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Thread: FitzPatrick Used Oil-Well Deal to Protect Family

  1. #1
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    Default FitzPatrick Used Oil-Well Deal to Protect Family

    Nice loan if you can get it:-

    FORMER Anglo chief Sean FitzPatrick gave the bank a larger stake in a lucrative oil field in order to keep it from going after his wife and children for money they owed on property investments.

    I love the way this bank acts in the best interests of the owners the Irish taxpayer:-

    Fearing that the bank would pursue them for the millions they borrowed as the financial crisis deepened last year, FitzPatrick sought to protect them by offering to swap a greater share in the Nigerian field in return for a promise that his children and wife would not be pursued.

    He also offered greater security over other assets, sources strongly emphasised.

    In February 2009, the bank agreed to do this. Effectively, this meant that FitzPatrick's wife and children would only be liable for the worth of the properties -- not for the total amount borrowed on them.
    http://www.independent.ie/national-n...y-2252115.html

  2. #2
    People Korps Guest

    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    For the nations sake lets hope that well pumps loads.

  3. #3
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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    It may not be such a bad deal for Fitzpatrick to seek bankruptcy if other members of his family can skate on their borrowing.
    Sean FitzPatrick's son received a $50,000 (€37,048) loan from Anglo Irish Bank seven months after the struggling institution was bailed out by the State, the Sunday Independent has learned.

    David FitzPatrick -- who is still an employee of Anglo Irish Bank's US operation -- secured the loan against his home, a one-bed apartment in New York's Greenwich Village, which he purchased for $1.265m (€937,315) on October 1, 2008.

    There is no indication given in any of the records that the then 28-year-old banker's initial acquisition of the 513 sq ft property in the exclusive Pear Street Condominium was funded through the provision of a mortgage.

    Interestingly, the $1.265m purchase came less than 24 hours after the Government here announced the introduction of the €400bn deposit guarantee scheme, a move which is now widely held to have been precipitated by the implosion of Anglo and the threat it posed to the survival of the Irish banking system.
    While David FitzPatrick can hardly be blamed for his father's professional or personal behaviour, it is worthwhile noting that his borrowing facility with Anglo is recorded in New York's Land Registry as being part of an overall credit agreement of €87m with the FitzPatrick family, namely Sean FitzPatrick, his wife Catriona, his other son Jonathan and daughter Sarah.

    According to the records, this €87m facility was signed off on February 4 of last year, three weeks after Anglo Irish Bank was nationalised.

    Closer to home, David FitzPatrick is also directly involved with his father through the joint ownership of property here in Ireland.

    Records held at the Registry of Deeds here show that David and Sean FitzPatrick jointly purchased a luxurious two-bedroom apartment at Kelston Hall in Foxrock, Co Dublin, in July 2004, availing of a mortgage with First Active Building Society.

    The records further reveal how father and son managed to clear the mortgage in its entirety just seven months later on February 23, 2005.
    http://www.independent.ie/national-n...?service=Print

  4. #4
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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    Another very informative piece on the way that Fitzpatrick hid the stash:
    JUST months before the collapse of Anglo Irish bank, disgraced banker Sean FitzPatrick and his entire family took seven mortgages to pay off Anglo loans and invest in new properties - and all from the same lender.

    Haven Mortgages, a loss-making subsidiary of building society EBS, provided the funds for Sean Fitz-Patrick, his wife Triona and their three children, registered against seven properties in Dublin in 2008.

    The loans were all registered against properties within six weeks of each other, many on the same day, raising the possibility that all seven mortgages were set up in one large arrangement worth millions.

    It is unclear why the FitzPatrick family should have chosen an obscure lender like Haven, which targeted mortgage brokers by paying a commission for sales of its products.
    However, Haven's largesse did not stop at FitzPatrick, as the EBS subsidiary then issued multiple mortgages to his offspring.

    His daughter Sarah, then just 23 and a full-time student with no visible means of income, was given four mortgages to buy up luxury apartments in Dublin.

    On June 6, 2008, Sarah repaid a mortgage with Anglo on a property in Bray, then immediately remortgaged with Haven.

    A fortnight later, Sarah, a charity volunteer, bought two more propertory ties, one in Elm Park in Blackrock, and another in Spencer Dock.

    She also remortgaged a property she owned with her two brothers in Custom House Square in Dublin.

    Sarah and her brothers bought this property in 2002 when she was only 17. The mortgage was paid off in 2008. It is not clear how Sarah secured a mortgage at age 17, since under Irish law a minor cannot legally buy or sell property.
    http://findarticles.com/p/news-artic.../ai_n53736141/

  5. #5
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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    Since Nationalisation, 7 million was written of S Fitzpatrick's own debts -
    http://www.peoplesrepublicofcork.com....php?p=3264900

    There is no reason to believe that this isn't another write off. If there was no advantage to his interests, why would he have negotiated it? From the same link -

    Sean FitzPatrick's son received a $50,000 (€37,04 loan from Anglo Irish Bank seven months after the struggling institution was bailed out by the State, the Sunday Independent has learned.

    David FitzPatrick -- who is still an employee of Anglo Irish Bank's US operation -- secured the loan against his home, a one-bed apartment in New York's Greenwich Village, which he purchased for $1.265m (€937,315) on October 1, 2008.

    There is no indication given in any of the records that the then 28-year-old banker's initial acquisition of the 513 sq ft property in the exclusive Pear Street Condominium was funded through the provision of a mortgage.

    Interestingly, the $1.265m purchase came less than 24 hours after the Government here announced the introduction of the €400bn deposit guarantee scheme, a move which is now widely held to have been precipitated by the implosion of Anglo and the threat it posed to the survival of the Irish banking system.

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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    Quote Originally Posted by People Korps View Post
    For the nations sake lets hope that well pumps loads.
    For Nigeria's sake, I hope its nationalised without compensation.

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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    Update from RTE - an enquiry is needed into this -

    http://www.rte.ie/news/2010/0921/fit...medium=twitter

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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    I got the same e-mail and junked it !

  9. #9
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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    Its just staggering how Fitzpatrick was allowed to loot Anglo even after nationalisation.
    The number of cash movements may now lead to questions as too why the very banks owed millions by FitzPatrick did not freeze his accounts and instead continued to allow huge sums of money to be transferred at will. One account – an Ulster Bank dollar account in the name of Mr and Mrs FitzPatrick – was emptied of $3.5m in the final week of February.

    Bank statements confirm that on February 24, the account had a balance of $3,583, 007.

    But in the following days more than $3m was transferred out of the account into other accounts held by FitzPatrick and his wife.

    Then on March 1, a payment of $354,030 was made from the account to Lar Bradshaw, FitzPatrick’s former Anglo colleague.

    Bradshaw, a member of the bank’s compliance committee, resigned when it was revealed he had joint loans with FitzPatrick which the latter had hidden from the bank.

    Other bank statements show the FitzPatricks withdrawing €1,200 a day from a Bank of Ireland laser card and paying for hair and beauty treatments in a salon called Reputations in Dún Laoghaire.

    FitzPatrick also ensured that his top legal and financial team were paid, advancing €250,000 to O’Grady and Co. Solicitors on March 12 and €35,000 to his financial adviser, Bernard Somers, the following day.
    http://www.zimbio.com/Debt+Consolida...gela+Cavendish
    ANGLO Irish Bank signed off on a multi-million euro loan extension for a foreign property company co-owned by its disgraced former chief executive Sean FitzPatrick on the same day it was taken into state ownership.

    The bank topped up a €14.6m loan with a further €2.6m on January 21, 2009 -- the day legislation nationalising the troubled lender was enacted, the Irish Independent has learned.

    Records reveal the company subsequently drew down almost €17m of the €17.2m Anglo made available.

    Some of the money was used for the purchase of a plush €10.25m villa on the French Riviera and €450,000 in real estate agent fees.

    However, it is not yet known what the rest of the money was spent on.
    http://www.independent.ie/national-n...d-2267941.html
    And this is fascinating:
    Regulations obliging Anglo to seek Mr Lenihan's approval for any substantive changes to the terms of directors' loans did not come into force until six months after the bank was nationalised.
    So in effect Seanie and his fellow directors were allowed six months grace to loot the bank before the shutters came down

  10. #10
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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    So now we have a share of an oil well + a bucket of debt from this *****!!!!

    How was it possible, given that the bank was nationalised....effectively the property of the state.....this guy could go in there and take out MORE loans????

    Surely there is fraud here.......either on the part of fitz. for taking out these loans OR on the part of the gov. because this bank wasn't secured....LOCKED TIGHT!!!!!

  11. #11
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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    Quote Originally Posted by PaddyJoe McGillycuddy View Post
    So in effect Seanie and his fellow directors were allowed six months grace to loot the bank before the shutters came down
    But isn't this fraud on the part of the DOF. because in effect they had become the guardians of the bank when it was nationalised???? And yet they let fitz steal from the same IRISH OWNED bank???

  12. #12
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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    The official assignee to realise the estate of former chairman Seán FitzPatrick is to raise questions about the restructuring of Fitzpatrick's loans in February 2009.
    And:
    It is understood that the official assignee is expected to apply to the court to make null and void any transactions carried out by Mr FitzPatrick in the two years prior to him being declared bankrupt that reduce the value of his assets.
    http://www.irishtimes.com/newspaper/...279432512.html

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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    When did Anglo Irish first get public money ? - there was the Central Bank loan...

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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    Dublin really is a small town. Sean Fitzpatrick's debt restructuring adviser is a consultancy run by former AIB board member Bernard Somers who is a brother of Michael Somers who was head of the NTMA.
    Not surprising so that the NTMA were reluctant to invest in Anglo
    http://www.irishtimes.com/newspaper/...272520278.html

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    Default Re: FitzPatrick Used Oil-Well Deal to Protect Family

    Quote Originally Posted by PaddyJoe McGillycuddy View Post
    Dublin really is a small town. Sean Fitzpatrick's debt restructuring adviser is a consultancy run by former AIB board member Bernard Somers who is a brother of Michael Somers who was head of the NTMA.
    Not surprising so that the NTMA were reluctant to invest in Anglo
    http://www.irishtimes.com/newspaper/...272520278.html
    You heard it here first

    http://www.politicalworld.org/showpo...10&postcount=5

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