Developer Simon Kelly makes me sick

Slideshowbob

Now he is comparing developers to the victims of Captain Boycott.

http://www.independent.ie/national-news/vilified-developers-hit-back-at-plain-old-begrudgery-2474274.html

Spare us please

ei.sdraob

"I did it with my wife. She bought the property so they couldn't take our home."

Did he just admit on national media to avoiding creditors :eek:

Once it can be proven that the transfers where made to evade creditors a judge could reverse the transactions

seems he dug himself into a hole now

Slideshowbob

Simon Kelly reminds me of this guy: http://www.youtube.com/watch?v=tekXxB6dosQ

ilovesleep

ei.sdraob wrote: »

Did he just admit on national media to avoiding creditors :eek:

Once it can be proven that the transfers where made to evade creditors a judge could reverse the transactions

seems he dug himself into a hole now

Good

danbohan

ei.sdraob wrote: »

Did he just admit on national media to avoiding creditors :eek:

Once it can be proven that the transfers where made to evade creditors a judge could reverse the transactions

seems he dug himself into a hole now

of course that would be based on the thought that the judiciary /political class were really interested in going after them , me thinks not ! ,easier targets out there

ei.sdraob

Developer's wife puts Merc up for sale after TV expose

Nice car, some discount....

seems like the wives are trying to liquidate their "hard earned" (ahem) assets now

ei.sdraob

Here is Paddy Kelly from Times



So how does a "bankrupt" get to keep a 7 series

Irish Slaves for Europe

ei.sdraob wrote: »

Developer's wife puts Merc up for sale after TV expose

Nice car, some discount....

seems like the wives are trying to liquidate their "hard earned" (ahem) assets now

NAMA needs to act fast to seize control of that asset before its too late. I'd say a lot of developers are trying to liquidate as much of their assets that they can this week, since pretty much everyone is on holiday this week.

aphex™

I think there's scope for some sort of Louis Theroux Weird Weekends style show with some of these guys. It'd be a hoot.

Maybe Henry from Newstalk could do it, and he could use the same voice he talks down to the kids with to get them to spout that sort of ****e all over the place.

Paulzx

ei.sdraob wrote: »

Here is Paddy Kelly from Times



So how does a "bankrupt" get to keep a 7 series

Ah...Its only an 03 model. Sure its nearly a banger at this stage. He can't be expected to get the bus

Liam Byrne

Paulzx wrote: »

Ah...Its only an 03 model. Sure its nearly a banger at this stage. He can't be expected to get the bus

This is what's wrong with this country; if he has chosen to declare himself bankrupt he should consider himself damn lucky if he can still afford the bus fare.

Paulzx

Liam Byrne wrote: »

This is what's wrong with this country; if he has chosen to declare himself bankrupt he should consider himself damn lucky if he can still afford the bus fare.

I hope you picked up the sarcasm in my post

Liam Byrne

Paulzx wrote: »

I hope you picked up the sarcasm in my post

Given some of the stuff that's spouted as "acceptable" in political circles in this country, it's hard to determine what's real, what's a farce, and what's sarcasm.

e.g. "Yes, Minister" was satire and sarcasm, and looks lame compared to what FF have done and spouted!

RichieC

Slideshowbob wrote: »

Now he is comparing developers to the victims of Captain Boycott.

http://www.independent.ie/national-news/vilified-developers-hit-back-at-plain-old-begrudgery-2474274.html

Spare us please

Salt of the earth these folks...

jmayo

Slideshowbob wrote: »

Now he is comparing developers to the victims of Captain Boycott.

http://www.independent.ie/national-news/vilified-developers-hit-back-at-plain-old-begrudgery-2474274.html

Spare us please

That arroganat little boll***s got a slot to flog his book on the Marian Finucane show one weekend.
At least she asked a few difficult questions, but why was the pri** given that platform in the first place.
Then he is given a business column in the sunday tribune and he makes a joke of the repocession of his daddies, sorry his mummies BMW 7 series.

These f***ers should be boycotted if not tarred and feathered.

ei.sdraob wrote: »

Here is Paddy Kelly from Times



So how does a "bankrupt" get to keep a 7 series

Because our joke of a government together with our joke of a judicial system allow these chancers transfer their assets to family members so that they can't be touched.

Once the bank guaranteed was announced and definetly before NAMA ever came into being, the government should have legislated for fact that anymore with debts greater than 1million could not transfer their assets to family members nor could not transfer their assets out of the country.

EricPraline

ei.sdraob wrote: »

Did he just admit on national media to avoiding creditors :eek:

He's been advocating this for a while now. I recall this article really grated at the time, and presumably had the same effect on many other taxpayers who are paying for Simon's little slip-ups.

"My house is in my wife's name. There are reports that developers are transferring homes into their wives' names. Any smart developer would have done that right from the start.''
...
"I am still driving the same '01 Land Rover that I always drove,'' he says, before adding with tongue in cheek, "It's ideal for running over my creditors.''

The level of hypocrisy in the article is staggering. Simon feels liberated by owing €200m, while many of the people who subsidised his lifestyle feel crushed by owing €200k.

Grassroots_FF

Unfortunately the Irish are a nation of begrudgers. These developers created 10,000s of jobs and created billions of euro for the economy. They are entitled to their wealth and the respect of the locals.

yosser hughes

Grassroots_FF wrote: »

Unfortunately the Irish are a nation of begrudgers. These developers created 10,000s of jobs and created billions of euro for the economy. They are entitled to their wealth and the respect of the locals.

If they repay all the money they owe then fine.

Augmerson

I did it with my wife. She bought the property so they couldn't take our home."

That's nice that they could hang onto their own home. I wonder if the couple of thousand other people across the country who are struggling with mortgages do the same? Oh wait, silly ole me, those plebs were too stupid and bought houses that cost too much and they have to pay no matter what, oh silly me.

1 way for the rich, 1 way for the poor.

****ing sickens me. Don't read the Indo.

amacca

Grassroots_FF wrote: »

Unfortunately the Irish are a nation of begrudgers. These developers created 10,000s of jobs and created billions of euro for the economy. They are entitled to their wealth and the respect of the locals.

:rolleyes:

speaking for myself...begrudgery is only a small component of it

and I have to say I think their reckless borrowing entitles them to neither their wealth or that much respect tbh

alejandro1977

ei.sdraob wrote: »

Did he just admit on national media to avoiding creditors :eek:

Once it can be proven that the transfers where made to evade creditors a judge could reverse the transactions

seems he dug himself into a hole now

no he didn't say that. he did it from the start. People who extended debt to him should have been aware of that - to move assets after the debt is incurred is completely different.

He did transfer the assets to his wife but that was 25 years ago. She is now going to be forced to sell her home at the end of the business plan whether it works or not.''

Simon is upset at the media coverage over these spousal asset transfers. "Irish people need to realise that this is nothing new. You take doctors and barristers who have unlimited liability, they are doing this for years. I did it with my wife. She bought the property so they couldn't take our home."

Grassroots_FF

amacca wrote: »

:rolleyes:

speaking for myself...begrudgery is only a small component of it

and I have to say I think their reckless borrowing entitles them to neither their wealth or that much respect tbh

These people are not criminals. Stop talking about them like they are criminals. I worked for some of these people and they are the most generous in the world. Always bought everyone a drink at the bar and created lots of employment. They deserve their respect and their money.

Daroxtar

Grassroots_FF wrote: »

These people are not criminals. Stop talking about them like they are criminals. I worked for some of these people and they are the most generous in the world. Always bought everyone a drink at the bar and created lots of employment. They deserve their respect and their money.

And Hitler was good to his dogs...

aphex™

Grassroots_FF wrote: »

These people are not criminals. Stop talking about them like they are criminals. I worked for some of these people and they are the most generous in the world. Always bought everyone a drink at the bar and created lots of employment. They deserve their respect and their money.

People get respect when they have a sustainable business model. People don't get respect if they drag the rest of us into the sh1tter with them.

Augmerson

Grassroots_FF wrote: »

They deserve their respect and their money.

They deserve nothing. I believe they owe NAMA, and in turn the Irish taxpayer, a few bob. Until that matter is resolved, they deserve nothing but scorn.

amacca

Grassroots_FF wrote: »

These people are not criminals. Stop talking about them like they are criminals. I worked for some of these people and they are the most generous in the world. Always bought everyone a drink at the bar and created lots of employment. They deserve their respect and their money.

Sigh ........ I suspect I'm going to get nowhere with this

Nevertheless


I'm sure some are wonderful people, I'm sure they are to be commended for getting up of their backsides and creating employment etc etc


however


why should anyone (never mind developers) with countless millions owed essentially to me and you (over a billion in some cases) be entitled to have anything except the most basic of incomes and living standards?....... unless of course by letting them trundle on they will pay back what they owe (don't hold your breath)

why should anyone who made such poor business decisions that they destroyed their own business, took out massive loans without adequate collateral (banks fault too here), and effectively destroyed a whole countries banking system in the process of putting up shoebox apartments in quantities far exceeding demand be respected?


a lot of them must have known what they were at was ultimately unsustainable, they must have known they were getting loans without adequate collateral, they must have known the risks were orders of magnitude greater than a developer normally takes on, they must have known what they were taking would cause a hell of a lot of problems for not just themselves down the road and decided to keep it going for as long as possible anyway


if they did know then I dont really see them as being deserving of a hell of a lot of respect?

if they didn't know, then they cant really be deserving of that much respect either can they?

etc etc yours sincerely.

doubtfir3

Grassroots_FF wrote: »

These people are not criminals. Stop talking about them like they are criminals. I worked for some of these people and they are the most generous in the world. Always bought everyone a drink at the bar and created lots of employment. They deserve their respect and their money.

You worked? Are you in a different sector now or did you lose your job and are now unemployed?

The funny thing is that while they may have bought everyone a drink, it was with money recklessly lended by the banks, and at the end of the day he bought you a drink with your own money.. (at least he owes it to you as a taxpayer now).

Still pleased?

dan_d

Grassroots_FF wrote: »

These people are not criminals. Stop talking about them like they are criminals. I worked for some of these people and they are the most generous in the world. Always bought everyone a drink at the bar and created lots of employment. They deserve their respect and their money.

So did I.In construction.Wonderfully generous people, when they're rolling in money and can talk themselves up at every opportunity.

Doesn't mean they wouldn't buy,sell and backstab you all the way to the bank though. They got to where they are by being fairly ruthless, never make the mistake of thinking otherwise.

As for Simon Kelly :rolleyes:.What an idiot. Making comments like that and allowing them to be published in national paper??? Does he have NO sense of self-preservation????

rantyface

Grassroots_FF wrote: »

Unfortunately the Irish are a nation of begrudgers. These developers created 10,000s of jobs and created billions of euro for the economy. They are entitled to their wealth and the respect of the locals.

You can't call everyone who is unhappy with the situation "begrudgers". People are rightly angry. Economic bubbles have happened before and they are always a bad thing in the long run.

They made billions by ripping ordinary people off, firstly by overcharging for our houses and now by nationalising the debt THEY INCURRED!

Slideshowbob

Good to see them poor developer class are still fight'n for their rights:

http://www.rte.ie/news/2011/0104/dunneg.html

feicim

jmayo wrote: »

...
Once the bank guaranteed was announced and definetly before NAMA ever came into being, the government should have legislated for fact that anymore with debts greater than 1million could not transfer their assets to family members nor could not transfer their assets out of the country.

These solutions that never were or will be are too complicated.

Since we are in the realm of fantasy (these guys being brought to justice) I propose we tar and feather them, followed by a public hanging in stephens green.

This country is rotten down to its slimy core and the rot is so ingrained that it would not be worth the effort to remove it (it would more than likely come back anyway).

So...

Either - A) get used to it, or emigrate.

(or until you get around to A or B. There is always C.. vent about it on boards.ie)

Sit back and enjoy the show as the golden circle of developers, bankers and politicians regroup and realign themselves to rekindle their stranglehold on power and wealth.

Ash.J.Williams

ei.sdraob wrote: »

Here is Paddy Kelly from Times



So how does a "bankrupt" get to keep a 7 series

A 10 grand car?

hollypink

ei.sdraob wrote: »

Here is Paddy Kelly from Times



So how does a "bankrupt" get to keep a 7 series

Looks like he didn't get to keep it in the end (and he says he is taking the bus!):
http://www.irishtimes.com/newspaper/ireland/2010/1222/1224286077033.html

PROPERTY DEVELOPER Paddy Kelly has again lost possession of a 7-series BMW to the Dublin City Sheriff arising from a €6 million debt he owes to Dutch-owned ACCBank.

Mr Kelly handed over the car on Monday after the sheriff found an interview published in the International Herald Tribune in 2004 showing him to be the beneficial owner and submitted it to the developer’s lawyers.

Mr Kelly – who said he and his family had debts of between €800 million and €900 million – said his wife “gifted” the car to him and he handed it over to the sheriff “to save a bit of peace”. “What does it matter? It’s Christmas. They can have it. I love walking,” he said.

Mr Kelly said he took a bus to Dublin airport for business trips and he would apply for the State’s free travel pass now that he was 66. Mr Kelly purchased the car for €139,000 in 2003.

The sheriff seized the car from Mr Kelly’s home in Donnybrook, Dublin, in August to repay the bank on foot of a court order but returned it a day later after it was shown to be legally owned by his wife, Maureen.

A spokesman for the sheriff said the Herald Tribune article showed Mr Kelly was the car’s beneficial owner. The article, based on an interview with Mr Kelly, said he had replaced his Rolls Royce with the BMW with “a leather and wood-trimmed interior ”.

The sheriff’s spokesman estimated the car was worth up to €15,000 but that it might fetch a higher price as “a trophy purchase”, given its high-profile history. It is likely to be auctioned in January.

Mr Kelly said he agreed with comments made by his son, Simon, in RTÉ’s Prime Time Investigates programme on Monday, that developers needed to stay to help work through the problems they had created in the country.

However, he said he spent just 30 per cent of his time in Ireland and confirmed he was working as a consultant for a property company in Canada. He was also doing advisory work in Africa, he said.

He was co-operating with the National Asset Management Agency (Nama), which has about two-thirds of his bank debt, he said.

ACCBank, which is not participating in Nama, secured a judgment of €16.5 million against Mr Kelly and his sons, Simon and Christopher, earlier this year.

Idbatterim

that 7 series as ridiculous as it is, is worth about 10k, you can get 02 for 7k on carzone! when they were bought new the price of owning was ridiculous, now its the cost of running and maintenance that is ridiculous even to people who could easily afford the 10k to buy one!

Slideshowbob

http://thestory.ie/2011/01/02/nama-and-the-master-spv/?utm_source=twitterfeed&utm_medium=twitter

Slideshowbob

http://www.independent.ie/national-news/courts/developers-son-offers-to-pay-off-euro100-a-month-on-euro17m-debt-2523006.html

DarkJager

Slideshowbob wrote: »

http://www.independent.ie/national-news/courts/developers-son-offers-to-pay-off-euro100-a-month-on-euro17m-debt-2523006.html

Lets get out the violins:

But the developer, whose soured property loans of some €200m have been taken over by NAMA, says that it is "very difficult" on his annual income of €80,000 a year to make a meaningful difference to the €17m he owes to ACC.

Finding it hard on 80k a year? Go take a ****ing hike. Take the ****ing house off him just for the cheek of the offer he made for repayments.

Slideshowbob

Sliming Kelly blogs on Namawinelake:

http://namawinelake.wordpress.com/2011/04/14/nama-appoints-receivers-to-derek-quinlan-and-the-mccormack-family-and-rugby-legend-pat-whelan-and-bill-kilmurray/

How can this tool have the neck to give advice/commentary etc when he has been shown to be a failed developer/investor.