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« NAMA has receivers appointed to controversial developer’s assets
The Sean Dunne statement of financial affairs – analysis »

Sean Dunne finally files his statements of financial affairs – he owes $0.9bn and has $0.1bn of assets

May 3, 2013 by namawinelake

SDThisIsHowItEnds

This evening, we finally have Sean Dunne’s various statements of financial affairs. There is something deeply sad about exposing the financial minutiae of a well-lived life, and the information is brought to you here because Sean owes NAMA, and by extension the Irish state, €185m. Comments will be strictly policed, remember this is a man’s life, or at least the financial aspect of it.

The statements are lengthy at 53 pages and are brought to you here.

In summary, Sean apparently estimates his liabilities at USD 942,204,885 and his assets at USD 55,214,829 though on some summaries there are different figures.

Sean has USD 960 of cash on hand and his bank accounts disclosed have all been frozen. Amongst his listed assets are  “Daily Mail Defamation Claims” – note the plural – and overpaid fees to Dublin solicitors Beauchamps.

There will be analysis here tomorrow – there is a LOT of information in the statement.

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Posted in Banks, Developers, Hotels, NAMA, Non-Irish property | 4 Comments

4 Responses

  1. on May 3, 2013 at 11:03 pm Donal

    Hey there — are assets not $55.2 million, rather than $14 million?


    • on May 3, 2013 at 11:05 pm namawinelake

      @Donal, there are different totals on different schedules and am analysing them now. I understand the US forms are complicated and there may some gross or netting off for other parties’ interests. Bear with me.


  2. on May 3, 2013 at 11:56 pm V.H

    Forgive me but the State is on the hook because it choose to eat the bank losses rather than allow them to shake out in fire sales. I no longer consider what the developers did as being anything other than what developers do. The error in this is sited elsewhere and no amount of spin will convert bankers into what we need and that’s entrepreneurs.


  3. on May 4, 2013 at 12:31 am Dorothy Jones

    Old Media is following analysis here very carefully



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