IBRC can sell Anglo Blackrock Clinic loans says US court

[BoyRacer]

IBRC can sell Anglo Blackrock Clinic loans says US court - → thejournal.ie/ibrc-can-sell- … 6-May2014/

Action in the US Bankruptcy Court seeking to prevent the completion of IBRC loan asset sales by developer John Flynn has been unsuccessful, allowing the sales by the Special Liquidators to proceed to completion.
Flynn’s lawyers had filed a petition on Friday, attempting to block the sale.

there is more

Developer’s wife disputes property claims in NAMA bid for €22m ‘debt’ - → independent.ie/irish-news/co … 40636.html

The American wife of Irish property developer John Flynn is asking the Commercial Court to declare she has no interest in a Dublin office park as part of NAMA’s bid to recover a €22m debt owed by the family.
Leona (Lee) Flynn, who lives in Palm Beach, Florida, for most of the year, denies NAMA’s claim that the transfer of her 10pc interest in Belfield Office Park to her husband never took place, or if it did it is an unenforceable agreement.
The Flynns dispute a demand for repayment of €22m issued by NAMA over loans made by Anglo Irish Bank to members of the family related to the Belfield property.

there is more

[FreeFallin]

John Flynn is not happy!

independent.ie/business/iris … 79421.html

‘Nama is like North Korea’- developers are afraid to speak
Flynn claims state agency is an ‘evil empire’ and a ‘cancer on the economy’…
But he says he is going to continue standing up to the agency. He declared: “I have no intention of ever bending over for them and handing them the jar of Vaseline.”
Mr Flynn made the comments after a judge ruled the state agency acted “unlawfully” against him by calling in €22m worth of loans.
Judge Brian Cregan found the agency had breached its statutory duty of transparency by giving “inaccurate and misleading” reasons for calling in the Flynn debt…
“I would sue the ass off them for anything I could. I intend to make a career of it for the next ten years,” he said…
Mr Flynn said he “would be sick” if he was with Treasury Holdings and saw how prices rose in London following the sale of their most valuable asset: “Nama went and sold before the market rose in London and anyone who is operating in London would know that the market there had been dormant for the last ten years, the property market is cyclical, and it was time to hold but they sold because that’s all they do.” He went on: “They are given a bunch of goodies to sell and they can’t even make a profit on it. I wouldn’t employ them if they were the last ones looking for the job.”…
The US-based developer also hit out at Nama’s announcement that it plans to redevelop Dublin’s Docklands:
"Nama got handed a load of property and loans as a gift and they are lucky if they are going to be able to make anything out of it. The civil service are incapable of building a children’s hospital or anything on time or within budget. If the children’s hospital had been given to either Jimmy or Joe Sheehan to do it, it would be up and running at this stage.
“To think that a bunch of civil servants who have never taken a risk in their life are capable of bringing in a project to produce 40,000 houses and God knows how many square feet of office space on time and within reason is risible.”

[mr_anderson]

You can practically taste the venom.

[dipole]

If anyone else trusted him enough to loan him the money he’d be able to buy the loans back. They don’t so he must deal with NAMA. My heart doesn’t bleed for him.