From twitter" Corkman gets his massive erection back#elysian #pfizers" …Erra that could be any Cork fella
Heard on the radio they gave him 3 hours to satisfy his debt.
That sort of thing does not work in Ireland.
They should have given him 12 months.
But as I mentioned above, US Private Equity are fast operators.
Thing is, I can’t help thinking this is all a purposeful strategy being played out on their part.
Hit the courts early and hence be able to legally log every opportunity they give him.
Bringing him to court wasn’t showing their hands, just stacking the cards in their favour.
He should certainly not have been give 12 months. If the loan is in default you can take steps and demand repayment in full.
If they’d given him 7 days or 14 days rather than 1 day per the security documentation then he would have been the one petitioning for an examiner. They tried to be cute and do the examination petition themselves and take his “jobs and stability” card. It didn’t work so far.
I’m thinking more about being up against a judge.
What do they consider ‘fair time’ ?
They have no leeway. 1 day is fine on the personal assets and lending if that’s what the loan documentation allows.
Corporate debt has specific restructuring laws. 3 days to kick a receiver out and put an examiner in. And you can play the examination card and talk about how much you love your staff and your trade creditors and examination will give everyone the best outcome. Blacktone tried to be smart by putting in their own Examiner and playing this card themselves.
Personal debt has no such restructuring laws and leeway for judges. Did you sign that loan facility? Yes Did you take the money? Yes. Is it due? Yes. Ok pay it according to what the loan agreement said. i.e. on demand.
This is why Flynn is making a big deal about being able to pay the bank in full on his personal debts.
At the end of the day demanding 23m in three hours on afriday afternoon will never wash in an Irish Court
Moronic. Their legal advisers messed up.
O’Flynn now saying he has the money to repay the personal loans in full. Wonder who he borrowed it from?
O’Flynn never gave any personal guarantees so NAMA was unable to go after any of his personal assets.
As such, he may not needed to have to money the money from anybody.
‘We didn’t expect the attack on us,’ says developer O’Flynn
O’Flynn strikes deal on personal loans
Cork-based businessman Michael O’Flynn has completed a deal to pay off his €24.9 million personal loans. The deal was closed late on Friday, …
‘I want to get on with my life’ - O’Flynn fights for normality
Ivan Yates was fellating him on Newstalk today, recapping all his great successes etc.
Flynn retains sites after agreeing deal with Blackstone
O’Flynn ‘lifts the lid’ on Nama with letter to Enda
And all along us idiots were thinking that it was the “poor developers” that were footing the bill for social housing
Date of Sale: 20/10/2015
So who bought the estate then? Blackstone?