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.

6 Comments

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6 responses to “From an Irish reader

  1. pulled up in OG

    “In court papers Seán Dunne is described as…an Irish citizen…Co-defendant Gayle Killilea Dunne is married to Seán Dunne and is an Irish citizen.”

    Still curious on what basis these two obtained legal residence in the US. No shortage of homegrown wankers so H-1B should be off the table.

  2. Fred2

    Yeah, the “immigrant of exceptional talent” option ( usually for well known actors, nuclear physicists and the like) would not seem to have a category for “thief”, no matter what the talent level.

    Investor maybe?

    Why can’t they be extradited?

  3. Old Mick

    WTF are you people moaning about?
    The guy just did what many others in the US have done and it blew up in his face.
    Fred2, should we then deport Trump and his ilk who have stiffed the banks over the years?
    The tragedy here is that the stupid Irish politicians bailed out the banks who gave out the loans and so now the Irish people are on the hook for the $250Million.
    Certainly not the Dunnes fault. I’m quite certain they will do very well here in Greenwich.

  4. Arnold

    Interesting. Had no idea that the guy who pisses me off by not racking his weights at the Greenwich YMCA was in the habit of making enemies.

  5. Brid

    I think they got their visa on an investor basis, there were reports in the papers here in Ireland that one of the attorneys involved ripped Ms. Killilea off during the process. As for extradition, the cases in Ireland are civil cases extradition only applies to criminal offences.

  6. The 300-odd pages of court papers from the applicant (Ireland’s National Asset Management Agency) have now been obtained from the Stamford courthouse, scanned and placed online here.

    http://namawinelake.wordpress.com/2012/09/07/exclusive-the-court-documents-in-namas-case-against-sean-dunne/

    There is something that is a little confusing on this side of the pond. In just over 18 months, the Dunnes are associated with the purchase of two Greenwich properties for a total of USD 2.85m which they renovate and sell for USD 8m+. Of course there were renovation costs and transaction fees and taxes, but on the face of it, why the hell isn’t every resident of Greenwich buying property, remodelling and selling. After all, if folks who have spent most of their lives in Ireland can make a few million in 18 months, then shouldn’t locals be better at it?