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 Post subject: Judge Kelly: dead developer's tiny estate "extraordinary"
PostPosted: Tue Jul 27, 2010 4:28 pm 
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Prominent builder and developer Liam Maye died on 5th May 2008. In his lifetime, he had founded Castlethorn Construction, the company that built Adamstown and the Dundrum Town Centre.

A little over a month after his passing, a grant of probate was issued, based on an accountant's affidavit. This placed a net value on the estate of €53,299. The gross value was not much higher, at €72,900.

This valuation came as a surprise to one of the man's main bankers, AIB. The bank had been receiving periodic reports, presumably from the man himself and/or his accountant, indicating a net worth of €100m.

As of today, AIB claims it is owed €58m from the estate.

The bank failed in its attempt yesterday to have an action against the estate's executrix (Mr Maye's widow) run in the fast-track Commercial Court; instead it will be heard in the ordinary High Court. The Irish Times reports that Mr Justice Kelly described the valuation as "extraordinary", and said it should have resulted in alarm bells ringing earlier than they seem to have done in the bank.

And just to put a smile on your face, the AIB loans are headed to NAMA, subject to the agency's review.
http://m.irishtimes.com/newspaper/finance/2010/0727/1224275545831.html?via=business


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 Post subject: Re: Judge Kelly: dead developer's tiny estate "extraordinary
PostPosted: Tue Jul 27, 2010 8:41 pm 
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For the hard of thinking, like myself, is it possible to explain wtf has happened here? I mean, how could this guy have borrowed €58 million, and there be as close to nothing as makes no difference left in his estate?

And, I suppose, how long until this thing gets its hearing in the High Court?


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 Post subject: Re: Judge Kelly: dead developer's tiny estate "extraordinary
PostPosted: Tue Jul 27, 2010 9:00 pm 
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schuhart wrote:
For the hard of thinking, like myself, is it possible to explain wtf has happened here? I mean, how could this guy have borrowed €58 million, and there be as close to nothing as makes no difference left in his estate?

And, I suppose, how long until this thing gets its hearing in the High Court?


Weeelllllll, to speculate on what happened might be to invite libel or defamation actions :x

What can safely be said is that probate is a serious business & requires sworn statements from people & if your name isn't Willie O'Dea, knowingly swearing false statements is a very, very serious business !

If however this runs in the usual 'Irish' way; then all the incendiary statements & actions were taken by the deceased, & now the only real threat is someone underpaid death-duties, or some professional might face the horrors of regulation by their peers because they signed off on something they shouldn't have :roll:

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"Mr Kelly said Ireland’s “reputational capital” had been damaged by “chancers” such as ex-Anglo Irish Bank chairman Seán FitzPatrick, who had been abetted by “buffoons” such as former financial regulator Patrick Neary, Minister for Finance Brian Lenihan and the Taoiseach." - Irish Times 13th Jan 2009

"If you can't be a good example, then you'll just have to be a horrible warning." (Catherine Aird)


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 Post subject: Re: Judge Kelly: dead developer's tiny estate "extraordinary
PostPosted: Tue Jul 27, 2010 9:01 pm 
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I'm also rather surprised a grant of probate was made in 1 month on such a (seemingly) complex estate. I thought even a straightforward domestic probate took many months.


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 Post subject: Re: Judge Kelly: dead developer's tiny estate "extraordinary
PostPosted: Tue Jul 27, 2010 9:03 pm 
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Larry wrote:
I'm also rather surprised a grant of probate was made in 1 month on such a (seemingly) complex estate. I thought even a straightforward domestic probate took many months.


Only if the person had any assets :x

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"Mr Kelly said Ireland’s “reputational capital” had been damaged by “chancers” such as ex-Anglo Irish Bank chairman Seán FitzPatrick, who had been abetted by “buffoons” such as former financial regulator Patrick Neary, Minister for Finance Brian Lenihan and the Taoiseach." - Irish Times 13th Jan 2009

"If you can't be a good example, then you'll just have to be a horrible warning." (Catherine Aird)


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 Post subject: Re: Judge Kelly: dead developer's tiny estate "extraordinary
PostPosted: Tue Jul 27, 2010 10:10 pm 
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Well, there are two options:
1. They were good at shifting assets around either out of the jurisdiction or to other family members within the inheritance limits. Not suggesting any illegality here; the laws on such seem remarkably lax (witness chappie transferring all sorts of stuff to wife to leave the country and not pay tax on...).
2. He wasn't rich. The whole thing was pretty much spoof, apart from minor amounts salted away. He was as incompetent as fuck with money and it all disappeared in looking the part, buying rapidly depreciating kit and gambling on the stockmarket.

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So long and thanks for all the fish.


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 Post subject: Re: Judge Kelly: dead developer's tiny estate "extraordinary
PostPosted: Tue Jul 27, 2010 11:04 pm 
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Foursome buy Flannery's for €14.5 million ->
December 09 2008

Quote:
Encouraging news in these recessionary times - Colin Dolan, nephew of singer Joe Dolan, is among four people who’ve purchased Flannery’s pub in Dublin’s Camden Street along with two other properties that make up 6-8 Lower Camden Street.
The four - Colin Dolan, Dawn Maye, Michael Ormonde and Ian Redmond - are also involved in the Twenty One nightclub, formerly Coyote on D’Olier Street.
Dawn Maye is the niece of Tullamore Bridge House hotelier Christy Maye and daughter of the late Liam Maye, one of the developers of the Dundrum Town Centre.
The Camden Street properties back onto Harcourt Street not far from Copper Face Jacks and Krystle nightclubs.
http://www.barkeeper.ie/News_Item.asp?News_ID=1567


A group of investors that includes a nephew of the late singer Joe Dolan is preparing to make a multimillion euro investment in the Thomas Read group of pubs.
Under a rescue plan for the group, which is in examinership, creditors and banks will be asked to write off millions of euro in debts, and a consortium of new investors will inject fresh funds into the business.
Thomas Anderson, a member of the Ward Anderson cinema family, is proposing to invest €4 million and become a director of the group. If the plan is accepted by creditors, publican Colin Dolan, a nephew of Joe Dolan, will also join the board, as would businessman Michael Ormonde.
The other backers of the proposed deal are Ian Redmond and his wife Dawn Maye. She is a daughter of the late property developer Liam Maye, who was one of the developers of the Dundrum Town Centre. Dolan, Ormonde, Redmond and Maye have been active in the pub market, and last year paid about €15 million for Flannery’s pub on Camden Street in Dublin city centre.
Redmond and Maye are also behind the Twenty One nightclub on D’Olier Street.

http://www.cisireland.com/NewsItem.aspx?NewsId=128


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 Post subject: Re: Judge Kelly: dead developer's tiny estate "extraordinary
PostPosted: Tue Jul 27, 2010 11:06 pm 
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Location: Over Macho Grande? I don't think I'll ever be over Macho Grande...
That worked out well so!

Flannerys! - 14.5m??? XX

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 Post subject: Re: Judge Kelly: dead developer's tiny estate "extraordinary
PostPosted: Tue Jul 27, 2010 11:29 pm 
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When I want to get bollock-to-bollock intimate with a sweating cuchie while drinking warm beer to a soundtrack of deafeningly loud music, Flanney's is my first stop. €15m? Farking priceless mate.


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 Post subject: Re: Judge Kelly: dead developer's tiny estate "extraordinary
PostPosted: Wed Jul 28, 2010 8:11 am 
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was in there late evening after the dublin-meath game and there was no more than 20 drinkers in the whole place.


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