Getting Sorted

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Independents 4 Change TD Mick Wallace outside the High Court this morning

In November 2015, Independents 4 Change TD Mick Wallace made allegations in the Dáil about the sale of Nama’s northern loans, known as Project Eagle, to Cerberus.

Mr Wallace told the Dáil:

“…only recently, I was summoned to a meeting by a public figure and a message was passed on to me from a leading member of Cerberus Ireland that I was going to get sorted.”

Fast forward, if you will, to this morning.

At the High Court.

The Irish Times reports:

Ms Justice Caroline Costello today granted the bankruptcy petition by Promontoria (Aran) Ltd fund arising from a €2m judgment obtained after the fund took over the TD’s debt to Ulster Bank.

Promontoria is owned by US fund giant Cerberus, the fund at the centre of allegations made in the Dáil by Mr Wallace concerning the acquisition of Nama’s €5.7 billion Northern Ireland portfolio. The substance of those allegations is now subject to investigations in the UK and US.

TD Mick Wallace found bankrupt in the High Court (Irish Times)

Coincidence or bloody pink revenge?

Only YOU can decide.

Previously: ‘Cerberus Told Me I Was Going To Get Sorted’

Sam Boal/Rollingnews

37 thoughts on “Getting Sorted

  1. Anomanomanom

    Ok its obviously too much of a coincidence not to be linked but he does owe the money after all. And I like Wallace, he does do good work.

  2. Joe Small

    Maybe if he wasn’t an unscrupulous property developer who shafted his own employees by not passing on their social insurance contributions to the State and by contributing, in his own small way, to a bank bailout through a debt of €30 million then I might have a little sympathy with him.

        1. Joe Small

          I stand corrected. Good job he transferred his Italian vineyard to his brother well before he was declared bankrupt.

    1. Skeptical O'Hare

      Absolutely not true. This is the sort of post truth BS pedalled by what’s left of the “populist watch” Labour Party.

        1. Sceptical O'Hare

          “shafted his own employees by not passing on their social insurance contributions to the State”
          He paid his employees’ pension contributions. He was fined for late payment. He gave reasons for that, but they’re imaterial because his employees weren’t shafted and their contributions were passed on. So ultimately this statement is untrue.

          “and by contributing, in his own small way, to a bank bailout through a debt of €30 million”
          Vast majority of this €30m debt is owed to ACC and Ulster Bank, two institutions who were not bailed out by Irish taxpayers. So again – this statement is not true.

          “an unscrupulous property developer” – well that’s a subjective judgement, but the charge is backed up here by the kind of “I read it on facebook so it must be true” type evidence that, sadly, many people parade as fact.

  3. wearnicehats

    Guy screwed his employees and suppliers – lucky to be only bankrupt and not charged with corruption.

  4. Mr M

    Didn’t he give himself and members of his family on the firm a massive payrise a year before he folded?

    1. Anomanomanom

      Have you a link to that,i would genuinely want read about. It would change my view of him if true.

    1. Daisy Chainsaw

      I’m sure when they changed that rule, it was to help one of their own, not to accomodate the likes of Wallace! I bet they’re sickened that he gets the benefit of it.

  5. Jake38

    Broadsheet’s most popular tax-defaulting , employee-stiffing property developer returns to court. Time to pay your debts.

    1. Kolmo

      Why is that a good thing? – if it weren’t for him all the inevitable and 100% predictable shadyness of NAMA wouldn’t be exposed to the light and an appearance of scrutiny started..nothing will change, of course, but still….cockroaches and their dirty deals don’t like to be exposed..

      1. Micheál

        Agreed. I don’t have a lot of time for Wallace, but shutting people up is hardly a healthy way to go about running a democracy.

      2. Cian

        if the NTMA shadyness was both inevitable and 100% predictable, then it doesn’t matter that it happened… in fact it could not have happened. So NAMA are actually okay.

      1. Anomanomanom

        You have a strange grasp on reality. Of course he owes money and of course it should have been paid but how strange they just happened to buy his loan.

        1. Zena

          He has made mistakes, granted, but that doesnt take away from all the work he put into the NAMA Fiasco and his continued dedication to putting pressure on the government to end US war planes refueling in Shannon. What other politician gives a second thought to us being targeted by ISIS because of this?

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