Election 2011 Offical Thread.

[ziggysego]

Dick Roche saying he might call for another recount in Wicklow.

Oh ffs!

[ziggysego]

Brian Stanley has been elected.

[muppet]

Muppet, to be honest I'm not sure what point you are trying to make about Wallace. From what I can see he's been honest in all his business dealings and has a track record going back over decades of criticizing the cosy setup existing between FF&FG and the banks&developers. He's never been part of the Galway tent and has done a lot of good regeneration work in run-down areas. Does someone like this not deserve the benefit of the doubt?

If he pays back the €40 Million he owes ours banks then he deserves the benefit of anything going.

Do you have a mortgage Muppet ? Should we wait til to you pay it off to give you the right to post?
Or when MWS , whichever is sooner.

I do and I have and have not missed a repayment.

If he has not missed a repayment there is no issue.

[muppet]

I'll leave the last word to the lads:

http://www.youtube.com/watch?v=GKpyVGVcL2U&feature=player_embedded

[seafoid]

Fianna Fail have given up on the website.

http://www.fiannafail.ie/


the Tony Killeen blog posts are interesting. nobody listened. 

[Cde]

Can anyone explain to me why Mick Wallace is so popular? I hadn't heard of him until Saturday but understand that he's a property developer with €40m of debts in his company. Does that not make him part of the problem?

As far as I know, his loans were/are performing. The only reason people know how much he owes is that he put that information out there himself. The distinction I can see from him the other other developers is that Wallace was building quality properties and selling/leasing at affordable prices. He didn't so much as throw building up and sell but regenerated working class areas in which he keep a presence e.g. the "Italian quarter" & "Blooms quarter" he built in Dublin - he kept ownership of shops and bars to run himself in those areas. In Wexford, he's regarded as honest and as straight as they come. He put his money were is mouth is by building the Wexford Youths complex at Ferrycarrig at a personal cost of a few million yoyos. I've yet to meet anyone down there yet who has a bad word to say about him. In Dublin, the lefties love him being outspoken about everything from bin-charges to the war in Iraq (see photo below on the front of one of his sites). He has even been north of the border hosting workshops for housing associations to help them get projects of the ground.

So much for saint Mick

http://www.irishtimes.com/newspaper/ireland/2011/0301/1224291080489.html?via=mr

It seems that the reason his loans were not in nama was not that they were performing, it was that they were with foreign banks. Also as far as putting his money where is mouth is by building the Wexford Youths complex, it is the subbies that are owed €1m that paid for that. And all the time Mick was taking good care of himself by taking more than €5k per week wages. 

As a matter of interest, can he be a TD if he is bankrupt

[Main Street]

So much for saint Mick

http://www.irishtimes.com/newspaper/ireland/2011/0301/1224291080489.html?via=mr

It seems that the reason his loans were not in nama was not that they were performing, it was that they were with foreign banks. Also as far as putting his money where is mouth is by building the Wexford Youths complex, it is the subbies that are owed €1m that paid for that.

Where does it state that the subbies are owed for their work on the Wexford Youth's complex?

And all the time Mick was taking good care of himself by taking more than €5k per week wages.

Why do you say "all the time"?  read the article more clearly, it states in 2008 he took a salary of €290k
He has stated elsewhere that he takes a salary of €40k p/a these days

As a matter of interest, can he be a TD if he is bankrupt

If a td is bankrupt, yes  I mean no - a TD is is disbarred afaia.,  Wallace is not bankrupt.

Make an effort to be more accurate with presenting the information contained in a simple newspaper article before you jump in with both feet.

[Cde]

So much for saint Mick

http://www.irishtimes.com/newspaper/ireland/2011/0301/1224291080489.html?via=mr

It seems that the reason his loans were not in nama was not that they were performing, it was that they were with foreign banks. Also as far as putting his money where is mouth is by building the Wexford Youths complex, it is the subbies that are owed €1m that paid for that.

Where does it state that the subbies are owed for their work on the Wexford Youth's complex?

And all the time Mick was taking good care of himself by taking more than €5k per week wages.

Why do you say "all the time"?  read the article more clearly, it states in 2008 he took a salary of €290k
He has stated elsewhere that he takes a salary of €40k p/a these days

As a matter of interest, can he be a TD if he is bankrupt

If a td is bankrupt, yes,  Wallace is not bankrupt.

Make an effort to be more accurate with presenting the information contained in a simple newspaper article before you jump in with both feet.

I didn't say they were owed the money for the Wexford youths complex only that he used the subbies money to build it.

Were does it say he took 40k, the last accounts filed showed he took 295k. We can only go by the facts.

I also didn't say Wallace was bankrupt, only asked the question if he was bankrupt could he be a TD. Thanks for at least for answering that.

now I hope I made that a little clearer so you could understand it

[Main Street]

I didn't say they were owed the money for the Wexford youths complex only that he used the subbies money to build it.

Still bullshit

Were does it say he took 40k, the last accounts filed showed he took 295k. We can only go by the facts.

If you were interested in the facts you would have noticed that the 2008 returns  show a directors pay of €290k p/a
You have no source for 2009 and 2010
I wrote clearly that Wallace has gone on record elsewhere as saying he takes €40k p/a
.

now I hope I made that a little clearer so you could understand it

Trying to be a condescending p***k?

[Bogball XV]

I didn't say they were owed the money for the Wexford youths complex only that he used the subbies money to build it.

Still bullshit

Were does it say he took 40k, the last accounts filed showed he took 295k. We can only go by the facts.

If you were interested in the facts you would have noticed that the 2008 returns  show a directors pay of €290k p/a
You have no source for 2009 and 2010
I wrote clearly that Wallace has gone on record elsewhere as saying he takes €40k p/a
.

now I hope I made that a little clearer so you could understand it

Trying to be a condescending p***k?

is directors pay not normally a sum of pay to directors?  As there is more than one director who knows what the breakdown is?

I'm not sure what to make of Wallace tbh, he seems a decent enough skin overall, but he does tend to wax lyrical about how great life in Italy is and how they do things etc.  That might be true of some things, but in general Italy isn't a role model that many countries should be looking to.

[seafoid]

It's a pity the official thread is only offical. Is that something to do with the Biffo?

[Nally Stand]

[Cde]

I didn't say they were owed the money for the Wexford youths complex only that he used the subbies money to build it.
Still bullshit

Tell that to the subbies

Were does it say he took 40k, the last accounts filed showed he took 295k. We can only go by the facts.

If you were interested in the facts you would have noticed that the 2008 returns  show a directors pay of €290k p/a
You have no source for 2009 and 2010
I wrote clearly that Wallace has gone on record elsewhere as saying he takes €40k p/a

all well then  if that what he says, it must be true so
.

now I hope I made that a little clearer so you could understand it

Trying to be a condescending p***k?

no just trying to keep up with you

[ludermor]

http://www.independent.ie/national-news/wallace-i-face-ruin-2656616.html
By Donal O'Donovan and Michael Brennan


Wednesday May 25 2011

INDEPENDENT TD Mick Wallace last night admitted he faces financial ruin -- even the loss of his Dail seat -- if banks chase him for personal guarantees.

He warned that the banks had nothing to gain by going after him for the debts run up by his construction company.

But ACC Bank appointed a receiver to take control of some of the most valuable assets owned by his firm M&J Wallace Ltd. The company owes banks €42m in all, according to the most recent accounts filed with the Companies Office. Nearly half of that is owed to ACC.

Now ACC has seized some of his most high-profile development properties in an attempt to recover some of the money it is owed.

Mr Wallace admitted last night that he had given personal guarantees to banks. And he defended the record of his company.

But sources said that even after ACC sells the properties, Mr Wallace will still be in debt. And that means the bank could go after him for the balance of the debt because of his personal guarantees.

Company accounts show that Mick Wallace and fellow director Sasha Wallace shared €289,605 in directors' pay in 2008, even though M&J Wallace suffered a loss of €2.7m that year. Pay for the two directors had nearly doubled in 2008, from €184,141 in 2007.

The 2008 accounts are the latest filed by the company with the Companies Office.

Mr Wallace was in the Dail chamber yesterday for Leaders' Questions, where Taoiseach Enda Kenny was quizzed about the pension levy used by his Government to fund the 'Jobs Initiative'.

Before he went to ground and declined to answer any more questions he said: "I've tried to build well -- we were a very successful company for a long time. We weren't bad, we weren't doing crazy things. We've made money every year for 20 years, employed a lot of people, paid our taxes. But the financial crisis arrived, completely undermined the value of our assets and we're no longer in a great place."

DISQUALIFIED

Under the 1992 Electoral Act, a TD has to be disqualified from serving in the Dail if he or she is declared bankrupt.

ACC appointed Declan Taite of Dublin accountants FGS as receiver to take control of some of M&J Wallace's most high-profile assets. ACC has a charge over the assets and the receiver is obliged to notify the public within seven days of being appointed.

Under the receivership Mr Taite's job is to manage and ultimately sell the assets on behalf of the bank.

Last night Mr Wallace said that would be futile as he has no wealth outside his mortgaged assets. "If a bank tries to make me bankrupt it has more to do with "badness" than economics," he told RTE.

Up to now the colourful, TD had never said whether or not he gave personal guarantees to lenders for his company's debt, but company accounts show that his business has been dependent on forbearance from bank lenders for the past three years.

Mr Wallace said previously that since 2008 the company had been collecting rents and passing the cash into the bank..

The company also owes large sums to Bank of Scotland (Ireland), Ulster Bank and AIB.

Earlier this year Mr Wallace said the company's property portfolio would be worth around €20m if it was sold off in the current climate, down from €80m at the height of the boom.

ACC's haul of Wallace properties includes much of the Italian Quarter in Dublin's city centre.

The portfolio also includes the Ferrycarrig Sports Complex in his native Wexford, home to Wallace's Wexford Youths soccer team.

- Donal O'Donovan and Michael Brennan

Some classic quotes there from Mick!!   If a bank tries to make me bankrupt it has more to do with "badness" than economics  Im sure his subbies left short have the same feelings

[lawnseed]

gormley says he was there, WTF unbelievable claim i cant believe Browne didn't pull him up.

yes Myles just watched it again on catch up the blanket guarantee WAS David MC Williams idea, and was referred to in the negotiations as the 'mcwilliams option' crazy stuff

couldn't remember just where mcwilliams name came up re the blanket blah so here it is john gormley categorically states on Vincent Browne that mcwilliams was at the negotiations   

also mainstreet page 64 good link to mc williams