Small Limerick Developer Fordmount Goes pop owing €200m

They were involved in some palaver over a Marriot hotel in Limerick early this year.

What is unremarkable is that every county in Ireland has a developer of no particular note but who neverthless owes over €100m :frowning:

limerickleader.ie/news/200m- … 5927756.jp

Thread on this somewhere already

Awwww look who is in the soup, we are :frowning:

limerickleader.ie/news/Major … 5935043.jp

Majority of Fordmount debts are to Anglo Irish

By portfolio they mean a SOUP of property firms, many of the directors of Fordmouth were local solicitors in Limerick .

Apart from yourself, who actually said they were “small” or of “no particular note”?

Sorry, I just think the thread title and the intro is misleading.

You,Me,everybody…

limerickleader.ie/news/Major … 5935043.jp

Another idiot receiver buries his head in the sand and pisses away his client’s money…

I think the ‘small’ is on the national scale, perhaps if it read “Limerick Small Developer” that would assuage your grammatical distress…

I like it! I must file that one away for insertion into the conversation at an appropriate moment, perhaps when out with The Bon Mot.

Hey relax, I dunno what anybody is worried about. They’ve got Cooney Carey on the case … there’s a firm not likely to piss away their client’s money looking at unviable options and extract their fees before dumping the remains of the steaming hulk on the shareholders … what’s that? Oh I’ll take a brandy and is that a seat in the crazy corner I see opening up - I’ll see you losers later …

Peter Kelly is being askedto accept that the partners in a legal firm believed that the personal guarantees which the signed were “meaningless”. Is this an even more humiliating defence than Jim Mansfield’s “reading age of a seven year old”?

Also

Other threads on thepropertypin about Fordmount/Michael Daly/Dermot G O’Donovan Partners

viewtopic.php?f=50&t=28026&p=404126&hilit=Fordmount#p404126

viewtopic.php?f=4&t=29842&hilit=fordmount

viewtopic.php?f=50&t=28026&hilit=fordmount

More on this here:

rte.ie/news/2010/0720/angloirish.html

Unfrigging believable…

solicitors… *arra sure it’s just a piece of paper work… no one will ever claim on that guarantee…
*
Alice in wonderland stuff

I don’t want to be slagging off peter kelly but what the hell defence does he think is possible here?

I think the problem is that another judge has allowed it as a defence for Mr. Daly, so Mr. Justice Kelly can’t proceed until the other case is heard.

Limerick Leader

limerickleader.ie/news/Case- … 6429370.jp

I think Thomas Dalton is the correct solicitor of the four. Peter Kelly has had a long and busy year and will be forgiven for not clogging up his long needed holidays with this one.

Correct interim judgement then by Kelly in postponing a decision until the Daly case is heard.

However in the meantime, what a ‘weasel’ defence position from the other 3 solicitors - they were told personal guarantees would never be enforced.

I mean WTF.

It actually demonstrates either their complete ignorance of the law (solicitors by trade?), or complete contempt for the law in trying to use this as a defence position, and deferring to the word of an… er… ‘property developer’ over their own legal training and judgement.

A ‘personal guarantee’ is a legally binding agreement, with remedy in the event of breach, my 3 mins of legal training would tell me.

If Daly goes down, then these 3 should have the book thrown at them for contempt and wasting the courts time - especially since the fourth has already accepted the previous summary judgement.

Kelly seems to be the one ‘icon’ of independance and integrity left on the Dear Old Sod in the meantime.

Solicitors pursued by Anglo for €64m have ‘arguable defence’ -> independent.ie/business/iris … 65933.html

Good to see Kelly has the measure of them.

Will be interesting to see which way the wind blows on this one…

Could there be one small glimmer of hope that a lot of these shysters and smart arses who ruined the country are going to actually get held to account?

The Politicians and Bankers next please.

Alternately, they might point out that it’s hard to find a firm of solicitors, experienced in property matters, that doesn’t have at least one or two partners up to their eyes in property debt. And that it would be terribly unjust to incentivise legal firms to dump out their indebted colleagues in order to get the work.

This is how received wisdom is manufactured. Take a load of qualified professionals (valuers, solicitors, banking “experts”) with a set worldview, a personal stake in the game, and all manner of conflicts of interest. Then get them to agree, ever-so-predictably, that LTEV is a sound concept, that NAMA is the only game in town, and that the borrowers’ new business plans are a sound basis for managing the asets.