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Asset Transfers to Developers' & Bankers' Wives...


MsAnneThrope

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The recent trend of disgraced bankers and NAMA-bound developers transferring their assets into their wives' and other family members' names continues. Here's just a small selection and you have to ask yourself what are all the other tiger developers and bankers at. Even the 'small' developers with NAMA-bound loans of €5m-€10m. Could they be doing similar? And are other people doing it? Could Ireland's one-time paper billionaires, once the envy of the land, be doing this too just in case?

Now I expect some people here will say that all these asset transfers were merely done as gestures of profound, unbridled love for their wives and that the property crash and associated debts were merely a wake-up call to be more thoughtful, appreciative and generous to their other halves. Others will say they're just slimy, sleveen shysters! So, ladies and gentlement of p.ie, which group is right? Are we witnessing fervent Romantics or *#[%@! Rogues?

From Michael Fingleton to Eileen Fingleton
  • "Liskilleen" - a substantial home at Abingdon Park, Shankill, in south Dublin.
  • Three separate acres to the back of Liskilleen
From Sean Dunne to Gayle Killilea

  • Killilea is now joint owner of 20 acres of prime lands at Goatstown near UCD
  • She is also now reported to be the beneficial owner of Ireland's most expensive house, Walford, a €57m mansion on Shrewsbury Road
From David Drumm to Lorraine Drumm

  • The €3.5m former family home in Abington, Malahide
From Liam Carroll (still getting planning permission!) to Roisin Carroll (director of 18 Carroll companies)
  • Two substantial homes - the family home and former family home at Sycamore in Mount Merrion
From Gerry Gannon of 'Gannon Homes' to Margeret Gannon

  • Hatley Manor, a 19th century pile on the banks of the Shannon.
  • Also, on the same day, he transferred a property at Summercove, Kinsale and apartments at Malahide Marina to her
  • Land banks at Dublin Airport
  • Land at Clontarf Golf Club and in the Midlands
  • An imposing house at Eglin Road in Ballsbridge
  • A €3m house in the K Club
  • Apartments in Malahide and the foreshore at Lough Glynn.
Source: Mail On Sunday, March 21st 2010 - "Meet the Developers' Wives"

Good luck Brendan McDonagh at NAMA!
 


yoganmahew

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Mar 19, 2010
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Mr. McDonogh was saying to the Finance Committee today that where the lands are encumbered, NAMA will seek to have the transfers declared void.

Does a personal guarantee render all possessions of the developer (for want of a better word) encumbered?
 

DCon

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CookieMonster

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Gannon's had his bragging rights revoked at the K-Club. He's not been seen around these here parts for a while now and his name was taken off his car parking space at the club house.

:D
 

Eurocitizen

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Sean Dunnes' new house .
 

Eurocitizen

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CookieMonsters' house .
 

CookieMonster

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Monster Hall is a modest country pile, EC.

 

Eurocitizen

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Eurocitizen

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Get home quick Cookie the HALL is on fire .
 

MsAnneThrope

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Can we stay on topic please? I couldn't find the post/link but I seem to recall there was a story 4-6 weeks ago where it transpired Bernard McNamara had also transferred asset(s) to his wife? Or am I confusing him with another developer?
 

MsAnneThrope

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Gannon's had his bragging rights revoked at the K-Club. He's not been seen around these here parts for a while now and his name was taken off his car parking space at the club house.

:D
But doesn't he still co-own the place 50/50 with Michael Smurfit or has something happened there?
 

anewbeginning

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When you have the best accountants money can buy, the best legal eagles money can buy, and the best politicians money can buy (ie the current government), then you can essentially do as you please.

Remember what Liam Lawlor became? A political consultant. In other words he could advise you on which politicians to bribe and how to prevent politicians from legislating against you by handing over money to those politicians.

It hasn't gone away really. FF are owned by the developers and no-one seriously thinks Brian Cowen will do anything to touch these developers. These guys are laughing all the way to the bank, all the way to Marakesh on their private jets. So long as they have Cowen and co in government they know they won't be touched and we all know they won't be touched either. Even though many of them are criminals by any normal standard and have committed bigger crimes and frauds than anyone CAB ever went after.

The billions in cuts in future budgets will be made to pay for the crimes of these developers. But will the scum spend a day in prision? No chance.
 

nuj

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But doesn't he still co-own the place 50/50 with Michael Smurfit or has something happened there?
Judging by the accountants counting the knives and forks, towels and toilet rolls, round those parts, something IS happening. It has all the look of somewhere that's been nailed by Nama. Wonder if Smurfit is interested in buying Gannon's share and, if so, could he?
 

MsAnneThrope

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don't you mean we paid?

The cash was probably borrowed from Anglo
No, it wasn't Anglo for that house Dcon. Possibly INBS?

Walford, a mansion on Shrewsbury Road in the Dublin 4 embassy district, was bought for €57m in 2005 by a trust named Matsack Nominees. Dinner-party speculation at the time linked Ireland’s richest men — including Dermot Desmond and Denis O’Brien — to the sale [...]

Despite the rumours, its ownership remained a mystery. The Sunday Times has now confirmed that Killilea became the beneficial owner October 9, 2006 [...]

Sean Dunne has repeatedly denied that he owns the property. In 2006 he issued legal proceedings against The Sunday Business Post for claiming he had acquired it. It is not clear why the property magnate needed to go to such lengths to deny ownership of Walford when he could have said that it was in his wife’s name. [...]

Dunne’s property splurge was funded by a syndicate of non-Irish banks led by Bank of Scotland (Ireland). It is not clear how his wife, 34, a former journalist with the Sunday Independent, funded her acquisition. Irish Nationwide has been used previously by her husband in personal property transactions. The society could not confirm last week whether or not it was involved.
Sunday Times, September 6th 2009: Gayle Killilea - Mrs Sean Dunne - owns most expensive home
 

CookieMonster

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But doesn't he still co-own the place 50/50 with Michael Smurfit or has something happened there?
I have nothing concrete, but I have been told that he's "out" of it. I hat boy and throne boy are not as friendly as they used to be.

The redevelopments in "Churchfields", the original housing development on the course, are mostly for sale/lease. The original houses which haven't been redeveloped do have residents (who are non too pleased about the state of the place).

Number 6, previously owned my the wonderful Ronan Keating, was bought and redeveloped by Paul Tiernan and is still empty. They were trying to flog it for around 6 million at the height of the boom and nobody was buying then!

And I'd easily say that less than one third of the Ladycastle development on the new course is empty. The club house is like a ghost town most of the time too. The Ryder Cup village isn't so bad but there are a few units that have been on the market for at least 6 months now... not so many full time residents in either there or the Courtyard.

The place is like a ghost town now... (when you know who lives here you won't wonder why, they're all in hiding now for one reason or another).

Can we stay on topic please? I couldn't find the post/link but I seem to recall there was a story 4-6 weeks ago where it transpired Bernard McNamara had also transferred asset(s) to his wife? Or am I confusing him with another developer?
I may be wrong... doesn't the NAMA legislation allow for such transfers, in some circumstances, to be rescinded? I believe it happened to Drumm... or one of them anyway. I could be wrong.
 

MsAnneThrope

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The place is like a ghost town now... (when you know who lives here you won't wonder why, they're all in hiding now for one reason or another).

I may be wrong... doesn't the NAMA legislation allow for such transfers, in some circumstances, to be rescinded? I believe it happened to Drumm... or one of them anyway. I could be wrong.
Interesting developments at the K-Club. Thanks for the info. Yes Lenihan said they'd be able to rescind them but it hasn't been tested and there could be years of legal battles. If transferring assets is futile then why are so many doing it? Maybe Corelli could give us his understanding as to how strong the NAMA legislation is and what pitfalls/loopholes could exist. The conflict of interest of course arises when the same legal firm is representing both NAMA and the developer(s)! And I imagine that's not going to be uncommon on this small island. And then of course there's the infamous Dublin midnight pub talk. "Now I didn't, hic, tell you this but..."
 

H.R. Haldeman

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Gannon's had his bragging rights revoked at the K-Club. He's not been seen around these here parts for a while now and his name was taken off his car parking space at the club house.

:D

This is something that people forget about with these ghouls. These guys lived for the back-slaps in the golf clubhouse and the long lunches in Roly's with the lads. "Ah sure you're a terrible man Seanie/Gerry". This is the social and professional cache that was the purpose of their lives' work. Not a by-product, but the purpose. All that is gone now and I would suspect a lot of these guys are haunted by it.

Of course, people will say it's easy to be haunted living in a D4 mansion. Probably true, but mo' money, mo' problems. A big empty gaff on Shrewbury Road don't mean much if conversations stop when you walk into the Horseshoe Bar or Louis Copeland's. It's not nothing to these people.

I may be wrong... doesn't the NAMA legislation allow for such transfers, in some circumstances, to be rescinded? I believe it happened to Drumm... or one of them anyway. I could be wrong.

That was my understanding too. (Is that two Cookie posts I agree with in one thread?? Holy crapola!)
 

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