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Thread: What a recovery! - Developer has 80 Million of Dept Wiped!

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    Default What a recovery! - Developer has 80 Million of Dept Wiped!

    What a recovery!

    Well for some folk that is, The owners behind the Ritz-Carlton have had their palace sold for a tiny €1 Million and all of their €80 million debt wiped!

    Isn't it nice that the average Joe has to jump through hoops to get 50 grand of debt wiped with the banks blessing, but the very people who were the architects of the destruction of the Celtic tiger can have 80 million wiped just like that!

    It would also be interesting to know who gives their blessing to having millions of debt wiped just like that, and who allowed a property worth far more than 1 million to be sold for such a low sum and to who!

    Its a great recovery, for some.




    The Sunday Independent has confirmed that the 200-room resort "showcasing Palladian-style architecture" – and which has two championship-calibre golf courses and a Gordon Ramsay signature restaurant – has been sold for €1m and had all of its estimated €80m debts wiped.
    Ritz sold for

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    Politics.ie Member statsman's Avatar
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    Quote Originally Posted by operationbustnation View Post
    What a recovery!

    Well for some folk that is, The owners behind the Ritz-Carlton have had their palace sold for a tiny €1 Million and all of their €80 million debt wiped!

    Isn't it nice that the average Joe has to jump through hoops to get 50 grand of debt wiped with the banks blessing, but the very people who were the architects of the destruction of the Celtic tiger can have 80 million wiped just like that!

    It would also be interesting to know who gives their blessing to having millions of debt wiped just like that, and who allowed a property worth far more than 1 million to be sold for such a low sum and to who!

    Its a great recovery, for some.






    Ritz sold for
    However, last night a spokesman for Brehon Capital Partners (BCP) disputed that sale figure, saying it was "way off".
    Put a thief among honest men and they will eventually relieve him of his watch. Flann O'Brien

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    Thats the sale figures, as for the 80 million of debt wiped?

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    Dylan2010
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    for a million i'd buy it myself and set up a crθche called Little Agusta

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    Quote Originally Posted by operationbustnation View Post
    What a recovery!

    Well for some folk that is, The owners behind the Ritz-Carlton have had their palace sold for a tiny €1 Million and all of their €80 million debt wiped!

    Isn't it nice that the average Joe has to jump through hoops to get 50 grand of debt wiped with the banks blessing, but the very people who were the architects of the destruction of the Celtic tiger can have 80 million wiped just like that!

    It would also be interesting to know who gives their blessing to having millions of debt wiped just like that, and who allowed a property worth far more than 1 million to be sold for such a low sum and to who!

    Its a great recovery, for some.






    Ritz sold for


    Tell the truth!

    You're just jealous.
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    Politics.ie Member Niall996's Avatar
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    Why isn't the headline, Ritz Carlton sold for 81million? If it was in debt by 80million and NAMA sold it for 81million, have they not made a profit of 1 million for the state?

    Or are they saying that they literally gave it to someone for a million and the 80million debt was written off? I find a lot of these property headlines very unclear and dubious.
    Bringing reconciliation, mutual respect and cross community understanding to Northern Ireland through facts

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    Politics.ie Member statsman's Avatar
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    Quote Originally Posted by operationbustnation View Post
    Thats the sale figures, as for the 80 million of debt wiped?
    I imagine the owners were bankrupt, so there is nobody to reclaim the debt from. Better to get it reopened as a working hotel than to leave it lying empty, surely?
    Put a thief among honest men and they will eventually relieve him of his watch. Flann O'Brien

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    Quote Originally Posted by Niall996 View Post
    Why isn't the headline, Ritz Carlton sold for 81million? If it was in debt by 80million and NAMA sold it for 81million, have they not made a profit of 1 million for the state?

    Or are they saying that they literally gave it to someone for a million and the 80million debt was written off? I find a lot of these property headlines very unclear and dubious.
    According to this, it was 47m.

    The Ritz-Carlton Powerscourt in liquidation – Ireland – Dissolve
    Put a thief among honest men and they will eventually relieve him of his watch. Flann O'Brien

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    Quote Originally Posted by statsman View Post
    I imagine the owners were bankrupt, so there is nobody to reclaim the debt from. Better to get it reopened as a working hotel than to leave it lying empty, surely?
    But 80 million of debt wiped?

    Meanwhile in the real world poor Joe is squeezed till he pips, and then the likes of Shatter says Debtors should sell their personal jewellery to get relief

    Did these lads qualify for the New insolvency legislation , or is there a separate law for the rich?

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    Quote Originally Posted by operationbustnation View Post
    But 80 million of debt wiped?

    Meanwhile in the real world poor Joe is squeezed till he pips, and then the likes of Shatter says Debtors should sell their personal jewellery to get relief

    Did these lads qualify for the New insolvency legislation , or is there a separate law for the rich?
    Bankruptycy and insolvency are not the same thing.

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