What is it with this Wallace guy?

cosanostra

Everyone knew this was coming down the line he never lied prior to the election about his financial problems

OutlawPete

Nevermind_ wrote: »

A person of wealth doesnt have a 20 million judgment against them if they can pay the debt, he obviously cant.
Also receivers have been appointed to his companies.
The guy is at best insolvent and is going to loose all his assets except the family home, at worst he is broke and will be made bankrupt and may have to sell even his house. That is the reality here either way hes fcuked.

That's not true. There are reasons he is not paying.

He has assets of €55m apparently and his debt is now down to €30m at last count.

The man pressure is coming from banks that want him to sell land at cut down price and I believe he is dragging them out as he hopes the economy will improve somewhat. Would only need to improve slightly and and that could mean the difference of millions.

FunkyDa2

FlutterinBantam wrote: »

Yep, Das roiihat man.


Parse it and analyse it man and you will see I am talking sense.

People who while they are on top of an artificial bubble can be forgiven for believing they are omnipotent, can strew banners across the nations bridges promulgating their individual views.

And, get this, they expect the public and taxpayer to heed them:D


Lift has shot to bottom Mick, get used to it.

:rolleyes:

Gigiwagga

FlutterinBantam wrote: »

Is it?

Mickey said on RTE 1 that he was personally liable for a lot of the stuff.

If I heard it right that is.

Have a bit of an agenda here I see. Is this the new 'Irish Tea Party' I wonder.
Hilarious and so bloody predictable. Yawn.

gonedrinking

So he owes 42 million to the taxpayer. Him and his son paid themselves salaries of 289,000 for the year from the company. On top of that the taxpayer is paying him a TDs salary and expenses. Fcuking scandalous. I want my money back you scruffy fcuker.

cosanostra

gonedrinking wrote: »

So he owes 42 million to the taxpayer. Him and his son paid themselves salaries of 289,000 for the year from the company. On top of that the taxpayer is paying him a TDs salary and expenses. Fcuking scandalous. I want my money back you scruffy fcuker.

He doesn't owe the tax payer 42mil he owes acc bank it and the are not state owned or guaranteed!

He has the exact same right to earn his TDs salary as any of the rest of them

Einhard

cosanostra wrote: »

He doesn't owe the tax payer 42mil he owes acc bank it and the are not state owned or guaranteed!

He has the exact same right to earn his TDs salary as any of the rest of them

Of course he does, but he warbles on as if he's some champion of the Left, when drawing down massive salaries on a bankrupt company. I don't understand how so many people can hate developers as a generic group, and yet make exceptions for this guy because he has long hair and wears pinks shirts.

orourkeda

Will he lose his seat if declared bankrupt?

OutlawPete

orourkeda wrote: »

Will he lose his seat if declared bankrupt?

Didn't Mary Hanafin get that law amended on the back of the Bev Flynn case?

Nodin

orourkeda wrote: »

Will he lose his seat if declared bankrupt?

Yep. Not allowed be a TD if yer a bankrupt. Crook, chancer, weirdo...but not a bankrupt.

gonedrinking

cosanostra wrote: »

He doesn't owe the tax payer 42mil he owes acc bank it and the are not state owned or guaranteed!

He has the exact same right to earn his TDs salary as any of the rest of them

He owes 20 million to acc, the rest is presumably owed to Irish banks. Even if it turns out to be all owed to foreign banks, it is still unethical and immoral to give himself such a huge salary on a bankrupt company, while having a TDs salary and expenses at the same time.

nacho libre

Einhard wrote: »

Of course he does, but he warbles on as if he's some champion of the Left, when drawing down massive salaries on a bankrupt company. I don't understand how so many people can hate developers as a generic group, and yet make exceptions for this guy because he has long hair and wears pinks shirts.

I agree, *if what you say is true** then it is deeply hypocritical.

Fulton Crown

nacho libre wrote: »

I agree, *if what you say is true** then it is deeply hypocritical.

Good man!

You see 2+2 really do add up to 4 :rolleyes:.

This gimp poured considerable company money into a half baked soccer project down in Wex...just to feed his ego....which must be the size of Mt Leinster.

I fairness he seemed OK when interviewed on Radio yesterday.....but he should have stuck to the knitting.....

FlutterinBantam

He should have concentrated on what he was good at apparently- building.

It's when he started the anti Lisbon campaign and the banner stuff that things started to go west.

I have nothing against the man personally, in fact he comes across as one of the more honest in the business.

If the ACC pursue him for personal guarantees he could be badly hit and I believe the Dail seat in trouble.

I wish the lad well, but would not support his attitude and demeanour and policies in Dáil Eireann.

ebixa82

FlutterinBantam wrote: »

He should have concentrated on what he was good at apparently- building.

It's when he started the anti Lisbon campaign and the banner stuff that things started to go west.

I have nothing against the man personally, in fact he comes across as one of the more honest in the business.

If the ACC pursue him for personal guarantees he could be badly hit and I believe the Dail seat in trouble.

I wish the lad well, but would not support his attitude and demeanour and policies in Dáil Eireann.

Don't worry Flutts, just wait for the next elections and you'll be able to vote Fianna Fail again and be able to get all these clueless, independent non-politican politicians out of power again.

maxwell smart

Anyone with the balls to go around with hair like that deserves a second chance.

And if he does owe ACC (Dutch bank via Rabo) that money, maybe if he can get weed legalised then they can have a cut of that business. They know a thing or two about weed the Dutch (allegedly).

Nevermind_

OutlawPete wrote: »

That's not true. There are reasons he is not paying.

He has assets of €55m apparently and his debt is now down to €30m at last count.

The man pressure is coming from banks that want him to sell land at cut down price and I believe he is dragging them out as he hopes the economy will improve somewhat. Would only need to improve slightly and and that could mean the difference of millions.

Sorry but if you believe that then you really need to read the newspapers more and look around you. The guy is broke along with most other developers.

http://www.independent.ie/national-news/wallace-i-face-ruin-2656616.html

"There are reasons hes not paying"
Yes one in particular he doesnt have the money!!!!

He is in the paper today talking about how he hopes he wont be made bankrupt, i fail to see how you dont understand this, he is broke, bust, insolvent and may be made bankrupt.
If he had net assets of 20m this wouldnt even be discussed.


the guy has admitted he cant pay his loans back, has admitted he cant service his debt, is on the line for personal guarentees, had receivers appointed to some of his companies, and has just had a 20 million judgment against him.

what part of BROKE dont you understand?

"Would only need to improve slightly and and that could mean the difference of millions"
Are you taking the piss?


BTW i have nothing against the guy and wish him no ill

Nodin

FlutterinBantam wrote: »

He should have concentrated on what he was good at apparently- building.

It's when he started the anti Lisbon campaign and the banner stuff that things started to go west.

.............

...and you've the numbers to support that claim?

StupidLikeAFox

FlutterinBantam wrote: »

Just do what you are paid to do Mick, leave the peripheral stuff and the politicking to those who understand it.

As in some members of the previous Dail who lost out last time......?

Unless this is some convoluted troll attempt in your never ending bid to be seen as some sort of unique character of boards.

DoesNotCompute

the_syco wrote: »

But none of his companies owed anything to the Irish banks...

O RLY??

http://www.rte.ie/news/2011/0524/wallacem.html

RTE News wrote:

Mr Wallace recently admitted that he owed €40m to various banks. These are understood to include Ulster Bank, AIB and Bank of Scotland Ireland.

FlutterinBantam

ebixa82 wrote: »

Don't worry Flutts, just wait for the next elections and you'll be able to vote Fianna Fail again and be able to get all these clueless, independent non-politican politicians out of power again.

Never voted FF in my life horse.

FlutterinBantam

ColHol wrote: »

As in some members of the previous Dail who lost out last time......?

Unless this is some convoluted troll attempt in your never ending bid to be seen as some sort of unique character of boards.

That might be your ambition son, I just tell it as it is.

Listen, would you stop the troll allegations against anyone whose views differ to yours.

Getting close to wear out stage.

Starting to annoy me.

prinz

Just shows the herd mentality and idiocy that got him elected.

The enemy of my enemy is my friend. So if Wallace talks the talk about being different and dresses differently to the rest then he must be my friend. Eh no, he's just the same as the rest and looks like Worzel Gummidge.

No pity for him or any of the other developers. A pink shirt and a stupid hairdo doesn't separate him from the rest. It's hilarious really. The total vitriol poured out by many against the greed fuelled developers etc., but come to Mick Wallace and it's as if he's a different breed altogether. He was still taking a massive salary while his company was making losses. He should go down with his ship like the rest of them. No reason to hold him in any higher esteem.

At least the banks might get something out of it. The subcontractors he owes are probably going to be left píssing in the wind, ah but sure, that's alright because it's Mick.

He said the business owed about €1 million to sub-contractors. “I’m not happy about owing people money, especially the sub-contractors.”

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

As long as you keep paying yourself a salary Michael..

FlutterinBantam

prinz wrote: »

Just shows the herd mentality and idiocy that got him elected.

The enemy of my enemy is my friend. So if Wallace talks the talk about being different and dresses differently to the rest then he must be my friend. Eh no, he's just the same as the rest and looks like Worzel Gummidge.

No pity for him or any of the other developers. A pink shirt and a stupid hairdo doesn't separate him from the rest. It's hilarious really. The total vitriol poured out by many against the greed fuelled developers etc., but come to Mick Wallace and it's as if he's a different breed altogether. He was still taking a massive salary while his company was making losses. He should go down with his ship like the rest of them. No reason to hold him in any higher esteem.

At least the banks might get something out of it. The subcontractors he owes are probably going to be left píssing in the wind, ah but sure, that's alright because it's Mick.



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

As long as you keep paying yourself a salary Michael..

You see Prinz, the lads in here are not able to make that valid connection.

They see a geezer who because he has long greasy hair and dresses 'different' see him as one 'one of our own'.

Aaah sure Jaysus , didn't I see him pop up from a manhole.....yada yada ...yada....

Putting it up to the establishment type of guy.When in reality he is just like the rest, in the grey suits and the 'proper' look.

Don't have that ability to see through the bullshidt that you have, along with some others.;)

Hookah

FlutterinBantam wrote: »

You see Prinz, the lads in here are not able to make that valid connection.

They see a geezer who because he has long greasy hair and dresses 'different' see him as one 'one of our own'.

Aaah sure Jaysus , didn't I see him pop up from a manhole.....yada yada ...yada....

Putting it up to the establishment type of guy.When in reality he is just like the rest, in the grey suits and the 'proper' look.

Don't have that ability to see through the bullshidt that you have, along with some others.;)

So bedazzled were the voters by his pink shirts they forgot he was a failed developer and lost their senses at the ballot box.

Have I got it?

FlutterinBantam

Hookah wrote: »

So bedazzled were the voters by his pink shirts they forgot he was a failed developer and lost their senses at the ballot box.

Have I got it?

I think you just might have.;)

Hookah

FlutterinBantam wrote: »

I think you just might have.;)

He is generally regarded as having built quality projects. So, he's a little different from most of the other developers there.

Wouldn't you agree?

FlutterinBantam

Hookah wrote: »

He is generally regarded as having built quality projects. So, he's a little different from most of the other developers there.

Wouldn't you agree?

Yes I would, and I have nothing personal against the lad, but when it all washes out , he seems to have overextended himself, and is now telling me and other taxpayers how this country should be run.

Fcuk that carry on Mick, I will have none of it pal.

He seems to have the warmth from the left,which is not apparent for the other more conventional developers, who when the dices fall, the only difference is that he has a different outlook and dresses differently.

That's how the dice rolls man.

Hookah

FlutterinBantam wrote: »

Yes I would, and I have nothing personal against the lad, but when it all washes out , he seems to have overextended himself, and is now telling me and other taxpayers how this country should be run.

Fcuk that carry on Mick, I will have none of it pal.

He seems to have the warmth from the left,which is not apparent for the other more conventional developers, who when the dices fall, the only difference is that he has a different outlook and dresses differently.

That's how the dice rolls man.

And would you also agree that since the taxpayer saddles none of his debt, via the NAMA vehicle, that he is slighty different from the other developers in this regard also? *


*(although he'd probably jump at the chance, still, his problems are not John Q's problems)

professore

jdivision wrote: »

Eh he's been in trouble for years, was very open about it during the election and since. He believes in things and put money into them - more than a million into Wexford Youths football complex, a huge donation.

Obviously now not his own money but borrowed. Four most dangerous words in business : "This time it's different". BTW I have nothing against the guy ...

Peter Sweeney

You can't blame him for the countries woes, however he will have to take responsibility for his own situation

Einhard

Hookah wrote: »

He is generally regarded as having built quality projects. So, he's a little different from most of the other developers there.

Wouldn't you agree?

First off, developers are reviled by most for being to the fore in bringing about the current difficulties- not because they may or may not have built half assed developments. The quality or otherwise of Wallace's property therefore shouldn;t come into it, if we're being consistent. But Irish people rarely are...

Also, the idea that development projects over recent years have been universally of low quality, is a myth. Sure, there are some terrible developments, but many were well thought out and executed. Many Irish developers invested in well-designed, well-provisioned projects. Wallace is far from unique in this. Why don't all the others get the same pass that Wallace has? Because they don't have long hair and pink t-shirts, and a questionable anti-establishment air about them.

padd b1975

Hookah wrote: »

He is generally regarded as having built quality projects. So, he's a little different from most of the other developers there.

Wouldn't you agree?

He failed to comprehend and evaluate the consequences of signing up to the loans that he took out, He has not even been able to repay the interest.
By my reckoning he is not much different to any other property developer that finds themselves being chased by any bank in order to honour the terms of the loan agreements that both parties signed up to by their free will.
Would you not agree?

Hookah

Einhard wrote: »

First off, developers are reviled by most for being to the fore in bring about the current difficulties; not because they may or may not have built half assed developments. The quality or otherwise of Wallace's property therefore shouldn;t come into it, if we're being consistent. But Irish people rarely are...

Also, the idea that development projects over recent years have been universally of low quality, is a myth. Sure, there are some terrible developments, but many were well thought out and executed. Many Irish developers invested in well-designed, well-provisioned projects. Wallace is far from unique in this. Why don't all the others get the same pass that Wallace has? Because they don't have long hair and pink t-shirts, and a questionable anti-establishment air about them.

The quality of his developments shouldn't come into it, yet his shirts and hair are mentioned every few posts.

vicwatson

Still holding a spot in Dail Eireann.

Which he is entitled to do, he was democratically elected on the first count, he isn't bankrupt (yet perhaps) so therefore is entitled to sit as a TD.

Hookah

padd b1975 wrote: »

He failed to comprehend and evaluate the consequences of signing up to the loans that he took out, He has not even been able to repay the interest.
By my reckoning he is not much different to any other property developer that finds themselves being chased by any bank in order to honour the terms of the loan agreements that both parties signed up to by their free will.
Would you not agree?

I would agree. I would also suggest he's like a lot of people in the country in that regard.

Einhard

Hookah wrote: »

The quality of his developments shouldn't come into it, yet his shirts and hair are mentioned every few posts.

Because that explains why he is popular where other developers, who built similar developments, and are in similar difficulties are reviled and abused. Irish people love someone who is seen as sticking it to the man, as anti-establishment, even if that person was until recently, firmly part of that very establishment. It's similar to that guy who drove his truck into the Dail gates. People were falling over themselves lauding him as some sort of hero, and ignoring the fact that he was in NAMA, and owed millions for which we are on the hook. It's depressing that so many Irish people refuse to engage their brains when engaging in politics.

prinz

Hookah wrote: »

The quality of his developments shouldn't come into it, yet his shirts and hair are mentioned every few posts.

You have a point, his taste in looks etc shouldn't come into it either. So just why is it he is treated differently? I am all for treating him and his pink shirts the same as any other developer.

NotExactly

Can DoesNotCompute please take their hand off the thank button.

padd b1975

Hookah wrote: »

I would agree. I would also suggest he's like a lot of people in the country in that regard.

Yes,
and will have to face the consequences of their actions. Mick Wallace should be no different.

Johro

FlutterinBantam wrote: »

Yeah, should have stuck to building and left politics to those who understand it.

Owes 42 million, not much balls in running that bad boy up.

Ah leave him alone and stick to the usual em... shite.
ScutterinBantam..

thebigbiffo

i liked him - until i heard him on Matt Cooper probably giving the most unconvincing argument ever that prostitution should be legalised (something i firmly believe in).

he could barely finish a sentence and kept harking back to 'oh shure the Dutch have done a good job', 'the Germans dont have much trouble' etc. just lame.

however, i think flutt wetting himself at him getting his cumuppance is a bit over the top. he has a damn right to get involved in politics - this is a democracy and people's glee in here at his going bankrupt is pure horses'hite...he did do good community work and at least he has the balls to stand up for what he believes in unlike too many career politicians.

i say best of luck to him - even if sometimes he gets in over his head and probably is not the best debater. we need more diversity in the Dail - so if he annoys anybody with his pink shirts and his liberal views then it#s only a good thing!

Zimmerframe

Never really rated him even as a guitarist, but since he left Status Quo, I can't suffer him at all.

Einhard

thebigbiffo wrote: »

i liked him - until i heard him on Matt Cooper probably giving the most unconvincing argument ever that prostitution should be legalised (something i firmly believe in).

he could barely finish a sentence and kept harking back to 'oh shure the Dutch have done a good job', 'the Germans dont have much trouble' etc. !

Havta agree with ye there, he's absolutely terrible at articulating a point, or even just making a coherent point. He was on VB recently discussing the osama killing, and I'd imagine anyone who shared his views were cringing at how poorly he made them. I don't agree with joe o' higgins' politics, but I respect him as a politician...i can't say the same for mick wallace

Sonnenblumen

Einhard wrote: »

I don't agree with joe o' higgins' politics, but I respect him as a politician..

Respect for a pedantic mouth organ? Do you have ears?

FlutterinBantam

thebigbiffo wrote: »

i liked him - until i heard him on Matt Cooper probably giving the most unconvincing argument ever that prostitution should be legalised (something i firmly believe in).

he could barely finish a sentence and kept harking back to 'oh shure the Dutch have done a good job', 'the Germans dont have much trouble' etc. just lame.

however, i think flutt wetting himself at him getting his cumuppance is a bit over the top. he has a damn right to get involved in politics - this is a democracy and people's glee in here at his going bankrupt is pure horses'hite...he did do good community work and at least he has the balls to stand up for what he believes in unlike too many career politicians.

i say best of luck to him - even if sometimes he gets in over his head and probably is not the best debater. we need more diversity in the Dail - so if he annoys anybody with his pink shirts and his liberal views then it#s only a good thing!

I think son, that your inference of my posts has been swamped in a sea of sourness and poor judgement.

I have no glee or otherwise about someone going bankrupt.

What I am trying to tease out is the anomaly of this lad getting an 'easy ride' as a failed developer whilst others with more 'establishment' mores are reviled and hated.

You sir, post your philosophy on your sleeve, i. e.anyone who 'bucks the system ' or 'socks it to the man' is some kind of hero!

Immature and foolish judgement pal, indicant of a less than rounded understanding of what makes the wheels of commerce grind smoothly.

Best leave your amateur conclusions to the realms of Mills & Boon buddy.

Johro

FlutterinBantam wrote: »

I have no glee or otherwise about someone going bankrupt.

What I am trying to tease out is the anomaly of this lad getting an 'easy ride' as a failed developer whilst others with more 'establishment' mores are reviled and hated.

Hmm... Well he is a socialist/capitalist
I actually agree with some of his leftie ideals, I just don't really believe them coming out of his mouth.
I know the family, his brother Joe runs Wallaces Homevalu and Agribusiness.
I've never known anyone more penny-pinching.
They search your van when you leave the yard to make sure ya haven't nicked anything, and their handsaw is on a fuckin chain. :rolleyes:
It doesn't necessarily follow that Mick Wallace is the same, but I'm suspicious of people who make shedloads of money having socialist ideals.
He may prove me wrong. Stranger things have happened.

padd b1975

FlutterinBantam wrote: »

I think son, that your inference of my posts has been swamped in a sea of sourness and poor judgement.

I have no glee or otherwise about someone going bankrupt.

What I am trying to tease out is the anomaly of this lad getting an 'easy ride' as a failed developer whilst others with more 'establishment' mores are reviled and hated.

You sir, post your philosophy on your sleeve, i. e.anyone who 'bucks the system ' or 'socks it to the man' is some kind of hero!

Immature and foolish judgement pal, indicant of a less than rounded understanding of what makes the wheels of commerce grind smoothly.

Best leave your amateur conclusions to the realms of Mills & Boon buddy.

I think a "wait and see" approach may be best in the mean time as regards Mick getting an easy ride.
The guy has evidently been struggling for a few years, the wheels are turning slowly on this one but turning none the less.

FlutterinBantam

padd b1975 wrote: »

I think a "wait and see" approach may be best in the mean time as regards Mick getting an easy ride.
The guy has evidently been struggling for a few years, the wheels are turning slowly on this one but turning none the less.

I'm not referring to 'an easy ride 'from the authorities pal.

An easy ride from the lefties on this forum.


Keep up.

Hookah

Einhard wrote: »

Because that explains why he is popular where other developers, who built similar developments, and are in similar difficulties are reviled and abused. Irish people love someone who is seen as sticking it to the man, as anti-establishment, even if that person was until recently, firmly part of that very establishment. It's similar to that guy who drove his truck into the Dail gates. People were falling over themselves lauding him as some sort of hero, and ignoring the fact that he was in NAMA, and owed millions for which we are on the hook. It's depressing that so many Irish people refuse to engage their brains when engaging in politics.

He is not in NAMA. His debts are private.

And his debts of 40 million , I would suggest, are piffling, compared to the 71 billion total (approx) of which NAMA comprises.

Edit: or did you mean the guy who drove into the gates??