In yesterday's FT Jonathan Guthrie (who writes on the UK Midlands and enterprise) has a rather worrying piece about a NAMA funded property in Wolverhampton. In short NAMA valued a property at £4 M, the administrator (UK examiner) of the failed developer managed to get an offer of £11M. It apparently took NAMA days to respond on a simple decision with a beneficial outcome for Irish taxpayers. The FT hack implies it doesn't have a clue.
FT.com / Comment / Op-Ed Columnists - Art for art
When you are trying to create value from distressed assets speed is crucial - its like any financial market.
If NAMA can't respond quickly to a simple solution someone else has created, what hope is there?
It is possible that perhaps NAMA saw the potential of a better outcome? However, they have to work closely with the insolvency practioners & know exactly what is going on.
Is it perhaps that the same economically iliterate & apparently venal supposed bankers & property consultants who contributed greatly into getting us into this mess are now engaged in NAMA and are again not competent for their new roles? Or is it that NAMA does not have the required culture & infrastructure for its critical role?
Has anyone knowledge of how well NAMA is run & managed? Does anyone have 1st hand experience of working with NAMA?