Comments on: Receivers appointed to Clery’s on O’Connell Street

By: anonym

anonym — Fri, 21 Sep 2012 23:36:56 +0000

Unfortunately I don’t think this is going to resemble your first recession. It’s more likely to look like Japan’s 1990s – and 2000s, and still current – recession.

By: JP

JP — Wed, 19 Sep 2012 11:17:48 +0000

There was a piece in the FT last week about distressed debt investors creating residential mortgage funds in the US. The firm quoted in the peice said it was looking at Europe (Ireland included) but hadn’t committed yet because the bottom hadn’t arrived,

By: Corazon

Corazon — Wed, 19 Sep 2012 09:35:38 +0000

American Real Estate Investors Seek Opportunities in European Debt Crisis

Interesting piece from NY Times on Gordon Bros type of investors heading our way.

http://www.nytimes.com/2012/09/19/realestate/commercial/american-real-estate-investors-seek-opportunities-in-europes-debt-crisis.html?_r=1&adxnnl=1&ref=business&adxnnlx=1348046211-nO3BtqJ+3JxF4Dv9Y+GDzQ&gwh=4240255B4FEA420E9881163A7984F8B0

By: John Gallaher

John Gallaher — Tue, 18 Sep 2012 23:57:40 +0000

@WSTT no rush NWL will do something later on the current legal situation,looks like it has a while to run yet,but thanks.

You identified the funding “cliff” who is going to lend against Irish RE,who is going to buy it ?
In many situations the most logical buyers are the original developers,benefits the economy too.Overseas investors may have some interest in “trophy” assets with below market financing from NAMA,but that’s hardly a plan or solution.

Unfortunately,I was head of acquisitions and approved a golf course and multi family deal that about two months after closing was dramatically off pro forma.
The seller a well know institution had provided us with,shall we say overly optimistic historic performance numbers.However,the course would have had to been packed day and night instead of the few lost tourists puttering around,I should have caught it.

Submitted resignation letter,was told go out buy some more,the bank and investors did not panic or personalize it.We subsequently purchased many more assets,pooled a few good ones with the dog,sold them and everyone did great.

NY and Toronto are packed with highly talented Irish graduates,it’s not the paddys with the shovels anymore but a whole lost generation of extremely talented,bright and energetic people,who sadly to say despair and despise the current situation in Ireland.

Your favorite ice skating rink will be open shortly,let me know in advance about your next visit,I’m on the road a lot.

By: who_shot_the_tiger

who_shot_the_tiger — Tue, 18 Sep 2012 23:11:41 +0000

P.S. It beggars belief that NAMA does not see the benefit in allowing its debtors to refinance their debt and participate in purchasing at the bottom of the market to allow them to make money in the upturn that will inevitably come. If the proceeds of that upside were shared with NAMA by agreement it would go a long way to help to reduce NAMA’s shortfall. Instead the attitude is to disallow any participation in the market and prevent the current debtors from making money. “Over our dead body,” “Anyone but the current borrowers” etc”.

When I hit my first recession many years back, I went into my banker at the time and told him that I was screwed (or words to that effect). He told me to pidgeon-hole the shortfall, get back to work and find a deal that would repay the bank. It was an enlightened view. One that NAMA sadly lacks to its own detriment. I believe that it is known as “cutting off your nose to spite your face”. Or maybe it is just as you say, antagonism and lack of any practical commercial intelligence.

By: who_shot_the_tiger

who_shot_the_tiger — Tue, 18 Sep 2012 22:56:14 +0000

@JG, I’ll get the numbers, John. The original plans were for a different era. They need re-thinking.

By: John Gallaher

John Gallaher — Tue, 18 Sep 2012 22:30:40 +0000

@WSTT apologies that made no sense,was mobile,,the offshore corporation was founded in the British Virgin Islands,that was referenced on other post.Lucky enough to have spent some there,specifically again at a bar ironically called The Bitter End.We might run an oul pencil over that site,more as it evolves,so perhaps a pint on me at his local the Four Seasons!
The austerity budget may strength to a bowl of soup even,but any competent buyer would want to talk to him and Rene,such a waste that Anglo/NAMA won’t utilize the skill set and knowledge of their clients,it does not always have to be antagonistic.

By: John Gallaher

John Gallaher — Tue, 18 Sep 2012 22:04:50 +0000

@WSTT send him my warmest regards and best wishes,the sailing in the BWI’s is very good.Rene must have enjoyed the Bitter End bar if he visited when incorporating !

By: who_shot_the_tiger

who_shot_the_tiger — Tue, 18 Sep 2012 21:52:11 +0000

@JG, Read it when it was first printed and bought it again last year as the characters found new life in recent times in Ireland. Your friend Paddy had never read it so I gave it to him for Christmas :-)

By: john gallaher

john gallaher — Tue, 18 Sep 2012 21:44:49 +0000

@Bunbury,fortunate enough to have done a lot of work in the ‘south’,so the book resonates even more.Have had a drink or two at The Atlanta Driving Club,Capital Cities etc.
Completely agree,most of the Irish characters or composites of them,can be found here,the ‘bullying’ banker scenes among my favorite.I actually got to like old Charlie,which I guess is part of the genius of Wolfe.
Living in NY,at the time of “Bonfire” it captured a particular time and place extremely well,but agreed I Prefer A Man in Full.