Golden Circle Named

luckat

From the Sunday Times piece:

(Joe) O’Reilly is best known for developing the €1 billion Dundrum Shopping Centre. His company, Castlethorn, plans to build a €1.2 billion new town in Adamstown, west Dublin. He also plans a mixed-use development on O’Connell Street in Dublin.

This is the developer who doesn't want to preserve the Moore Street houses which were the place of the last stand of the GPO garrison in 1916. (The houses are subsumed into the O'Connell Street/Carlton mall in the plans.)

Why did the Sunday Times get the story? Stronger reporting, plain and simple.

Gene Kerrigan has a good explanation of what exactly is wrong with the deal in the Indo:

http://www.independent.ie/opinion/columnists/gene-kerrigan/sabotaged-by-greed-of-a-few-rich-men-1649015.html

Quote from the article:

Anglo is a tight outfit, bankers to a small group of immensely wealthy people. And they did what has become traditional in certain circles -- they arranged a "dig out".

Anglo loaned €451m to 10 insiders, who together bought 10 per cent of Anglo shares. Mr Quinn (Sean Quinn, the richest man in Ireland) bought 15 per cent. And he thus shed the albatross of CFDs hanging around his neck. His little adventure had cost him €1bn.

SectionF

yoshytoshy wrote: »

With all these great Billion/million air developers ,where is Irelands national sports stadium ?

With all the wealth and bank support ,why don't we have a sports stadium ?
Fianna fail knew what they were like and thats why we don't have one.

Gerry Gannon, one of the four named, has a vanity project in the form of an instant-formation football club, Sporting Fingal, which iirc was also heavily promoted by the Greens in 'Fingal' and backed by FAI. (See thread in 'Soccer').
The reality, of course, is that the Dublin cannot support another LoI club, when all there already are struggling for survival. Just a small example of how this kind of business culture distorts real life.

yoshytoshy

SectionF wrote: »

Gerry Gannon, one of the four named, has a vanity project in the form of an instant-formation football club, Sporting Fingal, which iirc was also heavily promoted by the Greens in 'Fingal' and backed by FAI. (See thread in 'Soccer').
The reality, of course, is that the Dublin cannot support another LoI club, when all there already are struggling for survival. Just a small example of how this kind of business culture distorts real life.

There is no comparison in a state run stadium and some entrepreneurs project.

I'm talking about a state run stadium ,for sports.
Not some football loo la's club.

joseph brand

luckat wrote: »

From the Sunday Times piece:


This is the developer who doesn't want to preserve the Moore Street houses which were the place of the last stand of the GPO garrison in 1916. (The houses are subsumed into the O'Connell Street/Carlton mall in the plans.)

Why did the Sunday Times get the story? Stronger reporting, plain and simple.

Gene Kerrigan has a good explanation of what exactly is wrong with the deal in the Indo:

http://www.independent.ie/opinion/columnists/gene-kerrigan/sabotaged-by-greed-of-a-few-rich-men-1649015.html

Quote from the article:

Thanks for link. Gene Kerrigan should get an award, brilliant honest writing.

joseph brand

SkepticOne wrote: »

Really it was the lack of zonings created an artificial scarcity which drove up land prices that in part caused the 100% mortgages as well as creating an environment of corruption.

The very concept of zoning should have been done away with long ago. Legally restricting land to agricultural use around urban areas has led to people being forced to commute extremely long distances. It has also, ironically, contributed the the blight of ribbon developments along farm road frontages. It has completely failed in its purported aim in Ireland of improving the quality of life for the people but instead led to poor land use and corruption.

Nicely put.

Kev.

The Raven.

Back on topic :rolleyes:!

Quinn would be forced to sue Anglo if he believed an illegal share support scheme had caused him and his family to endure large losses.

Now, major stakeholders believe that any findings of wrongdoing that emerge from official investigations will oblige the Quinn family, who between them owned 15% of the bank, to sue the bank. The family spent and lost up to €500m to buy shares in the bank after Sean Quinn lost at least €900m betting indirectly on Anglo shares through stock market bets, called contracts for difference, over 12 months.

Source: Tribune article

And the worst is yet to come:

The Irish Association of Investment Mangers(sic), whose members lost tens of millions of euro in the collapse of Anglo shares and its subsequent nationalisation, said they will be obliged to sue the bank to retrieve clients' money.

And big foreign institutional stakeholders, Invesco and Janus, will also be forced to sue after they lost €250m each following the collapse of the 7% stakes they owned in the bank. Big institutional shareholders believe that lawsuits are more likely to be successful because the bank is now owned by the government.

So let me get this straight. All these high-powered people are looking set to sue:

The Anglo Irish Bank ---> The Government ---> US, the taxpayers :eek::(:eek:!!!

Great! Just when we thought things couldn’t get much worse. Would it have been better to just let this toxic bank collapse and disappear?

thebman

IMO zoning failed because it wasn't done right not because it isn't necessary.

Yeah why the hell have we bailed out this monstrosity of an instuition? Seems to help out the rich and not to benefit the tax payer and every day more comes out suggesting that more people with loads of money are going to get rich off saving Anglo and the public will have to pay for it.

This is a joke.

Akrasia

The Raven. wrote: »

Back on topic :rolleyes:!



And the worst is yet to come:



So let me get this straight. All these high-powered people are looking set to sue:

The Anglo Irish Bank ---> The Government ---> US, the taxpayers :eek::(:eek:!!!

Great! Just when we thought things couldn’t get much worse. Would it have been better to just let this toxic bank collapse and disappear?

Wonderful, so the Irish tax payer will have to pay reparations to the very same people who mismanaged the banks so badly that we 'had' to nationalise them.

thebman

I think they should introduce legislation so that they can't sue the state for this. I mean the state didn't own the bank when it happened and shouldn't have to take the risk when it nationalised the bank to stop it going under in which case these shareholders would have gotten nothing.

They don't deserve anything anyway, they made a bad investment and half of them probably knew about the dodgy dealings anyway.

burnedfaceman

Fifth member of Golden Circle named from independent.ie


By Nick Webb


Sunday March 08 2009

The billionaire businessman behind some of Dublin's biggest property developments is revealed today as a fifth member of the so-called 'Golden Circle' of Anglo Irish investors.

Paddy McKillen, a well- connected but reclusive property developer, is one of 10 businessmen who borrowed between them over €450m from the bank to buy shares in the bank to support its struggling share price.

Mr McKillen is the man behind the successful Jervis Shopping Centre in Dublin and is a member of the consortium that recently mothballed the proposed U2 tower in Dublin docklands.

So far, four other members of the so-called 'Golden Circle' have been identified. They are: Joe O'Reilly, the property developer behind Dundrum Shopping Centre; Seamus Ross, of Menolly Homes; another developer, Gerry Gannon; and healthcare businessman, Jerry Conlon.

Last week Mr McKillen declined to return a series of telephone calls from the Sunday Independent.

Last July, 10 significant clients of Anglo Irish Bank were approached to buy substantial shareholdings in the bank. At the time Ireland's richest man Sean Quinn and his family was unloading its stake in the bank.

Mr Quinn converted his 25 per cent contracts for difference stake into a 15 per cent shareholding.

Former Anglo Irish chairman Sean FitzPatrick then organised for the 10 investors to purchase a remaining 10 per cent.

The regulatory authorities, including the Director of Corporate Enforcement, are currently investigating the circumstances surrounding the deal. At this stage it seems as if the taxpayer will be left to pick up most, if not all, the €450m bill.

When details of the transaction were first revealed in the Sunday Independent it provoked public outrage.

Mr McKillen, a known supporter of Fianna Fail, owns large swathes of property in the Grafton Street area of Dublin.

The developer was recently involved in a bitter legal dispute with the high-profile solicitor/businessman, Ivor Fitzpatrick. It related to the ownership of a joint venture property company called Canton Caseys Ltd. The case was settled during negotiations at the Commercial Court.

gurramok

Funny that the ones named so far are mostly developers and we know developers had a habit of visiting the Galway tent in the last decade

Nodin

In fairness, builders and developers being linked with Fianna Fail is a bit like Popes being linked with catholicism. However, until they release the proposal as put to the department of finance, juxtaposed with what Fitzpatrick et al did at Anglo, it just looks dubious.