WTF? Developer gets elected for Wexford who owes €40,000,000

alejandro1977

this guy is a complete spoofer.
Hope you clowns in Wexford are happy

http://www.irishtimes.com/newspaper/ireland/2011/0301/1224291080489.html

Wallace fears banks may liquidate his construction firm


WEXFORD TD: THE NEWLY elected TD for Wexford Mick Wallace says he fears the banks may move to liquidate his construction business rather than allow it to trade its way back to profitability.

Mr Wallace and his fellow director Sasha Wallace received remuneration of €289,605 during the year.

:rolleyes:

However, he said the banks were putting him under pressure to sell certain assets, including a site which he bought for €7 million which the banks want to sell for €1 million.

He feels if it was held on to for a few years, it could increase in value to €3 million.

:rolleyes:

Dublin_Gunner

alejandro1977 wrote: »

this guy is a complete spoofer.
Hope you clowns in Wexford are happy

http://www.irishtimes.com/newspaper/ireland/2011/0301/1224291080489.html



:rolleyes:

:rolleyes:

Complete post fail.

None of that makes him a spoofer or a bad business man. He's been hit with the economic downturn (as every business has been more or less) - but is still turning over, and is paying his loans.

Nothing to see here folks, move on.

Love the way you decided NOT to include the most important paragraph of the article:

His company’s loans have not been moved to the National Asset Management Agency because most are with non-Irish banks. Loans from AIB are not big enough to qualify for transfer.

Some people :rolleyes:

And the banks forcing him to sell a plot that's MASSIVELY undervalued, is totally unfair.

He hasn't screwed ANYONE over. He's not in NAMA, he's earning profit, and he's paying back his loans. He's made the best of a bad situation, and is taking the pressure on the chin rather than dumping the loans on us taxpayers.

This guy is a credit, and if more developers followed his ideology, we would not be in this mess.

Shame on anyone trying to make out he's something he's not.

alejandro1977

Dublin_Gunner wrote: »

Complete post fail.

None of that makes him a spoofer or a bad business man. He's been hit with the economic downturn (as every business has been more or less) - but is still turning over, and is paying his loans.

Nothing to see here folks, move on.

Love the way you decided NOT to include the most important paragraph of the article:



Some people. And the banks forcing him to sell a plot that's MASSIVELY undervalued, is totally unfair.

He hasn't screwed ANYONE over. He's not in NAMA, he's earning profit, and he's paying back his loans. He's made the best of a bad situation, and is taking the pressure on the chin rather than dumping the loans on us taxpayers.

This guy is a credit, and if more developers followed his ideology, we would not be in this mess.

Shame on anyone trying to make out he's something he's not.

“I’m not happy about owing people money, especially the sub-contractors.”

Paying yourself " €289,605 during the year." when you owe over 1m to subbies!?

I'm sure the subbies are " not happy" either.

Earning "Profit" my hole. He can't pay the interest. I didn't include 'all of the article' because of copyright. - he reckons it's worth 3m. If that's the case why, pleeease expklain do the banks want to sell it for 1m!?

MASSIVELY undervalued

LOL

Loans from AIB are not big enough to qualify for transfer.

The most important piece? - clearly you know nothing about banking. AIB is owned by the taxpayer... NAMA is neither here nor there - he still owes money to a 100% State Owned entity.

Mick: Stop paying yourself a huge salary and pay your subbies and loans you long haired t*t.

Cantona's Collars

Was gas to hear the failed FF'rs texting in to the Ray Darcy show while he was being interviewed earlier-bitter much.Plus Anton Savage was hosting the show this morning and he's pretty astute and called things as they were and saw through the sniping and bitterness of some of the stuff coming into the show.At least Wallace wasn't one of those corrupt developers that FF were so friendly with.

Dublin_Gunner

alejandro1977 wrote: »

Paying yourself " €289,605 during the year." when you owe over 1m to subbies!?

I'm sure the subbies are " not happy" either.

Earning "Profit" my hole. He can't pay the interest. I didn't include 'all of the article' because of copyright. - he reckons it's worth 3m. If that's the case why, pleeease expklain do the banks want to sell it for 1m!?

LOL


The most important piece? - clearly you know nothing about banking. AIB is owned by the taxpayer... NAMA is neither here nor there - he still owes money to a 100% State Owned entity.

Mick: Stop paying yourself a huge salary and pay your subbies and loans you long haired t*t.

I'm actually very clued in on NAMA, the banking system, and the situation that brought about the collapse. Clearly you let the media decide for you whats right and wrong - as you have no clue how to form an opinion yourself.

Wallace is no 'big bad developer'.

The loans aren't even big enough for NAMA. NAMA's lower limit is 20m. He's owes 40m in total, the vast majority of which is with foreign banks.
To AIB, he owes let than 4m
I can tell you're just quoting for sensationalism, as its clear his loans are tiny in comparison to the bankers and developers who have us in this mess. And NAMA does come into it, as its there to pick up the pieces from bad loans (which don't include Wallace's).

And he's using rents form his properties to pay his loans back, nothing wrong with that.

Of course he paid himself, he has to live. He most likely has credit terms with sub-contractors, so that's neither here nor there either - just lazy journalism. Also, if you bothered to read your own link, the remuneration he paid himself and his missus was from the 2009 account, the 1m owed to sub-contractors is current.

Your posts stink of ignorant, keyboard warrior rabble.

lostwallet

Dublin_Gunner wrote: »

I'm actually very clued in on NAMA, the banking system, and the situation that brought about the collapse. Clearly you let the media decide for you whats right and wrong - as you have no clue how to form an opinion yourself.

Wallace is no 'big bad developer'.

The loans aren't even big enough for NAMA. NAMA's lower limit is 20m. He's owes 40m in total, the vast majority of which is with foreign banks.
To AIB, he owes let than 4m
I can tell you're just quoting for sensationalism, as its clear his loans are tiny in comparison to the bankers and developers who have us in this mess. And NAMA does come into it, as its there to pick up the pieces from bad loans (which don't include Wallace's).

And he's using rents form his properties to pay his loans back, nothing wrong with that.

Of course he paid himself, he has to live. He most likely has credit terms with sub-contractors, so that's neither here nor there either - just lazy journalism. Also, if you bothered to read your own link, the remuneration he paid himself and his missus was from the 2009 account, the 1m owed to sub-contractors is current.

Your posts stink of ignorant, keyboard warrior rabble.

Yeah, good come back there:eek:.

Otto: Um, how are we going to get out of here?
Homer: We'll dig our way out!
Wiggum: No, dig _up_, stupid.

alejandro1977

Dublin_Gunner wrote: »

I'm actually very clued in on NAMA, the banking system, and the situation that brought about the collapse. Clearly you let the media decide for you whats right and wrong - as you have no clue how to form an opinion yourself.

Wallace is no 'big bad developer'.

The loans aren't even big enough for NAMA. NAMA's lower limit is 20m. He's owes 40m in total, the vast majority of which is with foreign banks.
To AIB, he owes let than 4m
I can tell you're just quoting for sensationalism, as its clear his loans are tiny in comparison to the bankers and developers who have us in this mess. And NAMA does come into it, as its there to pick up the pieces from bad loans (which don't include Wallace's).


Of course he paid himself, he has to live. He most likely has credit terms with sub-contractors, so that's neither here nor there either - just lazy journalism. Also, if you bothered to read your own link, the remuneration he paid himself and his missus was from the 2009 account, the 1m owed to sub-contractors is current.

Your posts stink of ignorant, keyboard warrior rabble.

Big words there. What is a bad developer? In your opinion.

And he's using rents form his properties to pay his loans back, nothing wrong with that.

I never claimed there was anything wrong with using rents to pay his debts. On the contrary, however his rents aren't enough because the business decisions he made stink! Does he need €289,605 to live? I'm sure his subbies have a lot less to live on than that. "Credit terms" with Subbies? Well, D'uh - you must think you're a real financial genius with terms like that :rolleyes:. Of course he has credit terms with subbies, and he clearly can't pay them on time!

its clear his loans are tiny in comparison to the bankers and developers who have us in this mess.

Wow. That's a real insight, I'd never have guessed that:rolleyes:. I'm well aware that he's not as big as the other developers, however the other developers aren't sitting in the Dail!

Keyboard warrior? Please you've fallen for his man of the people routine. There's no difference between him and the other developers apart from his hair.

Ignorant? I've read plenty about Mr Wallace.

why don't you try reading this for starters

http://www.scribd.com/doc/49176911/Wallace-Charges

Maybe you can read this as well,
Ignorant? You see, Mr. Big Shot was late filing his accounts and he was 42M in debt at Dec 08.

http://www.scribd.com/mobile/documents/49176914

Ash.J.Williams

Sonnenblumen wrote: »

Which developments in Dublin are you referring to?

BTW he does owe € 40mio to mainly foreign banks who if they issue proceedings against him, will result in MW being declared bankrupt. AFAIK bankrupts cannot be a TD.

'Work hard, play hard' with other people's money?

Unfair...I genuinely think his business decisions were more about creating employment and development diversity then money. His anti war stance cost him all the easy jobs in Dublin and he had to work that little bit harder and be that little bit more creative than his evil peers.

alejandro1977

Ash.J.Williams wrote: »

Unfair...I genuinely think his business decisions were more about creating employment and development diversity then money. His anti war stance cost him all the easy jobs in Dublin and he had to work that little bit harder and be that little bit more creative than his evil peers.

Have you any evidence of him losing 'the easy jobs'

In any case
His debts relate to speculative development - not contract construction work

Chips Lovell

Eh, the Irish Times piece says he paid himself that amount in the year ending August 2008. He owes the sub-contractors money now, in 2011. He's went on the record recently saying he's now drawing a salary of €40,000.

Ash.J.Williams

alejandro1977 wrote: »

Have you any evidence of him losing 'the easy jobs'

In any case
His debts relate to speculative development - not contract construction work

Not being lazy here but here the man himself discusses it in this interview form a clearly FF interviewer.

https://www.youtube.com/watch?v=j2Rsrw1IwV8

alejandro1977

el tonto wrote: »

Eh, the Irish Times piece says he paid himself that amount in the year ending August 2008. He owes the sub-contractors money now, in 2011. He's went on the record recently saying he's now drawing a salary of €40,000.

how does he manage to fund his football team on E40,000? In any case why did he pay himself all that money while running up debts with subbies.


If you look at the accounts the remuneration jumped massively from 2007 to 2008, why?

alejandro1977

Ash.J.Williams wrote: »

Not being lazy here but here the man himself discusses it in this interview form a clearly FF interviewer.

what has it to do with the development debts?

Ash.J.Williams

alejandro1977 wrote: »

what has it to do with the development debts?

nothing....you asked me for evidence of Wallace construction losing work because of his beliefs.

ronaneire

alejandro1977 wrote: »

Have you any evidence of him losing 'the easy jobs'

In any case
His debts relate to speculative development - not contract construction work

It seems you have issues with Mr Wallace, does he owe you money or anything?

The one thing that stands out about the man, he is not running away from his problems, he is aware he owes the money.

What about the top brass bankers and builders who have crippled this Country and are still doing extremely well for themselves.

http://www.boards.ie/vbulletin/showthread.php?p=64559669

Give the man a break

alejandro1977

Ash.J.Williams wrote: »

nothing....you asked me for evidence of Wallace construction losing work because of his beliefs.

and I also said that was beside the point, though if he has evidence of tender procedures being breached he should take it to court or the EU. Politician's self serving words are not evidence.

His debts are there because he is a greedy developer who over paid for land.

BTW I've never voted FF in my life. I actually think he's essentially the same as those FF developers, except even more brass neck, if that's possible

alejandro1977

ronaneire wrote: »

It seems you have issues with Mr Wallace, does he owe you money or anything?

No. I'm not one of his subcontractors, fortunately.

I've no issues with him personally. I have an issue with people who fall for his spin. This country is in a mess because (mostly FF) gombeens say - ah shure he's grand - Bertie, CJH , Ray Burke were all gougers who appealed to the masses with populist crap. The more things change the more they stay the same.

Give the man a break

My taxes are paying for his Dail salary, and for his debts with AIB - I wish he'd give me a break.

Around 14 of 35 loans seem to be to AIB.
http://www.scribd.com/doc/49176911/Wallace-Charges

ronaneire

alejandro1977 wrote: »

I've no issues with him personally. I have an issue with people who fall for his spin. This country is in a mess because (mostly FF) gombeens say - ah shure he's grand - Bertie, CJH , Ray Burke were all gougers who appealed to the masses with populist crap. The more things change the more they stay the same.

So you reckon the people of Wexford fell for his spin? Getting in on first count? BTW I am not from there or have no connections to it either.

Who is saying he it's going to be the same as before? Less of the past and more about the future.

Dublin_Gunner

alejandro1977 wrote: »

No. I'm not one of his subcontractors, fortunately.

I've no issues with him personally. I have an issue with people who fall for his spin. This country is in a mess because (mostly FF) gombeens say - ah shure he's grand - Bertie, CJH , Ray Burke were all gougers who appealed to the masses with populist crap. The more things change the more they stay the same.

Wallace is about as far from FF as you can get. He's not a friend of FF - he's on record calling the last government 'Mafia'.

Once again, I see you're throwing Wallace into the same pot as the dev's who were in bed with FF, buying unzoned land, that suddenly gets re-zoned a year or two later, getting huge loans and bailouts, and leaving unfinished construction sites all over the country, and people with barely liveable accomodation, and no comeback because the developer has been liquidated.

Wallace is not in the same bracket as these gangsters.

alejandro1977

Dublin_Gunner wrote: »

Wallace is about as far from FF as you can get. He's not a friend of FF - he's on record calling the last government 'Mafia'.

Once again, I see you're throwing Wallace into the same pot as the dev's who were in bed with FF, buying unzoned land, that suddenly gets re-zoned a year or two later, getting huge loans and bailouts, and leaving unfinished construction sites all over the country, and people with barely liveable accomodation, and no comeback because the developer has been liquidated.

Wallace is not in the same bracket as these gangsters.

By your logic Sean Dunne is in the same pot as Wallace - as he didn't buy land in the arse end of no where - he bought it for over the odds in the city centre using money from a foreign bank (Ulster)!

FF say one thing and do the other.

Wallace decries 'neo-liberalism' and 'big business' - and then runs up 42m in debt.

42m to me is Big Business, maybe it's not to you

knipex

HoneyRyder wrote: »

It matters a lot. Owing 40 million shows he isn't very good at decision making for a start. But I'm not worried about that when it's his own business, but electing him to government where he'll be making decisions on the country's behalf makes it everyone's business.

How does that face that he owes 40 million make him a bad business man ?

If that were the case then everyone who borrowed money would be a bad business person ?

What matters is can he make repayments on his debt and what his assets are worth (or what the long term value is estimated at)

Dublin_Gunner

alejandro1977 wrote: »

By your logic Sean Dunne is in the same pot as Wallace - as he didn't buy land in the arse end of no where - he bought it for over the odds in the city centre using money from a foreign bank (Ulster)!

FF say one thing and do the other.

Wallace decries 'neo-liberalism' and 'big business' - and then runs up 42m in debt.

42m to me is Big Business, maybe it's not to you

42m to me personally, is huge. For a developer, its well below mediocre.

knipex

bobblepuzzle wrote: »

I beg your pardon?!? A developer who owes 40 mil due to greed should not be representing anyone in the Dail! I don't give a ****e if his properties are in Dublin or elsewhere!

bobblepuzzle wrote: »

He's a developer that owes 40 million due to greed like all the rest... deal with that point please instead of the ****e

What is your problem ?

I owe the banks money. I have a mortgage a perosnal loan and a small balance on my credit card. Im paying it back so there is no issue.

As far as we know he (or his company) owe the bank money and are paying it back. Where is the issue ?

bobblepuzzle wrote: »

Perhaps you can give us some insight, as a constituent in Wexford... why vote a guy in thats the epitomy of all thats wrong in the country?

Why ? What did he do ? He borrowed money btu so dfid most of the rest of the population.

What did Mick Wallace do that was so bad ?

bobblepuzzle wrote: »

LMAO, they are not being serviced... he owes 40 million that he nor his business can ever hope to repay

I really really hope that you can back up that statement. Have you any evidence to support it ?

alejandro1977

knipex wrote: »

I really really hope that you can back up that statement. Have you any evidence to support it ?

you obviously didn't read his 08 results. Look at the amount of the loans, the rent income....

http://www.scribd.com/mobile/documents/49176914

http://www.independent.ie/national-news/bad-bank-is-for-the-big-boys-declares-developer-1847683.html

Mr Wallace publicly admitted earlier this year than he wasn't paying interest on his bank loans -- and said neither were any of his competitors

Interest payable in 08 E2,582,403

Dublin_Gunner

alejandro1977 wrote: »

you obviously didn't read his 08 results. Look at the amount of the loans, the rent income....

http://www.scribd.com/mobile/documents/49176914

http://www.independent.ie/national-news/bad-bank-is-for-the-big-boys-declares-developer-1847683.html


Interest payable in 08 E2,582,403

Good thing there wasn't an election in 08 then, eh?

alejandro1977

Dublin_Gunner wrote: »

Good thing there wasn't an election in 08 then, eh?

well seeing as [you]

Dublin_Gunner wrote: »

I'm actually very clued in on NAMA, the banking system, and the situation that brought about the collapse.

You'd be able to work out that since he hasn't paid his debts and is rolling up the interest the interest payable would be even greater. Genius.

Ash.J.Williams

alejandro1977 wrote: »

By your logic Sean Dunne is in the same pot as Wallace - as he didn't buy land in the arse end of no where - he bought it for over the odds in the city centre using money from a foreign bank (Ulster)!

FF say one thing and do the other.

Wallace decries 'neo-liberalism' and 'big business' - and then runs up 42m in debt.

42m to me is Big Business, maybe it's not to you

Sean dunne transferred assets to his wife and buggered off to the USA did he not?

alejandro1977

Ash.J.Williams wrote: »

Sean dunne transferred assets to his wife and buggered off to the USA did he not?

I'm not standing up for SD far from it, I was addressing the bogus "Wallace is a good developer, he didn't build any ghost estates in the arse end of nowhere" excuse


the point is he's not in the Dail. Mick Wallace is.

Dublin_Gunner

alejandro1977 wrote: »

well seeing as [you]

You'd be able to work out that since he hasn't paid his debts and is rolling up the interest the interest payable would be even greater. Genius.

He hadn't paid them during that tax year. That's all you know.

He's been paying the loans off since, as can be seen in his preparation of the 2009 accounts, linked in an article (posted by you?) from the Independent earlier in this thread.

Being a human (as I assume you are) you would know that under our current understanding of time, it is linear. Therefore, your 2008 information was from 3 years ago, and time has passed since. During the passing of time, things can happen - such as paying interest from his loans.

But you keep Wallace bashing, its fine. I'm growing bored entertaining your ignorance.

alejandro1977 wrote: »

I'm not standing up for SD far from it, I was addressing the bogus "Wallace is a good developer, he didn't build any ghost estates in the arse end of nowhere" excuse


the point is he's not in the Dail. Mick Wallace is.

By virtue of the fact that the people of Wexford democratically elected him. Put that in your pipe and smoke it.

alejandro1977

Dublin_Gunner wrote: »

e. During the passing of time, things can happen - such as paying interest from his loans.

But you keep Wallace bashing, its fine. I'm growing bored entertaining your ignorance.



By virtue of the fact that the people of Wexford democratically elected him. Put that in your pipe and smoke it.

He admitted he hasn't been paying the interest. Therefore even a financial genius you can see his debts must have grown. Perhaps if he was in the habit of filing his accounts on time there would be more information available to the public.

Yes he was democratically elected. (That's the whole point of this thread!) By a bunch of gombeen fools. As was Bertie, CJH, Ray Burke, Liam Lawlor, Michael Lowry, John Ellis and other hypocrites. This is why the country is FUBAR'd

Calling someone ignorant when you are incapable of supplying, or analysing facts is really juvenile - you weren't even aware that he wasn't paying his debts. News flash: If you can't even pay the interest on your debt it's impossible to reduce the balance. You have not supplied one single fact to this debate, apart from "ah shure he's a grand fella, aren't them other developers worse"


Read the balance sheet if you are bored, *you'll* be paying for it.

Dublin_Gunner

alejandro1977 wrote: »

He admitted he hasn't been paying the interest.(1) Therefore even a financial genius you can see his debts must have grown. Perhaps if he was in the habit of filing his accounts on time there would be more information available to the public.

Yes he was democratically elected. (That's the whole point of this thread!) By a bunch of gombeen fools (2). As was Bertie, CJH, Ray Burke, Liam Lawlor, Michael Lowry, John Ellis and other hypocrites. This is why the country is FUBAR'd

Calling someone ignorant when you are incapable of supplying, or analysing facts is really juvenile. Read the balance sheet if you are bored.

1. 2008.

2. I'm sure the Wexford people on this thread, and everywhere, will take exception to you calling them all 'gombeen fools'.

He is democratically elected, therefore deserves his seat in the Daíl, regardless of what you personally think of him for whatever your reasons are.

alejandro1977

Dublin_Gunner wrote: »

1. 2008.

2. I'm sure the Wexford people on this thread, and everywhere, will take exception to you calling them all 'gombeen fools'.

He is democratically elected, therefore deserves his seat in the Daíl, regardless of what you personally think of him for whatever your reasons are.

If he is declared bankrupt then he won't be entitled to his seat. Regardless of what you or the other bar room Che Guevaras think.

Presumably there are people in Wexford who think he's a joke too, so gombeen doesn't apply to them. Maybe the gombeen fools who voted for Bertie/CJH/Ray Burke/Liam Lawlor/Lowry etc. will take offence at being called gombeen fools but that's what they are. It's a fact.

How can he vote to change the bankruptcy laws, lease laws etc when he has a conflict of interests?

You don't get it. I'm well aware that 2008->2009->2010=>2011

unless he found a crock of gold in one of his many ****e development sites in the meantime then he is still up sh1t creek without a paddle.

scout353

Saw him on news last night and to paraphrase......

"I don't own a suit or a tie. I hear they have an archaic dress code but I'm sure I'll find something.

I might even have a shower!"

And this is supposed to be a person in whom we can trust to look forward to our national recovery!

Don't think so!

Dublin_Gunner

alejandro1977 wrote: »

If he is declared bankrupt then he won't be entitled to his seat. Regardless of what you or the other bar room Che Guevaras think.

Presumably there are people in Wexford who think he's a joke too, so gombeen doesn't apply to them. Maybe the gombeen fools who voted for Bertie/CJH/Ray Burke/Liam Lawlor/Lowry etc. will take offence at being called gombeen fools but that's what they are. It's a fact.

How can he vote to change the bankruptcy laws, lease laws etc when he has a conflict of interests?

You don't get it. I'm well aware that 2008->2009->2010=>2011

unless he found a crock of gold in one of his many ****e development sites in the meantime then he is still up sh1t creek without a paddle.

He won't be declared bankrupt. So you're basing your opinion on hypothetical situations.

How can he have a conflict of interest when he doesn't agree with them in the first place? Are you saying a TD cannot vote on banking laws if they have a bank account?? lol

From 2008 to present, he has paid money. This money has gone off his interest payments. These interest payment are mostly to non-Irish banks.

Could you please outline, specifically, what your problem is with Wallace? You seem to merely think that because he's a developer, who has loans, that he must be bad.

Mint Sauce

By running for election he has basically applied for a job. By being elected he has passed the job interview. Are we saying that people who owe money, should not be allowed to apply for a job. Regardless of his policies, background, atleast now he might be able to pay some of those loans back.

alejandro1977

Dublin_Gunner wrote: »

Could you please outline, specifically, what your problem is with Wallace?

For starters:

He's greedy man who tried to make millions for himself by borrowing other people's money and engaging in highly leveraged, speculative real estate developments at the height of a property bubble.

He's not a monk or an ascetic; in fact he paid himself a quarter of a million a year and was swanning around in an S-Class Mercedes (with an X5 for the wife).

Now he wants to tell me how to run my life and decide how much I should pay in taxes and how my money should be spent.



Claiming he's not as bad as other developers is whataboutery.

alejandro1977

irish-stew wrote: »

By running for election he has basically applied for a job. By being elected he has passed the job interview. Are we saying that people who owe money, should not be allowed to apply for a job. Regardless of his policies, background, atleast now he might be able to pay some of those loans back.

Do you know how much the interest on 42,000,000 is?

His Dail salary won't pay it.

He bought a site for 7,000,000 and now claims it's worth 3,000,000 - (the bank says 1,000,000). Either way, interest on 4,000,000 is about 200,000 per annum at 5%.

If you can't pay the interest on a loan, the interest is added to the loan and it snowballs...!

His Dail salary comes from the Taxpayer. Some of loans are with AIB
see: http://www.scribd.com/doc/49176911/Wallace-Charges

if he wants to payback his loans he should get a job abroad and send the money back to AIB/Taxpayer

Mint Sauce

alejandro1977 wrote: »

Do you know how much the interest on 42,000,000 is?

His Dail salary won't pay it.

He bought a site for 7,000,000 and now claims it's worth 3,000,000 - (the bank says 1,000,000). Either way, interest on 4,000,000 is about 200,000 per annum at 5%.

Only way he will pay it back if there is a huge upturn in the ecomomy again, or if he wins the lotto, and even then, it wont cover it.

But my point is, if someone owes money, does that limit the types of job people can go for.

alejandro1977

irish-stew wrote: »

Only way he will pay it back if there is a huge upturn in the ecomomy again, or if he wins the lotto, and even then, it wont cover it.

But my point is, if someone owes money, does that limit the types of job people can go for.

If you're bankrupt you can't practice as a solicitor or barrister IIRC (+ accountant)

http://www.independent.ie/national-news/solicitors-not-able-to-repay-euro80m-anglo-loan-2559016.html

FOUR solicitors have stepped down as partners at a prominent law firm after running up millions in personal bank debt through exposure to a failed property company

Surely those who make the laws should be held to the same standard as those who make a living in law?

Dublin_Gunner

alejandro1977 wrote: »

Do you know how much the interest on 42,000,000 is?

His Dail salary won't pay it.

He bought a site for 7,000,000 and now claims it's worth 3,000,000 - (the bank says 1,000,000). Either way, interest on 4,000,000 is about 200,000 per annum at 5%.

If you can't pay the interest on a loan, the interest is added to the loan and it snowballs...!

His Dail salary comes from the Taxpayer. Some of loans are with AIB
see: http://www.scribd.com/doc/49176911/Wallace-Charges

if he wants to payback his loans he should get a job abroad and send the money back to AIB/Taxpayer

Do you? Do you know what specific deals he has in place with his loan providers?

Pretty sure his company is limited, so therefore only the company can be sued, or declared bankrupt. None of the owners or shareholders can be. They will lose their interest in the company yes - thats the risk you take as a shareholder.

And yes, a small amount of his loans are with AIB - we all know that. I have loans with an Irish bank, most people I know do. Does that mean we can't run in an election???? Nope.

JJJJNR

Everyone deserves a second chance, k

alejandro1977

Dublin_Gunner wrote: »

Do you? Do you know what specific deals he has in place with his loan providers?

Pretty sure his company is limited, so therefore only the company can be sued, or declared bankrupt. None of the owners or shareholders can be. They will lose their interest in the company yes - thats the risk you take as a shareholder.

A.

While his company is Limited, plenty of Limited Liability company directors signed personal guarantees with the banks, voiding that protection. In fact it was the norm for AIB in the property development sector.


Did you look though the charges for Wallace?

http://www.scribd.com/doc/49176911/Wallace-Charges

"ALLIED IRISH BANKS PLC" is AIB by the way

And yes, a small amount of his loans are with AIB - we all know that. I have loans with an Irish bank, most people I know do. Does that mean we can't run in an election???? Nope

great comeback

Dublin_Gunner

alejandro1977 wrote: »

While his company is Limited, plenty of Limited Liability company directors signed personal guarantees with the banks, voiding that protection. In fact it was the norm for AIB in the property development sector.


Did you look though the charges for Wallace?

http://www.scribd.com/doc/49176911/Wallace-Charges

"ALLIED IRISH BANKS PLC" is AIB by the way




great comeback

No way!!!!!

RichieC

How does one manage to even have a pot to piss in when owing such an incredible amount of money?


Shows exactly how unequal our monetary system is.

lostwallet

Dublin_Gunner wrote: »

No way!!!!!

To be fair, reading back over thread it wouldn't be particularly clear that you understood.

Dublin_Gunner

lostwallet wrote: »

To be fair, reading back over thread it wouldn't be particularly clear that you understood.

Really? How so?

I wasn't aware I posted anything that would suggest I would not know that Allied Irish Banks PLC was in fact AIB.

Enlighten me.

alejandro1977

Dublin_Gunner wrote: »

Really? How so?

I wasn't aware I posted anything that would suggest I would not know that Allied Irish Banks PLC was in fact AIB.

Enlighten me.

a small amount of his loans are with AIB

the fact that you refer to the loans as Small would suggest you either don't understand the charge document or didn't realise that AIB = "Allied Irish Banks PLC".

I'm inclined to accept the former TBH.

lostwallet

I wouldn't get into a tit for tat with someone who is capable of making a statement like this.

Dublin_Gunner wrote: »

42m to me personally, is huge. For a developer, its well below mediocre.

Bertienomics at its finest.

alejandro1977

lostwallet wrote: »

I wouldn't get into a tit for tat with someone who is capable of making a statement like this.



Bertienomics at its finest.

It's why "we are where we are".

Fighting Irish

HE DIDN'T ELECT HIMSELF!!!!