Fuck the Recession Quinlan - Chaaarrggge!


#1

independent.ie/business/iris … 87107.html

Absolute madness, groin-grabbingly. Does this man not see what’s going on around him?

I know that this is technically international, but what this lunatic gets up to is critical to this country, especially now that we (through Anglo Irish) are his backer.


#2

He/his private clients is one of the billion + borrowers with Anglo.

He personally bought 50% of the Citi building in Canary Wharf at the peak of the market for 1.0 billion which now is surely only worth 750m.Hsbc bought their building back this month for 250m less then they sold it for in 2007.All this has been reported on www.propertyweek.com

This is the really big scary stuff where guys can lose 125m in 12 months on one deal.

These mega deals and borrowers could lose billions in no time and will haunt the Irish banks for the next decade.


#3

The above article sounds like bluster to me,a pathetic attempt to appear bullish while hoping to mask serious problems.I think we have seen this kind of statement before. It’s like in football when the manager receives a vote of confidence from the board, only to be sacked the next day. I’d say watch out for problems at Quinlan Private very soon. I could be wrong though, but looking at Quinlan’s exposure, I doubt it. He was one of the “heroes” telling us we should all be positive in the Irish Times a few months back.I find it hard to take, a man who started his career figuring out ways wealthy people could avoid paying tax in this country, he then has the brass beck to try and advise how we should spend or cut our taxes.


#4

He started off collecting taxes Ivor. Please.

No wild speculation or ANY polemic in this thread please.

We have no evidence that Quinlan and his ‘private’ operation has gotten himself into bother, serious or otherwise. Facts only from now on , OK !!!

The comment on the tower in canary wharf is correct , its not the big one with the aliens inside ( if you remember Dr Who) but one of the shorter pair just east of it built in the early part of this decade. The towers averred to by Bob are in the foreground in this photo


i1.trekearth.com/photos/21881/wharf_sunset_2.jpg


#5

The same thing could be said of Sean Dunne. We’ve seen no evidence that he’s in trouble, but considering the prices he paid for his properties, the cash that he’s borrowed, it’s certain that he’s in serious trouble.


#6

The bould Seán has regaled Dublin Corporation and an Bord Pleanála with details of his , shall we say , upwardly mobile business model .

Anyway , on with considered discussion of the detail , thanks Housebuyer.


#7

He did indeed and then promptly went in to business as a tax “advisor” He’s a real patriot.


#8

A true Patriot Ivor . That is not in dispute and thank you for highlighting it :nin

Those of you who would not know much about Derek Quinlan / Quinlan Private should start with this rather good background briefing by propertyweek some 3 years back ( before he bought that tower :nin )

propertyweek.com/story.asp?storyCode=3047488


#9

They have let people go from their operation in London (source: an employee there) so it’s not like they are in a bubble of their own.


#10

The Pack asked for facts; I shall endeavour to deliver!

Quinlan and his ultra-high net worth backers own some of these gems.

In 2004, they spent €750 million on the Savoy Hotel Group, he eventually flogged the Savoy and Simpson’s for €230 million, leaving Quinlan in control of the Berkeley, Claridge’s and the Connaught. He later spent £250 million renovating and extending these hotels.

In 2007, he spent £1.16 billion on buying the Jurys Inn chain (200 budget hotels).

Like has already been mentioned, his group have also spent £1 billion on the Citigroup HQ in London.

He’s also spent another €400 million acquiring retail/office space in Berlin, Cologne, Frankfurt and Poland.

Spent €450 million on a hotel/leisure centre on Lake Balaton in Hungary.

€190 million on the Eircom tower in Heuston.

Overall, his group supposedly has €11 billion worth of property under ownership.

If you ask me, the man is a speculator, a mere flipper. Nothing is bought as an investment, it’s bought with the intention of flipping it on for a higher price. Now that his prime markets have tanked, either the banks are going to be foreclosing on his properties, or his “ultra-high net worth” clients will get wiped out.


#11

I think you mean has spent 11 billion on property,

jesus H christ

was all this Financed through Irish banks?

Is this what I’m guaranteeing?

FFS


#12

Propertyweek

“Yet only two of his 140-plus properties are known to have been sold, which raises the question of whether Quinlan knows when to sell.”


#13

So, erm, probably a thick question, but these days, what exactly is the difference between ultra-high net worth and ultra-low net worth?

:confused:


#14

The diiference between a ultra high net worth individual and an ultra broke liabilities exceeding assetts individual is about 10 months


#15

Or a roll-up from your friendly banker. It’s great fun until you get busted.


#16

Alot of Irish media take the statement from the PR company, edit it slightly and print.

Almost nothing in the Irish media can be taken as based on reality, objective analysis is minimal and the libel laws are stacked against investigative journalism which is why very little of it happens.

The key is to have a good PR company and the promise of “special” access down the line. Toss in some some freebies by way of lunch. Remind of commercial spend with that media.


#17

Maine, I take grave umbrage at your ill advised use of the word “slightly”


#18

Personally, I take exception to the use of the word ‘edit’.


#19

And it was on that basis that I read the article in the times and chatted with my dad about Quinlan being utterly fuckerooed.

Seriously though, 750 purchase, 250 upgrade so about a billion in. 8M profit last year. 150 equity in, 850 debt. On that basis every level headed finance bod would consider the investment FUBAR. Bye bye equity and no Seanie or Drummie around for Derek to bell for wedge. Seems fucked alright.


#20

My favourite anecdote about Quinlan.

A friend of a friend is a corporate lawyer.

Quinlan invited the guy for lunch as reward for some deal or other. Waiter comes around. “I’ll have the oysters for starters. Fillet steak for main”. Waiter turns to the lawyer dude. Quinlan interrupts and says to waiter: “Oh, he’ll have the same.” Sotto voce aside to lawyer friend: “Trust me on this.”

Very King Louis XIV. Make of it what you will.