Fuck the Recession Quinlan - Chaaarrggge!


#61

Quinlan had a genius for raising funds from the good and the great in Irish society.
Many people are extremely concerned about quinlans exit.

It remains to be seen as to the true valuations of these many companies who took investment leveraged it up and then bought big.

his leaving for switzerland is not happy news.


#62

Spotted him in london this evening.


#63

Concerned, but yet very quiet.


#64

ah yes, the silent sound of flippers flapping


#65

:laughing: :laughing:


#66

I can confirm The Bar Library is awash with much idle prattle about dearest Derek .


#67

business.timesonline.co.uk/tol/b … 807230.ece
*Sean Mulryan, the founder and executive chairman of Ballymore Properties, appears to have survived the recession.

Last year, when there were rumours that Mr Mulryan was selling 25 of his 50 beloved horses and had joined the growing legion of Irish self-made men to have put their helicopters on the market, it looked as though trouble was brewing.

Like most property companies, Ballymore, which Mr Mulryan had built into one of Europe’s biggest, was hit hard by the slump in property values and the drying up of City bonuses. In the past, it had relied heavily on debt finance to fund its schemes and many of its under pressure Irish bank lenders began restricting new loans.

Ballymore had laid off 50 of its 400 staff and suspended plans for big projects in Manchester and Dublin. Work was halted on the Piccadilly Tower, after £8 million had been spent laying the foundations, and on the €200 million (£174 million) U2 Tower, billed as the tallest building in Ireland.
Related Links

* Ballymore boss in £500m fundraising campaign

* Sean and Bernadine Mulryan

However, Mr Mulryan, 54, has kick-started a £500 million fundraising campaign, according to a weekend report, suggesting that, for him at least, the worst is over. He is looking for wealthy investors prepared to put in a minimum of £30 million each. The money would be used facilitate between five and six new projects. Applications were submitted recently for two towers at the £2.5 billion Wood Wharf development in London’s Docklands, in partnership with British Waterways and Canary Wharf.

A stonemason by trade, Mr Mulryan named his company after Ballymore, the town in Co Kildare where he started his building business in 1982. He sold his house, his car and his wife’s car to raise the funds for his first development.

Like his Irish peers John Magnier and JP McManus, he is a horse-racing fanatic and has dipped his toe in English football, taking a stake in Sunderland FC. It was at Mr Mulryan’s house that he and Niall Quinn, the chairman of Sunderland, persuaded Roy Keane to manage Sunderland in 2006.

Also, like some of his Irish contemporaries, Mr Mulryan was not averse to some of the excesses that were part and parcel of the Celtic Tiger. For his 50th birthday party he hired Deborah Harry, the Blondie singer, to perform.

He is married to Bernadine and has five children. He lives at his 230-acre Ardenode Stud in Ballymore Eustace, Co Kildare. *


#68

Yeah, and that’s where the comparison begins and ends.


#69

Property developer seeks money. The worst must be over. 8DD


#70

I must kickstart my own fund raising campaign, sounds easy. XD


#71

The Sunday Times says Quinlan is trying to sell out of the stake in the Maybourne group whiich includes Claridges, the Connaught and the Berkelely. He approached Paddy McKillen who also has a stake in the hotels, but he wasn’t interested.


#72

Mr Mulryan’s wealth, or such of it that he has left, is at least explainable and transparent. Which is more than can be said for one of those other two.

I may be misreading you, but I just find this “property developer automatically equals gombeenman” thesis incredibly tiresome.


#73

Have you ever heard the saying:

“it’s a shame that 99% of lawyers give the other 1% such a bad reputation.”

it’s the same with developers !


#74

That’s funny… because I find it incredibly accurate.


#75

That’s…interesting.

archives.tcm.ie/businesspost/200 … y24420.asp

Almost 60 big ones per hotel for a chain of budget hotels?

Sounds like a lucky escape for the Dynamic Duo non-property developers, call it gamblers’ luck? :wink:


#76

Or call it a drop in the ocean.


#77

Rumour has it a prominent retired media personality was an investor with Quinlan and has taken a serious hit.


#78

Hardly a rumour.

independent.ie/national-news … 18084.html


#79

Thats not a rumour, its a stated fact.


#80

“There isn’t an accountant’s office anywhere in Dublin which is not engaged in negotiations with banks.”
says uncle Tomcobbleyandall Gaybo.

It was suggested on the 'pin a good while ago when the dodgy solicitors were floating to the surface (Lynn & Byrne, remember them?) that the real fallout would be accountants who saw themselves as mini-me masters of the universe… could it be yet to happen? Did they sip at the same kool-aid fountain that thinks that it only makes sense to have an investment property with a 100% I/O mortgage?

I think we should be told.

PM me with stories and I will publish!