Michael Lynn - The Irish Casey Serin Strikes!

[Green_Bear]

In a statement, issued through his solicitors, Byrne said he ‘‘deplores the unworthy, idle, hurtful and irrelevant speculation about his domestic and personal life’’ in certain media coverage, ‘‘including unfounded assertions (linked to spurious official sources) that he had absconded’’.
Byrne’s statement, however, did not answer the main questions: where is the money and is he in a position to pay it back? As the solicitor returned to court, IIB Bank was informing Mr Justice Frank Clarke that the €9 million the bank had loaned to Byrne seemed to have vanished.
A week previously, IIB had secured an injunction freezing Byrne’s bank accounts in a bid to recover the €9million,which it had forwarded to him a month before.
In an affidavit, the bank said it feared that Byrne would dissipate his assets with a view ‘‘to defrauding’’ the bank.
Last week, however, the bank said the order had been too late to prevent the disappearance of the €9 million. Byrne may have turned up in court, but the whereabouts of the money was still unknown. >>>>

**Banks fear more shocks in Byrne probes **
sbpost.ie/post/pages/p/story … qqqx=1.asp

And there is more fallout…

**ACC appoints receiver over solicitor’s home **
sbpost.ie/post/pages/p/story … qqqx=1.asp

Gardai invested €2m with property solicitor
independent.ie/national-news … 10360.html

self-regulator
independent.ie/business/iris … 10334.html

Scandal forces changes at banks
independent.ie/national-news … 10362.html

Fraud squad to instigate probe as Lynn ‘swamped’ with actions
independent.ie/national-news … 10361.html

[Who_ll_take_the_rap]

I said it before, and I’ll say it again.

This country has too small of an economy to be able to withstand the inward sudden investment over the past five years of over €100,000,000,000 from Securitisation etc.

Just read this

But that wasn’t even the half of it. In 2003, the Law Society received a complaint about Lynn from Galway builder Brian Cunningham and his wife Marian who alleged that Lynn had charged them “grossly excessive and inaccurate” fees when he charged fees of €817,000 on the sale of a shopping centre in Finglas.
According to the Law Society, which investigated the complaint in January 2004, the fee “did not constitute grounds to warrant intervention”.
However, in the light of what we now know, perhaps the most damaging complaint received by the Law Society was that from Bank of Ireland. It complained to the Law Society more than a year ago about Michael Lynn. The bank alleged that Lynn had failed to fulfil an undertaking on a property transaction.
As the Lynn and Byrne scandals continue to unfold it is clear that these so-called solicitors’ undertakings lie at the heart of the matter.
Basically, what seems to have happened is that, with so many properties being bought and sold in a red-hot market, it became more and more difficult to keep the paperwork on all of these transactions up to date.
So, instead of insisting on the title deeds being handed over before issuing the mortgage cheque, the banks relied on undertakings from solicitors that the deeds would be forthcoming and that the property wasn’t already mortgaged.
The potential for abuse was obvious. There was nothing to prevent unscrupulous solicitors from using these undertakings to persuade a bank to advance cash against properties already mortgaged to other banks.
independent.ie/business/iris … 10334.html

The Legal Profession, as big as it is, appeared to have been swamped with work. Naturally, the emphysis like Banks, Builders, Revenue Commissioners was on getting the invoice out and collecting the fee etc. Lynn’s fee above would I am sure pale into insignificance when compared to the professional fees collected from setting up SIVs etc.

This Inward Secuitisation has screwed up a whole list of things
Government Revenue Collection
Cause a big bubble in property prices
Resulting Property Crash
Builders left with unsold property
Negative Equity
Increased Inflation
Multi Nationals facing increased costs
Bank Security in tatters
Huge uneven distribution of wealth
Investors in SIVs left with rapidly depreciating assets
The lives of our young people of fertile age are shattered
Resulting in Birth rate collapse
Allot more to come!

Our politicians must be having a whale of a time. They have being elected for a third consecutive term and no need to raise their heads above the fence for at least another four years.

An All Ireland Party; that should be enough to get a fourth term

[2Pack]

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

[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

[Gatelodge]

IIB Bank, which is seeking the recovery of €9 million it lent to Byrne, has hired a handwriting expert to inspect all documents relating to dealings with Byrne.

IIB has hired the handwriting expert after statements in a court affidavit by John Kelly, a Wicklow-based property developer.

In his affidavit - seen by this newspaper - Kelly denied that he signed certain documents in relation to a property deal with Byrne.

‘‘The signature on the deed of assurance apparently dated July 14, 2006 is not my signature,” Kelly’s affidavit states.

Handwriting expert Jim Nash, who was used by the Morris Tribunal, will now assess signatures and handwriting on documents received by IIB from Byrne’s practice, prior to him drawing down the €9 million loan.

This is some fecking mess
Easily known why foreign investors are dumping Irish bank shares like hot potatoes.

[A_Random_Walk]

**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

Tangled webs spring to mind…

[Green_Bear]

The Competition Authority has said the high-profile controversies involving two Dublin solicitors have highlighted the ‘‘systematic malfunctions’’ of the Irish legal professions.
The authority said it was ‘‘disturbing’’ that the Law Society had received complaints in relation to certain solicitors more than a year before the recent controversies emerged, yet the two solicitors were still allowed to practise.
It said the cases of Thomas Byrne and Michael Lynn - who allegedly obtained tens of millions of euro from banks by double-mortgaging properties - proved the idea of self regulation for solicitors was outdated, ineffective and in urgent of reform, and that the cases proved ‘‘a distinct lack of effective monitoring’’. >>>>

Competition Authority slams self-regulation of legal profession
sbpost.ie/post/pages/p/story … qqqx=1.asp

[Green_Bear]

Brid Murphy, the wife of solicitor Michael Lynn, has claimed signatures on a homeloan agreement and mortgage deeds “were not hers” and were never signed by her.
The 11th-hour claim, which came “as a surprise” to her husband’s lawyers yesterday morning and to ACC Bank, which is seeking to obtain a €7.6m judgment against her, was revealed in the Commercial Court as Ms Murphy sought to resist a series of multi-million euro bank claims.
Ms Murphy has accused banks of negligence for failing to run proper checks on undertakings given by her husband relating to their family home.
Up to four mortgages were taken out on Glenlion House with different banks within days of each other in April 2007. The mortgages were for at least €12m, while the house is valued at some €5m.
Ms Murphy claims that Bank of Scotland Ireland (BoSI) were negligent in not running certain checks in relation to prior undertakings going back to June 2004 given to other banks by her husband before approving a €3.85m mortgage for the couple to buy Glenlion House in Howth, Dublin. >>>>

Lynn’s wife accuses banks of negligence
independent.ie/national-news … 19370.html

[Open_Window]

There was a confessed gamberl on Joe Duffy the other day. The seg was introdicued by as "we have a man here who says the banks let him gamble his money away from a joint account, they banks let him widthdraw the money using only one signature…"

I didn’t get to the full interview but gives a reasonable insight into the mentality behind all of this.

[geckko]

See other thread on people rejecting free houses for some pretty pernickity reasons.

We have generated an entitlement culture, where increasing numbers of people believe there is some natural “right” to be given things, as opposed to a right to try and earn things.

[Poacher]

We have generated an entitlement culture, where increasing numbers of people believe there is some natural “right” to be given things, as opposed to a right to try and earn things.

Agreed. But I’ve a feeling of late that this culture and the system which props it up is approaching its natural and logical final destination

[Open_Window]

We have generated an entitlement culture, where increasing numbers of people believe there is some natural “right” to be given things, as opposed to a right to try and earn things.

Agreed. But I’ve a feeling of late that this culture and the system which props it up is approaching its natural and logical final destination

THis s a recurring topic of conversaiton I find myself having of late, “the growing sense of entitlement”.

There are basics such a clean water, food, shelter, love and finally a means to learn/play, I think we can all agree we are all entitled to at least these basics but after that I don’t see what else anyone is entitled to myself.

[mr_anderson]

geckko, regarding your ‘entitlement culture’ statement :

I have always held the view that nothing in life should be free, as, once it is free, it is too often taken advantage of and exploited.

Throughout the years I have argued this with my mum, who, being a very charitable and christian woman, obviously takes a different view. She has always believed in the principle of ‘if you have 2, and someone has none, then share’.

And so it was with a particular traveller woman, whom, through a good 40+ years has benefited from her charitable nature. Money, clothes, food etc .
Well that woman now has kids that have grown up and are in their 30s and 40s. in turn, they approached my mum for money, clothes, food etc.

And then, one day, a daughter of this travelling woman called to my mums door and asked her for help in paying a bill. ESB, Gas, Water charges ?? ehhh no.
This woman asked my mum to pay her €890 car insurance !!!

Needless to say, she told this traveller in no uncertain terms to get lost. And with that, my mum has finally come around to my way of thinking.

[Poacher]

THis s a recurring topic of conversaiton I find myself having of late, “the growing sense of entitlement”.

There are basics such a clean water, food, shelter, love and finally a means to learn/play, I think we can all agree we are all entitled to at least these basics but after that I don’t see what else anyone is entitled to myself.

“Because Im worth”. See title of the other thread relating to politicians pay rises. The people get politicians they deserve.

[Orwellgeorge]

A third solicitor in trouble. More to follow?

rte.ie/news/2007/1115/solicitor.html

[Green_Bear]

Lynn’s liabilities were unknown, but the hole in his finances was getting bigger by the day. Kelly’s new solicitor, Mary Cahill, conducted detailed searches on the property transactions between Kelly and Lynn. The results left Kelly feeling distinctly uncomfortable. In conjunction with his business partner, a quantity surveyor named Michael O’Driscoll, Kelly had teamed up with Lynn to buy five properties around Dublin.

The first two properties were joint ventures between Lynn and Kelly, whereby both men put in equity.

The idea was to rent the properties while their market value increased. Along the way, Lynn was to sell back his share in the properties to Kelly for a set fee. For example, they bought one property in Blanchardstown in 2002, and Kelly bought Lynn’s stake two years later.

**Lifting the lid on Lynn **
sbpost.ie/post/pages/p/story … qqqx=1.asp

[Green_Bear]

Lenders believe that letters of undertaking from solicitors are still adequate proof that there is enough security for a mortgage.
However, most lenders want solicitors to be prevented from providing letters of undertaking for mortgages when they are buying properties for themselves.
Last Monday, the Irish Banking Federation (IBF), which represents lenders, met to discuss the fallout from the investigations into solicitors Michael Lynn and Thomas Byrne.
It is understood that both Lynn and Byrne took out multiple mortgages on a number of properties.
One of the reasons they could do so was because they used letters of undertaking as security for loans.
Banks are still trying to recover millions of euro lent to the two solicitors.

Banks ignore Lynn loophole
By Louise McBride, Sunday November 18 2007
independent.ie/business/iris … 22447.html

Michael Lynn was not the only solicitor who had been reported to the Law Society long before his shady dealings became high profile in recent weeks.
The Sunday Independent has learned that Thomas Byrne was also the subject of a serious complaint in 2006 for failing to honour an undertaking given to the Irish Life and Permanent and the matter was also referred to the Garda Fraud Squad.
Until the High Court shut down their legal practices last month, Michael Lynn and Thomas Byrne would probably never have been mentioned in the same breath.
Mr Lynn, 39, was the gregarious Mayo-born high-roller who enlisted celebrity sports stars to sell his lucrative side-line as property speculator. His portfolio included apartment complexes in Hungary, Bulgaria and Portugal that he displayed to clients from his modern Capel Street offices in Dublin. He celebrated his wedding to Brid with 200 people in Dromoland Castle. Until his downfall, he planned on moving from his Sandymount home to a €5m mansion by the sea in Howth. >>>>

Second solicitor was also reported to the Law Society
independent.ie/national-news … 22483.html

[Gatelodge]

The house, which was mortgaged four times, is now on the market.

Any pinsters interested in placing a bid?

Are the remainder of his 105 properties “on the market” as well?

the fraud squad are taking statements from bank staff, Kendar staff and clients of Lynn.

So, as expected, Kendar are up to their necks in it as well
We were all “assured” initially that Kendar was totally an independent company separate from Lynn’s legal practice.

[Stingy_Buyer]

Lynns mansion in Howth is going to be auctioned next month according to the Irish Times. Itll be interesting to see how much it gets in the current market. It could be pretty low given that the receiver will want to liquidate Lynns assets as quickly as possible.

ireland.com/newspaper/property/2007/1115/1194550403090.html

[HouseBuyer]

You’ll probably be able to get it at a song (at current market rates anyway)