Treasury Holdings get Battersea PS Approval



stanley

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Nama should now force a sale on this vast site as Ronan/Barrett will only want them to lend for future development and that pair of cowboys are overextended already.

No doubt they will award themselves large bonuses for getting the PP.
 
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stanley

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Ronan and Barrett will be busy on the musical chairs on this announcement as the seek to draw more flies into their financial web, a guarantee from Nama sure would be helpful in drawing in these flies.
 

kalipa

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Originally printed in the Daily Mail but I can't find it on their website.

"We have left the farcical far behind - now, we are entering the realm of the surreal. as this newspaper reveals today, Nama is to pay salaries to the developers whose loans it has taken on if they agree to manage their portfolios and complete their half-finished developments. s and - if your blood pressure can cope with more detail - if they perform well, they may even be entitled to a share of the profits.

To borrow a line from american satirist Tom Lehrer, it's akin to appointing a necrophiliac as the county coroner.

Among the developers who might end up on the State payroll is Johnny Ronan, who over the years has cultivated a reputation as a buccaneering businessman and an omnipresent socialite, hosting the best tables in the Unicorn restaurant and the Residence private members' club on St Stephen's Green St. Stephen's Green (Irish: Faiche Stiabhna) is an inner-city public park in Dublin, Ireland. The park is within the city centre, adjoining the nearby shopping area of Grafton Street. . earlier this week, we learned that Real estate Opportunities, a London company in which he and his Treasury Holdings business partner Richard Barrett are the main shareholders, is planning to ask Nama for further investment to finish a landmark London development.
Imagine Johnny Ronan being PAID by Nama to manage the developments he made a pig's ear of... Fantasy? No, far from it. - Free Online Library
 

stanley

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Good article, Nama should either sell Battersea off or hire a management team in to complete a project which has maybe 15/20 years to go.

Ronan/Barrett/REO should be out on their arse as they will strip profits out through inter-company transactions, no better lads.
 

DCon

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Ronan/Barrett/REO should be out on their arse as they will strip profits out through inter-company transactions, no better lads.
But that's not the point of NAMA.

the point, as I see it anyway, is to keep the friends Liquid, keep them out of bankruptcy, and pay them a nice crust while they keep ownership of "their" assets while the taxpayer funds the bank for the writedown.
 

meriwether

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The simple fact of the matter is that as Nama has aquired the security over large property portfolios, these portfolios need to be managed.
And to get someone to manage it requires you pay them.

It is in fact cheaper to pay the old bosses than hire in new people to do so.

I don't like Nama, nor the fact that developers are getting paid, but there is a dearer alternative to not paying the developers.
 

stanley

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The simple fact of the matter is that as Nama has aquired the security over large property portfolios, these portfolios need to be managed.
And to get someone to manage it requires you pay them.

It is in fact cheaper to pay the old bosses than hire in new people to do so.

I don't like Nama, nor the fact that developers are getting paid, but there is a dearer alternative to not paying the developers.


Leaving Ronan/Barrett in charge of this project is proof the inmates have taken over the asylum, dump the pair out now before they start charging private jets, girlfriends, homes, every expense possible, interests in restaurants, image-makers, put a stop to their gallop now.
 

johnfás

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It would surely be very difficult to remove the "high profile" figures in these developments without placing their whole groups into receivership, as NAMA owns the security over the asset rather than has control over the asset itself.

If NAMA did have control of the asset (either simply because of its power due to its holding all the security or because it actually took control of the asset) I am not convinced that these high profile guys have to remain in place. The reality is all these large development groups have oodles of senior portfolio and project managers in place who could take over the running. Granted somebody has to do it though.
 

stanley

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The words "in fact" really don't belong in that sentence.

It may be cheaper; it may not be. It all depends on the circumstances.


Ronan and Barrett could never be called cheap or of slumming, they go 5 star all the way, their image of each other is all that counts as people fawn around them, get them out now.

Forget this namby pamby stuff of "control" of or held as "security" shlte, Nama is getting them out of a hole they dug themselves, get them out and send them on their way stripping them of all personal assets if that is required to pay back their debts.
 


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