• Home
  • NAMA property for sale
  • About
  • The Developers
  • The Tranches

NAMA Wine Lake

Click the green link above for latest news and over 2,600 related articles. NAMA – National Asset Management Agency – part of Ireland's response to its banking crisis and property bubble

Feeds:
Posts
Comments
« Just how bad are RTE’s finances?
Former FF minister says ECB threatened Ireland with withdrawal of bank funding in 2010 »

Paddy McKillen provides wine from his own vineyard to glitzy New York society event

April 14, 2013 by namawinelake

The important news is that Irish Bank Resolution Corporation is nearing its 6-week window which it was giving its large borrowers to refinance their loans, and developer and businessman Paddy McKillen is reported to be amongst IBRC’s largest borrowers with personal loans, variously reported at €300-370m and corporate loans reported at €550m. But all that horsetrading is taking place behind closed doors, though after recent injunctions and freedom of information requests, the participants on the IBRC side know that their actions will be closely scrutinized for probity.

So, it really is just flim-flam to re-report Paddy’s attendance at a New York society event this week where his pal and business associate Bono – seen here at the party, looking pissed (in an American sense) -was paying tribute to a Dublin artist Sean Scully who has one exhibition on the go at the moment and is opening a new exhibition of his work in New York shortly.

The 400 guests at the event included Michael Stipe of R.E.M.- fame, and our own Paddy, who Bloomberg reported, donated wines for the evening from his Chateau La Coste in France. Other guests included Eric Rudin of Rudin Capital Management. We’re all still wondering where Paddy found the readies to fund a rights issue at Coroin last year, and given the judge in Paddy’s High Court action didn’t seem very impressed with the adequacy of Paddy’s access to finance to buy Derek Quinlan’s shares, we’re left scratching our heads wondering how Paddy came up with €65m equivalent in December 2012 to meet his allotment under the rights issue and defeat a clear attempt by the Barclay brothers to dilute him.

Paddy’s vineyard at Chateau La Coste near Aix-en-Provence is part of a 600-acre development dubbed “Xanadu” which features architecture and sculpture on a sublime scale, including sculptures by moonlighting REM-frontman Michael Stipe.

Advertisement

Share this:

  • Twitter
  • Facebook
  • Reddit

Like this:

Like Loading...

Related

Posted in Banks, Developers, Hotels, Irish economy, Non-Irish property | 6 Comments

6 Responses

  1. on April 14, 2013 at 9:13 am Jonnyforeigner

    Disappointing to see you blog lose its focus. What began as an informative serious report on the economic and political developments of the economic crisis seems to have progressively descended into trashy tabloid reports and caricatures. This seems to be the clearest example yet. Many of Ireland’s leading figures in business have interests in the arts, sport or elsewhere but their daily activities is of little interest to namawinelake beyond gossip. It’s a shame, as I found this site very a interesting insight into the Irish situation.


    • on April 14, 2013 at 9:43 am namawinelake

      @Jonny, thanks for your insight. There are at least three matters of interest in the blogpost above for the general audience on here, the main one being the fact that Paddy seemingly has a very large debt to the State because of the clownish nationalisation of IBRC and he has assets including the odd Xanadu project and it is helpful to keep that in mind; two other matters are less obvious, but trust me, they are there.


      • on April 15, 2013 at 5:15 pm Paul K

        I agree with JF : Is he paying his debts? Has he defaulted? If not then I suggest that his personal spending habits are about as relevant as any mortgage holder with AIB.

        it seems to me that he is in sharp contrast to his former business partner who is still sitting on his “fat @rse running up expensive hotel bills”


  2. on April 14, 2013 at 10:46 am Camella Cummins

    like the need to change the limited liabilty law????Yes Mr. Burke ,we do understand it.The late Sam Mc Cormick explained it to me many years ago. About the same time he was explaining why a particular politician was “taking tea” just before an election. The same politician who replied, when I asked him ,why Fine Gael did not go more robustly after the source of Mr. Haugheys money replied “because we do not know what might fall out of ou rown cupboard”


  3. on April 14, 2013 at 7:12 pm OMF

    My own opinion is that Paddy McKillen is not living this high on the hoc _despite_ the debts he ran up for the Irish people.

    My opinion is that he is living high on the hoc, _because_ of the debts he ran up for the Irish people.

    One way or another, we’re paying for that vinyard, and that wine; Make no mistake about it. The best thing Mr. McKillen could do for the rest of us is to stay in his chateaus abroad and never come back.


  4. on April 15, 2013 at 8:12 am Barry

    BTW, have you ever drunk the La Coste wine? Its about suitable for wanabee New Yorkers (and Bono)….



Comments are closed.

  • Recent Posts

    • Test – 12 November 2018
    • Farewell from NWL
    • Happy 70th Birthday, Michael
    • Of the Week…
    • Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of European Commission commitments
    • Gayle Killilea Dunne asks to be added as notice party in Sean Dunne’s bankruptcy
    • NAMA sues Maria Byrne and Graham Byrne in Dublin’s High Court
    • Johnny Ronan finally wins a court case
  • Recent Comments

    Wisemama on Eddie Hobbs’s US “partner” fir…
    Dorothy Jones on Of the Week…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    John Foody on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Frank Street on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    John Gallaher on Of the Week…
    John Gallaher on Of the Week…
    who_shot_the_tiger on Eddie Hobbs’s US “partner” fir…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Brian Flanagan on Of the Week…
    Robert Browne on Gayle Killilea Dunne asks to b…
  • Twitter Updates

    Tweets by namawinelake
  • Click on date for that day’s posts

    April 2013
    M T W T F S S
    1234567
    891011121314
    15161718192021
    22232425262728
    2930  
    « Mar   May »
  • Blog Stats

    • 5,119,917 hits

Create a free website or blog at WordPress.com.

WPThemes.


Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • NAMA Wine Lake
    • Join 1,326 other followers
    • Already have a WordPress.com account? Log in now.
    • NAMA Wine Lake
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: