Tag Archives: Paddy McKillen


Mike Aynsley before {left) and after (right) working with IBRC

Via The Sunday Business Post:

In early 2012, Mike Aynsley, the chief executive of IBRC, threw down a gauntlet to the telecoms tycoon Denis O’Brien. The latter was on his way to a ‘weight loss camp’ in Crete, and Aynsley bet him that he could lose more weight while working for IBRC.

The winner agreed to pay €50 to charity for each kilogram that one man lost more than the other. It was a friendly competition that was mentioned to the bank’s chairman Alan Dukes, the former Fine Gael finance minister, who had no problem with it. The Australian career banker managed to lose twice as much weight as O’Brien, who had to hand over €350 to charity.

Right so.

Meanwhile, further to Senator Michael McDowell’s speech in the seanad concerning the relationship between Denis O’Brien and officials at IBRC…

Mr Aynsley saidL

“The anonymous blog [that’s us!]  that Mr McDowell referred to is just plain wrong on just about everything it raises, except for the fact that there was a dinner.

“My understanding is that Mr [Tom] Hunersen acted as an introducer to Mr O’Brien (and many others), who is known to invest in such projects [like Spritz].

Further, this was long after Mr Hunersen had left the bank and was no longer under any obligation to it – more than a year after he left in fact. From memory, I believe Mr Hunersen was bound in certain areas with respect to dealing with former clients for a period of only six months following his departure.

“Mr Woodhouse has no personal relationship or friendship that I know of with Mr O’Brien. . . but he has a very well-developed professional relationship with him that is expected of a senior relationship manager dealing with a large, performing bank client. Positive relationships between people feed cooperative and productive outcomes.”




From top: Paddy McKillen; Mark Hollingsworth

A spokesperson for Paddy McKillen said McKillen was “absolutely not” involved in hiring Hollingsworth to come to Ireland. The Belfast property developer knew him all right, but in relation to an entirely separate matter more than a year earlier.

“During his British litigation in 2012-2014, Mark Hollingsworth was introduced to Paddy as a respected journalist who was carrying out research for a book he wanted to publish on British tax avoidance and some major British tax avoidance cases. Some of his research was relevant to Paddy’s British case [against the Barclay brothers],” his spokesperson said.

“Mark Hollingsworth asked for a £20,000 advance for his book. Paddy agreed and paid him this advance. The book has not been published and Paddy has had no other dealings with Mark Hollingsworth or use for the information he was going to use in his book.

“All these matters are now behind us and subject to a confidential settlement agreement,” she added

Property developer Paddy McKillen’s office  yesterday denied bringing Journalist/spook Mark Hollingsworth, currently embroiled in the Denis O’Brien Red Flag memory stick hoo ha, to Ireland.

Seems legit.

A Bizarre Affair (Tom Lyons, Sunday Business Post)


The Irish Times reports that Development Securities plc, the British listed fund backing Johnny Ronan, plans to invest up £20 million (about €25 million) in equity into Irish property deals, according to an investor presentation.

Dev Sec confirmed it was part of a consortium – including developers Paddy McKillen and Johnny Ronan, as well as Colony Capital, a €20 billion American investment fund – that has bought a development site on Burlington Road, in Dublin 4, for €40.5 million.

Dev Sec added:

“Ireland presents considerable investment and development opportunities for us – a market in which we see strengthening demand and opportunities to apply our strategy of creating value through regeneration…”

Shovel, ready!

Previously: The Woodwork

Irish Times: Fund backing McKillen and Ronan plans to invest €25m

Irish Bank Resolution Corporation’s biggest borrowers have six months to refinance their loans or face having them sold to a third party or transferred to the National Asset Management Agency.

The bank’s high-profile clients include telecoms and media businessman Denis O’Brien and property developer Paddy McKillen, who is battling the Barclay brothers for control of some of London’s best-known luxury hotels.

About €15 billion of loans that remain on IBRC’s books have been taken over by the special liquidators, Kieran Wallace and Eamonn Richardson of KPMG, appointed by the Government. They will seek to get full current value for these loans by the middle of this year.

Cheques in the post ahoy.

Bank’s biggest borrowers face Nama deadline (Ciarán Hancock, Irish Times)

(Pix: Yui Mok/PA Wire, Wanderley Massafelli/Photocall Ireland)

It has taken over 30 days of hearings, the court room has been packed to the gunnels with nearly 40 solicitors and barristers, the saga encompassed Bono from U2, Tony Blair, princes, yachts and of course Derek Quinlan “sitting around on his fat arse”, and today we get one ruling on one small – but highly significant for NAMA – aspect of the Paddy McKillen (above) versus the Barclay brothers case in London’s High Court.

Earlier this year, a British High Court judge gave an interim ruling which supported Paddy’s claim on a peripheral point in the case. That ruling was appealed to the British Appeal Court. The point at issue was whether or not NAMA had the right to sell the loans in the way that it did. Paddy said it hadn’t. NAMA said it had.

Paddy has lost.


More Here: Victory For NAMA In Epic London Court Battle (Nama Wine Lake)

Previously: The Relationship Between Paddy McKillen., Alan Dukes And Mike Aynsley

Paddy McKillen (top) is a Belfast-born property investor with developments scattered all over the world.

He owes up to €370million to IBRC (formely Anglo) and the Bank of Scotland (Ireland).

Yesterday London’s Royal Court of Justice heard how, after paying off some debt, McKillen had €50million (£40million) left over last year. The money was made from property sales.

But he never told IBRC about the money at his disposal.

Under cross-examination yesterday, a barrister asked McKillen: “Surely, as their best client, you would want to tell them about the £40 million?”

McKillen:“And give them all our cash?”
Barrister: “Yes.”
McKillen:” No, that is not the way business works, I am sorry. Sorry about that.”

It was also put to McKillen, who failed in his bid to have this part of his case heard in private, that he didn’t want the Irish taxpayer to know that he had assets which could be sold to pay off his bank debt.

McKillen said that assumption was nonsense and said his relationship with IBRC Chief Executive Mike Aynsley is excellent.

How excellent?

In March, at the same London court, where McKillen is trying to reverse NAMA’s sale of €790 million in loans associated with the Maybourne Hotel Group to  his rivals 77-year-old twins David and Frederick Barclay in September 2011, heard how Aynsely sent a reassuring text to McKillen on January 27 of this year.

The text said IBRC would not be selling the debt secured on McKillen’s 36 per cent stake in the Maybourne Hotels to the twins.

It read: “BB [Barclay Brothers] have now been told that the bank has chosen a path to work consensually with you rather than to deal with them. I understand they are not happy!” 

Aynsely then sent a second text minutes later, saying: “Please keep that confidential as I can’t have board positions like this leaking out!”

McKillen also told the court in March that IBRC chairman, former Fine Gael leader Alan Dukes, had assured him IBRC would continue to support him as “a client of 25 years” on the basis he had the “best performing loans in the bank”.

McKillen May Have Kept Details Of €50m Sale Receipts From IBRC (Mark hennessy, irish Times)

McKillen Case Dredges Up Memories Of Anglo Culture (John McManus, irish Times March 26)

(Mark Stedman/Photocall Ireland)