Michael Lynn - The Irish Casey Serin Strikes!

[verbatim]

[*New Year’s Eve deadline for victims’ claims * (https://www.independent.ie/national-news/new-years-eve-deadline-for-victims-claims-1246397.html)

The once-thriving European property empire controlled by rogue solicitor Michael Lynn is in meltdown, with most branches shutting up shop in recent weeks.

And clients who believe they may have been victims of Mr Lynn’s business dealings have been warned that their claims may not be met if they sue after a New Year’s eve deadline, when the solicitor’s insurance cover expires.

Last night, a Budapest-based law firm responsible for winding down Michael Lynn’s Hungarian companies said they believed money invested in one 105-apartment development complex there was “completely gone”.

…

[geckko]

What does that mean “completely gone”? There is no asset of any value? What about the land? Was that not even yet acquired with any equity?

Also, a subtle point on the media presentation. Lynn’s property business was never thriving in any real sense. They should call it for what it was and by extension the entire associated property bubble: a debt driven house of cards.

[Who_ll_take_the_rap]

What does that mean “completely gone”? There is no asset of any value? What about the land? Was that not even yet acquired with any equity?

Also, a subtle point on the media presentation. Lynn’s property business was never thriving in any real sense. They should call it for what it was and by extension the entire associated property bubble: a debt driven house of cards.

Hear! Hear!

[ewd3]

This smells so badly it’s untrue…

Eastern European Property

All the money gone…

SMELL THE COFFEE!!!

Kendar won’t be the last

[Duplex]

Lessons are tough at the School of Hard Knocks.

[Who_ll_take_the_rap]

The common denominator between The Foreign Property Market Irish Style and the antics of International Banking is that both were unregulated! It is a pity that Western Civilisation has being reduced to this. The self correcting mechanism of mysticism (as an uncle of mine who was a pilot in the US air force stationed in Teheran in the 70s, used to call the rising religious beliefs) is no longer a European trait. So Big Brother will be kicked into action!

[Green_Bear]

Why did the Law Society not ask for Michael Lynn’s passport when he presented such an obvious flight risk? Richard Curran, Ian Kehoe and Nicola Cooke report.
Just as solicitor Michael Lynn’s multiple mortgage scam was an accident waiting to happen, so his decision to flee the country was equally predictable.
Gardai, lawyers, insolvency experts and bankers are now poring over the records of Lynn’s €80 million property empire for clues as to where he is and how much money he may have stashed away.
Many of the warning signs about Lynn’s departure are already known. Around the time when the Law Society closed down his legal practice in Dublin in October, the Mayo-born solicitor was reported to be abroad.
Several sources suggested that Lynn was in Luxembourg just before he returned home last October to face the High Court. At the time, sources close to events said he had the look of ‘‘a man who decided to do a runner and then changed his mind’’. >>>>>

**Lynn’s escape route **
sbpost.ie/post/pages/p/story … qqqx=1.asp

Quick answer why he was allowed ‘escape’ - because if he ever goes to court a whole load of incompetent people are going to get exposed.

[Green_Bear]

A sighting of runaway solicitor Michael Lynn was reported in London as recently as Friday, the Irish Independent has learned.
The Mayo-born lawyer and property developer, who owes an estimated €80m to various parties linked to his property deals, was spotted in central London by a man who then contacted this newspaper.
The man said he firmly believed he had seen Mr Lynn and was “shocked” to see him there.
It was just a day after a warrant had been issued for Mr Lynn’s arrest after he failed to show up for High Court hearings on two consecutive days.
Hunt
Meanwhile, Interpol has not yet been alerted in relation to Mr Lynn’s disappearance but international police agencies may be used to track him down as the fraud investigation continues, senior gardai have said.
While there is not yet an international police hunt underway, it is believed that several firms of private detective agencies are working on the case, trying to find Mr Lynn or trace his assets.
His wife, Brid Murphy, has confirmed she saw her husband at his solicitor’s office in London on Monday, December 10. >>>>

Fugitive Lynn spotted day after warrant was issued
independent.ie/national-news … 48957.html

[whizzbang]

https://img519.imageshack.us/img519/79/wantedpostertq0.jpg

[Who_ll_take_the_rap]

https://img519.imageshack.us/img519/79/wantedpostertq0.jpg

My hero, the Eighty Million Euro Man
Today, the Michael Lynn scandal comes down to a struggle by the banks to claw back some of the money they lavished on Mr Lynn. As usual, the Americans have a colourful phrase for this kind of thing. When there’s a quarrel and they’re not too worried about who wins they say, “I don’t have a dog in this fight”.

That’s me. I can see where Michael’s activities are reprehensible.

But, looking at the banks, I see his brothers-in-greed and I don’t have a dog in this fight. Stand back, let them at it. Enjoy the cabaret.

• Gene Kerrigan
  independent.ie/opinion/analy … 48511.html

[southofdub]

Bank gave ‘payment holiday’ on €3m loans

IF your bank offered to give you a loan for one year of €3.15m with no need to repay a single cent during that time, what would you do?

If you were the fugitive solicitor Michael Lynn, you would take it.

And that’s precisely what he did in April 2004, when First Active made him an offer he couldn’t refuse. He was also happy to accept another €4.355m in loans over one year on an interest-only basis from the building society’s commercial lenders.

The massive sums – €7.505m in total – were given to the Mayo-born solicitor and his then business partner, John Riordan, to help them refinance existing loans from other banks and also to purchase properties at the height of the country’s property boom. The men ended their business relationship by December 2005.

Details of the extraordinary loan agreements would have been aired in the High Court had Lynn not fled the country last month, leaving a trail of debts and questions in his wake.

Affidavits sworn on behalf of the building society reveal the incredible level of trust lenders at First Active placed in Lynn as his business apparently prospered.

According to the documents, the “purpose of the [April 2004] loans was to refinance existing loans with other banks and to assist in the purchase of commercial and residential properties”.

The loans were given on the condition that Lynn and his then business partner would offer 25 properties up as security, and specifically grant mortgages over two apartments in Leitrim to First Active.

While the building society is now seeking to gain possession of the two Leitrim apartments – 24 and 25 Cluain Bui, in Carrick-on- Shannon – its efforts are being hindered by the Permanent TSB, which also put up mortgages for the purchase of the properties.

However, it appears neither institution can lay claim to the Leitrim properties, given Lynn’s failure to register either of their interests with the Land Registry.

According to First Active’s affidavit, the runaway solicitor gave two written undertakings to the building society on April 21, 2004 and December 8, 2005 to deal with Land Registry queries relating to its interest in the Carrick-on- Shannon properties.

Frustrated by his failure to honour his promises, First Active applied to the Property Registration Authority to register its interest on December 23, 2005. They were unable to do so, however, as Lynn had already withdrawn the leases and other necessary documentation needed to register ownership from the authority.

According to the affidavit, “this move by Lynn effectively halted First Active’s attempts to register its 2004 and 2005 mortgages on the properties”.

Lynn’s manoeuvre didn’t prevent First Active from advancing €5,181,470 to him, however. The massive amount was given to Lynn in a restructuring of the €7,505,000 in loans it had given him in April 2004.

And while ordinary bank customers face the threat of repossession by their bank if they fail to meet their mortgage payments for even a month, it wasn’t until October 18, 2007 that First Active sought in a letter of demand what it termed a “full and final payment of all loans outstanding” from Michael Lynn. With no payment forthcoming, First Active obtained and entered up a judgement against him for €5,108,788.20, the affidavit states.

Sindo

[FB2]

the runaway solicitor gave two written undertakings to the building society

Anyone see Fargo

[daltonr]

You know where they went wrong.

They put an ad in the paper saying that a warrant had been issued for his arrest. Now I don’t know about you but that wouldn’t entice me to come home.

What they should have done was take out a full page ad saying, “All is forgiven, We loaned you too much, Our Bad, you don’t have to pay it back. In fact we’d like to give you €1,000,000 to compensate you for your troubles”

-Rd

[whizzbang]

How about giving anyone who find’s him €1,000,000? Seems like a fair deal.

[Duplex]

How about giving anyone who find’s him €1,000,000? Seems like a fair deal.

I wonder how hard the banks are looking? Maybe the opportunity proffered by Lynn, to allow them wash their dirty linen in public, is one they’ll chose not to take up.

[verbatim]

According to today’s Irish Times page 17 Mr Lynn owned these

25 Carnew St Stoneybatter. Price reduced from 500k in November to 425k currently

thepropertypin.com/viewtopic.php?t=4850

41 Bessborough St North Wall, reduced from 600k in August 2006 to 450k currently

thepropertypin.com/viewtopic.php?t=5728

I wonder if Lynn paid the 600k asking price. And which lucky bank/banks own these gems?

[southofdub]

Lynn foils sheriff’s men by clearing out valuables

THE Dublin Sheriff has had to break locks to enter the homes of disgraced solicitors Michael Lynn and Thomas Byrne, but has only recovered evidence of “a well-planned exit”.

The pair, who are being investigated by the garda fraud squad over an alleged €120m mortgage fraud, made millions from their property dealings and lived opulent lifestyles.

But since they became the target of over 10 banks they have cleared their homes of all valuables.

Last Friday, the capital’s Sheriff, acting on foot of a High Court order to seize all goods and assets to meet a €1.7m judgment obtained by a major bank, broke the locks on Mr Lynn’s home, which he shared with his wife Brid Murphy at St Albans Park, in Sandymount, Dublin.

Mr Lynn, who has fled the country and faces arrest if he turns up in Ireland, adored the home, installing a €26,000 baby grand piano in his principal residence.

A 1/4 tonne granite hippopotamus imported from South America also took pride of place beside the piano.

But when the Sheriff turned up on Friday with two vans; five men, a locksmith and gardai, all they discovered was 20 cases of French wine, chairs, a microwave and a Hoover.

The Indo

[Green_Bear]

Brian Cunningham , that developer in Galway is suing a mid tier bank for fraud

as we write , the case will be heard quite soon in the High Court and will be very very amusing from the sideline … once it gets going

**Cunningham to sue First Active for €160m **
archives.tcm.ie/businesspost/200 … 491213.asp

Whistleblower exposed risks of Lynn’s empire
independent.ie/national-news … 00536.html

update:

Builder loses €393m fraud claim against First Active
By Dearbhail McDonald Legal Editor, Tuesday December 16 2008
independent.ie/national-news … 76240.html

A millionaire builder who claims he was “deceived” out of a IR£310m (€393m) property deal by First Active has lost a major fraud claim against the lender in a marathon legal action that ran for more than seven months.
A High Court judge rejected a claim of fraud against First Active in its dealings with a group of companies owned by Galway property developer Brian Cunningham.
Mr Cunningham, a former client of fugitive solicitor Michael Lynn, claimed that First Active had turned itself into a shadow director of the Cunningham Group in the first action taken under laws introduced in 1990.
Mr Cunningham also claimed that First Active had forced him out of any managerial role in the business and “deceived” him into selling the group’s best asset.

[peepingtom]

Lynn foils sheriff’s men by clearing out valuables

THE Dublin Sheriff has had to break locks to enter the homes of disgraced solicitors Michael Lynn and Thomas Byrne, but has only recovered evidence of “a well-planned exit”.

The pair, who are being investigated by the garda fraud squad over an alleged €120m mortgage fraud, made millions from their property dealings and lived opulent lifestyles.

But since they became the target of over 10 banks they have cleared their homes of all valuables.

Last Friday, the capital’s Sheriff, acting on foot of a High Court order to seize all goods and assets to meet a €1.7m judgment obtained by a major bank, broke the locks on Mr Lynn’s home, which he shared with his wife Brid Murphy at St Albans Park, in Sandymount, Dublin.

Mr Lynn, who has fled the country and faces arrest if he turns up in Ireland, adored the home, installing a €26,000 baby grand piano in his principal residence.

A 1/4 tonne granite hippopotamus imported from South America also took pride of place beside the piano.

But when the Sheriff turned up on Friday with two vans; five men, a locksmith and gardai, all they discovered was 20 cases of French wine, chairs, a microwave and a Hoover.

The Indo

posted from the future … wicked … any chance you can tell me the lottery numbers for this weekend?

[exiled]

posted from the future … wicked … any chance you can tell me the lottery numbers for this weekend?

The future? What year is it where you are?