What happened Eddie Hobbs 'Brendan Investments' company?

54and56

Kinsailor wrote: »

Does anyone know if / how one can claim this BI loss against other investment gains?

Sorry to hear about the experience you've had with BI. I'd say they are scrambling to get the whole thing wrapped up as quickly as they can so they can lie low for a few months and then pop back up having reinvented themselves and learnt a lot from the experience, its a completely different market now blah blah blah.

I'm not qualified to comment on whether your BI losses can be used to shelter tax payable on other investment gains. My limited amount of tax knowledge says you should be able to but if you ask over in the tax section I'm sure you'll get a swift response.

mickdw

I remember reading about the fee structure at the time of the launch. Management were getting a percentage of the managed fund each year. considering that it was a geared fund and that they were also taking their percentage on the borrowed portion, I remember thinking that the property needed to make at least double figure percentage gains yearly just to pay the fees. It's pretty easy to see where the investment money went.

Kinsailor

Kinsailor wrote: »

Does anyone know if / how one can claim this BI loss against other investment gains?

I presume it will be a capital gains loss which you can set off against other capital gains.
You will need to crystalise the loss, either by the fund being definitively closed or you could sell it at a loss if you find anybody to buy it.
I recall somewhere that Revenue will allow you to crystalise a loss without either of the above where it is obvious that the instrument is now worthless but i cant find the relevant link back.

AmberGold

Article in todays indo re wind up of Brendan Investments, the value of the fund went from 12.6M to 91K.

https://www.independent.ie/business/irish/former-eddie-hobbs-promoted-company-goes-into-liquidation-36285380.html

AndrewJRenko

AmberGold wrote: »

Article in todays indo re wind up of Brendan Investments, the value of the fund went from 12.6M to 91K.

https://www.independent.ie/business/irish/former-eddie-hobbs-promoted-company-goes-into-liquidation-36285380.html

Thanks for the update. Maybe Eddie Nathan or NBF who seemed to join boards just to provide positive updates could revisit and provide any insights into the 'possibilities' that BI has?

NBF wrote: »

The accounts for 2010 record a 3.5m hit from cash reserves reducing them to 1m after the fall of Arcandor one of Germany's biggest companies in 2009. It is all a bit dated tho. Arcandor sought Govt assistance and employed 50,000 and owned Thomas Cook. The building seems to be at Dusseldorf airport and there is a claim for €15m against Arcandor. The coverage says that since 2010 the building has been fully rented presumably due to its location and demand from German exporters and the company has finished a German development. The hit is equal to a quarter of the equity raised but with another five years or so to go, it has possibilities.

Nathan42201 wrote: »

Think it through. The plc was in cash just as the storm hit so slow and careful due diligence on assets over the following two years meant it became a beneficiary and not a victim, defying the trend. Those already committed lost heavily except in non bubble markets. Chances are that Brendan Invts has done well for shareholders imho

Nathan42201 wrote: »

Brendan Invts Plc is different to Brendan Invts Property Management (BIPM) which is the management company for the Plc. The latter raised €13m and was the very last property fund to do so. The Plc geared the equity 25% / 75% and purchased €50m worth of German property over the following two years 2008 and 2009 at a quiet time in the German market.

The investment should be very well positioned getting prime property yields at lower prices and locking into historically low long term fixed rates on debt. Chances are Brendan Invts will wipe the floor compared to most other geared property funds most of which are either bust ie -100% already or at least -50%, the only exceptions being those that invested in non-bubble markets like France, Holland and Germany.

Presume Hobbs is pretty well positioned to make good returns. BIPM itself, based on those accounts looks to be trading away with other deals successfully. That the media isn't all over Brendan Invts with criticism is telling in my view and its performance likely to prove quite embarrassing to its detractors including Shane Ross and Burgess who lost a packet on Irish bank shares.

If you check out Hobbs website and look at the funds he picked in 2009 ( which he should update) he read the cycle well. From memory Hobbs also called the bottom of the stock market within a few weeks of it hitting its trough in March 2009. Having read his book on energy most of his expectations have come about on energy stocks and funds and he's been accurate on inflation at a time when deflationists were dominating the airwaves everywhere.

He's not everyone's cup of tea especially his views on the public sector which may explain his absence from RTE radio but he's a regular on Newstalk and Today FM.

nuac

Bad luck to get involved in a bad situation in Germany

Everybody knew Detroit was a dead duck.

Were all the eggs in those two baskets?

ZeroThreat

If Hobbs got into Bitcoin it would probably blow up! :P

garrettod

I'm sure he'd get out of it okay though, and then get a slot on RTE doing a tv show about it !

54and56

He's back - TheJournal.ie: Eddie Hobbs: Is the global recovery fake? http://google.com/newsstand/s/CBIw8bX-hTc

delta_bravo

Je_suis_Jean wrote: »

He's back - TheJournal.ie: Eddie Hobbs: Is the global recovery fake? http://google.com/newsstand/s/CBIw8bX-hTc

I know he's saying the money is going to charity but he was on Pat Kenny on Friday and some of the stuff he came out with was unbelievable. Claiming he was talking about the crash in 2006 and he predicted it.

Of course no mention of this failed venture. It is actually a joke that he gets airtime considering his track record.

ct5amr2ig1nfhp

Who the fook would buy his book? FFS.

nuac

Kamden Ambitious Oar wrote: »

Who the fook would buy his book? FFS.

Whoever puts him on radio and TV programmes.

Has he explained on any of these programmes what happened to the investors' money?

He used to have all the answers.

54and56

nuac wrote: »

Whoever puts him on radio and TV programmes

should make clear to viewers/listeners that his opinions are built upon his experience with Brendan Investments, Detroit, Cape Verde, Tony Talyor etc etc

liam7831

.

MysticMonk

He's a charlatan..he should never,ever be in the media except as a figure of derision.

liam7831

Maybe someone should track down this Brendan lad and stop blaming Eddie for everything

54and56

http://www.breakingnews.ie/ireland/liquidator-appointed-to-eddie-hobbs-investment-fund-817541.html

It takes a special talent to turn €13,000,000 into €0.

Well done Eddie and co.

New joke:

Q: How do you create an investment portfolio with "a derelict house in Detroit and around €29,000 in a bank account"?

A: Give €13,000,000 to Eddie Hobbs.

AndrewJRenko

Je_suis_Jean wrote: »

http://www.breakingnews.ie/ireland/liquidator-appointed-to-eddie-hobbs-investment-fund-817541.html

It takes a special talent to turn €13,000,000 into €0.

Well done Eddie and co.

New joke:

Q: How do you create an investment portfolio with "a derelict house in Detroit and around €29,000 in a bank account"?

A: Give €13,000,000 to Eddie Hobbs.

I have a vision in my head of Eddie swigging down the champagne at the wrap party in the single derelict house in Detroit.

ceekay74

How does this clown still get away with peddling his self serving manure on TV?

Caliden

I feel sorry for the woman who wanted to take out her money only to be told she couldn't as it was being used for investments.

I know there can be penalties for taking money out early in a investment fund but surely telling someone 'no you can't take out your money' isn't legal?

54and56

Caliden wrote: »

I feel sorry for the woman who wanted to take out her money only to be told she couldn't as it was being used for investments.

I know there can be penalties for taking money out early in a investment fund but surely telling someone 'no you can't take out your money' isn't legal?

In fairness if you agree to hand over €50,000 for a fixed/minimum period of time you can't just ask for it back. If the cash had been invested in a €1m property the fund manager can't extract €50,000 worth of the property and give it to you.

daveyeh

Eddie Hobbs.

He's best described as an asshole.

AmberGold

Are the Fraud Squad on this one?

mikeysmith

How did they go from 5.5 million in 2015 to nothing?

robp

delta_bravo wrote: »

Je_suis_Jean wrote: »

He's back - TheJournal.ie: Eddie Hobbs: Is the global recovery fake? http://google.com/newsstand/s/CBIw8bX-hTc

I know he's saying the money is going to charity but he was on Pat Kenny on Friday and some of the stuff he came out with was unbelievable. Claiming he was talking about the crash in 2006 and he predicted it.

Of course no mention of this failed venture. It is actually a joke that he gets airtime considering his track record.

I did note him acknowledging some of his mistaken predictions in some his output like his Journal article.