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Thread: Pat Kenny's property syndicate investments

  1. #1
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    Default Pat Kenny's property syndicate investments

    The next time you hear Pat pontificating on NAMA and the property market it's worth recalling that Pat has substantial property investments himself which may not be performing terribly well.
    Pat is a member of a Dublin docklands property syndicate which includes Nama developer Seán Dunne and former Anglo and Dublin Docklands Authority executive Lar Bradshaw. The seven members of the syndicate took possession of 3 George’s Dock in 1997, a property which is now rented by NCB Stockbrokers and CIT Aerospace.
    The syndicate was put together by Derek Quinlivan of Quinlivan Private who decamped to Switzerland when the market crashed and his debts were taken over by NAMA
    Mr Kenny was the highest paid RTÉ presenter in 2008, when he earned €950,956.
    Through Quinlan, he also has stakes in property syndicates with interests in Budapest, Prague and London, which collectively owe Anglo Irish Bank €95m.
    He has also suffered significant losses on AIB and Bank of Ireland shares, while a €600,000 share in the Four Seasons Hotel in Budapest is now part of a Nama loan.
    Story here from Micheal O'Farrell of the Irish Mail on Sunday
    http://www.newsscoops.org/?p=895
    Last edited by PaddyJoe; 23-02-2012 at 12:50 AM.

  2. #2
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    Default Re: NAMA and Pat Kenny's property syndicate investments

    And yes, before someone points it out, the story was published a year ago. I missed it first time around. Still relevant, though

  3. #3
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    Default Re: NAMA and Pat Kenny's property syndicate investments

    Relevant too in the context of the BAI draft document on disclosure.

  4. #4
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    Default Re: NAMA and Pat Kenny's property syndicate investments

    Quote Originally Posted by Baron von Biffo View Post
    Relevant too in the context of the BAI draft document on disclosure.
    Explains why he never wants to talk about Upwards Only Rent Leases. It is very difficult to get this issue aired because so many of the commentators are up to their neck in property and relying on extorting high rents from tenants who can't get out. The media too are complicit in this as they rely on the property agents for advertising revenue and then when you eventually get to court there is a good chance the solicitors, barristers and even the judge are landlords so no chance of a fair hearing.
    The journalists are happy to rely on press releases from property companies to say that 99% of tenants are getting rent reductions when the reverse is true. A register of interests is essential for all journalists as they should be seen to be unbiased or declare their interests when discussing topics. This should apply to political parties, senior civil servants, judges - many of whom are in the property game.

  5. #5

    Default Re: NAMA and Pat Kenny's property syndicate investments

    Perhaps it would be a good idea to find out if there are similar details relating to other RTE spongers, perhaps we could try to "talk to joe" and see if he could dig up some dirt on some of his own !!

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    Default Re: NAMA and Pat Kenny's property syndicate investments

    Quote Originally Posted by gfmurphy101 View Post
    Perhaps it would be a good idea to find out if there are similar details relating to other RTE spongers, perhaps we could try to "talk to joe" and see if he could dig up some dirt on some of his own !!
    lol!

    But seriously, the commentariat are up to their eyes in property debt and will not say or do anything that is likely to depress prices or values.

  7. #7
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    Default Re: NAMA and Pat Kenny's property syndicate investments

    Quote Originally Posted by gfmurphy101 View Post
    Perhaps it would be a good idea to find out if there are similar details relating to other RTE spongers, perhaps we could try to "talk to joe" and see if he could dig up some dirt on some of his own !!
    Ah yes, Joe "500k a year, I'm a socialist" Duffy. Ever notice how much he shows his hatred for SF? Guess why? Cos he knows he will be back on €198 quid a week if SF get into power.

    A wretched man, whose end cannot come soon enough.

  8. #8
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    Default Re: NAMA and Pat Kenny's property syndicate investments

    Treasury not looking too good after court today. Nama should face questions as to why it continued giving them money for the last two years, knowing they were insolvent, and which will never be repaid. Of course some of their previous advisors work for Nama and again there was no analysis from the media. The guardian wrote a piece two years ago saying they were in trouble but no Irish newspaper picked it up. The Sunday Independent ran two or three pages pro Treasury at the week-end never mentioning how much they are going to cost the tax-payer.
    "NAMA says it acquired €1.7bn of Group loans at par value. It says that the Group also owes €1bn to non-NAMA banks. So that’s €2.7bn of debt, it seems. The Group’s financial statements at 28th February 2010 show it to be “balance sheet” insolvent to the tune of €859m. NAMA has provided €103m of new advances to the Group. In July 2011 Treasury said that it was going to run out of cash by September 2011. NAMA advanced an additional €103m to Treasury including €30m to fund the Montevetro office building which was eventually sold to Google" from Namawinelake

    As the Baron said we need that BAI legislation. Lets hope the vested interests don't get it quashed.

  9. #9

    Default Re: NAMA and Pat Kenny's property syndicate investments

    With the few notable exceptions, it is the same group of elites that were in charge during the boom, that are in charge now, same people in the media, banking and the speculators are getting paid by nama. All the politicians are off on huge pensions and the whole debacle has been twisted by the media to shift the blame on to the public sector and the unemployed

    Who said you can't fool all of the people all of the time!

  10. #10
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    Default Re: Pat Kenny's property syndicate investments

    Namawinelake takes a more detailed look at Pat Kenny's property investments today:
    Pat is unlikely to be affected by the appointment yesterday of an interim examiner at the Treasury Holdings company Carrylane Limited, this despite the report in the Sunday Times in June 2012 that Pat had bought a suite at the Ritz Carlton hotel in Wicklow worth “up to €2m”. Carrylane Limited owns the hotel but the ownership of the suites is unlikely to be affected by the examinership.
    Pat also cropped up recently in the Nick Webb/Shane Ross book “The Untouchables” – page 137 – as an investor in the “Conduit partnership” – a syndicate of property investors set up by former tax-man Derek Quinlan
    It was reported that Gay and Pat invested €1m and €600,000 respectively in the Four Seasons Hotel in Budapest, Hungary but it is not clear if this was with the Conduit partnership, but it is reported that the loans on this property in Hungary have been transferred to NAMA.
    And Pat is also reported to be an investor in another Quinlan syndicate, the Lucy Partnership along with the Dunner, Sean Dunne. This partnership is understood to have bought property in the International Financial Services Centre in Dublin city centre.
    http://namawinelake.wordpress.com/20...erty-dealings/

  11. #11
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    Default Re: Pat Kenny's property syndicate investments

    Irish people are idiotic pushovers.Everyone, including my closest family are blaming each other instead of the elites.

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    Default Re: Pat Kenny's property syndicate investments

    ST interview with Pat today quotes him as saying that he needs to work. Given that Derek Quinlivan was his accountant and tax adviser that's probably true.
    It seems he's just about to renegotiate his three year contract with RTE.

  13. #13
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    Default Re: Pat Kenny's property syndicate investments

    It gives me great pleasure going too sleep at night, knowing that the parasites that have bleed the country for so long are getting their true deserts. I mean seven and hundred and fifty thousand for the plank. I remember gaybo speaking about Russel Murphy on his show on his demise. Gay said he was such a pillar of society, and such a wonderful person. He said Russel would go into a bookshop and see a new release, and maybe buy the lot, hire a taxi and get them delivered to all his clients, he didn't realise he was paying the bill. He got back into RTE to recover his losses. Then he bought property and lost again, then brought back again to help him out. What a country we have, Joe or Shiela public work's for 20/30 /40 years and given their P45. Can they go back and look for a new start.
    "I have never killed a man but I have read many obituaries with great pleasure". Clarence Darrow

  14. #14
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    Default Re: Pat Kenny's property syndicate investments

    Pat talking about pension funds and banks demanding some of them be used to pay down debt

    He sounds genuinely scared at banks being allowed demand a full pension fund. He proposed this not be allowed under legislation
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  15. #15
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    Default Re: Pat Kenny's property syndicate investments

    Quote Originally Posted by DCon View Post
    Pat talking about pension funds and banks demanding some of them be used to pay down debt

    He sounds genuinely scared at banks being allowed demand a full pension fund. He proposed this not be allowed under legislation
    Heard that. There was a noticeable edge to his voice when he brought it up

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