Breaking - NAMA to appoint Receiver to McNamara company

DCon

Well-known member
Joined
May 5, 2009
Messages
5,889
This was just covered on Newstalk.

The Independent covered talks that were "in danger" of breaking down. It appears that they have.

A FLAGSHIP company owned by developer Bernard McNamara is facing liquidation as he desperately fends off efforts by NAMA to appoint a receiver over the construction company founded by his father and several of his key personal investments.

The Irish Independent -- which yesterday revealed that the Clare-born builder is in last minute negotiations with NAMA to avoid the "imminent" appointment of a receiver to construction firm Michael McNamara and Co -- has learned that a major international insurance company will ask the High Court to wind up Mr McNamara's Radora Developments Ltd.

Last night, high-level talks between NAMA and Mr McNamara, who has admitted that he has overall debts of €1.5bn, were continuing.

It is understood that Farrell Grant Sparks, the accountancy and financial advisory firm, is on standby to act as receiver for NAMA if the talks break down.
McNamara in crunch talks with NAMA over liquidation threat - National News, Frontpage - Independent.ie
 


Social Conscience

Well-known member
Joined
Oct 27, 2010
Messages
1,273
My heart is bleeding for another of the FF bandwagon - I'm sure he will still come out above the breadline. If not Bertie can give him a few quid from his 'closet' safe.
 

cozzy121

Well-known member
Joined
May 26, 2009
Messages
5,169
Good. They need to know the price of having the likes of bertie as leader
 

Grumpy Jack

Well-known member
Joined
Oct 26, 2008
Messages
6,073
My heart is bleeding for another of the FF bandwagon - I'm sure he will still come out above the breadline. If not Bertie can give him a few quid from his 'closet' safe.
Wil your heart also bleed for all the men and women who will lose their jobs with the collapse of all his companies?
 

stanley

Well-known member
Joined
Jun 20, 2007
Messages
10,224
Wil your heart also bleed for all the men and women who will lose their jobs with the collapse of all his companies?


If the business is not viable then the jobs are not viable, how the situation came about becomes irrelevant but McNamara has to be chased down for every cent and every transfer of an asset he has done to protect his fat arse from this situation.

This will not be good for his golf handicap but it is a small sacrifice in the scheme of things, he is inbred FF and a major insider for every contract going from the FF Govt of the last 20 years.
 

Clanrickard

Well-known member
Joined
Apr 25, 2008
Messages
33,421
Wil your heart also bleed for all the men and women who will lose their jobs with the collapse of all his companies?
He also gave extensively to charity I have heard. Simple minded types prefer cartoon caricatures of developers.
 

Gryire

Active member
Joined
Feb 5, 2009
Messages
282
My heart is bleeding for another of the FF bandwagon - I'm sure he will still come out above the breadline. If not Bertie can give him a few quid from his 'closet' safe.
Think he was alot closer to the current incumbent !!!!!!
 

stanley

Well-known member
Joined
Jun 20, 2007
Messages
10,224
He also gave extensively to charity I have heard. Simple minded types prefer cartoon caricatures of developers.


They all did nice PR cover, Jonny Ronan had to be told by Nama to stop giving monies away which were not his personally.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
It was inevitable.

Of course people feel sorry for the workers.

If they have viable contracts the company will be bought for a pittance, maybe by a person with a connection to the company and employment retained.

Life does go on.
 
Joined
Aug 6, 2007
Messages
22,622
Wil your heart also bleed for all the men and women who will lose their jobs with the collapse of all his companies?
Course it won't because the morons on here have sheer glee when people lose their jobs and then complain about unemployment.
 

Dman

Member
Joined
Feb 2, 2009
Messages
55
If the business is not viable then the jobs are not viable, how the situation came about becomes irrelevant but McNamara has to be chased down for every cent and every transfer of an asset he has done to protect his fat arse from this situation.

This will not be good for his golf handicap but it is a small sacrifice in the scheme of things, he is inbred FF and a major insider for every contract going from the FF Govt of the last 20 years.

Also the taxpayer helped out McNamara recently via HSE Funds to tide the Company over hoping it would survive
 

White Rose

Well-known member
Joined
May 29, 2007
Messages
624
The quicker these bankrupt businesses are put out of their misery, the quicker will be the recovery

We can't keep crying for the couple of hundred workers when tens of thousands of future jobs are at stake
 

new politics

Member
Joined
Nov 5, 2010
Messages
24
This is natures way im afraid. Its like when a forest of big trees which take all of the sunlight leaving scraps for the little flowers beneath is set on fire and leveling the playing field. Now those little flowers and trees can have their oppertunity to grow and step out of the big boys shadows.
Big companies, like empires, fall all the time and new ones rise up from their ashes.
 

controller

Well-known member
Joined
Feb 25, 2009
Messages
3,149
Maybe it won't happen, sure isn't NAMA a bailout for developers.
...We'll see if Bernard himself hits the breadline, or is that just for the peasants
 

mmrebel

Well-known member
Joined
Jan 24, 2009
Messages
753
Hard to feel sorry for former 2 term Fianna Fail County Councillor Bernard McNamara & property developer who owes at least 1.5 billion to the banks and is being bailed out by the tax payer
 


New Threads

Popular Threads

Most Replies

Top