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Thread: Another speculator flees the country

  1. #31
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    Default Re: Another speculator flees the country

    Quote Originally Posted by Captain Con O'Sullivan View Post
    To any society they are basically overfed parasites and they'd be no loss.
    That doesn't necessarily hold true for the Irish society, JP just got elected Man of the Year in Limerick. See, we do things differently here.
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

  2. #32
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    Default Re: Another speculator flees the country

    McManus spreads a bit of honey around locally which is small beer and chargeable against the tax he doesn't pay so its worth it to make sure rocks don't start coming through the windows.

    Its the old 'bread' part of the bread and circuses act to keep the local peasants onside. If he was that lovely and interested in his country he wouldn't be domiciled in Switzerland for tax purposes.

    Then again tax is for the little people as Leona Hemsley famously remarked.

    'A significant part of his wealth, though not all, appears to have been derived as a private foreign exchange trader which he oversees from his office in Geneva, Switzerland, his official residence. He also has a permanent suite at London's Dorchester Hotel. He returns to Ireland regularly. Currencies are apparently his speciality and his bets on currencies are bank-scale, always working on the advice of his good friends Dermot Desmond and Joe Lewis. He is featured in "High Rollers of the Turf", by Raymond Smith. He now has a wide portfolio of investments from leisure centres and betting shops to pubs and nursing homes. He is a large shareholder in Ladbrokes.

    Together with business associate John Magnier he built up a 28.89 per cent shareholding in Manchester United F.C., which they sold on to businessman Malcolm Glazer. In 2004, McManus set up 'Sporting Limerick' which sponsors Limerick GAA teams.' http://en.wikipedia.org/wiki/J._P._M..._contributions
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  3. #33
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    Default Re: Another speculator flees the country

    I don't have to tell you how well Bernard Mac is regarded in this town, do I?
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

  4. #34
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    Default

    Mrs Dunne doesn't half do irony.... Suing a Solicitor for swindling her!

  5. #35
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    Default Re: Another speculator flees the country

    Its no accident that these people flock together. I'm betting there are more than a few marriages among that lot that are morganatic ... more like arranged marriages or business partnerships than anything meaningful between people.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  6. #36
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    Default Re: Another speculator flees the country

    Magnier...ah yes...another one of the Haughey set...don't we remember the horsey people?? ...the people who the benificent charlie gave the tax-free status too...lovely people all !! Yet another reason I won't vote!

  7. #37
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    Default Re: Another speculator flees the country

    It's great the way the Irish take their customs and traditions with them when they emigrate

    http://www.greenwichtime.com/default...me-1329482.php

  8. #38
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    Default Re: Another speculator flees the country

    Quote Originally Posted by C. Flower View Post
    It's great the way the Irish take their customs and traditions with them when they emigrate

    http://www.greenwichtime.com/default...me-1329482.php
    Oh dear, Sean doesn't really seem to have made a big effort to fit in in the neighbourhood, has he?
    Although it could be uphill work in any case. What's all this 'irish brogue' stuff?
    A lawyer for a group of Belle Haven residents is accusing the town of "turning a deaf" ear to a blighted home redevelopment project linked to Irish real estate mogul Sean Dunne, who was spotted Friday on the property, plans in hand, with his wife and a contractor with a thick brogue.
    Ancestral hackles rising just a bit....

  9. #39
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    Default Re: Another speculator flees the country

    I've been hugely amused by the nonplussed expressions on Drumm's face as the US authorities in his case challenge everything he says amid his bankruptcy hearings. It is always funny watching a typical gombeen being offended at the temerity of legal systems elsewhere actually taking things seriously unlike the cheap amateur dramatics available in Dublin.

    Burst out laughing at the fact that this former high flying bank CEO was made to sit and take a personal financial management course like a remedial schoolchild in Massachusetts. I'd say that went down like a cup of warm sick.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  10. #40
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    Default Re: Another speculator flees the country

    It was reported in the Sunday Times last week that Derek Quinlan has exhausted all of the tax loopholes left to him in Switzerland and has now moved to London.
    However his art collection is being disposed of by NAMA:
    THE NATIONAL Asset Management Agency has yet to turn a profit, but the National Gallery is to get a market return from the agency’s activities.
    A painting by John Lavery entitled The Return from Market is to be donated to the gallery by Nama in return for the gallery storing the art collection of property financier Derek Quinlan, which Nama has seized and is in the process of selling. Mr Quinlan, who owes Nama some €230 million, handed over a dozen paintings – including the Lavery – after Christmas.
    http://www.irishtimes.com/newspaper/...296841778.html

  11. #41
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    Default Re: Another speculator flees the country

    http://www.thepost.ie/news/dunne-gav...ees-57688.html

    Property developer Sean Dunne has given a raft of personal guarantees totalling more than €150 million to Nama banks on loans across several companies in his DCD property group.

    Several properties in this group were placed in receivership by Nama last week, leaving Dunne exposed to having the personal guarantees called in if the full value of loans is not recouped. A number of properties included in the receivership also have personal guarantees including a site at North Wall in Dublin. The DCD group had borrowings totalling €760 million in 2008.

    Dunne had lent the company €170 million. Among the loans taken out by subsidiaries of DCD, was €70 million borrowed from Irish Nationwide Building Society for the purchase of some of the blocks at the AIB Bank Centre in Ballsbridge, Dublin 4. Dunne gave personal guarantees for the full €70m.

    Irish Nationwide wrote down the value of this loan to just €18 million, a 75 per cent writedown. This property has not been included in the receivership.

    Dunne also borrowed €38 million from INBS through Isle of Man company Waterside Kilcock Property Company. The society wrote down the value of this loan by 87 per cent to just €5 million before transferring it to Nama. Dunne gave a personal guarantee of €35 million on this loan facility.

    Earlier this year, it emerged that Dunne’s wife, Gayle, had applied for an investment visa in the US through a proposed investment in a property. Investment visa rules stipulate that investors, their spouses and their dependent children can remain in the US for the duration of the visa, which can be renewed indefinitely. If granted, it would also entitle Sean Dunne to work in the US.

    Gayle Dunne is believed to have spent several million dollars on residential property in the US and is scouting out commercial property investment opportunities. She is also the beneficial owner of Walford, the Shrewsbury Road house in Dublin 4 acquired in 2005 for around €58 million.

  12. #42
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    Default Re: Another speculator flees the country

    A house in Dublin, in a street -

    Shrewsbury Road house in Dublin 4 acquired in 2005 for around €58 million.
    And people ask what has happened to all the money.

  13. #43
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    Default Re: Another speculator flees the country

    Quote Originally Posted by PaddyJoe McGillycuddy View Post
    It was reported in the Sunday Times last week that Derek Quinlan has exhausted all of the tax loopholes left to him in Switzerland and has now moved to London.
    However his art collection is being disposed of by NAMA:
    http://www.irishtimes.com/newspaper/...296841778.html
    Namawinelake reports on how and by whom the disposal of those very paintings is being handled:-

    NAMA appoints company to sell Derek Quinlan’s art collection (a company which the European Commission found had operated a cartel which defrauded art sellers out of £290m)
    http://namawinelake.wordpress.com/20...s-out-of-290m/
    Thomas Jefferson : Banking Establishments are More Dangerous to our Liberties than Standing Armies.

  14. #44
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    Default Re: Another speculator flees the country



    Pretty. But there is still something uncomfortable about NAMA having the discretion to give away assets, even to the State.

    Bertie Ahern brought in legislation, later to have been found to have been to the benefit of one individual, to allow write off of art works even when held in the home of a Company director.

    There must be quite a few art collections about, bought at the top of the market, but still, for the director who holds them, a very nice and tax efficient asset.

    The Merrion Hotel, the very plush hang out of the IMF boys, has a fantastic collection of modern Irish art, that must have been bought for many millions - I think that Loughlin Quinn and his wife are the owners ?

  15. #45
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    Default Re: Another speculator flees the country

    Dunne still has buddies in the Sindo. How much does this kind of piece cost, I wonder?
    HE famously paid €379m at the height of the boom for his dream of bringing Knightsbridge to Ballsbridge -- and ended up losing all of it.
    But Sean Dunne insists that he doesn't regret the massive price he paid for the former Jurys and Berkeley Court Hotels in Dublin 4, refuses to dwell on the past and is adamant that he will not play the blame game.
    Back in Dublin for the eleventh time this year to oversee the completion of repairs and renovations on the Ballsbridge Inn in the wake of last October's flooding, the Carlow-born developer is determined to maintain a positive outlook both for himself and for his country
    http://www.independent.ie/national-n...l-2953497.html

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