Board index » The IRISH PROPERTY BUBBLE » The Golden Circle » NAMAwatch (Pt. I)

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 Post subject: NAMA, Wallace & the Robinsons
PostPosted: Tue Jul 07, 2015 10:11 am 
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Strange this hasn't got any coverage here yet.

Wallace made allegations in the dail that a NAMA deal up north saw money set aside for a politician.

Now we have:
http://cf.broadsheet.ie/wp-content/uplo ... AAy0ia.jpg

http://www.independent.ie/business/iris ... 56947.html

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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Tue Jul 07, 2015 10:25 am 
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Then there is the Jamie Bryson blog...

I could link but I'll let OW do that as he'll be the one receiving legal letters.


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Tue Jul 07, 2015 2:47 pm 
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I'm still trying to figure out what could have been done locally to earn 7m. It all seems very strange.

Let's not overlook the possibility that someone canny was claiming to have influence and collected a sweet payout for not doing anything.

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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Tue Jul 07, 2015 3:59 pm 
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Mantissa wrote:
I'm still trying to figure out what could have been done locally to earn 7m. It all seems very strange.

Let's not overlook the possibility that someone canny was claiming to have influence and collected a sweet payout for not doing anything.


Well before the NI portfolio came for sale, there were rumours of several politicians from NI, of the wrong persuasion, actively lobbying US bidders in Dublin. They were looking for up front fees (50-100bp) plus ongoing fees (similar) from the successful buyer of this portfolio.

They presented NI as being like Alabama, and that the buyers of the NI portfolio would get run out of town without their support (around planning and foreclosure issues etc.).

I believe NAMA would have nothing to do with them but I think they were aware of what they were trying to do. NAMA wouldn't deal with anybody other then large foreign funds on the NI portfolio and insisted on extensive disclosures regarding advisors (which was not requested on other large deals outside of connections with the borrowers).

I think the Gov themselves were equally lobbied on the NI portfolio and ultimately pressured NAMA to get rid of it quickly. It was a huge transaction at the time and on a scale and complexity that NAMA would have not even attempted in the South.

I believe the NI politicians were not very discreet at the time. I'm sure there is probably a lot more to come out in this regard. The Tughans lawyer took one for the team (will probably reappear as a judge later). Clearly people are starting to use Independent TDs as a route to whistleblow these issues (as the media will only report what they are allowed to). Once the story is out however, the media are braver.


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Tue Jul 07, 2015 5:00 pm 
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Mantissa wrote:
I'm still trying to figure out what could have been done locally to earn 7m. It all seems very strange.

Let's not overlook the possibility that someone canny was claiming to have influence and collected a sweet payout for not doing anything.


It's all too easy for me to imagine.
Don't forget, it's not just what can be done, but also what can't be done.

Need planning permission ?
Ooooo ... that's gonna be a struggle.


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Wed Jul 08, 2015 12:11 am 
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The Tughans thing is just absolutely mad.
They say he diverted STG 7m of "professional fees". That's 10 million euro !!!! If that's what he diverted....what was the total fee !

Belfast solicitors rates aren't that much. Even if they're 500 euro per hour that's 20,000 hours !
That's heading for 3000 man days of time!
What. The. Fuck.

http://www.tughans.com/Who-we-are/Our-P ... ilterend=z

Their combined banking and property departments have 6 partners and 4 senior solicitors....so that's 10. Basically they'd all have had to be working on it for a year at 500 euro per hour....just for the diverted professional fees.


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Wed Jul 08, 2015 7:27 am 
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Is it assumed that this money came from the buyer's side of the deal rather than the vendors? Either way, that's €10 million that should have gone to the Irish taxpayers.


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Wed Jul 08, 2015 8:12 am 
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http://www.irishtimes.com/business/comm ... -1.2276805

Cerberus' assertion they were an arms length removed from Tughans is falling part.
In what capacity was Coulter at the Dan Quayle meeting? To pour the tea ?


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Wed Jul 08, 2015 8:49 am 
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Jamie's not holding back on twitter either....

https://twitter.com/jamiebrysoncpni

he seems like such a nice boy too,

https://en.wikipedia.org/wiki/Jamie_Bryson


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Wed Jul 08, 2015 9:34 am 
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Retail Hell wrote:
Jamie's not holding back on twitter either....

https://twitter.com/jamiebrysoncpni

he seems like such a nice boy too,

https://en.wikipedia.org/wiki/Jamie_Bryson



Yeah. He seems to be the source for much of the info but doesn't exactly seem like a credible source. Could just be trying to lob Robinson into the shit?

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