PJ1977

According to the Jersey Register the sole shareholder of this outfit is something called Crystal Melanite S.àr.l. registered at 5 Rue Guillaume Kroll Luxembourg. There's a bunch of other Crystal companies at the same address. Ellandi and Tristan Capital Partners have used one of these vehicles in the past for a deal in England.

It's worth going into the planning file and looking at what the case officer said about this scheme: "The supporting statement for the application refers to the proposal being a 'high quality property'. It is considered that the proposed finishes, entrance to the apartments and size of the apartments will not result in a high quality product. Design unit commented that the entrance to the apartments does not appear to comply with universal accessibility requirements white the apartment sizes 'barely make the grade as hotel bedrooms." The officer clearly hated this scheme and it was initially recommended for refusal. It was (reluctantly by the looks of things) approved when it was agreed to reduce the height by a storey.

A comprehensive overview of the Nama loans sales process http://www.costar.co.uk//en/assets/news/2014/February/Analysis-how-to-sell-a-loan-portfolio-like-NAMAs-35bn-Project-Eagle/

Sunday Biz Post reporting that the LagMar shopping centres in England are about to come to market in a Nama-directed sale.

Somewhat unremarked Ciaran Murdock lost another shopping centre late last year http://www.greenocktelegraph.co.uk/news/greenock/articles/2013/11/28/480342-oak-mall-goes-into-administration/

The interesting question is how much UB are writing-off as part of the restructure.

Jim 'Fitzwilliam Hotel' Burgess in the bankruptcies today. But June isn't.

Looks like the R in MAR is being cut loose http://www.bbc.co.uk/news/uk-northern-ireland-24903526

Think it's someone who has worked abroad in a big commercial practice.

The lawyer who bought Nick the Greek's specific performance nightmare on Malone Park has just lodged plans for an epic extension.

He's not bust. There were assets in the RoI which were enforced by Nama last year. Mind you he did tell the court that whatever happens UB will be wasting their time as they can't pay.

Some more of Paul Neill's stuff flogged http://www.bbc.co.uk/news/uk-northern-ireland-23267036

Tellingly the DUP made a carefully worded denial that Red Sky/ Norman Hayes had been a DUP donor. There was no such denial in relation to Turkingtons.

Things getting slightly less bad for big boys http://www.bbc.co.uk/news/uk-northern-ireland-23223471

Good performance for Wrightbus (leaving aside overheating Boris buses) http://www.bbc.co.uk/news/uk-northern-ireland-23216624

I suspect the point of the action was exactly as you suggest. Lloyds/ BoSi avoid embarrassment, Mr Walsh keeps his Malone Rd castle.

Chris Walsh has reached a deal with BoSI - looks like a consensual enforcement http://www.bbc.co.uk/news/uk-northern-ireland-23098010

UTV reporting that Russell Simpson Construction (and presumably May Estates) are going down the tubes. They were facing a WU petition. http://www.u.tv/News/Construction-company-ceases-trading/c5d366f6-5a86-466c-95ae-db491a9e58c2

Wednesday 19th June 2013 - The National Asset Management Agency (NAMA) is providing stg£15 million (€18 million) in funding to complete a landmark office development in Belfast as part of its ongoing investment programme to enhance the value of its assets in Northern Ireland, the Agency's Chairman said today. Addressing a visiting delegation from the Northern Ireland Assembly and Business Trust (NIABT) in Dublin, NAMA Chairman Frank Daly said the Agency is financing the completion of two buildings at Lanyon Place, a high-profile office and leisure complex whose existing buildings include the Waterfront Hall conference and entertainment venue. The buildings whose completion is being funded by NAMA are: · Lanyon Plaza, a c100,000 sq ft office building with a fully glazed façade and large floor plates to suit the accommodation needs of large occupiers; and · The Soloist Building, a c90,000 sq ft office building designed by renowned Norwegian architect Neils Torp. Work on these buildings had been on hold in recent years as a result of market conditions. Mr Daly said the project will generate substantial employment in local companies during the construction and fit-out phase and that the two buildings, when fully occupied, will accommodate approximately 1,750 people. "The Agency is committed to providing more funding to debtors based in Northern Ireland in addition to the stg£123 million (€144 million) we have already approved," said Mr Daly. "We would urge debtors to share their proposals with us, as we want to fund projects that can deliver a strong commercial return". In addition to his role as NAMA Chairman, Mr Daly is also Chairman of NAMA's Northern Ireland Advisory Committee, a dedicated committee set up to advise the Agency on matters specifically relating to Northern Ireland. This committee includes senior NAMA directors and executives, as well as external members drawn from the Northern Ireland business community. Mr Daly said the Agency appreciates the opportunity to update the NIABT on its progress. The relationship with the NIABT provides a valuable forum for the business community and elected representatives from the NI Assembly to interact and build clarity and understanding regarding the Agency's role in Northern Ireland, he said. Mr Daly also said the Agency: · has engaged with agencies such as Invest NI and professional and representative bodies, with a view to making NAMA vendor finance available for commercial property transactions in Northern Ireland; · is also engaging with Invest NI in relation to assets that may be suitable for industrial parks for indigenous and FDI clients in Northern Ireland; · has approved stg£87 million in asset sales in Northern Ireland from inception to end March 2013; · recently announced plans to provide stg£9 million to fund a 95-unit housing development in Millmount, Dundonald, close to Belfast and is reviewing other opportunities; · remains keen to contribute, where commercially feasible, in the delivery of social housing in Northern Ireland. "Examples of our social housing initiatives include our work with Clanmill Housing Association, to whom we have provided an option on the purchase of the Hilden Mills site near Lisburn for affordable housing," said Mr Daly. "We have also sold a site in Co Down for social housing and are working with the Northern Ireland Federation of Housing Associations and its members to assist with the Social Housing Development Programme in Northern Ireland."

Another Housing Executive contractor hits the skids http://www.bbc.co.uk/news/uk-northern-ireland-22938954

I'm not 100% on how the whole structure fits together.

Wading through some of the subsidiaries I can see that the directors/shareholders (Michael & Lesley) took out dividends & salary totalling about £600k and that while the property side is suffering from writedowns the KFC cash is still pouring in.

Nama, in a roundabout way, explains the Kennedy group enforcement http://www.bbc.co.uk/news/uk-northern-ireland-22860410

Paul Durnien, QS and sometimes developer, in the bankruptcies today. His erstwhile business partner Colin Conn was bankrupted back in Christmas 2011.

While the Nama swap is not going to happen its clear there's a degree of annoyance in the Treasury about the continuing Ulster drag on RBS. They want RBS to be sold, Ulster is stopping that and so there is some radical thinking afoot.