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What a recovery! - Developer has 80 Million of Dept Wiped!


operationbustnation

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Mar 14, 2013
Messages
520
What a recovery!

Well for some folk that is, The owners behind the Ritz-Carlton have had their palace sold for a tiny €1 Million and all of their €80 million debt wiped!

Isn't it nice that the average Joe has to jump through hoops to get 50 grand of debt wiped with the banks blessing, but the very people who were the architects of the destruction of the Celtic tiger can have 80 million wiped just like that!

It would also be interesting to know who gives their blessing to having millions of debt wiped just like that, and who allowed a property worth far more than 1 million to be sold for such a low sum and to who!

Its a great recovery, for some.




The Sunday Independent has confirmed that the 200-room resort "showcasing Palladian-style architecture" – and which has two championship-calibre golf courses and a Gordon Ramsay signature restaurant – has been sold for €1m and had all of its estimated €80m debts wiped.
Ritz sold for
 

statsman

Well-known member
Joined
Feb 25, 2011
Messages
56,230
What a recovery!

Well for some folk that is, The owners behind the Ritz-Carlton have had their palace sold for a tiny €1 Million and all of their €80 million debt wiped!

Isn't it nice that the average Joe has to jump through hoops to get 50 grand of debt wiped with the banks blessing, but the very people who were the architects of the destruction of the Celtic tiger can have 80 million wiped just like that!

It would also be interesting to know who gives their blessing to having millions of debt wiped just like that, and who allowed a property worth far more than 1 million to be sold for such a low sum and to who!

Its a great recovery, for some.






Ritz sold for
However, last night a spokesman for Brehon Capital Partners (BCP) disputed that sale figure, saying it was "way off".
 
D

Dylan2010

for a million i'd buy it myself and set up a crèche called Little Agusta
 

Radix

Well-known member
Joined
Aug 31, 2010
Messages
10,031
What a recovery!

Well for some folk that is, The owners behind the Ritz-Carlton have had their palace sold for a tiny €1 Million and all of their €80 million debt wiped!

Isn't it nice that the average Joe has to jump through hoops to get 50 grand of debt wiped with the banks blessing, but the very people who were the architects of the destruction of the Celtic tiger can have 80 million wiped just like that!

It would also be interesting to know who gives their blessing to having millions of debt wiped just like that, and who allowed a property worth far more than 1 million to be sold for such a low sum and to who!

Its a great recovery, for some.






Ritz sold for


Tell the truth!

You're just jealous.
 

Niall996

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Joined
Dec 5, 2011
Messages
12,142
Why isn't the headline, Ritz Carlton sold for 81million? If it was in debt by 80million and NAMA sold it for 81million, have they not made a profit of 1 million for the state?

Or are they saying that they literally gave it to someone for a million and the 80million debt was written off? I find a lot of these property headlines very unclear and dubious.
 

statsman

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Feb 25, 2011
Messages
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Thats the sale figures, as for the 80 million of debt wiped?
I imagine the owners were bankrupt, so there is nobody to reclaim the debt from. Better to get it reopened as a working hotel than to leave it lying empty, surely?
 

statsman

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operationbustnation

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Mar 14, 2013
Messages
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I imagine the owners were bankrupt, so there is nobody to reclaim the debt from. Better to get it reopened as a working hotel than to leave it lying empty, surely?
But 80 million of debt wiped?

Meanwhile in the real world poor Joe is squeezed till he pips, and then the likes of Shatter says Debtors should sell their personal jewellery to get relief

Did these lads qualify for the New insolvency legislation , or is there a separate law for the rich?
 

Zerubbabel

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Mar 3, 2013
Messages
1,963
SCAMA at its finest, quick let's cut nurses and bus drivers pay, cut carers allowances, cut old peoples pensions, and increase ordinary taxes for everyone in order to pay for it. This county, and it's idle citizens are a corrupt joke
 
Last edited:

Telemachus

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Tea Party Patriot

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However, last night a spokesman for Brehon Capital Partners (BCP) disputed that sale figure, saying it was "way off".
That would make sense, the only way I think that it was sold for €1m would be if the following hypothetical situation arose:

Developer owes €80m personally - written off because developer does not and never will have it - actually makes financial sense that to spend money pursuing futile debts.

The company the hotel is held in owes a very large sum as well equal to the value of he hotel, so if the company was sold to someone for €1m they could well be taking on the debt it owes as well.

Very different to the scenario the OP is trying to paint.
 

Watcher2

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Joined
May 2, 2010
Messages
33,977
Why isn't the headline, Ritz Carlton sold for 81million? If it was in debt by 80million and NAMA sold it for 81million, have they not made a profit of 1 million for the state?

Or are they saying that they literally gave it to someone for a million and the 80million debt was written off? I find a lot of these property headlines very unclear and dubious.
Good question. Did the debts follow the property with the new owners now owing the debt?
 

DuineEile

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Aug 29, 2010
Messages
14,939
Bankruptycy and insolvency are not the same thing.
They are the same concept.

One for a company, one for a natural person.


I am always suspicious of people who resort to semantics in defending general points.



D
 

statsman

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