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Thread: Bernard Macnamara has debts of around 1.5bn euros- says he will lose his house

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    Default Bernard Macnamara has debts of around 1.5bn euros- says he will lose his house

    Former Fianna Fáil councillor and property developer Bernard McNamara has admitted that he is "broke" and will probably have to sell his house to pay off creditors. BBC News - 'Broke' Irish developer Bernard McNamara has £1bn debt

    Earlier this week, the investors were told Mr McNamara had no assets free from debt, and all the equity in his personal assets had been used to support his businesses and the 1,100 people employed directly or indirectly in them.

    He told RTE he will now probably lose his family home on Dublin's exclusive Ailesbury Road.

    Speaking on his 60th birthday, Mr McNamara said he had used valuers to determine how much the Irish Glass Bottle site was worth.

    "How come they were all so wrong?" he said.
    It's not clear how McNamara's building company will be kept from his creditors. It is owned by companies registered in the Isle of Man, both with the same address in Douglas.
    The veil of corporate confidentiality available to the owners of Isle of Man companies mean that the ownership of these two entities is not clear. According to sources close to McNamara, the business is ring-fenced from the rest of his property empire. But given the size of his debts, it will be surprising if this structure is not challenged by his creditors.
    Cantillon - The Irish Times - Thu, Jan 14, 2010

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    i'm sure he has more than one house

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    I can't believe for a second that McNamara accepted third party valuations of the IGB site in blind faith.

    As a developer of 40 years experience, he would have known better than anyone that it was massively overvalued, yet he stayed on the bubble bandwagon and re-leveraged his assets even further.

    I also can't believe he doesn't have an untouchable rainy day stash somewhere. He's not a fool.

    He was on the RTE news yesterday and he looked as if he was about to weep. Can't say I felt any sympathy. Schadenfreude maybe ..
    Redacted.

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    Quote Originally Posted by EvotingMachine0197 View Post
    He was on the RTE news yesterday and he looked as if he was about to weep.
    So did Ahern in 2006.

    Is anyone surprised about the Isle of Man registered companies and the veil of secrecy? How much tax have all these developers been able to legally avoid over the years through these labyrinthine off-shore company structures?
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    Politics.ie Member hammer's Avatar
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    Fair play to him for not crying.

    Bertie had the old crocodile tears........ the most cunning !!

    We need to sympathise and support enterpeneurs like McNamara. He is down on his luck at the moment but continues to employ 1,100

    None of us will ever give livelihoods to so many people.

    At the very least he should keep his house.

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    Quote Originally Posted by hammer View Post
    Fair play to him for not crying.

    Bertie had the old crocodile tears........ the most cunning !!

    We need to sympathise and support enterpeneurs like McNamara. He is down on his luck at the moment but continues to employ 1,100

    None of us will ever give livelihoods to so many people.

    At the very least he should keep his house.
    Complete Bollox. How many peoples' livelihoods has he, and his ilk, affected during the past decade?

    Why should he keep his house? There are people being repossessed every month; people that did not take risks that could affect other people, but cannot pay their mortgages due to the actions of the likes of McNamara. Why should he be any different?

    I hope he ends up on the Dole, living in a one bed apartment

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    Quote Originally Posted by stripey cat View Post
    Former Fianna Fáil councillor and property developer Bernard McNamara has admitted that he is "broke" and will probably have to sell his house to pay off creditors. [url=http://news.bbc.co.uk/2/hi/europe/8458667.stm]BBC News - 'Broke' Irish developer Bernard McNamara has £1bn debt
    Of course, we have to rely on the BBC for this news; there's nothing on the RTE news website about it that I can find.

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    Quote Originally Posted by hammer View Post
    Fair play to him for not crying.

    Bertie had the old crocodile tears........ the most cunning !!

    We need to sympathise and support enterpeneurs like McNamara. He is down on his luck at the moment but continues to employ 1,100

    None of us will ever give livelihoods to so many people.

    At the very least he should keep his house.
    There's no need for sympathy - he even said himself that doesn't deserve any, and he won't be short of a house. He's entitled to feel sorry for himself - he mentioned having a plan to retire at 60, and that it was his 60th birthday, but the rest of us needn't get all weepy.

    I'd give him credit for being man enough to give decent interviews on what must have been a very bad day for him, knowing full well the glee with which a lot of people will view his downfall. Not many of the others were quite so open about their fall to earth.

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    Quote Originally Posted by EvotingMachine0197 View Post
    I can't believe for a second that McNamara accepted third party valuations of the IGB site in blind faith.

    As a developer of 40 years experience, he would have known better than anyone that it was massively overvalued, yet he stayed on the bubble bandwagon and re-leveraged his assets even further.

    I also can't believe he doesn't have an untouchable rainy day stash somewhere. He's not a fool.

    He was on the RTE news yesterday and he looked as if he was about to weep. Can't say I felt any sympathy. Schadenfreude maybe ..

    was listening to morning ireland this morning and im pretty sure someone said the primary gaff is in both his AND his wifes name and as such he cant be kicked out of it. they said something about creditors only getting their hands on it after they both popped their clogs.

    its the law apparently.

    he could be just playing to the masses now if thats the case trying to drum up sympathy.

    i dont believe any of that nonsense about listening to valuers either, "how come they were all so wrong?"- because they were lying their arses off and most people with a brain knew it.

    lets be honest if guys like US could see a ponzi scheme im sure as hell guys like he could.

    i think he just took a punt and it didnt pay off. now its time to pay the piper, thats all.

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    It is simple

    You make big money - well done, enjoy a flash life.

    You gamble and lose it all - tough, he should have his house taken off him and be living on welfare.

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