Michael O’Flynn
Last night, Cork property developer Michael O’Flynn was interviewed by Paschal Sheehy on the Six One News about losing control of his business to Blackstone, a US company which had purchased Mr O’Flynn’s loans from NAMA.
He said the following:
I was shocked. My intention was absolutely to work collaboratively with Blackstone. It has always been my policy, whoever local authorities, State agencies, the IDA. Whether you borrow a million, ten million or 1.8 billion it’s always about did you borrow responsibly? And I can tell you Paschal we have always borrowed responsibly. Of course we have had situations where there has been an extraordinary collapse in price, in value and no more than a householder who bought a house and is in negative equity. Like, are they responsible for the negative equity that they find themselves in? We have done our business right. We have always tried to do our business in a proper fashion, we will continue to do so.
Watch here.
Meanwhile…
[youtube=https://www.youtube.com/watch?v=BxZ8eSNFyWw&start=656&end=942]
Michael O’Flynn featured in RTÉ’s Prime Time documentary ‘Carry On Regardless’ in December 2010 about the lifestyle of Irish property developers in NAMA, where he was filmed flying by helicopter with his family to Down Royal from his Cork home to watch his racehorse finish third.
Mr O’Flynn also received a reported €50,000 from Lucinda Creighton in a defamation case in the High Court in 2012, part of which he donated to Our Lady’s Children’s Hospital, Crumlin.
Fair play though, in fairness.
Poor man, losing your business like that, sometimes I wonder who NAMA are actually working for !!
I think he would do a better job running it then whatever the fvck NAMA has intended on doing with it.
Not NAMA…. US based fund, Blackstone
“US fund Blackstone and Michael O’Flynn look poised for a legal battle for control of the developer’s property and construction empire to which an examiner and receivers were appointed yesterday.” from IT
capitalist complaining that venture capitalists are taking over his failed business ventures, which are now guaranteed by the taxpayer.
i’ve no sympathy for anyone here except the taxpayer, in particular those employees who are going to find their wages reduced, targets increased and colleagues laid off wholesale.
F*ck Michael O’Flynn, F*ck Michael O’Flynn, F*ck Michael O’Flynn, F*ck all Michael O’Flynns out there. They don’t give a f*ck!
Not worth a ‘previously’?
https://www.broadsheet.ie/2014/05/13/sucked-up-by-the-taxpayer/
And –
https://www.broadsheet.ie/2014/05/19/the-nama-fib/
Yer tagging isn’t consistent.. Just sayin’.
In case that was why previous posts weren’t link to – i.e. can’t be found?
Anyway, poor diddums.
” Like, are they responsible for the negative equity that they find themselves in?”
In what way would anyone be responsible for negative equity?
In terms of getting write downs on mortgages, that’s not been happening too much.. so yes, homeowners have been made to be responsible for negative equity.
oh yes.
lets define negative equity. negative equity means that if you sold the house now at the morketsch value, the money you receive will not cover the remaining amount of the mortgage you took out.
1) if you aren’t making payments – the difference between negative equity and positive equity could be the payments you haven’t made. some people cannot make payments and have valid excuses, but they are still responsible for doing so.
2) if you lied on your application and took out a mortgage you could never afford, then you and the bank are responsible.
That’s not what negative equity means at all, it’s when the thing you bought is no longer worth as much as you have borrowed against its value.
http://www.investopedia.com/terms/n/negativeequity.asp
Sorry H,
Mr. Magoo is right, your link says the same thing that he does, just phrased differently:
“When the value of an asset falls below the outstanding balance on the loan used to purchase that asset. Negative equity is calculated simply by taking the value of the asset less the balance on the outstanding loan. “
Its time we supported enterprise in this country
Not all property developers were reckless & irresponsible
Many people got good employment arising from these works and The Elysian Tower is a prime example of good development ( and I’m a Dub by the way) & in time it will be duly regarded as such
There is a vast difference between venture capitalist & vulture capitalist
NAMA/NAML are owned by us and it is high time they amended their loan selling policy to ensure long term viability & ultimate return to us the taxpayers rather than the short term highest bidder approach that seems to be at work here