Page 2 of 2 FirstFirst 12
Results 16 to 21 of 21

Thread: Developer Bailout by Lease and Rental -Tom Browne, Anglo

  1. #16
    Join Date
    Apr 2011
    Posts
    496

    Default Re: Developer Bailout by Lease and Rental -Tom Browne, Anglo

    The nexus of corruption in Ireland is the commercial lease. The politician gets paid for state leases. The landlord is guaranteed a windfall income by the UORR clause and an easily corrupted rent arbitration system.. Look hard at who are the state landlords. Judge Moriarty spotted it in the Ben Dunne case and the Telecom building. "The word corruption is only used once in the report - and it refers to an attempt made by Mr Lowry to procure an unwarranted rent increase for a property owned by another businessman, Ben Dunne.
    Mr Lowry sought to influence the outcome of an arbitration in relation to rent payable by the state owned Telecom Eireann for a building owned by Ben Dunne.
    If it had succeeded, the taxpayer would have ended up paying between three and seven million euro extra in rent to Mr Dunne's company.
    Justice Moriarty said the matter was "profoundly corrupt to a degree that was nothing short of breathtaking".
    There is a new version now where NAMA provides 70% state funding to a lucky investor who has a captive state tenant. Look at no. 1 Warrington Place, here you have the tax payer funding the purchase and the tax payer paying the rent, which is subject to an upward only rent review. BONANZA http://www.irishtimes.com/newspaper/...315141410.html

  2. #17
    Join Date
    Apr 2011
    Posts
    496

    Default Re: Developer Bailout by Lease and Rental -Tom Browne, Anglo

    Another one to watch!
    We not only have had to pay 713 million for the B]The National Convention Centre[/B] we are now going to have to pay back the loan that was used to build it, as the Developer treasury is now insolvent.
    "Under the public-private partnership agreement, the State pays the company an annual charge of about €47 million a year for the first five years, and just under €24 million for the subsequent 20 years. The building will then revert to the full ownership of the State.

    A report by the Comptroller and Auditor General published last September found that O’Donoghue decided to proceed with a national conference centre in 2005 after being told the costs would outweigh the benefits by up to €217 million.

    The report also found that the winning consortium’s bid was “the most expensive proposal”, and its selection was based on higher marks for design, construction, operation and maintenance."

    http://www.independent.ie/business/i...e-2252119.html

  3. #18
    Join Date
    Mar 2010
    Posts
    22,431

    Default Re: Developer Bailout by Lease and Rental -Tom Browne, Anglo

    As Cass pointed out yesterday Tom Browne seems to be doing quite nicely for himself.
    debt-restructuring firm set up by two former senior executives with Anglo Irish Bankand which says it has helped property developers and other clients restructure bank debts of more than €5 billion during 2011 and 2012, has reported a profit of €514,365 in the year to the end of April 2012.LeBruin Private Ltd was set up by Thomas Browne and Cathal Fitzgerald in March 2008. Mr Browne resigned from Anglo in 2008, in the wake of the appointment ofDavid Drumm as the bank’s chief executive, a position some thought would go to Mr Browne.
    The former head of Irish lending is currently in litigation with the Irish Bank Resolution Corporation (in liquidation), which is seeking to recover €50 million in loans. Mr Browne is contesting the claim. Mr Fitzgerald is a former director of Anglo’s wealth management division.
    The latest annual return for LeBruin shows that Mr Browne transferred his shares (51,000 out of an issued share capital of 100,000 shares) to Mr Fitzgerald in May 2012, bringing the latter’s shareholding to 85,000 shares. The remaining shares are owned equally by Rose Castle, Ballincollig, Co Cork; Joseph O’Reilly, c/o Chartered Land, Dundrum, Dublin; and Seán Reilly, Harcourt Road, Dublin 2.
    Track record
    The company’s website says it has established a track record in dealing with theNational Asset Management Agency and the leading banks.

    The website gives an example of an unnamed client whose €6 million in loans were transferred to an international purchaser as part of a loan portfolio sale, and for whom LeBruin helped negotiate a settlement. It involved the client paying €500,000 to acquire two of the 10 Irish properties used to secure the loans.
    The chairman of LeBruin is former chairman of Independent News & Media, James Osbourne.
    http://www.irishtimes.com/business/s...2012-1.1651257

  4. #19
    Join Date
    Feb 2010
    Location
    Rockall
    Posts
    78,982

    Default Re: Developer Bailout by Lease and Rental -Tom Browne, Anglo

    Mr Browne resigned from Anglo in 2008,
    Lucky for him. Out of the eye of the storm.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  5. #20
    Join Date
    Mar 2010
    Posts
    22,431

    Default Re: Developer Bailout by Lease and Rental -Tom Browne, Anglo

    Tom Browne appeared as one of the subjects to be discussed with IRBC in those partially redacted DOF docs which were given to Catherine Murphy. No details but presumably it involved litigation with the bank over the 50 million he's supposed to have owned them.
    Meanwhile he seems to have done one hell of a deal on old Anglo bonds recently with Maple 10 member Patrick Kearney and a Davy's chappie.

    Tony O’Connor, senior bond trader in Davys, is the third man involved in the trade of a bond with Tom Browne (Le Bruin) and Patrick Kearney, a maple 10 developer. The bond was bought for €2m from Carval, sold for €6m and now worth c.€27m as mentioned last week.
    http://www.valero.ie/news/sunday-pap...o-financial-4/

  6. #21
    Join Date
    Mar 2010
    Posts
    22,431

    Default Re: Developer Bailout by Lease and Rental -Tom Browne, Anglo

    Tom Browne isn't in a hurry to appear at the Banking Inquiry.

    Lawyers acting for former Anglo Irish Bank executive Tom Browne have written to the Oireachtas banking inquiry in relation to its decision to report him to An Garda Síochána for failing to comply with a direction. It is understood Mr Browne failed to submit an opening statement to the inquiry by the deadline required in advance of an appearance at a hearing on July 24th.
    It is the first time the inquiry has involved the Garda in its activities.
    Mr Browne is abroad on a family holiday and was said to be very surprised to learn the committee had taken this course of action against him.
    The Irish Bank Resolution Corporation, the successor entity to Anglo, is suing Mr Browne in relation to more than €50 million of loans given to him by the bank prior to its nationalisation in January 2009. The civil action was due to be heard in October 2012 but was adjourned by the judge due to a potential overlap with criminal proceedings involving Anglo’s former chairman Seán FitzPatrick and another former Anglo executive, Pat Whelan.
    The Director of Public Prosecutions told the Commercial Court at the time it was concerned the civil case could jeopardise these criminal proceedings.
    Mr Browne is being represented by Donal Spring of Daniel Spring & Co, a leading Dublin-based law firm.
    The firm told The Irish Times Mr Browne was surprised by the decision of the committee to involve the Garda, given that the DPP had sought an adjournment of the legal case in 2012.
    Mr Browne is currently managing director of LeBruin Private, a corporate advisory group in Dublin.
    The law firm confirmed that a letter was being sent yesterday to the committee on Mr Browne’s behalf but declined to discuss its contents.
    In a statement on Tuesday, the committee said section 75 of the Houses of the Oireachtas (Inquiries, Privileges & Procedures) Act provided that failure to comply with a direction may amount to a criminal offence.
    It “noted the failure” of Mr Browne to comply with its direction and agreed to report this to the Garda.
    http://www.irishtimes.com/business/f...arda-1.2286501

Page 2 of 2 FirstFirst 12

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Share us
Follow Us