Or to be more accurate, property developer/investor and former tax inspector Derek Quinlan told the High Court in London yesterday that what some might see as a “lavish lifestyle” was in fact a necessity to avoid potential buyers seeing you as a distressed seller and consequently submitting low-ball offers. He was giving evidence in the marathon case that developer/investor Paddy McKillen is taking against the billionaire Barclay brothers to stop them taking control of the hotel group which owns three 5-star London hotels.
In recent days it has emerged that when the Irish banking/property sectors imploded in 2008, Derek Quinlan was one of the largest-scale borrowers in the Irish property mania, the shadow of which was cast across the globe. He is reported to have owed €3.2bn to Irish banks in 2009 but has subsequently repaid €2bn of that, so there has been a lot of disposal activity. And Derek says that maintaining his lifestyle was vital to obtaining the best prices.
A spokesman for NAMA was asked if the Agency had any plans to reverse the approach outlined by its chairman Frank Daly who told an Oireachtas committee in 2010 that NAMA was forcing developers to sell off their status symbols – “the jets, yachts, Bentleys or whatever are not supported by NAMA and in many cases we will insist they are sold by NAMA to reduce the level of indebtedness” I’m not holding my breath for a comment!
The Paddy McKillen case is set to wrap up over the next day or two with a judgment expected in June 2011.
NAMA Wine Lake 
A quick glance through the Irish Aviation Authority Register proves that a lot of developers still have ownership of Helicopters,Jets ect
They to have mostly got rid of them in Northern Ireland
http://www.housepricecrash.co.uk/forum/index.php?showtopic=177737&pid=909018662&st=0&#entry909018662
@NWL apoligies,but basically in my opinion its a medical condition……he’s a dick.
“Phallic narcissism
Wilhelm Reich first identified the phallic narcissistic personality type, with excessively inflated self-image. The individual is elitist, a “social climber”, admiration seeking, self-promoting, bragging and empowered by social success.
According to Otto Fenichel, ‘Phallic characters are persons whose behavior is reckless, resolute and self-assured – traits, however, that have a reactive character: they reflect a fixation at the phallic level, with overvaluation of the penis and confusion of the penis with the whole body’.[42] Fenichel stressed that ‘an intense vanity and sensitiveness reveals that these narcissistic patients still have their narcissistic needs…for which they overcompensate’.”
http://en.wikipedia.org/wiki/Narcissism
John is spot on… I learned about this behaviour via an ex a few years ago. Steep learning curve, short lived :) Can also be seen in some of our tv presenters on rte1 who like to deflect questions about chips on the shoulder to others.
It’s all lies. I’ve seen him visiting Bono and Sheikh Nahyan bin Mubarak Al Nahyan on the yacht in the Med in his old battered Ford Cortina – the new signature car much loved by ex-developers.
@ NWL,
I read this bit over the weekend:
“Mr Quinlan received €2m in loans in 2010 from four Irish businessmen to fund what Nama called “day-to-day expenses” in an epic courtroom battle in London for the Maybourne hotel group last week.
The Sunday Independent understands that one of the four people who loaned Mr Quinlan money was Denis O’Brien, the telecoms entrepreneur. Mr O’Brien, Nama and Mr Quinlan all declined to comment.
The money from the four businessmen was used to fund the financier when he needed to hire up experts to help him repay the billions he owed the taxpayer as well as pay his travel bills.”
This seems odd. If you’re loaning someone money, typically you do so in the expectation of getting it back. If Mr Q is broke and looking for day to day cash, then a lender should question the likelihood of being repaid. Otherwise, it seems like charity. Is it plausible that DOB et al couldn’t identify more deserving causes? I should friend these folk on facebook.
It looks more like an entrepreneur helping another out till he gets back on his feet. Maybe there is some mutual respect and a desire to see someone get a fresh start.