Fuck the Recession Quinlan - Chaaarrggge!


#241

Quinlan has sure engineered a lot of wealth creation opportunities - for other people

Lone Star checks into Jurys Inn with £680m offer - FT.com on.ft.com/1wxWuJV via @FT

interesting fellow this McGoldrick (Mount Kellett guy)

wsj.com/articles/SB118740076313301636


#242

Derek Quinlan ‘did not forsee property crash’ until 2008

irishtimes.com/business/fin … -1.2278973


#243

Ahh FFS.
He’s using the old ‘I would have gotten away with it were it not for those pesky Lehman Brothers’ excuse.

Also …

.

Except …

irishtimes.com/business/commercial-property/quinlan-denies-fleeing-to-switzerland-to-avoid-creditors-1.509781

Anyone taking him to task on his utterances ?


#244

Slow day today so I stuck this on in the back ground

inquiries.oireachtas.ie/banking/hearings/derek-quinlan-former-executive-chairman-founder-of-quinlan-private/?v=video

It seems they can’t ask Quinlan any questions relating to his relationship with NAMA.

I must say, overall it makes for fairly depressing listening. It reflects poorly on the politicians. They struggle with simple constructs e.g. when asked to clarify a question on the approx. 57% Nama haircut Higgins and 1 other member couldn’t explain what they. At one stage he had to explain to them the benefit of leverage on equity returns.

Compare this US senate hearings where you will find politicians there who are extremely well versed in the areas they are discussing, most will be highly educated and have a level of subject or industry expertise.

Having said that, given both are meant to be representative democracies, the lack of expertise on the Irish members behave is probably more reflective of the wider society. I can assure you that education & industry knowledge of US politicians is not reflective of the wider populace.

Edit - FFS, it gets even worse.

I quote “Were there any investments which had no risk?” XX


#245

He’s baaaaack…!


#246

They haven’t gone away you know


#247

Quinlan must be 69 or 70 years old at this stage.
One assumes he’s not going to be a player much longer.


#248

I see Mrs Siobhan Quinlan is in line to scoop millions from an investment in D4 (think it’s the AIB site.)

Meanwhile her husband is still indebted to NAMA …

:sick:
XX


#249

Awwwww shite, have we learnt nothing (especially hospital consultants and SCs :slight_smile: )


#250

Nothing in the media but COVID19 so almost nothing about the C&AG’s report on the sale of Quinlan assets (Project Nantes).

In normal times, the Public Accounts Committee would haul NAMA’s big wigs over the coals for this caper but we don’t have a functioning Oireachtas (just a rubber stamp for draconian powers we hope will be dropped after this crisis).

The bottom line is a loss of about €29 million.

But what’s €29,000,000 of taxpayers’ money nowadays?

Errors and poor analysis by NAMA meant that the residual repayment target for the Project Nantes loans was significantly lower than it should have been. NAMA did not identify that the €9.4 million it had paid the banks for the property-backed personal debts of the QP partners1 had not been built into the Board-approved refinancing target. NAMA also failed to see that the acquisition value of one of the loans underpinning the target had been understated by €16.1 million. Had the full scope of the loan portfolio been consistently and accurately reflected in the original repayment target, the residual target to be achieved through the Project Nantes loan sale would have been of the order of €56 million i.e. about €29 million more than was achieved in the sale.

https://www.audit.gov.ie/en/Find-Report/Publications/2020/Special-Report-109-NAMA-s-management-and-disposal-of-the-Project-Nantes-loans.pdf