They were filed in Connecticut late last night, and are available here – at 53 pages, might take a moment to download. The figures below are all in United States Dollars (USD) though Sean says in his statement that he used an exchange rate with the euro of USD 1.2798 and with sterling of USD 1.51. The value of real estate is, according to the statement, the same as was given to NAMA in December 2010 and has not been updated. Sean may sue other people, and he alerts us to that fact, “despite his reasonable efforts to identify all known assets, the Debtor may not have set forth all of his causes of action or potential causes of action against third parties as assets in his Schedules and Statements.”
Sean says that his USD 41m of “real property” against which there is a total of USD 745m of secured claims. What a sobering statement. The property includes a site at 72-80 North Wall Quay in Dublin currently worth less than USD 1m but with a secured claim of USD 282m, that’s a 99.7% decline from the secured amount. The main property comprising the USD 41m is Ouragh at 20a Shrewsbury Road valued at USD 10m and said to be his principal private residence – Certus is said to have a USD 15m secured claim on this property; land and sites at Charlesland in Wicklow of USD 8m, the Charles Retail and Leisure Centre of USD 5m and four apartments at Hollybrook on Brighton Road in Foxrock of USD 3m.
Sean’s non “real property” of USD 14m includes USD 960 of cash; most of the bank accounts are frozen, but interestingly, he has a measly USD 15 in People’s United Bank, the bank which the trustee has sought a subpoena to question. There’s a USD 1m pension pot at DCD Builders. He has listed a USD 12m claim against Kildare County Council as his main, non-real estate asset. This is a claim jointly with Sean Mulryan against Kildare CC and Sean describes it as a “50% Interest in Newbridge Inner Relief Road (counter claim against Kildare County Council Levies) constructed in lieu of levies for Whitewater Shopping Center”. Dublin solicitors, Beauchamps are said to owe Sean USD 53,572 in “overpaid legal fees”. There’s an insurance claim outstanding in respect of Sean’s home on Shrewsbury Road.
The vast majority of what would have been considered Sean’s assets, his developments, have now mostly been placed under the control of his creditors and are not included in the above, though they are itemized. Surprising not to see property in the UK or elsewhere, but perhaps it has all been disposed of as part of Sean’s efforts to repay his creditors.
The biggies are Ulster Bank owed USD 394m; NAMA owed USD 340m; Michael O’Flynn’s O’Flynn Construction owed USD 102m [UPDATE 4th May 2013] though it is understood that this loan was in fact provided by Irish Nationwide and has since been assigned to NAMA; Sean owes USD 50m to parties identified only as “A” and “B” resulting from judgments of the court in matters heard in camera, probably family law matters; Kildare County Council is owed USD 12m but there is a counterclaim against this;
Although not “biggies”, seems top-tier Dublin solicitors Arthur Cox are owed USD 1.5m; Bruce Shaw is owed a relatively small USD 12,798; the IDA is owed USD 140,778; it is “unknown” how much is owed to KPMG – this is the crowd who audited AIB, Irish Nationwide and Permanent TSB during the boom, who oversaw the balls-up at the Lotto draw recently, who believe IBRC’s loans are worth about 60c in the euro and who, we learned last week, have not yet raised a single fee note for their work on IBRC.
Ballymore’s Sean Mulryan is claimed to be a co-debtor on some of Sean’s obligations.
Income and expenses
Sean declares USD 808,000 of income in 2011 and USD 204,000 in 2012 and USD 66,000 in 2013. This includes sales of land, rental income and the USD 30,000 sale of a car in February 2013 to Mahoney Motors in Dublin – there is a Denis Mahony Toyota, Lexus and Mercedes group in Dublin, and maybe Sean means this, but it is not quite clear as Sean spells it Mahoney with an “e” and the group trades as “Denis Mahony”
Elsewhere Sean says he is now employed by Mountbrook USA as a project manager with monthly gross income of USD 8,333.33. In addition he shows his estimated monthly gross rental receipts at USD 13,670 which equals a mortgage payment of USD 13,670 shown under his monthly expenses. His itemized monthly expenses mostly comprise that mortgage payment, rent of USD 3,600 and life assurance of USD 1,007. His total monthly income is shown as USD 22,003 and his expenses at USD 21,807
Sean has to list current and recent law suits in his filing, and we learn that two defamation proceedings dating from 2006 against Associated Newspapers Limited, publishers of the Daily Mail and Mail on Sunday, are pending. There is also a case by Irishman, Sean Doyle against the Dunnes in a New York court, that case is in arbitration.
Where Sean lives
Sean was required to list his place address of residence for the past three years, and lists four addresses, one in Switzerland, one in Dublin and two in Connecticut – above. Interesting that he indicates that his residence at 526 Indian Field Road was January 2011 through to March 2013, but Sean was only required to provide addresses UP TO his filing for bankruptcy on 29th March 2013. Recent indications are that the Dunnes have now vacated this property.
Sean is required to provide “bookkeepers and accountants” kept records in the past two years and Sean merely lists two in a manner which doesn’t fully identify them “J Ryan Ireland” and “R Connolly Ireland” who are both described as providing services “periodically during the past two years”
Sean’s award-winning bankruptcy attorney, James Berman, says that he has already been paid USD 15,000 by Sean.
We cannot see much of the detail of who Sean co-owns some real estate property with, because the spreadsheet submitted to the court truncates descriptions. That will need be rectified.
Sean says his loans – just some of his loans from later on – from Bank of Scotland Ireland have been sold to a company called “Risali Limited” and if that is an Irish incorporated company, then it is the company incorporated in November 2012 whose directors are Wendy Merrigan and Rory Williams (43). According to the creditors listing included in the statement, he now owes USD 16.2m to Risali secured on property on Serpentine Avenue in Ballsbridge and a company called Breccia Limited.
The statement of financial affairs is electronically signed by Sean on 3rd May 2013, and his signing is “under penalty of perjury” with penalties of fines up to USD 500,000 or imprisonment for up to five years, or both”. There is a creditors meeting scheduled for 8th May 2013, and we should learn soon afterwards if issues are raised with the bankruptcy, though it should be stressed that it is for the trustee to decide how the bankruptcy will proceed.