This is a first.
NAMA was reportedly in the High Court yesterday where it was trying to get receivers appointed to….three items of jewelry owned by wife of developer John McCabe. Mrs McCabe or Mary, was the subject of a €20m judgment late last year, and NAMA wants the jewelry – said by Mary to be worth €140,000, but said by NAMA to be worth far more than this – to be used to help pay down this €20m judgment.
The three items of jewelry comprises, according to the Independent, an 8.38 carat (presumably diamond) ring, a necklace and a bracelet. Below is a chart showing the actual sizes of various carats – 8.38 is big.
The redoubtable Judge Kelly was presiding, and he accepted NAMA’s case and Jim Hamilton of BDO was appointed receiver to the three items of jewelry. NAMA had claimed that unless it had receivers appointed, the jewelry might not otherwise be available to the Agency to set against the €20m judgment.
The McCabes, father John and Mary and family were subject to a barrage of law suits from NAMA last September 2012 in Dublin’s High Court. There had apparently been some shady business where a Middle Eastern company that was supposed to be helping refinance the loans to John’s company but instead pocketed an advance fee and in October 2012, NAMA obtained judgments of €270m against the McCabes amidst allegations of assets being placed beyond NAMA’s reach, and within that €270m judgment, Mary was hit with €20m.
John McCabe was one of the most successful developers during the Celtic Tiger years and was reportedly one of the ten customers of Anglo who comprised the Maple 10 , who were provided with loans by Anglo to buy part of Sean Quinn’s stake in Anglo.
NAMA Wine Lake 
What a bunch of w*nkers! Just done for spin and to cause maximum upset to the missus. Who in their right minds would work with scum like that.
Hmm. Looks very much like trying to put assets beyond reach. How does this differ from the behaviour of the Quinns?
@PJ, I don’t see how the conclusion that she was putting assets beyond reached can be supported. She declared the jewelry and NAMA were aware of it. She valued it at €140,000, which is not small potatoes. Diamonds are assessed not just by size, which is where the ignoramuses in NAMA are focused and flawed (no pun intended) but also by cut, clarity and colour.
This receiver appointment was made for a number of reasons, none of them morally justifiable. It was initiated to ensure maximum exposure for the NAMA bullies and to subjugate the McCabes to derision and to humiliate them. It is the modern equivalent of putting the missus in the stocks for the distraction and delectation of the masses and to keep the natives quiet while NAMA dissipates the taxpayers money in undisclosed sweetheart sales elsewhere. The circuses in Rome are in the halfpenny place compared to our modern masters of distraction.
NAMA should be ashamed.
NAMA are knackers at this point. What absolute and personal and derogatory bullshit.
Mr Kelly proves himself yet again to be a lackey of the establishment and old Ireland. A ring…in all seriousness the man is but a pickpocket catering to the needs of the unwashed and their masters.
Btw WSTT welcome back, your posts have been missed!
“Last October, John McCabe was ordered to repay amounts totalling more than €100m to Nama arising mainly from loans to companies in his building group and his personal guarantees of loans.
The agency also secured summary judgment orders in various sums against Mrs Ms Cabe and the couple’s children related to various loans and guarantees. The McCabes group of companies owe Nama more than €235m arising from a series of loans and guarantees, most of which were advanced by the former Anglo Irish Bank (now Irish Bank Resolution Corporation) with others advanced by Bank of Ireland and Allied Irish Banks.
Nama says only a sum of €347,340 has been paid towards discharging the judgments obtained against Mrs McCabe. ”
“Mr Justice Kelly said it was an unusual application but he was satisfied to make the orders sought.
He noted two judgments for sums totalling more than €20m had been entered against Mrs McCabe last year and she had failed to disclose the jewellery in her first statement of affairs but did so in her second”
http://www.irishtimes.com/newspaper/breaking/2013/0131/breaking62.html
Amazing that these people are still trying to flout the courts.
How are they still flouting the courts? The jewellery was disclosed. This action is to make a point and to set a public example.
They are flouting the courts because they are in breach of an order of the court to pay the amounts owed while at the same time retaining valuable assets. If it was a €140k apartment in Dubai rather some obscenely bling jewellery would anyone question NAMA’s actions in appointing a receiver? I’d also be curious to know when the jewellery was purchased.
“If it was a €140k apartment in Dubai rather some bling jewellery would anyone question NAMA’s actions in appointing a receiver?”
Exactly.
@otto, If it was an apartment in Dubai, NAMA would not have indulged the media with this amount of spin. Mary McCabe could have sold this through O’Reilly’s or Sotheby’s without the humiliation. Instead the bully boys of NAMA chose to set an example. It’s got nothing to do with the value of an asset and everything to do with abusing the “relationship” with a debtor who, by all accounts, has been co-operating with the Agency fully.
It beats me why the NAMA borrowers put up with this vindictiveness from a shower that never took a chance in their lives and couldn’t get a job anywhere else. Twelve months in the UK and it’s over. Give them the finger, take the ferry, drop the ring into the Irish Sea and take an extended break in the Cotswolds!.
If Nama genuinely believe the jewellery in question is worth considerably more than €140,000, surely they are right to pursue it? It seems on this, they’re damned if they do and damned if they don’t.
Bullied into consenting to judgment now this. The public humiliation directed at the McCabe’s will hardly endear NAMA to any other developers who are still co-operating – more trips to London I would suspect. I wonder how much the Receivers are going to charge NAMA for the privilege.
So NAMA decides to go after this woman for her diamond ring worth a couple of hundred thousand Euros and yet they turn a blind eye to the £3million in secret payments Derek Quinlan’s wife admittedly received from the Barclay Brothers. NAMA certainly can’t be accused of being even-handed…….
Well it’s about time someone is starting to realise what sort of shower these individuals in NAMA are all about .
It’s amazing how Ireland has become such a modern day communist country .
Here is a man and his family who have worked hard all there life and employed so many people which is always forgotten about ,having to go through so much pain and anguish not alone public humiliation to be treated like this ..over jewellery which they have worked hard for .The country is full of begrudgers ,so Irish.
Well NAMA how far do you go to see someone in a grave before your satisfied with your actions.
I think its time all developers & co start standing up to these people or else these little Hitlers are going to destroy this country.
I guess not in your are NAMA’d…..tks WSTT for xpat shield.
http://m.youtube.com/#/watch?v=RTIu_wwxkQI&desktop_uri=%2Fwatch%3Fv%3DRTIu_wwxkQI