Daily Archives: September 5, 2012

From an Irish reader

These do not look like happy people

Possibly because he fled their country owing €185 million, the Irish maintain a keen interest in the doings of what was once their problem and is now ours, Sean Dunne. The recent sale of a house he built on Bote Road sparked an entire article last month.

Thomas J Heagney (Tom Heagney, Thomas Heagney) is one of at least four individuals being sued by NAMA in the Connecticut Superior Court * with a hearing scheduled to start in October 2012. Three of the other four are Sean Dunne,Gayle Dunne and Thomas Heagney’s partner in lawyer firm, Heagney Lennon and Slane, John Slane. The Irish Independent appears to have obtained the court filings and reports today that NAMA is concerned that funds owing to it by Sean Dunne may have made their way to Sean’s wife, columnist and presently developer in her own right, Gayle and possibly the Dunnes’ adult children. The US court refused an application for an interim freezing order.

We don’t know what profit, if any, was made on the Bote Road transaction though USD 1-1.5m might not be unrealistic with a USD 825,000 purchase price and USD 1m of costs including rebuild/renovation. This transaction comes on top of the sale of 38 Bush Avenue in Greenwich,Connecticut which sold for USD 5.5m and which itself may have realised USD 2-3m in profit. NAMA with 200 staff, 1% funding and an army of consultants/experts reported a pre-tax profit of €12m in 2011…

The Dunnes, who are understood to be still living in a rented mansion on Field Point Road in Greenwich, have been linked to a third unidentified US property in newspaper reporting [22 Stillman lane is a good bet – ED] , which is not surprising given the stated aim of the Dunnes – Gayle in particular – to forge ahead with a property development career in the US. Back home in Ireland, the Dunnes – or specifically Sean Dunne – owes €185m to NAMA and over €200m to non-NAMA banks. It should be said that Sean Dunne has previously denied ownership of the US properties.

Some great comments, including this one from a reader who naively travelled to Stamford Superior Court thinking he could easily get a copy of the litigation file:

The court system is archaic,they don’t take credit cards nor can you simply order the file to be copied and send a courier,cash or certified check in advance then they make copies.But everything is available to read/review in person.
Popped up today,the file is 330 pages due to vacations,sick days etc, the clerk estimates it will be copied by tomorrow,earliest.Its a great read,not trying to be a tease will forward it ASAP.

* Tom and his law partner are merely the trustees holding nominal title for the true owner, a very common situation in Greenwich and elsewhere. Their  being named in a lawsuit is because they are stakes holder and not because they are personally liable or involved in any wrongdoing.


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Cry, my beloved country

Yvette Clarke channels her sister in oppression, Elizabeth Warren

Three-term Brooklyn congressman Yvette Clarke insists that the Dutch were enslaving her fellow blacks as late as 1898. There must be something to add to this but every once in awhile, stunning stupidity and ignorance just leaves me in breathless awe.

UPDATE: Back from where I was and it turns out I do have something to add to this. Think of what this stupid person’s comments reveal: she has no idea of local (she represents Brooklyn) or even American history, an ignorance so profound that she clearly doesn’t know who fought in the American Revolution, if she’s ever heard of that rebellion at all, no idea when the Dutch were driven from power in New York, by whom, and apparently believes that her grandfather was a slave. This lady actually represents the United States of America and plays a powerful role in deciding how your life will be governed and run. Keep your powder dry.

UPDATE II: And read this and weep:

United States Representative Yvette D. Clarke is a product of the New York City Public School System, Rep. Clarke received a scholarship to Oberlin College and was a recipient of the prestigious APPAH/Sloan Fellowship in Public Policy and Policy Analysis.
Everything you need to know about public schools, the value of a college education and the worth of a Sloan Fellowship, all in one sentence.


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Back in town but nothing much to report on

I was back up in Litchfield again – my, that’s a pretty town – so didn’t get to blogging or even checking the MLS hotsheet until just now. There is nothing of interest (to me ) to report. Those new listings that aren’t just retreads coming back on are overpriced, and what use is that? I have buyers looking now, and it’s annoying to see a house come on that might be worth their consideration six months or a year from now, when the sellers get realistic. Oh well.



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