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Larry Goodman's family buy old Bank Of Ireland HQ Baggot Street fire sale price.


Lassie

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Larry Goodman of the infamous beef tribunal who gave us an appetizer of the main course that transpired two decades later is in the news again. His connection to the political elites of the times are well known and yet the tribunal's findings had little negative impact. Now the Goodman family has bought the old Bank of Ireland HQ in Baggot Street which was previously sold to a consortium for €212 million for a knock down sale price.

Goodman family acquires landmark former Bank of Ireland headquarters - The Irish Times - Sat, Dec 08, 2012

http://www.irishexaminer.com/opinion/columnists/matt-cooper/wheel-turns-full-circle-with-goodman-purchase-of-old-bank-of-ireland-hq-216920.html
 
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Ryan Tubbs

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I'd highly recommend Dr. Elaine Byrne's book - A Crooked Harp, Political Corruption in Ireland - for an excellent summary of the Beef Tribunal.

It catalogues - in readable format - the astonishing abuse of office perpetrated by Albert Reynolds in bending over backwards to facilitate the Goodman Group at every turn.
 

southwestkerry

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Larry Goodman eeemmmmm now what was that some one said to me a few years back about him... O yes, unmentionable here I'm afraid. ;)
SwK
 

H.R. Haldeman

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"Fire sale price" is a misnomer. All it actually means is: "Market clearing price". Doesn't matter a hoot if that's 90% down from peak. That drop is merely an expression of how out-of-line the bubble was.

The article says the sellers were asking €30m - €35m, and that the complex needs €30m - €40m in refurb. So €70m all-in or something. If that was such a "fire sale" giveaway, why weren't international investors piling in? I think the answer is that, assuming a neutral rent roll that is neither bubbly nor depressed, €70m is about right. That's 66% down from the €212m quoted for 2006. If anything, it's optimistic to think that's the full extent of the crash in commercial prices, even for a landmark building.
 

gerhard dengler

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"Fire sale price" is a misnomer. All it actually means is: "Market clearing price". Doesn't matter a hoot if that's 90% down from peak. That drop is merely an expression of how out-of-line the bubble was.

The article says the sellers were asking €30m - €35m, and that the complex needs €30m - €40m in refurb. So €70m all-in or something. If that was such a "fire sale" giveaway, why weren't international investors piling in? I think the answer is that, assuming a neutral rent roll that is neither bubbly nor depressed, €70m is about right. That's 66% down from the €212m quoted for 2006. If anything, it's optimistic to think that's the full extent of the crash in commercial prices, even for a landmark building.
The Sunday Times more or less said that the building needs €30 million upgrade so as you say Larry Goodman has forked out effectively
€75 million for the building.

I expect that Goodman assumes that there will be significant interest from prospective tenants to recoup this.
Obviously "the market" will wonder why now. Why move now to buy this building?
 

Evestown2

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Larry Goodman is one of the people who made a lot of his money safe before the crash.

The Bank building is a good long term bet for someone with very deep pockets. And he will be able to write off the cost of repairs against any tax bills.
 

Lassie

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What i m finding interesting in the replies is that there is no outrage at the possible vulture/crony capitalistic impression that this purchase symbolizes. In the 90s the goodman thing was a popular symbol of Irish politcal/ commercial conflict of interest.
 

gerhard dengler

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What i m finding interesting in the replies is that there is no outrage at the possible vulture/crony capitalistic impression that this purchase symbolizes. In the 90s the goodman thing was a popular symbol of Irish politcal/ commercial conflict of interest.
How is this vulture capitalism, Lassie?

It would appear that this building was put on the open market and that there was a bidding process and that this bid process was transparent.
 

Trainwreck

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What i m finding interesting in the replies is that there is no outrage at the possible vulture/crony capitalistic impression that this purchase symbolizes. In the 90s the goodman thing was a popular symbol of Irish politcal/ commercial conflict of interest.
Where is the cronyism in this purchase?
 

Lassie

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We often forget how much of all the Irish Banks we the people own. Yes even B of I although less. We forget how much NAMA costs each and every person. So all the insiders are constantly cushioned Banksters, politicians, media and yes now L G, an insider, is set to make a tidy profit on yes an 'open' sale and yes he's getting in at the right time. However his record is tainted by his history and instead of being brought properly to book we had an anemic impotent tribunal and now this 'insider' still has the financial ability to buy and is set to make a profit on the wreckage of the people's lives as brought about by the rest of the 'insiders' imprudence and impudence.
IM BEGINNING TO THINK THAT THIS FORGETFULNESS MUST BE DOWN TO THE FLOURIDE.
 

irish_bob

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Larry Goodman is one of the people who made a lot of his money safe before the crash.

The Bank building is a good long term bet for someone with very deep pockets. And he will be able to write off the cost of repairs against any tax bills.

unlike a close relative of his who lost his arse on bank shares
 

H.R. Haldeman

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We often forget how much of all the Irish Banks we the people own. Yes even B of I although less. We forget how much NAMA costs each and every person. So all the insiders are constantly cushioned Banksters, politicians, media and yes now L G, an insider, is set to make a tidy profit on yes an 'open' sale and yes he's getting in at the right time. However his record is tainted by his history and instead of being brought properly to book we had an anemic impotent tribunal and now this 'insider' still has the financial ability to buy and is set to make a profit on the wreckage of the people's lives as brought about by the rest of the 'insiders' imprudence and impudence.
IM BEGINNING TO THINK THAT THIS FORGETFULNESS MUST BE DOWN TO THE FLOURIDE.

That's not one single issue though Lassie. It's 4 or 5.

1. We own the banks. True, but we've just got €35m from Larry Goodman!
2. NAMA costs a fortune. Absolutely correct, but that's nothing much to do with the subject of this thread.
3. Goodman is going to make a profit. Well, we don't know that yet. He may not. And if I'd wanted to borrow €70m to buy this, I could have tried. I would have been turned down whereas Goodman was green-lighted...but that's only because I have no experience with business of this scale and sort, no capital myself to put up, no references etc., whereas Goodman has all those things.
4. The question of whether Goodman got away with something in the past. Like a football match, you can only play the opposition in front of you. Goodman faced that opposition and is where he is today with reputation enough to raise €70m. If there's a problem there, it is the State's.
5. The insiders' recklessness and the cost. Totally agree. I'd do a retrospective cash-grabs on a tonne of their cash, wealth and pensions. Have a referendum if we need it. Don't care. Close NAMA tomorrow morning. Liquidate every BTL in arrears at the same time. Cut bankers salaries and to hell with it if the place is run by 25 year olds. But again, I'm not certain Goodman is the best posterboy for throwing darts at if that's the kind of action you want.
 

Analyzer

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Is there any way that I can boycott all the involved parties in this deal ?

Of course, the act of conscience by an individual in such circumstances is usually futile. Often the taxpayer is funding them in one form or another already.
 

meriwether

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Is there any way that I can boycott all the involved parties in this deal ?

Of course, the act of conscience by an individual in such circumstances is usually futile. Often the taxpayer is funding them in one form or another already.
Who are you boycotting, and why?
 

Lassie

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Im just fed up . Im getting on now. All my life there has been one set of insiders or another just ************************ing the people over again and again.

Why can’t we have a referendum Californian style that limits for a period a 4 years.

(i) All public salaries to 150,000 Maximum (including semi states and state owned banks)
(ii) Tax relief on private pensions to 5,000 per year
(iii) A stipulation that the government cannot not “take on” the creditors of a private institution of more than 0.5 billion without a further referendum (stopping strong armers of all types in their tracks)

That referendum would be passed in the morning by 80% of the public and save the government 2 bn a year and probably save the country from the inevitable default. Will it happen NO. Why we have mice not men in Government. They do not want to bend to the democratic wishes of the populace - They want to line their own pockets and cash in their outrageous pensions -
 

Ribeye

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That's not one single issue though Lassie. It's 4 or 5.

1. We own the banks. True, but we've just got €35m from Larry Goodman!
2. NAMA costs a fortune. Absolutely correct, but that's nothing much to do with the subject of this thread.
3. Goodman is going to make a profit. Well, we don't know that yet. He may not. And if I'd wanted to borrow €70m to buy this, I could have tried. I would have been turned down whereas Goodman was green-lighted...but that's only because I have no experience with business of this scale and sort, no capital myself to put up, no references etc., whereas Goodman has all those things.
4. The question of whether Goodman got away with something in the past. Like a football match, you can only play the opposition in front of you. Goodman faced that opposition and is where he is today with reputation enough to raise €70m. If there's a problem there, it is the State's.
5. The insiders' recklessness and the cost. Totally agree. I'd do a retrospective cash-grabs on a tonne of their cash, wealth and pensions. Have a referendum if we need it. Don't care. Close NAMA tomorrow morning. Liquidate every BTL in arrears at the same time. Cut bankers salaries and to hell with it if the place is run by 25 year olds. But again, I'm not certain Goodman is the best posterboy for throwing darts at if that's the kind of action you want.
Irish taxpayers won't be seeing much of the €35 mill, that'll be going to British taxpayers,

Although, they won't be seeing any if it either, by the time it's passed through KPMG, Certus, HBoS, Lloyds and finally Osbourne,

I doubt there will be anything left but a blood stained cardboard box with AIBP printed on it, which Larry is going to deliver the cash in:)
 
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