Another Developer under pressure

DCon

Well-known member
Joined
May 5, 2009
Messages
5,889


Jock_the_Waster

Active member
Joined
May 19, 2009
Messages
165
NAMA was merely FF attempt to save their developer friends

it was a 'pause' on the crystalisation of reality

thank god that the 'foreign' banks were not bribed by FF's taxpayer guarantee

NAMA will now fail before it can begin, the dominos are falling

I hope any of you with cash have moved offshore for safety
 

cyberianpan

Well-known member
Joined
Jan 18, 2006
Messages
16,347
Website
www.google.com
Yup, we wont see NAMA. Its all an FF smokescreen.
Actually

Rabobank is causing all of this - they are very keen to cleanse their books asap (as they have AAA rating)

The Irish Government would have the clout behind the scenes to stop , or at least delay this until Nama is up& running

That they don't is telling- as they are showing the developers the alternative

This aids Nama as it will frighten off some legal challenges

cYp
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,389
Actually

Rabobank is causing all of this - they are very keen to cleanse their books asap (as they have AAA rating)

The Irish Government would have the clout behind the scenes to stop , or at least delay this until Nama is up& running

That they don't is telling- as they are showing the developers the alternative

This aids Nama as it will frighten off some legal challenges

cYp
I dont think there is much FF can do about the foreign banks looking for their cash. Its the lads who get in first that get the money. If and when they get the cash, then that leads to groups collapsing, so there is nothing for NAMA at the end as the said companies are already in the hands of the receivers.....
 

Jock_the_Waster

Active member
Joined
May 19, 2009
Messages
165
I dont think there is much FF can do about the foreign banks looking for their cash. Its the lads who get in first that get the money. If and when they get the cash, then that leads to groups collapsing, so there is nothing for NAMA at the end as the said companies are already in the hands of the receivers.....
yes, Rabo etc will force 'foreclosure' prices, they dont care as they are 1st and will get their cash

smart guys

unlike the fools in FF who thought they could pause the financial markets!
 

spidermom

Well-known member
Joined
Sep 13, 2008
Messages
9,148
Actually

Rabobank is causing all of this - they are very keen to cleanse their books asap (as they have AAA rating)

The Irish Government would have the clout behind the scenes to stop , or at least delay this until Nama is up& running

That they don't is telling- as they are showing the developers the alternative

This aids Nama as it will frighten off some legal challenges

cYp

good point...but does it not show the cosy cartel between our national banks and the gov too!?!?!?
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,389
Ulster bank are foreign owned, they must be worried. INBS have already been to court looking for some of their money. These guys cant hold out till Clowen and Co come back to put a gun to the dails head to force through some dodgy legislation.
 

cyberianpan

Well-known member
Joined
Jan 18, 2006
Messages
16,347
Website
www.google.com
good point...but does it not show the cosy cartel between our national banks and the gov too!?!?!?
The banks at this stage are bound to the government ... but before that they were in a cartel together: rolling interest, not chasing any developers

The fact that Rabo is acting now is significant...

cYp
 

SamVimesBoots

Active member
Joined
May 27, 2009
Messages
139
Plus there's all the cross-linking of loans across multiple banks.

Once the foreign lads start pursuing some debts then inevitably they'll discover that the assets are also tied to loans to other Irish institutions. But if they get in first they might get something back and have first claim on the asset, which then collapses the value of the loan at Anglo/BOI/AIB/etc to pretty much zero cos the asset has gone to Rabo, and the whole ball of confusion starts to unravel rapidly as the Irish banks then have to start copying Rabo in aggressively pursuing all developers in the hope of getting their claim in first...

This is going to be fun
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,389
Plus there's all the cross-linking of loans across multiple banks.
All secured on one or two assets......watching pass the parcel has never been so much fun.

From small acorns mighty oaks grow, and then somebody comes in with a chainsaw.....
 

Christel

Well-known member
Joined
Mar 12, 2004
Messages
659
Examiner appointed to Fleming's Tivway company

An examiner has been appointed to a company controlled by Cork property developer John Fleming which owes ACC and Anglo Irish Bank €290m.

Breaking News - Examiner appointed to Fleming's Tivway company
"Mr Justice Brian McGovern acceded to the company's request and appointed an examiner which means the company will have the courts protection pending the outcome of a plan to save it."

How does saving the company work?
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,389
This could effectively mean Nama is dead in the water before it begins.

People laughed at me a few weeks ago when I said NAMA wont happen. The reason NAMA wont happen is because FF know well whats doing on here, and FF are up to their necks in it, a massive organised fraud.
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,389
"Mr Justice Brian McGovern acceded to the company's request and appointed an examiner which means the company will have the courts protection pending the outcome of a plan to save it."

How does saving the company work?
Nobody can go to court to chase debts, while the company tried to work out a debt payment plan with the banks and other creditors, i.e. they might pay 40 cents in the euro, if creditors accept this, then the company can continue.

But the bank might not, and could go after the company for all its current assets, folding the company.
 

cyberianpan

Well-known member
Joined
Jan 18, 2006
Messages
16,347
Website
www.google.com
Why? INBS went a couple of weeks ago, I'm surprised Rabo were not in quicker?
It takes a while to do due diligence on loans, obviously effort time but also elapsed time as you've to leave long enough between threatening letters

Though if this snowballs expect the other banks to seek injunctions if they think their assets/securities are being eaten

cYp
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,389
Though if this snowballs expect the other banks to seek injunctions if they think their assets/securities are being eaten
They can put in as many injunctions as they want - its first come, first served in this game ?
 


New Threads

Popular Threads

Most Replies

Top