Poor old Bernard was one of the first mega property developers to admit he had problems back at the start of 2010. Since then, the banks have been working through his outstanding loans. Receivers have since been appointed by the banks to his properties. In the past three months, three of Bernard’s hotels – the Burlington in Dublin, the Parknasilla in Kerry and the Cork International – have all been put up for sale. At NAMA too where Bernard is understood to be a Top 10 developer, the Agency has foreclosed on his loans, including loans on the former Irish Glass Bottle site in Ringsend in Dublin and the Elm Park development in Ballsbridge. And the last we heard of Bernard was that he was carving out a new fortune in Nigeria – it should be said that the McNamara company operating in Nigeria has played down Bernard’s involvement and it is unclear if he is currently has any formal role in the Nigerian business. And that was that.
However yesterday in Dublin’s High Court, NAMA made an application against the Clare developer personally. The sole applicant in the matter – case reference 2012/3412 S – is National Asset Loan Management Limited which is represented by Irish legal powerhouse Arthur Cox solicitors. The sole respondent is Bernard McNamara personally. As is usual in recently filed cases there is no solicitor on record for the respondent.
In the past, NAMA has taken legal action against individuals to enforce personal guarantees or to secure personal judgments, but it should be stressed that we do not know if either of these objectives lies behind the current application. NAMA generally doesn’t comment on individual legal cases.
So far this year, NAMA has launched 22 separate actions in Dublin’s High Court and has been on the receiving end of six.
Very sad to see Bernard McNamara in this position. I had the pleasure of working with his firm on projects in Dublin in the nineties. “Tough but fair” was how he came across over the course of several months of contact. A professional contractor, a competent developer and straight down the line on all matters. Whether it was problems with the build or legal issues that needed to be nailed down and solved, you could discuss anything with him frankly and he would listen well and understand the position.
When you see competent businessmen like him being laid low like this you have to pause, think a little then turn around and point towards the proximate causes – the sellers and promoters of securitized sub prime mortgages from the United States – the criminal, drug-money-laundering banks and fraudulent credit ratings agencies. Those scumbags have a lot to answer for. Even in their own country they are pariahs and for very good reasons. Cold, clinical sociopaths the lot of them,.
Those reported fraudsters in Goldman $ach$ are some of the worst. They promoted the Triple AAA Sub-Prime Mortgages as securitized assets while taking positions against them. Obama’s Justice Department has stopped the investigation into their culpability for this present economic crisis – a “continue as before” signal if ever there was one to a criminal organization who has cost the world we live in its prosperity. And even now their former minions are the technocrats advising and running/ruining Europe. This isn’t going to end well, is it? Someone needs to stop these fools before their addiction (and it clearly IS and addiction) to gambling, power and money destroys the world.
At the very least we should send the perpetrators a bill for the debts we’ve incurred and the income we’ve all lost in the past four years. Sue them. Tax them. Regulate them. Control them. Or they will destroy our world as we know it.
@Michael O’Neill ah now steady on,’Mac’ ‘acquired’ quite the taste for the finer things in life,but then again for all the homespun ‘country boy’ nonsense, he did grow up with a silver spoon.No one held a gun to his head told him to borrow ALL that money,inflate prices further.
If he had hit his ‘number’ nothing or no one prevented him selling or cashing in, too enjoy the glass retractable dance floor above the indoor pool,in leafy Ballsbridge,no doubt exhausted from the chopper ride!
Regarding,GS you may ask what Davy was doing raising all that money for Mac at the top of the market,send them your bill.
But if there was modern BK legislation,he would be allowed file get a fresh start and get back working and employing people,now that’s a real tragedy as he is undoubtedly a talented builder.
Somehow I get the feeling that Bernard McNamara is getting a level of attention that is not being meted out to other more ‘flamboyant’ developers. Developers than use the corporate structure to wondrous effect.
How many other NAMA top ten, for example, have now lost their homes?
Perhaps, it is all pari-passu, but I have my doubts.
McNamara has said many times in his defence that he used the ESRI projections,at the time, to influence his company’s build program.
Anybody in the ESRI lose their family home yet?
Not that I would wish it on anybody.