy to trawl through the thread and the reportage to check if this has already been considered.)
However I suspect the type of investments restricted to professionals are ones that are leveraged/derivatives i.e. where you can lose more than your initial investment? (Swaps/options/futures /Lloyds List type stuff)
No. Brendan Investments was not one of those products restricted to ‘sophisticated investors’. It was a road show job that all and sundry could sign up to (was it five grand a pop minimum entry?), mom and pop investors all over Ireland were invited to join the party by Eddy and it’s all OK because you’ve seen me on the TV explaining exactly why we just can’t trust our govvermint no more
The property market turned in early 2012,it was apparently to anyone looking at it closely,to decide to “not see” this in 2013 and pile into Detroit is the equivalent of a bus driver drinking 3 bottles of whiskey and attempting to drive his passengers home on a 200 mile road trip across a Peruvian mountain with no safety barriers.
Maybe Eddie and Co. were reading the Pin and took the DCB theories seriously.
Even a bus plunging off a Peruvian mountain only loses maybe 10 or 20% of its height relative to sea level. It’s some achievement by this shower to manage to lose everything.
Ah come on now, not everything was lost – I’ll wager the annual fees (20%?) were carefully extracted each year, managing other people’s money is always a hugely stressful business
Brendan Investments put millions of dollars in to Detroit properties having been sold on the highly lucrative “sales model” shown to them by Metro Property Group. The same “sales model” which scammed hundreds of overseas investors. In 2013 when Metro Property Group was taken to Court, by a group of investors who had uncovered the scam, Brendan Investments publicly backed Metro Property Group claiming they had no reason to doubt their integrity.
After a lengthy and intensive investigation by the FBI The owner of Metro Property Group (Sameer Beydoun) has now pleaded guilty to conspiracy to commit fraud and the Court papers detail how the scam worked, which is exactly as the 2013 investors who sued described it.
There was never a chance of investors making any money in this. The business model didn’t exist, it was a scam by MPG. BI’s investment fund is just one more of the hundreds of victims in this.
Former Eddie Hobbs promoted company goes into liquidation
Eddie Hobbs: Is the global recovery fake? - -> thejournal.ie/readme/eddie-h … tter_short
He’s promoting his book the pivot
Was wondering what was going on with Eddie and that picture of him on the back cover of his new book.
Now I know.
Here in a nutshell is the entire problem, Hobbs reverting to an observer role now that his player role has gone so catastrophically tits up for the supporters of Brendan Investments, as clear an example of ‘shapeshifting’ as we’ve ever seen, maybe we could get David Icke to submit a review of Hobbs’ book to Amazon
If at first you don’t succeed, try something else: Hobbs leaps onto anti-Trump bandwagon, turns hand to songwriting…