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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Wed Sep 21, 2011 10:38 pm 
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Too Big to Fail

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http://www.independent.ie/business/iris ... 82494.html

Significant pre-emptive leaking here I would say. I think we're being prepped for a 'debt forgiveness on the unpaid loan balances because he co-operated in the disposals' job.

Quote:
property developer Derek Quinlan expects to reduce his personal debts to NAMA to around €110m by year end following a series of transactions over the last 18 months, mainly in the UK.

Mr Quinlan, however, is still likely to have a shortfall when all personal assets are disposed of, leaving NAMA with a decision about whether further action will be taken against him, or some form of debt forgiveness will be entertained.

Mr Quinlan originally owed €400m in personal debts to NAMA, with about €200m owed to other banks. NAMA yesterday declined to comment on its progress with Mr Quinlan, as is customary practice with individual developers.


Or else it is his advisors pushing for this?


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Wed Sep 21, 2011 10:44 pm 
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Under CAB Investigation

Joined: Feb 1, 2008
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Location: God's Country
Quote:
NAMA yesterday declined to comment on its progress with Mr Quinlan, as is customary practice with individual developers.


Customary practice, eh?
And how long has NAMA been in business to establish such "customary practice"? :shock:


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Sep 25, 2011 10:11 am 
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Quinlan’s Dublin House Said to Be Near Sale to Belgian Embassy - Finbarr Flynn -> http://www.businessweek.com/news/2011-0 ... bassy.html

Quote:
Sept. 14 (Bloomberg) -- A former Dublin home owned by Derek Quinlan, once one of Ireland’s richest men, may be sold and used by the Belgian embassy, said two people with knowledge of the matter.
The Belgian government is in talks to buy the refurbished Victorian-era property on Elgin Road in Dublin for 2.5 million euros ($3.4 million) to 2.9 million euros, said one of the two people, who declined to be identified because the talks aren’t concluded.

there is more


Quinlan blazes a trail but what about leftover debt? - Emmet Oliver -> http://www.independent.ie/business/iris ... 84049.html

Quote:
It resembles a property version of a car boot sale. Disposals by developer Derek Quinlan have been brisk and substantial over the last 18 months with 14 separate transactions.
From villas in Cap Ferrat to townhouses in Manhattan, to period residences on leafy Shrewsbury Road, so far no other developer has engaged in such a high volume of transactions.

there is more


Quinlan NAMA debts falling toward €100m but Glass Bottle site sale still unlikely - Emmet Oliver -> http://www.independent.ie/business/iris ... 82494.html

Quote:
Mr Quinlan originally owed €400m in personal debts to NAMA, with about €200m owed to other banks. NAMA yesterday declined to comment on its progress with Mr Quinlan, as is customary practice with individual developers.

Crucially, Mr Quinlan has a share in the Irish Glass Bottle site. But a sale of this site is highly unlikely to clear his portion of a loan given to a company called Becbay for the site. Mr Quinlan remains a director of this company.

Mr Quinlan's next asset disposal is expected to happen in London, when a site in Mayfair is sold.

Sources suggest NAMA paid just £40m (€46m) for a loan with a nominal value of £125m. The site will sell for about £125m, leaving NAMA collecting a substantial profit.

This week the developer and former tax inspector saw a large painting collection he had accumulated go for auction in the UK. This generated about €2m for NAMA.

there is more


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 19, 2011 6:13 pm 
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Property Magnate

Joined: Aug 19, 2008
Posts: 743
Location: London
Quote:
The Commercial Court has ordered Derek Quinlan to repay more than €6.5m to Bank of Scotland.



there is more


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Wed Mar 21, 2012 11:06 am 
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Single Home Owner

Joined: Dec 18, 2008
Posts: 131
Half a Trill Seeker [May 2009] wrote:
Ah Derek Quinlan... When I read that he had cried when he bought the Savoy and he saw the tricolour being raised I said OMG and quickly thought "this won't be the last tiem he will cry over this investment"

When you out bid Arabs in the middle of a property boom, then you know you are the sucker in the room


The Irish Times [March 2012] wrote:
The 2004 takeover of the hotels is one of the well-told tales of the Celtic Tiger years. A group of debt-rich Paddies, led by Quinlan, wiped the eye of a cash-rich Arab to buy some of the most sought-after hotels in the world.

http://www.irishtimes.com/newspaper/fin ... 40841.html


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Apr 22, 2012 10:34 am 
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Of Systemic Importance

Joined: Jun 9, 2008
Posts: 7098
Quote:
Quinlan given €2m by Irish businessmen, court told

MARK HENNESSY, London Editor

FINANCIER DEREK Quinlan received €2 million during 2010 to fund his lavish lifestyle from four so-far unnamed Irish businessmen, while his wife Siobhán received £1 million a year later from two British billionaire brothers, the High Court in London has been told.

Two National Asset Management Agency executives, John Mulcahy and Paul Hennigan, gave evidence in a case taken by property developer Paddy McKillen. He claims Frederick and David Barclay improperly deprived him of the chance to buy a key stake owned by Mr Quinlan in three London hotels, with the collusion of Nama.

However, Mr Hennigan repeatedly rejected the charges from Mr McKillen’s QC, Philip Marshall, that Nama had made it impossible for anyone to better a deal it reached to sell the Quinlan debt to the billionaire brothers.

Nama had been extremely unhappy at Mr Quinlan’s “lavish lifestyle”, Mr Hennigan said, adding that payments from four Irish individuals went to Mr Quinlan during 2010 to “pay for day-to-day expenses”. One was a loan of €1.1 million, secured against a painting owned by Mr Quinlan. “The balance were presented as loans, but we did not expect them to be repaid,” Mr Hennigan told the court, presided over by Mr Justice David Richards.

Significant extra detail about Mr Quinlan’s lifestyle will be given in the High Court’s chancery division next week when Mr Quinlan – for whom Nama holds €1.7 billion worth of debt – will be questioned.

Illustrating Nama’s dealings with Mr Quinlan, Mr Hennigan said a deal last year to sell a valuable car-park on Audley Square in Mayfair to telecoms billionaire John Caudwell ran into difficulties when a competing bid worth £7 million more arrived late.

Nama, he said, “had a suspicion” the late bid from a company linked to the Barclays was “a vehicle being used for the profit of Mr Quinlan”. The financier had a history of seeking side-payments from asset sales, including one land plot in Chelsea.


I wonder will Graybo still think he's the biz?

http://www.irishtimes.com/newspaper/fin ... 08803.html

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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Apr 30, 2012 11:12 pm 
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Under CAB Investigation

Joined: Nov 13, 2006
Posts: 1919
Location: Stuck in Ahernistan
http://www.rte.ie/news/2012/0430/quinla ... trial.html

Quote:
Derek Quinlan claims lavish lifestyle vital to get good prices for assets

Financier Derek Quinlan kept up his lifestyle of a "successful investor" in the midst of severe financial difficulties to maximise the amount of money he could make from selling his assets, it was claimed in court today.

At one point Derek Quinlan owed €3.7bn to various Irish banks and NAMA

Mr Quinlan came under severe criticism for his "lavish lifestyle" of expensive cars, private jets and luxurious holidays following the collapse of property prices and as billions worth of his debt came under control of the Irish taxpayer through NAMA.

But today in court it was claimed Mr Quinlan found it vital he maintained his lifestyle so he did not appear as a distressed seller.

The High Court in London heard Mr Quinlan's main aim after the property collapse was to sell his assets to the benefit of his creditors.


Me. Hole.


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Apr 30, 2012 11:34 pm 
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Joined: Oct 29, 2007
Posts: 11790
Location: Multiverse
Wasn't there a famous tax case in the UK (taken by the revenue) where the defendant successfully proved that his lavish lifestyle (e.g. horses etc) were legitimately tax deductable ?


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Wed Aug 08, 2012 11:16 am 
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Private Tenant

Joined: Oct 18, 2009
Posts: 27
I'm not sure where to post this, so feel free to move it.

http://www.irishtimes.com/newspaper/frontpage/2012/0808/1224321717568.html

Quote:
AN ENGLISH private hospital group owned by Irish investors, led by former Kerry Group chief executive Denis Brosnan, where dozens of patients were ill-treated by staff at one of its hospitals, pursued profit over “humane” treatment, a major inquiry has declared.

Eleven former staff at the now- closed Winterbourne View hospital in Bristol for adults with autism and learning difficulties have pleaded guilty to beating patients, dousing them in water and encouraging some to consider suicide. They will be sentenced next month.

Quote:
Castlebeck was bought in 2006 for £255 million (€321 million) by Swiss-based Lydian Capital Partners, set up by Mr Brosnan. JP McManus, Dermot Desmond, John Magnier and other wealthy Irish investors later bought in to Lydian.

“Castlebeck appears to have made decisions about profitability, including shareholder returns, over and above decisions about the effective and humane delivery of assessment, treatment and rehabilitation,” the Serious Case Review found


Quote:
Criticising Castlebeck’s attitude since then, the inquiry said that Castlebeck’s own investigation, by PricewaterhouseCoopers, had failed to look at key issues – including the presence of police on 29 occasions at the hospital.

Furthermore, it refused to detail how the £3,500 weekly fee charged for each patient was spent, on grounds of “commercial sensitivity”. It also refused to share unredacted copies of the PwC inquiry, along with a review of managers.

Last night, no comment could be secured from the investors in response to the criticisms. Last year, Mr Brosnan said that all had been “shocked and appalled at what happened and determined that this will never happen again”.


Referred to in MI's paper review this morning but only Denis Brosnan namechecked.


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 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Feb 03, 2013 11:13 am 
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Quinlan's taste for fine wines to emerge in Claridge's appeal case - Ronald Quinlan -> http://www.independent.ie/national-news ... 75773.html

Quote:
Among the evidence Mr McKillen's legal team will present to the court this week, in an effort to contest that particular conclusion, are the details of his recent participation in a rights issue called for by Coroin's board.
The Belfast businessman raised his £53m share of a £145m cash call in just 21 days.
Mr McKillen's legal team – which is headed up on this occasion by former British attorney general Lord Peter Goldsmith – will offer this as definitive proof of his financial strength.
They will also argue that had Mr McKillen been given the opportunity to buy the 20 per cent of Mr Quinlan's 35 per cent stakeholding necessary to give him majority shareholder status in Coroin, he would have had to have found £48m to secure it.

there is more


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