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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Sun Mar 12, 2017 9:37 pm 
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http://www.irishtimes.com/business/fina ... -1.3007408

Quote:
An investor who in 2014 lent $750,000 to troubled property fund Brendan Investments to shore up its finances is demanding his money back, forcing the €13 million fund into a fire sale of its remaining assets.
BI managing director Vincent Regan last week wrote to shareholders to say the ensuing liquidation of its remaining assets in Detroit, where it lost significant amounts of its investors’ money buying abandoned homes, means there will be “very little or nothing to distribute” to shareholders when the 10-year fund matures this year.
Mr Regan blamed extensive coverage of BI’s activities in The Irish Times for the decision of the investor to demand his cash back.
The four-page letter to shareholders of BI, which was cofounded in 2007 by celebrity adviser Eddie Hobbs, was sent on March 6th. It is the first communication to investors by Mr Regan since an October annual general meeting, at which he shocked shareholders by predicting a 90 per cent loss.


Quote:
...The letter ends with an apology to shareholders from Mr Regan on behalf of the fund’s management.
“We wholeheartedly apologise for the way this investment has turned out,” said Mr Regan, who is now based in Tunisia, where he runs a call centre. “We have worked long hours and spent many weeks and months in the US trying to turn this investment around.”


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Mon Mar 13, 2017 8:00 am 
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slasher wrote:
http://www.irishtimes.com/business/financial-services/brendan-investments-predicts-total-wipeout-of-13m-fund-1.3007408

Quote:
An investor who in 2014 lent $750,000 to troubled property fund Brendan Investments to shore up its finances is demanding his money back, forcing the €13 million fund into a fire sale of its remaining assets.
BI managing director Vincent Regan last week wrote to shareholders to say the ensuing liquidation of its remaining assets in Detroit, where it lost significant amounts of its investors’ money buying abandoned homes, means there will be “very little or nothing to distribute” to shareholders when the 10-year fund matures this year.
Mr Regan blamed extensive coverage of BI’s activities in The Irish Times for the decision of the investor to demand his cash back.
The four-page letter to shareholders of BI, which was cofounded in 2007 by celebrity adviser Eddie Hobbs, was sent on March 6th. It is the first communication to investors by Mr Regan since an October annual general meeting, at which he shocked shareholders by predicting a 90 per cent loss.


Quote:
...The letter ends with an apology to shareholders from Mr Regan on behalf of the fund’s management.
“We wholeheartedly apologise for the way this investment has turned out,” said Mr Regan, who is now based in Tunisia, where he runs a call centre. “We have worked long hours and spent many weeks and months in the US trying to turn this investment around.”



Living in Tunisia? Wow, sounds nice. But then I guess a well protected villa by the beach somewhere warm doesn't come cheap, those management fees get quickly spent :shock:


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Mon Mar 13, 2017 8:48 pm 
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We are heading into Recourse territory now. I assume recourse will only be to the investors and not to the directors....Derek Quinlan style.

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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Mon Mar 13, 2017 10:24 pm 
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2Pack wrote:
We are heading into Recourse territory now. I assume recourse will only be to the investors and not to the directors....Derek Quinlan style.


The fund would have a limited liability structure. You can't loose more than your investment..


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Tue Mar 14, 2017 12:30 am 
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Recourse to Eddie and his mates too ( including the lad hiding in the bunker in Tunisia ) ??

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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Tue Mar 14, 2017 11:43 am 
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Eddie resigned as a Director some time ago. Maybe he is not as thick as he seems.

Imagine lending €750,000 to a business with those problems. Imagine hearing about all its problems through the IT.


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Tue Mar 14, 2017 9:53 pm 
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Negative Covenant wrote:
Eddie resigned as a Director some time ago. Maybe he is not as thick as he seems.

Imagine lending €750,000 to a business with those problems. Imagine hearing about all its problems through the IT.



Hiding behind legalities is no longer acceptable to the investing public. Especially in this era of private public communication, the very least the public and the fund's investors should expect is that Eddie explains if not on TV but then by YouTube exactly where it went wrong and what lessons have been learned. Resigning as director is not good enough when the director's high profile was what enabled the fund to attract investors in the first place. To maintain or restore any shreds of credibility, Hobbs must come public and discuss where he and the fund went wrong and what they will do to help out the Irish men and women who put their trust and money in his care. To continue ignoring the investors or hiding behind legalities is to effectively raise two fingers at everyone who supported Hobbs and the fund, and investors won't take it well if the his silence on the failure continues.


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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Wed Mar 15, 2017 12:32 am 
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Inis Man wrote:
Negative Covenant wrote:
Eddie resigned as a Director some time ago. Maybe he is not as thick as he seems.

Imagine lending €750,000 to a business with those problems. Imagine hearing about all its problems through the IT.



Hiding behind legalities is no longer acceptable to the investing public. Especially in this era of private public communication, the very least the public and the fund's investors should expect is that Eddie explains if not on TV but then by YouTube exactly where it went wrong and what lessons have been learned. Resigning as director is not good enough when the director's high profile was what enabled the fund to attract investors in the first place. To maintain or restore any shreds of credibility, Hobbs must come public and discuss where he and the fund went wrong and what they will do to help out the Irish men and women who put their trust and money in his care. To continue ignoring the investors or hiding behind legalities is to effectively raise two fingers at everyone who supported Hobbs and the fund, and investors won't take it well if the his silence on the failure continues.


Tbis is Ireland, we don't do accountability, we do brass neck and 2 fingers so expect no more.

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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Wed Mar 15, 2017 1:14 am 
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Quote:
Shareholder newsletters spoke of the “significant returns” possible in Detroit, but Hobbs says he saw the first “red flag” in mid-2013, when MPG was sued by US investors for alleged fraud.


http://www.irishtimes.com/business/comm ... -1.2970926

20 July 2013

Quote:
"On property we remain unconvinced that the floor has yet been found in the Irish market and favour distressed property in fast-recovering economies like the USA," he wrote.

"We are currently investing heavily for clients in Metro Detroit," he added in a post on his website.


http://www.herald.ie/news/i-still-belie ... 35249.html

And just to remind, the suit against Metro was posted in May 2013 by NWL

https://namawinelake.files.wordpress.co ... ygroup.pdf

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 Post subject: Re: Eddie Hobbs Property Fund ( Brendan Investments)
PostPosted: Wed Mar 15, 2017 11:44 am 
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Was this an investment vehicle that legally should have been restricted to high net worth knowledgeable investors? If it was such a regulated investment vehicle then there may be questions to be answered by the investment intermediaries as well as the fund itself. (I must admit that I am too lazy to trawl through the thread and the reportage to check if this has already been considered.)


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