Bernard Macnamara has debts of around 1.5bn euros- says he will lose his house

stripey cat

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Former Fianna Fáil councillor and property developer Bernard McNamara has admitted that he is "broke" and will probably have to sell his house to pay off creditors. BBC News - 'Broke' Irish developer Bernard McNamara has £1bn debt

Earlier this week, the investors were told Mr McNamara had no assets free from debt, and all the equity in his personal assets had been used to support his businesses and the 1,100 people employed directly or indirectly in them.

He told RTE he will now probably lose his family home on Dublin's exclusive Ailesbury Road.

Speaking on his 60th birthday, Mr McNamara said he had used valuers to determine how much the Irish Glass Bottle site was worth.

"How come they were all so wrong?" he said.
It's not clear how McNamara's building company will be kept from his creditors. It is owned by companies registered in the Isle of Man, both with the same address in Douglas.
The veil of corporate confidentiality available to the owners of Isle of Man companies mean that the ownership of these two entities is not clear. According to sources close to McNamara, the business is ring-fenced from the rest of his property empire. But given the size of his debts, it will be surprising if this structure is not challenged by his creditors.
Cantillon - The Irish Times - Thu, Jan 14, 2010
 


EvotingMachine0197

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I can't believe for a second that McNamara accepted third party valuations of the IGB site in blind faith.

As a developer of 40 years experience, he would have known better than anyone that it was massively overvalued, yet he stayed on the bubble bandwagon and re-leveraged his assets even further.

I also can't believe he doesn't have an untouchable rainy day stash somewhere. He's not a fool.

He was on the RTE news yesterday and he looked as if he was about to weep. Can't say I felt any sympathy. Schadenfreude maybe ..
 

MsAnneThrope

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He was on the RTE news yesterday and he looked as if he was about to weep.
So did Ahern in 2006.

Is anyone surprised about the Isle of Man registered companies and the veil of secrecy? How much tax have all these developers been able to legally avoid over the years through these labyrinthine off-shore company structures?
 

hammer

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Fair play to him for not crying.

Bertie had the old crocodile tears........ the most cunning !!

We need to sympathise and support enterpeneurs like McNamara. He is down on his luck at the moment but continues to employ 1,100

None of us will ever give livelihoods to so many people.

At the very least he should keep his house.
 

Dr. Astro

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Fair play to him for not crying.

Bertie had the old crocodile tears........ the most cunning !!

We need to sympathise and support enterpeneurs like McNamara. He is down on his luck at the moment but continues to employ 1,100

None of us will ever give livelihoods to so many people.

At the very least he should keep his house.
Complete Bollox. How many peoples' livelihoods has he, and his ilk, affected during the past decade?

Why should he keep his house? There are people being repossessed every month; people that did not take risks that could affect other people, but cannot pay their mortgages due to the actions of the likes of McNamara. Why should he be any different?

I hope he ends up on the Dole, living in a one bed apartment
 

oceanclub

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Gimpanzee

Fair play to him for not crying.

Bertie had the old crocodile tears........ the most cunning !!

We need to sympathise and support enterpeneurs like McNamara. He is down on his luck at the moment but continues to employ 1,100

None of us will ever give livelihoods to so many people.

At the very least he should keep his house.
There's no need for sympathy - he even said himself that doesn't deserve any, and he won't be short of a house. He's entitled to feel sorry for himself - he mentioned having a plan to retire at 60, and that it was his 60th birthday, but the rest of us needn't get all weepy.

I'd give him credit for being man enough to give decent interviews on what must have been a very bad day for him, knowing full well the glee with which a lot of people will view his downfall. Not many of the others were quite so open about their fall to earth.
 

constitutionus

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I can't believe for a second that McNamara accepted third party valuations of the IGB site in blind faith.

As a developer of 40 years experience, he would have known better than anyone that it was massively overvalued, yet he stayed on the bubble bandwagon and re-leveraged his assets even further.

I also can't believe he doesn't have an untouchable rainy day stash somewhere. He's not a fool.

He was on the RTE news yesterday and he looked as if he was about to weep. Can't say I felt any sympathy. Schadenfreude maybe ..

was listening to morning ireland this morning and im pretty sure someone said the primary gaff is in both his AND his wifes name and as such he cant be kicked out of it. they said something about creditors only getting their hands on it after they both popped their clogs.

its the law apparently.

he could be just playing to the masses now if thats the case trying to drum up sympathy.

i dont believe any of that nonsense about listening to valuers either, "how come they were all so wrong?"- because they were lying their arses off and most people with a brain knew it.

lets be honest if guys like US could see a ponzi scheme im sure as hell guys like he could.

i think he just took a punt and it didnt pay off. now its time to pay the piper, thats all.
 

toughbutfair

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It is simple

You make big money - well done, enjoy a flash life.

You gamble and lose it all - tough, he should have his house taken off him and be living on welfare.
 

Sync

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Complete Bollox. How many peoples' livelihoods has he, and his ilk, affected during the past decade?

Why should he keep his house? There are people being repossessed every month; people that did not take risks that could affect other people, but cannot pay their mortgages due to the actions of the likes of McNamara. Why should he be any different?
MY understanding is he used it as collateral, not that he hasn't paid the mortgage. More than likely the house will be claimed, but he'll be allowed live there for the rest of his life.

I hope he ends up on the Dole, living in a one bed apartment
And sure to hell with the thousand people he employs...
 

dunno

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Things will remain comfy enough for him. He won't lose the house, and the surely has a little bit of money stashed away.
 

HP

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Of course, we have to rely on the BBC for this news; there's nothing on the RTE news website about it that I can find.

P.
Guess you haven't looked too hard they are advertising an interview with him (from yesterday I think)

doesn't do to rely too heavily on the UK state broadcaster..... :)

Can't have too much sympathy for him when he and his fellow developers have done incalculable damage to this country that we'll be paying for for a generation at least unless the Icelandic cousins manage to kick start something.

Go Iceland!!!!!
 

MPB

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He was going around Dublin and in collusion with Davy Stockbrokers handpicking preferred investors for what was a property ponzi scheme on steroids.

He does not deserve sympathy from anybody. Greed was the cause of his downfall, nothing else.

He built a business based on connections through his FF affiliation and thought that he was invincible. As for ever being stuck for a few bob you can be guaranteed that there is plenty of money hidden away all over the world.
 

HP

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MY understanding is he used it as collateral, not that he hasn't paid the mortgage. More than likely the house will be claimed, but he'll be allowed live there for the rest of his life.



And sure to hell with the thousand people he employs...
Are you advocating some kind of socialist govt scheme to employ these people or simply encouraging the bail out of FFs cronies???
 

toughbutfair

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I agree with the general sentiment here - he should lose it all.

I find it odd though that many of the people here hold a different view of the Wallace guy because he dresses scruffy and puts on a "one of the lads" act to the media.
 

Raketemensch

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MY understanding is he used it as collateral, not that he hasn't paid the mortgage. More than likely the house will be claimed, but he'll be allowed live there for the rest of his life.



And sure to hell with the thousand people he employs...
I have had it with this line of rubbish about jobs, he has NO MONEY!!!! Will you pay his employes out of you pocket?

I could employ a thousand people right now but I couldn't pay their wages, what is the point in even saying it? It is stupid and anyone trotting out this line of bull needs to be pulled up.
 

Malbekh

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It's not simply the case that Macnamara and his fellow investors pay for his folly, greed and foolishness, nor the banks that gave him the loans in the first place, it's more the case that it will be the Irish taxpayer that pays the piper.
 

Libero

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Gimpanzee said:
I'd give him credit for being man enough to give decent interviews on what must have been a very bad day for him, knowing full well the glee with which a lot of people will view his downfall. Not many of the others were quite so open about their fall to earth.
I'd like to be able to share that sentiment.

But McNamara makes it harder to take him at face value when he made that comment about relying on valuers' valuations. On the one hand, it's natural for any of us in a difficult situation to point to others who share responsibility - and the valuers must take some of the blame for what went wrong. On the other hand, McNamara was one of the biggest beasts in the Irish property game, and well able to make up his own mind on the key question of site valuation. So that rhetoric makes me question the motive for his recent appearances. He's been fairly publicity shy before now.

Also, Irish property developers have, like elites in other countries prone to boom-and-bust, acquired a reputation for salting away vast stashes of wealth from creditors. I don't know if that's fair or not in general but I know a lot of time has been spent by professional advisors on "asset protection", and we've all heard of the transfers into wives' names, etc.

So if Mr McNamara makes a pro-forma statement about his net worth (i.e. "broke"), he should understand that it's hard to just accept that without knowing he's sworn a statement of affairs to that effect.

As has been said about another Dublin developer prone to splashing out on landmark D4 hotel sites, we can believe he's broke when we see him driving a taxi around town, like others who really have no money.
 


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