Follow @PoliticsIE
 
 
 
Page 1 of 9 12345 ... LastLast
Results 1 to 10 of 89

Thread: Businessman challenges constitutionality of Nama

  1. #1
    Politics.ie Member
    Join Date
    Aug 2007
    Posts
    524
    Mentioned
    0 Post(s)

    Default legal challenge to NAMA - first of several?

    Developer McKillen takes first legal challenge against Nama - The Irish Times - Wed, Jul 07, 2010

    THE FIRST legal challenge has been taken against the National Asset Management Agency (Nama) to stop the transfer of loans from a multimillion-euro borrower whose bank debts are earmarked for transfer to Nama over the coming months.

    Businessman Paddy McKillen, owner of the Jervis Shopping Centre in Dublin, is trying to prevent the transfer of his loans and those of his business from Bank of Ireland and Anglo Irish Bank to Nama...

    Mr McKillen and 15 of his property companies have begun a judicial review case against Nama, the State and the Attorney General in the High Court to challenge the legality of the State agency.

    A spokeswoman for McKillen’s companies said: “There is no justification in Nama taking our loans. All our loans are fully performing against quality assets, with no land and developments. We are simply protecting our business.”

    Could get interesting (ie even worse) if NAMA's not allowed take performing loans...
    Last edited by corelli; 7th July 2010 at 03:13 PM.
    “A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living” R. Steiner

  2. #2
    Politics.ie Member corelli's Avatar
    Join Date
    Jun 2007
    Posts
    4,522
    Mentioned
    0 Post(s)

    Default

    I really don't see what his issue is, or his case. It's perfectly acceptable for one institution to transfer/sell a debt owed to them to another. Maybe I am missing something.
    "......... we must sometimes listen to those who, consumed with zeal, have scant judgment or balance. To such ones the modern world is nothing but betrayal and ruin.........We feel bound to disagree with these prophets of doom who are forever forecasting calamity -- as though the world's end were imminent."

  3. #3
    Moderator beanie's Avatar
    Join Date
    Sep 2009
    Location
    West Limerick
    Posts
    1,405
    Mentioned
    1 Post(s)
    Never argue with an idiot, they drag you
    down to their level and then beat you with experience.

  4. #4

    Default

    Quote Originally Posted by corelli View Post
    I really don't see what his issue is, or his case. It's perfectly acceptable for one institution to transfer/sell a debt owed to them to another. Maybe I am missing something.
    I think it might be a case of being worried about the optics, he doesn't want his companies associated with NAMA because NAMA is a filthy word in some minds.
    Redacted.

  5. #5
    Politics.ie Member Asparagus's Avatar
    Join Date
    Apr 2010
    Posts
    4,879
    Mentioned
    0 Post(s)

    Default

    So if all the loans are performing fully whats he got to worry about - just needs to change his direct debits surely...
    ANGER IS A POLICY, GET OFF YOUR KNEES

  6. #6
    Politics.ie Member
    Join Date
    Aug 2007
    Posts
    524
    Mentioned
    0 Post(s)

    Default

    Businessman Paddy McKillen, owner of the Jervis Shopping Centre in Dublin... is understood to be claiming their transfer would have a negative effect on his business.
    I wonder if anyone will conceed he has a point? ie: Owing money to NAMA is not seen as a good thing, because it puts you in the same category as Fingers, Fitzy and the rest...
    “A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living” R. Steiner

  7. #7
    Politics.ie Member
    Join Date
    Mar 2009
    Posts
    18,453
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by yehbut_nobut View Post
    I wonder if anyone will conceed he has a point? ie: Owing money to NAMA is not seen as a good thing, because it puts you in the same category as Fingers, Fitzy and the rest...
    As may be, but its hardly a compelling legal arguement is it?

  8. #8
    Politics.ie Member Dreaded_Estate's Avatar
    Join Date
    Sep 2007
    Posts
    3,695
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by yehbut_nobut View Post
    I wonder if anyone will conceed he has a point? ie: Owing money to NAMA is not seen as a good thing, because it puts you in the same category as Fingers, Fitzy and the rest...
    Fingers and Fitzy don't have any loans in NAMA.

    I don't think he has any case the bank has always been free it sell its assets at any time. But these legal cases will increase NAMAs expenses significantly

  9. #9
    Politics.ie Member
    Join Date
    Apr 2010
    Posts
    829
    Mentioned
    0 Post(s)

    Default

    McKillen should do what another Nama bound developer who's paying his interest is doing - get financing from a foreign bank to buy out the lot. Developer is free of the farce that is Nama, taxpayer makes a rare profit as loans are bought at 100c on the euro. Everyone's a winner - well perhaps except the Nama business plan which was budgeting for interest on those loans for several years.

    Problem solved

  10. #10
    Politics.ie Member Asparagus's Avatar
    Join Date
    Apr 2010
    Posts
    4,879
    Mentioned
    0 Post(s)

    Default

    I'd love to see the projections if SCAMA loses this case and all the performing loans stay with the SCUMBANKS

    what do ye reckon 40billion loss?
    ANGER IS A POLICY, GET OFF YOUR KNEES

Page 1 of 9 12345 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •