Sure Where In The World Would You Get It?

at | 43 Replies


Pianist Frank McNamara and barrister and former telly person, Theresa Lowe

The High Court, Dublin.

This evening.

In total €2.9m will be written off.

This is made up of €2m off the home mortgage and €900,000 in unsecured debts.

The victory for the couple over a vulture fund will mean the value of their home will be radically written down and they will repay what is left at a tracker mortgage rate of 1pc.

One legal source described it as “an unbelievable deal”.

Stick that in your Steinway.

‘Unbelievable deal’ – Frank McNamara and Theresa Lowe to have €2.9m in debt written off (Charlie Weston, Independent.ie)

Rollingnews

43 thoughts on “Sure Where In The World Would You Get It?

  1. Termagant

    Boohucky!

    Absolute boohucky!

    And you’d say like “oh, there’s one rule for the rich and another for the rest of us”

    But they’re not rich! they’re ridiculously poor! they’ve a huge amount of negative money!

    Reply
    1. Slightly Bemused

      They are also both very nice people, or were before all this hoohah started. I had the pleasure of meeting them a few times in the early to mid 90s. Frank could be a bit touchy on some things, but I am too, so I will allow him that luxury.

      As I understand it (can’t read the main article) they had to sell a lot of valuable items they used own trying to reduce their debts over the years. But I hope he was able to keep his piano: it was a beautiful instrument

      Reply
      1. Specific Gravity

        Not nice people, in my experience.

        The whole gang of them trouped in late to a classical concert at the NCH, proceeded to chat away, the kids tapping away on their glaring, blaring devices.

        Lowe giving out to other concert goers for not clapping whenever there was a ‘pause’.

        Classless bunch, the lot of them.

        Reply
        1. Slightly Bemused

          I met them a total of three times. I will admit that this does not mean I have a wide base for judgement. And it was long ago, but I do recall them being charming.

          I mean no disrespect to the encounters of others, especially those who may have greater experience.

          Reply
        2. Cú Chulainn

          Very much not nice people.. him and his ‘wandering to the local disco’.. they used to be ok. Then came the PDs.. I wonder who might have been on the other side of this settlement.. then his anti repeal the 8th stance.. still, one rule for the connected..

          Reply
  2. Paulus

    We may not have titled royalty; but we do have those who see themselves as an entitled elite. This pair and Pamela Flood ( plus whatever her partner is called) need a belt of the reality stick. Too much time lording it in RTE back in the day.

    Reply
        1. V

          Basics
          Not entirely sure what you mean by that
          But
          Montrose Canteen Scrubbers is pretty clear

          And I’d like to think they aren’t a bit like Tubs D’Arcy the Ms, and all the other over paid over achievers out there

          Both are pretty accomplished professionals outside the Montrose compound

          And this crisis that they may be about to navigate through with the application of the Insolvency Acts is exactly what the Insolvency Act was intended for

          Reply
      1. Ian-O

        If you have to register, its not free, the currency is information and you are the product.

        So it is a paywall and linking to them is a pain in the behind.

        Reply
        1. V

          Nah. I’d say they; ( based on my own experiences here)
          Paid big money in a fake market and got a renovation top up stitched in.
          At interest rates that triggered into the ridiculous the moment a missed payment was recorded, even an innocent DD bounce

          Once arrears start to be recorded as a separate value within the whole debt there is an avalanche effect as it collects interest and penalties, and it snowballs out of control. Especially with these non- mainstream lenders

          Who btw
          Are far better to deal with than the Irish Media would have you believe

          Reply
  3. eoin

    So they have a €2.3m loan on a house in county Meath that’s worth €550,000?

    How did that come about?

    Property prices did collapse ‘n all but in 2019, they’re down just 20% from the peak. It wouldn’t be unpaid interest. It couldn’t be that much.

    Is the €550,000 a low-ball valuation?

    Reply
    1. SB

      Sounds to me like there might have been a bit of leveraged property speculation back in the early noughties, like with a lot of the well heeled. Those Bulgarian property developments didn’t build themselves! Well, they probably didn’t get built at all in the end…

      Reply
      1. eoin

        Oh, there might have been lending provided for all sorts of things, but the press reporting only refers to the security on the €2.3m loan being the house in county Meath. And if that implication is in fact the whole truth, then the €550,000 does look like a low ball estimate.

        Reply
    2. V

      @Eoin and his Low Ball

      I don’t think so,

      Prices paid and valuations at the time the loan was drawn down were based on a very different consumer market, both for property values and for consumer credit

      2019 – values outside Dublin haven’t recovered
      Same for properties being intended as PPRs, that may need more that half a million mortgage

      Retail Banks are not lending – in the main, more than 500k on family home residential properties. Unless it’s fully backed.
      Whereas 15 years ago I could have borrowed 1.3 mill for a Mt Merrion semi fixer upper- That would be worth less than my gaff in Crumlin Village today.

      This was a good deal for Tanager too btw
      If their No Vote was upheld, and I can confirm it was well fought, I can’t remember a Monday in the last 8/ 12 months when the McNamara’s v the Insolvency Acts hasn’t appeared on Judge McDonald’s list,; Tanager would have probably either got them adjudicated Bankrupt, in an other court btw – so completely different proceedings.
      And they would have had to wait years for anything, and even then would have to give the Official Assignee a cut of the Market Value.

      And even if they did secure a possession order, the most they’ll ever get is Market Value (after costs)

      Tanager were in the bigger higher risk lending market, and charged interest that reflected that
      Their operations are all back office and no shop front activity
      A P.O. box in Donegal one-time
      This is the sometimes cost of that model

      I wouldn’t be worried about Tanager and their affiliates

      See Eoin, Answering questions can be fun.

      Reply
  4. Prof.Fart

    rich people get good deal .. is not peculiar news. if it was a plumber and his nurse wife, there’s no way they’d get a good deal. if you’re rich in ireland, you’ll never be in danger.

    Reply
    1. V

      That’s not necessarily true
      Market Value has enormous Independence
      And is imo anyway, one of the most powerful tools in Insolvency
      In fact the act itself (S105) promises it’s protection

      A factor here may be that the family used formal and professional expertise

      Whereas far too many
      And there is still far too many
      Using the I know a lad and the anti-eviction shouty Johnnies and Fee-Man Trust crews

      Professional, Sensible and honest engagement wins everytime

      Reply
      1. The Old Boy

        Vanessa, there used to be a fairly elderly Kerryman who was a big part of that I know a lad crew, and he wasn’t doing it out of the generosity of his heart. Would you know if he still knocking around the Four Courts?

        Reply
        1. V

          Oh yeah
          Don’t you know he is

          But TBF
          None of them are doing it out of the generosity of their own good intentions

          Or for some idealistic historical loyality and patriotic call up against evictions

          Reply
          1. The Old Boy

            Thanks, V. I’ve been out of the loop for a few years and he was frail enough then; I was only wondering out of morbid curiosity whether he’s still dragging himself up to Dublin. At least he’s a blatant mercenary rather than the crowd that pull the shawl of Gaelic patriotism about themselves.

          2. V

            That’s true

            And shur’ yer manno
            Free travel to Houston, Luas to Smithfield Kerry Courtenna
            He only has to get to Court 6
            Just inside the back door
            No flights of stairs or anything

      1. Spaghetti Hoop

        Just watched Reeling in the Years 1992 – Frank played that ‘My Darling Clementine’ ditty for NI Secretary Peter Brooke. Hisssssss…boooooo….

        Reply

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