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Ivor Callely and his property woes: Sindo


kerrynorth

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It seems as if Ivor and the misses took out 6 mortgages at the height of the boom including 2 on new investments. A further 3 mortgages were secured on existing investments. Also as the property market tanked in the begining of 2009 Ivor was part of a 4 man consortium that paid €10million for a site. This site is now in receivership with €8million in loans outstanding.

If, as is almost certainly the case, Ivor and the other members of the consortium gave personal guarantees and various assets as added security, could Senator Callely now be a bankrupt between all the charges on his now halved in value investments and a site whose realisable value must be questionable.

Senator who got six mortgages in a day counts cost of property crash - National News, Frontpage - Independent.ie
 

Michael Moloney

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...........could Senator Callely now be a bankrupt between all the charges on his now halved in value investments and a site whose realisable value must be questionable.

Senator who got six mortgages in a day counts cost of property crash - National News, Frontpage - Independent.ie

He could well be, and the fact that he is a member of the Oireachtas, will ensure that the bankers involved will squeeze every last penny out of him, as they being aware that should he be forced into bankruptcy that he will have to vacate his lodging in Kildare Street, a fate worst than death.


Another martyer for the cause of cause of 'Construction Ireland'?


Michael Moloney
 

DCon

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Will he or any of his business partners be NAMA'd?
 

HP

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It seems as if Ivor and the misses took out 6 mortgages at the height of the boom including 2 on new investments. A further 3 mortgages were secured on existing investments. Also as the property market tanked in the begining of 2009 Ivor was part of a 4 man consortium that paid €10million for a site. This site is now in receivership with €8million in loans outstanding.

If, as is almost certainly the case, Ivor and the other members of the consortium gave personal guarantees and various assets as added security, could Senator Callely now be a bankrupt between all the charges on his now halved in value investments and a site whose realisable value must be questionable.

Senator who got six mortgages in a day counts cost of property crash - National News, Frontpage - Independent.ie
He can always get himself a wee caravan and take to the open road, maybe do a few driveways..... :)
 

'orebel

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He can always get himself a wee caravan and take to the open road, maybe do a few driveways..... :)
Would he then become part of a distinct ethnic group, as proposed by the green meanies?
 

'orebel

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He can't tarmac driveways. He'll need to learn.
He could get his buddies from the force down in Baltimore to show him! I just hope he handles a caravan better than he does a boat
 
Last edited:

disgruntledcitizen

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there does seem to be a certain poetic justice at the thought of one of those whom is so responsible for the reckless, feckless policies that lead to the property boom and bust also perishing and loosing all.....
 

NewGoldDream

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FakeViking is right.

It is all most amusing to see someone in massive debt. I particularly like the bit about his wife being in trouble. Maybe a nervous breakdown or depression would add to the amusement here? After all, she asked for it...
 

KingKane

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kingkane
FakeViking is right.

It is all most amusing to see someone in massive debt. I particularly like the bit about his wife being in trouble. Maybe a nervous breakdown or depression would add to the amusement here? After all, she asked for it...
What are you on about? No one here has made reference to his wife being in any sort of distress, you're the one come out with stuff there. If she was party to these loans on the basis of his income then her assets are open for discussion too.

Fact is that the overall property portfolio is likely still in profit given the age and capital accrual on the other 6 properties that new mortgages weren't taken out on. He might not be as rich as he was but he's hardly going to be penniless.
 

NewGoldDream

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What are you on about? No one here has made reference to his wife being in any sort of distress
The OP said

It seems as if Ivor and the misses took out 6 mortgages
And Fake Viking said 'Aaaaaahhhhhh'. Just thought revelling in it, particularly her situation, was in bad taste.

He might not be as rich as he was but he's hardly going to be penniless.
I have no idea how he is doing. Some posters here have surmised as to potential bankruptcy, so I presume this part of your post is directed at them...
 

kerrynorth

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Fact is that the overall property portfolio is likely still in profit given the age and capital accrual on the other 6 properties that new mortgages weren't taken out on. He might not be as rich as he was but he's hardly going to be penniless.
Not likely. It is most likely that the new mortgages on existing investments were closer to there then current value as the implication seems to be that they were taken out to fund his portion of the consortium that has gone badly wrong. So Ivor could now be in a position where he has pumped money into a white elephant using equity raised on assets that are now significantly in negative equity.
 

KingKane

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The OP said

And Fake Viking said 'Aaaaaahhhhhh'. Just thought revelling in it, particularly her situation, was in bad taste.

I have no idea how he is doing. Some posters here have surmised as to potential bankruptcy, so I presume this part of your post is directed at them...
If she was only able to borrow the money because he was a TD and based on his income then the issue is of public interest. If they were doing this as a business and it's gone south on them now then I don't see what people should feel sympathy for them. They took the profits in the good times, let them take the losses in the bad.
 

jmcc

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FakeViking is right.

It is all most amusing to see someone in massive debt.
Well FF and its cronies destroyed my country's economy. Do you really think that I give a damn about them?

I particularly like the bit about his wife being in trouble. Maybe a nervous breakdown or depression would add to the amusement here? After all, she asked for it...
Basic human decency is often suspended when it comes to politicians, bankers and FF and its cronies.


Regards...jmcc
 

KingKane

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Not likely. It is most likely that the new mortgages on existing investments were closer to there then current value as the implication seems to be that they were taken out to fund his portion of the consortium that has gone badly wrong. So Ivor could now be in a position where he has pumped money into a white elephant using equity raised on assets that are now significantly in negative equity.
Yes, but the report talks of a dozen properties (actually I recall hearing of more than that but don't have a precise figure to hand) so only 6 were re-mortgaged to the then current value while the others weren't re-mortgaged. So it might be touch and go if he had to sell the lot and discharge the loans but he could also clear an overall profit. Like I said, it would be touch and go.
 

NewGoldDream

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If they were doing this as a business and it's gone south on them now then I don't see what people should feel sympathy for them.
Oh I agree. I wouldn't expect sympathy. But think celebrating misfortune is a different matter. I am not accusing you of so doing.

Basic human decency is often suspended when it comes to politicians, bankers and FF and its cronies.
That is a good point. You see it most frequently with developers, they have all been tarred as almost subhuman, yes some were complete scumbags but I know a couple that were decent fellows whose crime was trying, giving good employment, failing, and now losing everything...yet their demise is treated around here with cackling glee by others who have never done a thing at all bar gone to their social welfare office with their paw out for the past decade.
 

Michael Moloney

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Would he be entitled to get his caravan painted with the state picking up the tab?
He will have the following pensions, One for his time as a TD, another for his period as a Senator, and I think he might have a third for his period as a Minister of State.

You can bet your bottom doller that his now defunt companies had a pension fund that looked out for the principles to the nth degree.


Add to this free car parking for liek at Leinster House.


I would not be overly concerned.


Michael Moloney
 
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