Does this give a little insight into the whole Irish Property game?
Here’s a criminal* who has skipped the country owing €80 million. And nobody seems to be in any rush to dispose of his “assets”. At one point this apartment had an asking price €100K higher than a larger one in the same development.
How many more of these kinds of places are out there?
What’s happening to the interest on these peoples debts?
5% of €80 million is €4 million.
A year on does Mr Lynn’s “debt” count as an €84 million “asset” on the books of the banks? No wonder they claim to be well capitalised, they have unpaid interest clocking up at an unprecended rate.
I must admit, I can’t wrap my very limited brain around the maths of all this.
*** In case anyone is worried about calling him a criminal. He is guilty of contempt of court, which is a crime. Whether he’s guilty of anything else, time will tell.**
It’s just a judgement, not an order for possession and sale in court. So the judgement has no real effect other than if the property is sold the amount of the judgement must be taken out of the proceeds. It’s up to the creditor whether he wants to further enforce the judgement and seek an order for possession and sale.
If you call someone a criminal when they are not (even if it is a technical distinction such as the civil v criminal contempt issue) it is defamation and the person who says it can be exposed to an action for damages. So it’s probably best if the comments are removed, as I believe it was only civil contempt.
If anyone represting Mr Lynn contacts the Pin amout my comments, I’m happy to give my name and address and they can come after me. If called to court, I’ll show up when he does.
The definition of defamation is “the publication of a statement which tends to lower a person in the estimation of right-thinking members of society generally”
Nothing I have said about Mr Lynn would lower him in the estimation of right-thinking members of society. We already know that If Mr Lynn sets foot on Irish soil he will be arrested and thrown in prison. To most right-thinking people, that makes him both a criminal and a fugitive.
When we’ve got him safely behind bars where he belongs we can all sit down and have a good chat about semantics.