Liam Carroll . Endgame .

[Green_Bear]

Liam Carroll lost €260m on stock markets
Neil Callanan
tribune.ie/business/article/ … k-markets/

Developer Liam Carroll has lost approximately €260m on stock market investments in the past two years, according to the latest accounts for three of his companies.
His Gainsco vehicle, which is known to have invested in Greencore, lost €128m, according to accounts for the year ended 31 March 2008. The company spent nearly €206m acquiring shares in investments listed on the Irish stock exchange but in January of this year they slumped in value to €76.7m.

[Green_Bear]

Where did it all go wrong for Carroll?
Neil Callanan reports
tribune.ie/business/article/ … r-carroll/

A billionaire in 2007, Liam Carroll then tried to diversify out of property - with disastrous results.

In the space of two years, developer Liam Carroll has gone from being a cash billionaire to struggling to pay his creditors. Last week, Irish Nationwide was in court claiming it is owed €60m through a personal guarantee but Carroll says the real figure is €30m. It was all far removed from the idyllic days of 2007 when Carroll securitised income from many of his properties via a deal with Bank of Scotland (Ireland) allegedly giving him about €800m in cash.

[the_edge]

A *paper *billionaire in 2007,

delusional days of 2007

Fixed that for you, Neil.

[ncallanan]

@the edge

A *paper *

billionaire in 2007,

delusional

days of 2007

Fixed that for you, Neil.

Or maybe read the piece and realise how he was a cash billionaire, BoSI control most of the properties he’s linked with now.

[grumpy]

@ncallanan

@the edge

A *paper *

billionaire in 2007,

delusional

days of 2007

Fixed that for you, Neil.

Or maybe read the piece and realise how he was a cash billionaire, BoSI control most of the properties he’s linked with now.

Allegedly - as per your article, and not a billionaire, and 800Millionaire. I heard he alledgedly got the faclility but never drew it down.

Oh, and its BOSI and AIB are the bankers not just BOSI.

Welcome Neil. Do believe you been lurking and learning…

[Green_Bear]

Carroll ready to seek €30m loan from AIB
Sunday, July 05, 2009 By Ian Kehoe
sbpost.ie/post/pages/p/story … qqqx=1.asp

Property developer Liam Carroll is in talks with AIB about borrowing €30million to cover personal guarantees he gave to Irish Nationwide Building Society.
Carroll, one of the country’s largest developers, has also held talks with Bank of Scotland (Ireland) in recent days about raising funds to cover his personal exposure to the building society. AIB and Bank of Scotland (Ireland) are Carroll’s two largest lenders, and the developer is hoping they will cover his guarantees to Irish Nationwide.
The talks came after Irish Nationwide sued Carroll for €60 million in relation to guarantees that he had provided for one of his companies. Carroll is arguing that he only guaranteed €30million to the building society.

[The_Unwelcome_Guest]

@Green Bear

Carroll ready to seek €30m loan from AIB

Maybe he should tap up Stuart Pearson…

[ncallanan]

@grumpy

Allegedly - as per your article, and not a billionaire, and 800Millionaire. I heard he alledgedly got the faclility but never drew it down.

Oh, and its BOSI and AIB are the bankers not just BOSI.

Welcome Neil. Do believe you been lurking and learning…

That was one deal, he also had other cash, he was getting millions in rent from apartments that he held onto himself and was using tax properties to reduce his income tax bill. Might also be worth saying that in addition one of his companies gave him nearly E60m for his personal pension fund, presumably for more stock market investments. BOSI did the securitisation and my info is it was drawn down. I know the name of the CMBS but won’t mention it here.

[ewd3]

@ncallanan

@grumpy

Allegedly - as per your article, and not a billionaire, and 800Millionaire. I heard he alledgedly got the faclility but never drew it down.

Oh, and its BOSI and AIB are the bankers not just BOSI.

Welcome Neil. Do believe you been lurking and learning…

That was one deal, he also had other cash, he was getting millions in rent from apartments that he held onto himself and was using tax properties to reduce his income tax bill. Might also be worth saying that in addition one of his companies gave him nearly E60m for his personal pension fund, presumably for more stock market investments. BOSI did the securitisation and my info is it was drawn down. I know the name of the CMBS but won’t mention it here.

Welcome Neil,

I for one think the artile is a good one.
Particularly seeing as carroll would have been regarded as one of the lions of the property game and immune to the downturn.
Your illustration of his current plight is excellent.
I would be interested in reading an article about the effect of Carrolls difficulties on former employees and contracters.

[the_edge]

@Green Bear

Carroll ready to seek €30m loan from AIB

Sunday, July 05, 2009 By Ian Kehoe
sbpost.ie/post/pages/p/story … qqqx=1.asp

Property developer Liam Carroll is in talks with AIB about borrowing €30million to cover personal guarantees he gave to Irish Nationwide Building Society.
Carroll, one of the country’s largest developers, has also held talks with Bank of Scotland (Ireland) in recent days about raising funds to cover his personal exposure to the building society. AIB and Bank of Scotland (Ireland) are Carroll’s two largest lenders, and the developer is hoping they will cover his guarantees to Irish Nationwide.
The talks came after Irish Nationwide sued Carroll for €60 million in relation to guarantees that he had provided for one of his companies. Carroll is arguing that he only guaranteed €30million to the building society.

Refinancing is so 2005.

[Dreaded_Estate]

6 of his companies gone into administration

[verbatim]

@Dreaded_Estate

6 of his companies gone into administration

Examinership fears after Carroll ruling
Friday, 17 July 2009 20:51

Six companies controlled by one of the country’s biggest property developers, Liam Carroll, have told the High Court of their intention to apply to go into examinership.

The move follows a decision by ACC Bank to lodge a petition to have the six companies wound up because it is owed substantial sums of money by them.

The development comes after the Commercial Court earlier ordered one company - controlled by Liam Carroll - to repay €78.6 million of unpaid debt to Irish Nationwide Building Society.
Advertisement

The debt relates to a loan of €66.5 million given to Aifca Ltd of Upper Mount Street in Dublin in 2006 to refinance debt and to acquire a company involved in the development of The Square shopping centre in Tallaght.

[Open_Window]

@ncallanan

@grumpy

Allegedly - as per your article, and not a billionaire, and 800Millionaire. I heard he alledgedly got the faclility but never drew it down.

Oh, and its BOSI and AIB are the bankers not just BOSI.

Welcome Neil. Do believe you been lurking and learning…

That was one deal, he also had other cash, he was getting millions in rent from apartments that he held onto himself and was using tax properties to reduce his income tax bill. Might also be worth saying that in addition one of his companies gave him nearly E60m for his personal pension fund, presumably for more stock market investments. BOSI did the securitisation and my info is it was drawn down. I know the name of the CMBS but won’t mention it here.

Also running at least 2 apartment blocks as “hotels” from what I can see.

Did Carroll become addicted to Section 23 to keep on pushing?

[Longtermrenter]

Developer buys time to avert €1.1bn crash

By Dearbhail McDonald, Joe Brennan and Tim Healy

Saturday July 18 2009

TYCOON Liam Carroll was yesterday forced to seek court protection to prevent the collapse of his property empire and the loss of thousands of jobs.

Mr Carroll held an emergency meeting with his bankers – to whom his group owes €1.1bn – and told them that a threat by ACC Bank to liquidate six of his companies could have a disastrous domino effect throughout the economy.>>>

[Open_Window]

@Longtermrenter

Developer buys time to avert €1.1bn crash

By Dearbhail McDonald, Joe Brennan and Tim Healy

Saturday July 18 2009

TYCOON Liam Carroll was yesterday forced to seek court protection to prevent the collapse of his property empire and the loss of thousands of jobs.

Mr Carroll held an emergency meeting with his bankers – to whom his group owes €1.1bn – and told them that a threat by ACC Bank to liquidate six of his companies could have a disastrous domino effect throughout the economy.>>>

Engage the “Scapegoat” device!

[xman]

“Mr Carroll told his lenders – including AIB, Bank of Scotland (Ireland) and Bank of Ireland – that the collapse of his empire and a fire sale of his assets could have disastrous effects on the already stressed property market”

Oh noes. Someone give him more money !

[Open_Window]

@xman

“Mr Carroll told his lenders – including AIB, Bank of Scotland (Ireland) and Bank of Ireland – that the collapse of his empire and a fire sale of his assets could have disastrous effects on the already stressed property market”

Oh noes. Someone give him more money !

How can it be any worse that his already disastrous effect on the Irish economy?

You know at what point do these boys stop pretending to be GOD’s for the sake of the children

[Ozzy]

@Open Window

@xman

“Mr Carroll told his lenders – including AIB, Bank of Scotland (Ireland) and Bank of Ireland – that the collapse of his empire and a fire sale of his assets could have disastrous effects on the already stressed property market”

Oh noes. Someone give him more money !

How can it be any worse that his already disastrous effect on the Irish economy?

You know at what point do these boys stop pretending to be GOD’s for the sake of the children

What us mere mortals just don’t seem to get, no matter how often we’re told it, is that Liam and his ilk are TOO BIG TO FAIL

[Sherpa]

Mr Carroll held an emergency meeting with his bankers – to whom his group owes €1.1bn – and told them that a threat by ACC Bank to liquidate six of his companies could have a disastrous domino effect throughout the economy.>>>

Ah yes, the good ol’ “too big to fail” line. No doubt Lenny or Clowen will come out and tell us how he is of systemic importance.

[Green_Bear]

Debts force plea for protection
independent.ie/opinion/analy … 29597.html

Mr Carroll asked for court protection for companies in his Zoe Group on Friday after ACC Bank threatened to wind up six companies in pursuit of debts of €131m. His lawyers want an examiner to be appointed to help the companies survive and prevent an attack on the dozens of companies that make up the group.
During the course of the hearing, it emerged that companies within Mr Carroll’s group owe a spectacular €1.2bn to an array of banks. The group is also insolvent and the court heard that, were the group to be liquidated, there would be losses of €900m.
AIB is owed €489m; Bank of Scotland (Ireland) is owed €321m; Bank of Ireland is owed €113m; Ulster Bank is owed €82m; Anglo Irish Bank is owed €38m; KBC Bank Ireland is owed €23m and EBS building society is owed €8.5m.
Counted out like this, the level of debt has staggered even seasoned economists and bankers.