supreme judges rule against Carroll (reprocussions for NAMA)

ei.sdraob

http://www.independent.ie/opinion/analysis/justice-is-served-but-the-heavens-are-about-to-fall-1857118.html

reading the above made me feel all warm and fuzzy and smile

justice has been served


now what will this mean for NAMA :eek:

the judges like the average person on street know inside is a terrible terrible joke

interesting times we live in

tlev

They say that is a curse...may you live in interesting times...:D

Boring seems quite fun right about now. But I am soooo glad that Carroll went bust. Its not that I begrudge him for making lots of money, heck I want to make lots of money, its the fact that he made bad and risky business decisions and now he is getting punished for it. He shouldn't be bailed out, why should he. This isn't monopoly with get out of jail free cards, at least it shouldn't be .

Otherwise, the flood of properties on the market will make it difficult for NAMA to justify paying higher prices for the properties they are potentially going to buy as market prices will be much now lower. Maybe this will lead to some from of natural stabilisation with more incompetant developers going bust....one can only dream...:rolleyes::rolleyes:

EastWallGirl

I think the next few months may be interesting.

How many personal guarantees did Carroll give?

Who has the priority over which assets? Pecking order of assets as I imagine some have been double dibbed. (two mortgages).

Is it legally possible for AIB to try and do a deal with ACC to buy then out?

It would seem to me that perhaps ACC despite not being owed the most would have the most water tight paperwork.

This may expose the Irish banking system more then people imagine.

ei.sdraob

minister is that really you

EastWallGirl

Do you think Lenihan Brian?

The mortgages that ACC hold pre-date NAMA, therefore all things being equal and ACC choosing not to dela with NAMA, their mortgage agreements are going to have to be dealt with seperately, and with priority - precisely what NAMA wants to avoid.

If ACC get a liquidator appointed this month and NAMA can only start working October (at the earliest) that is at least one months head start.

ei.sdraob

there are rumors on askaboutmoney that Rabo who are the parent company of ACC are using this to hold the government hostage since they wont be allowed to join NAMA

hence they are trying to get as much money out of this and pull out of the sinking ship

EastWallGirl

Ahhh

ACC have something, just what is that something?

YOu might be right, but unless they have a lien against something, they are going to be dones the list in the pecking order so will get nearly nothing (when you cpompare them to AIB's liabilities).

Secured Creditors
Revenue
Salaries

Did they not say yesterday the banks had paid all unsecured creditors.

Were there any personal guarantees? Will there be an appetite to sell the family home, raid the pension an any o/s assets? -Or have these been protected by family trusts etc (I'd imagine they are).

Also with secured creditors, if for example the anglo HQ have been mortgaged a few time (due its increasing value) the banks are not guaranteed to get their money bank, maybe the first bank but the others...

ei.sdraob

found the thread

http://www.askaboutmoney.com/showthread.php?t=117987

tlev

ei.sdraob wrote: »

there are rumors on askaboutmoney that Rabo who are the parent company of ACC are using this to hold the government hostage since they wont be allowed to join NAMA

hence they are trying to get as much money out of this and pull out of the sinking ship

Good! I am really sick of the buddy buddy politics and economics that this country operates under. If these is true then let Rabo get as much as they can and expose NAMA as a way of saving the developers. I still say that we should cut off the dead wood and move on, rather than trying to bring back to life this Frankenstein of the property sector.

jmayo

ei.sdraob wrote: »

there are rumors on askaboutmoney that Rabo who are the parent company of ACC are using this to hold the government hostage since they wont be allowed to join NAMA

hence they are trying to get as much money out of this and pull out of the sinking ship

There are also rumours that the other banks (AIB I guess in particular) are meeting trying to buy off ACC.
They need to keep Carroll stinking ship afloat long enough in order to PAWN their sh**e loans off ont he taxpayer.
The whole NAMA things stinks to high hell.

tlev

jmayo wrote: »

There are also rumours that the other banks (AIB I guess in particular) are meeting trying to buy off ACC.
They need to keep Carroll stinking ship afloat long enough in order to PAWN their sh**e loans off ont he taxpayer.
The whole NAMA things stinks to high hell.

I know it is just a rumour but I hope to Gosh that doesnt happen.

old boy

the rte 6 o clock news had it that aib and boi met with acc today, i am musing that they were not discussing a flucuation of intrest rates.

ei.sdraob

old boy wrote: »

the rte 6 o clock news had it that aib and boi met with acc today, i am musing that they were not discussing a flucuation of intrest rates.

its that time of the year again so

when we sign away more money to the bankers

Tech3

jmayo wrote: »

The whole NAMA things stinks to high hell.

NAMA is going to keep us in this depression for the foreseeable future.

tlev

Interesting article today in the times

http://www.irishtimes.com/newspaper/opinion/2009/0813/1224252497177.html?via=mr

Even though we are still in so much trouble, the banks persist with their buddy buddy everything is okay attitude. I hope they are unable to repay ACC for whatever reason and NAMA won't pay so much more than what is necessary. Unfortunately this isn't dreamland and the taxpayer will be made to bite the bullet on this.