EP Mooney and the Losses

Saab Ed

Clever business man who just got caught out or greedy lucky chancer who really didnt know what he was up to till it went t!ts up!!!! Read on....

http://www.independent.ie/business/irish/ep-mooney-co-group-directors-admit-bank-support-needed-after-huge-losses-2241365.html

Atlantic Dawn

I'd say if car sales continued at the same rate as in 2007 they might have been ok. I would "hope" this requirement would have formed some basis of a business plan which the bank would insist on prior to lending.

Big Nasty

Fair play for 'getting back in the saddle' and all, it just disgusts me that all their suppliers are left high and dry while they can resume trading under a new name. If you think about it it probably wasn't just local suppliers left out of pocket either - I don't see them with the Nissan franchise under the new regime.

shanemc1

Perfect example of your point is Tom Hogan Motors in Galway and Ennis, They go belly up suddenly 6 months later a new business comes along called Hogan Motors in Galway and Ennis (not sure if there's other locations) that actually undercuts the new main dealer! It must be so hard for the supplier's that had their own existence threatened to see this happen.

Saab Ed

shanemc1 wrote: »

Perfect example of your point is Tom Hogan Motors in Galway and Ennis, They go belly up suddenly 6 months later a new business comes along called Hogan Motors in Galway and Ennis (not sure if there's other locations) that actually undercuts the new main dealer! It must be so hard for the supplier's that had their own existence threatened to see this happen.

Yeah Im off the opinion that directors should be held responsible no matter how they try to hide their money. Too many little guys suffered and still had to pay their bills because of the recklesness of the like of Mooney.

Mooneys main business hasnt been cars for years , it was property. Now the employes suffered, the small suppliers suffered , we suffered ( Via Nama ) and he's still going. Lauded!!! He should be in prison for wreckless trading I say.

colm_mcm

Hogans in Ennis get their new and used cars form the UK, much the same as a lot of other non franchise dealers.

Difference is they still have their repeat customers.

Mike Litoris

The atrocious management in certain fourcourts didn't help either!

robtri

Saab Ed wrote: »

Mooneys main business hasnt been cars for years , it was property. Now the employes suffered, the small suppliers suffered , we suffered ( Via Nama ) and he's still going. Lauded!!! He should be in prison for wreckless trading I say.

he has the right to do whatever he wants with his company... I was not aware of any of his property being taken over by nama????
yep he still going fair play to him.

Guy:Incognito

MCMLXXV wrote: »

Fair play for 'getting back in the saddle' and all, it just disgusts me that all their suppliers are left high and dry while they can resume trading under a new name..

Is that not a bit contradictory? any business could survive and probably thrive if it just didnt pay it's bills, but just shut up shop screwing people every so often.

robtri wrote: »

yep he still going fair play to him.

Again, he's still going because he screwed people. Would he be still goign if he had to pay the €22m he owes?

If you want to get a mortgage and give me the money I'll set up a business. If it fails I'm going to tell you to take a running jump for your money. Would you be happy if I opened up the following monday again with a slightly different name? I assume your opinion would still be "fair play"?

Vertakill

Mike Litoris wrote: »

The atrocious management in certain fourcourts didn't help either!

Couldn't agree more.

Went into their bodyshop last year and after some lad quoting me on a repair, he turned to me and says:
"So... what is this exactly?"...
"Seriously?"
"Yeah, what is it?"
"A 350z..."
"Ohhhhh... like from The Fast and the Furious?"

I made up an excuse and left...

Even kids on the street could identify the car (despite it being debadged), yet an EP Mooney Nissan employee had to ask.

Saab Ed

robtri wrote: »

he has the right to do whatever he wants with his company... I was not aware of any of his property being taken over by nama????
yep he still going fair play to him.

Fair play to him !!!! Are you having a laugh

Im also free to do what ever I want with a gun......so long as I dont shoot anybody.

First: The bank are keeping him going for fear of incurring a extrordinary loss on the property that he bought. Now even if you've lived under the stairs at your Grannys house for the last 2 years , chances are you'll have heard by now of the Bank re-capitalisation that was going on by the state.....or as I like to call it you and me

Second: By saying " he has the right to do whatever he wants with his company " might cut the mustard in good aul Ireland but in most other modern countries its just not on. What he did (along with plenty others ) was wreckless. Wreckless trading lands you in prison in a lot of other countries. Only problem in Ireland is we wouldn't have the space to keep all the wreckless traders in.

Because of the like of Mooney many small traders have gone bust with a lot of money owed to them ( a friend of mine was left out of pocket 5 grand by them and hes only small fry ) , lots of properly run companies could never compete agaisnt them because they were not being wreckless , us the general public are left to pick up the tab for generations to come ( tell your grandkids who'll go to school in a prefab for their entire child hood that company directors can do what they want ) and yet he's still operating!!!!! I scratch my head. Funny thing is that after everybody else got fu§ked , he stands to profit most from the write offs and bail outs , plus he's still got his own personal fortune to sit on.

He should be stripped of all assets and removed from the helm off any company. :cool:

I.S.T.

Stekelly wrote: »

Is that not a bit contradictory? any business could survive and probably thrive if it just didnt pay it's bills, but just shut up shop screwing people every so often.



Again, he's still going because he screwed people. Would he be still goign if he had to pay the €22m he owes?

If you want to get a mortgage and give me the money I'll set up a business. If it fails I'm going to tell you to take a running jump for your money. Would you be happy if I opened up the following monday again with a slightly different name? I assume your opinion would still be "fair play"?

I thought the €22m was due to property write downs? Doesn't this means he owes the banks this money, not other traders?

MetzgerMeister

Have to say, the title of this thread sounds like the name of some Irish showband

CONM

Saab Ed wrote: »

Fair play to him !!!! Are you having a laugh

Im also free to do what ever I want with a gun......so long as I dont shoot anybody.

First: The bank are keeping him going for fear of incurring a extrordinary loss on the property that he bought. Now even if you've lived under the stairs at your Grannys house for the last 2 years , chances are you'll have heard by now of the Bank re-capitalisation that was going on by the state.....or as I like to call it you and me

Second: By saying " he has the right to do whatever he wants with his company " might cut the mustard in good aul Ireland but in most other modern countries its just not on. What he did (along with plenty others ) was wreckless. Wreckless trading lands you in prison in a lot of other countries. Only problem in Ireland is we wouldn't have the space to keep all the wreckless traders in.

Because of the like of Mooney many small traders have gone bust with a lot of money owed to them ( a friend of mine was left out of pocket 5 grand by them and hes only small fry ) , lots of properly run companies could never compete agaisnt them because they were not being wreckless , us the general public are left to pick up the tab for generations to come ( tell your grandkids who'll go to school in a prefab for their entire child hood that company directors can do what they want ) and yet he's still operating!!!!! I scratch my head. Funny thing is that after everybody else got fu§ked , he stands to profit most from the write offs and bail outs , plus he's still got his own personal fortune to sit on.

He should be stripped of all assets and removed from the helm off any company. :cool:

What he did was not reckless trading, however had he continued to trade when insolvent he would have been acting illegally. He had every right to wind up/liquidate what is a limited company, it's not a very nice thing to do to his creditors and employees, however it is not reckless trading.

McSpud

If the Directors behaved recklessly in theory they could be investigated i think by Director of Corporate Enforcement who could issue a Directorship ban. However this is Ireland & chances of that happened to even the most reckless of Directors is almost nil.

It would be wrong to prevent people from starting a new business but it must be hard for people who are owed money to see a new business in the same sector start up with same owners.

It is interesting that Mooneys car business closed due to loses on the property side which continues despite loses.