Society seeks order for Cruise O'Brien property

irishtimes.com/newspaper/fin … 57343.html

Whomever thought the well connected would not lose out are, well, mistaken.

I’d like to see this Aine Lawlor working for nama. Busy Gal.

Is it this house?
myhome.ie/residential/search … AUMJ321737

I’d be surprised if a house on Howth Head with 1/2 acre was worth only €800k even now.

Edited to add - the Indo has moreincluding an indication that the house is for sale.

Household names eh… deja vu fest right now!

Tide is definitely going out.

Didn’t you know that The Welcome Guest has got himself a nixer doing valuations for the Irish Nationwide, he’s held in much higher esteem in the Courts than Ken and the boys from Hook, line & sinker!

What is not alluded to in the reporting is how did €1.4million of debt find its way onto that property. As I understand it O’Brien lived in that house for donkey’s years.

In the print edition there is a side article about the son and his various business ventures…

Could you give us a flavour?

irishtimes.com/newspaper/fin … 57414.html

Patrick Cruise O’Brien has been involved in telecoms and broadband companies, writes ARTHUR BEESLEY

BEST KNOWN as a chief executive of the ill-fated telecoms firm Stentor while still in his late 20s, Patrick Cruise O’Brien’s current business activities are chiefly in the broadband arena.

Mainly based in London, in recent years he has been a proponent of a wireless broadband access system called WiMax, which stands for “worldwide inoperability for microwave access”.

Backed by computer chip giant Intel, the system is used in Ireland by Irish Broadband.

Cruise O’Brien was secretary general of the WiMax Spectrum Owners’ Alliance (WiSOA), a company that represented the interests of about a dozen privately-owned companies that use WiMax spectrum.

Official records in Britain show that the company was dissolved last April.

Although Cruise O’Brien kept a low public profile in recent years, he is a shareholder in a number of other companies in Ireland and Britain.

His current investments include shares in Dublin-based Fastnet Broadband Holdings, of which he is a former director, and WiMax Capital Management in London, a subsidiary of a Malaysian company called Yeoh Tiong Lay Sons Holdings.

The most recent accounts for WiMax Capital Management, for the period to June 2008, show that it had not yet commenced trading in that period but had committed to make payments of €300,000 in 2009 and 2010 to WiSOA.

A graduate in history from Trinity College Dublin in 1991, Cruise O’Brien worked for a Democratic Party policy institute in Washington and for the European Commission before launching his business career.

Stentor, whose focus was on business technology, had a brief and turbulent existence as a stock market company, listing on the Alternative Investment Market in London in April 1996 at a price of 72 pence.

Struggling to break even, by 1998 it was shipping losses at a rate that distressed auditors PricewaterhouseCoopers.

Stentor lost IR£6.7 million in the year to March 1998 and was a further £5.4 million in the red only five months later.

Despite an injection of funds, it lost £11.17 million in the year to the end of March 1999.

By the following year it was no more, having accepted an offer from Northern Ireland telecoms group Nevada.tele.com.

Nevada paid 29.3 pence cash per share for Stentor, whose stock was priced at the time at 28p sterling. It was once worth 195p.

Companies Office records show that Cruise O’Brien’s sister Margaret Cruise O’Brien is a director of MCOB Technology, a software consultancy and supply business whose registered office is in Navan, Co Meath.

The court action for possession of the house they own at Howth Summit appears to reflect the adoption of new policies vis-à-vis defaulting borrowers by Irish Nationwide Building Society since it came under new leadership in June.
This article appears in the print edition of the Irish Times

that quote will be up on a few cubicle walls of those who have their doubts about WiMax… :smiley:

Don’t know about that, his connections are to Labour and are anti CJH, anti FF. I wonder if he had different conections, or was a property developer in arrears on his mortgage, would he lose out in the same way or would a more flexible approach have been taken.

Its every man for himself now!

€800,000 seems an extremely conservative valuation for this house. It is a pretty nice looking place and the situation and views are second-to-none. I suppose it is Irish Nationwide’s interest to low-ball the valuation to help persuade the court to grant the repossession order.

It could also be Irish Nationwide deliberately picking a household name to show its delinquent customers that they have no hangups of names or reputations regarding whom they are willing to drag through the Courts.

You see, there’s your problem right there.

While I’m not a big fan of credentialism; I do think it highly unlikely that a History grad, was likely to have a sufficient understanding of Telecoms & Broadband markets & technology to be the director of a company trying to pitch a bleeding edge technology.

As the Military says; Fail to prepare, prepare to fail !

I object!

(As a history grad with twenty years in IT…).

The product of a good education I see.
Any other person whould have responded with a simple (but effective) ‘Fcuk You !’.

:laughing:

:smiley:

Think you guys are missing the most important point - a TCD grad - of course he can handle anything :mrgreen:
db (B.A. (Mod)(Math), B.A.I (Eng) (University of Dublin, 1975))