Comments on: NAMA considering future of QIFs, now that REITs are being introduced

By: Dorothy Jones

Dorothy Jones — Fri, 25 Jan 2013 17:03:37 +0000

JM seems to be one of the untouchables. He was around a lot in my previous job; saw him operate. Now on a pedestal again..nope I don’t get it either.

By: namawinelake

namawinelake — Fri, 25 Jan 2013 16:21:29 +0000

@John, yes it was by invitation only

“Bill Nowlan of WK Nowlan Property Asset Managers is chairman of the REITS Forum which is holding a conference next week (by invitation only)”
http://www.irishtimes.com/newspaper/commercialproperty/2013/0116/1224328897439.html

By: john gallaher

john gallaher — Fri, 25 Jan 2013 16:19:25 +0000

Here is his area of ‘expertise’….interesting topic one wonders what he had to say ..
“NAMA and the role of REITS”,JM had the floor for almost an hour..did he then actively participate in the q and a session with Peter Collins,MD of Kennedy Wilson Europe ?
http://www.irishreits.ie/agenda.html

Given the history of backroom dealings in Ireland,is it appropriate that the most senior NAMA RE chap attends these events ‘speaks’, yet their in NO record of what he actually said…. bizarre almost comical if the taxpayers was not paying for his big day out w/o notes.With the advances in technology and the very deep pocketed influential cast sponsoring this event,they should provide a live feed…no recording of this at all ?

Checked their website no list of attendees or info on how much it cost,does not appear ‘open’ was it by invite only…..what a strange waste of a day by John Mulchacy.

By: namawinelake

namawinelake — Fri, 25 Jan 2013 15:49:47 +0000

@John, seems there is no transcript of what John Mulcahy said at the conference. He didn’t speak from a script, if you were unkind, you might say he winged it, but at this stage of his career, John Mulcahy could probably wing more expertly than most carefully prepared scripts.

By: john gallaher

john gallaher — Fri, 25 Jan 2013 14:54:30 +0000

@NWL its confirmed Ireland’s RE oracle ‘spoke’ in a hushed tone at this ‘insiders’, NCB sponsored event for 45 minutes…its ‘rumored’ slides were involved too…

I was reliably told that he issued a mea culpa for advising NAMA to overpay for its ahem ‘assets’ and took full responsibility as is common in Ireland :)

As he is rapidly approaching or may have passed the mandatory retirement age for most large organisations..whats NAMA’s succession planning or is JM intending hanging around into his late 70′s.Given his millions and millions of JLW stock,why is he still hanging around,its not ‘ageism’ simple fact performance declines with age…. why you think Viagra was invented….NAMA should release his paper today,it was on the taxpayers time,prepared by NAMA staff and presented in a public forum.

NAMA overpaid for its loans,JM was one the principal advisers its going to ‘lose’ another 10 BILLION.Why is no one ever held responsible for an epic fail like this in Ireland.

By: namawinelake

namawinelake — Fri, 25 Jan 2013 14:33:55 +0000

@John, the transcript of John Mulcahy’s speech has been requested from NAMA. Will probably be worth a blogpost if it is provided.

By: john gallaher

john gallaher — Fri, 25 Jan 2013 14:28:35 +0000

Oh look they even have a web site….here are all the other presentations except Mulchay’s…

http://www.irishreits.ie/conference-presentations.html

“This event is organised by the REITs Forum – a voluntary group of industry participants Chairman Bill Nowlan (ex-President of European Society of Surveyors). The panel discussion on the situation surrounding new REIT structures in Ireland will include Irish Stock Exchange, tax advisor (KPMG), lawyers, stockbrokers (NCB – subsidiary of Investec). CEO of Kennedy Wilson Ireland.”

This is an absolute fu**ing disgrace that JM would fraternize at these events,did he amuse his rapt audience with some jovial tales…wing it with a few one liners..come on NAMA more was expected.
Wheres his speech then ….

By: namawinelake

namawinelake — Fri, 25 Jan 2013 13:51:30 +0000

@John, perhaps it was a good time for John to catch up with former NAMA employee, Kev and ask how Nowlan junior’s deposing in the Dunnes case in the US was going…

By: John Gallaher

John Gallaher — Fri, 25 Jan 2013 13:29:25 +0000

Here’s the info on the above “gig” if the Irish Times publishes another piece by the most boring man in the world I’m canceling my subscription ….is this really the best use of Mulchacy’s time really!
http://www.epra.com/events/irish-reits-conference/

By: John Gallaher

John Gallaher — Fri, 25 Jan 2013 13:18:35 +0000

Some slides and a suggestion that Ireland becomes a REIT “hub” hasn’t a clue the poor chap…..
http://www.finance.gov.ie/documents/publications/presentation/2013/JMpresentation.pdf
Checked the NAMA site perhaps they will release after a FOI..oh that won’t work..the musings of their extremely well remunerated expert.At least the DofF puts it up there to read.