PJ1977

You make a good point about the lack of visibility on investor's cash resources. We know those investors exist because we see them buying at auctions and we know that they are the only buyers for land and most commercial stuff (the institutions have a consensus on going for prime retail only). But the question is have they largely shot their bolt at this stage or have they only just dipped a toe in the water?

Is this merely a tidying up or has money changes hands?

I'll consult the list tonight if I can find it

It's now much more likely they'll have to complete. If they want to appeal on this point they'd have to petition the Supreme Court. Though the qualification is at the end of the judgement which states there are still some try-able issues which will have to be heard before the High Court.

Here's the Appeal Court ruling which overturned the Fitzpatrick victory http://www.courtsni.gov.uk/en-GB/Judicial%20Decisions/PublishedByYear/Documents/2012/%5b2012%5d%20NICA%2058/j_j_GIR8669Final.htm

I had a lawyer friend who advised me to 'lever up' around 2005/06. Thankfully I did not. He did and to be fair is well ahead (thus far) as he went for three flats in Islington.

Similar in my office - a mix of accidental and deliberate landlords, none with happy stories to tell.

Confirmation of the insolvency http://www.bbc.co.uk/news/uk-northern-ireland-21082499

Paul Gosling was on Radio Ulster this morning saying another of the Orana companies has been placed into administration. This time its the firm which held a big site on Crescent Link in Derry. Attwood recently turned down an aplication to build a Sainsbury on that site. So the updated record for Orana is: Gilford Mill - nothing developed Outlet - effectively repossessed by Ulster Bank Crescent Link - repossessed Opportunity Omagh - anchor tenant pulled out Inver Park, Larne - failed to get plannning permission

No - Blockbuster flogged it to an Irish PE outfit years ago.

Another £25m bath for Ulster Bank out in the sticks http://www.bbc.co.uk/news/uk-northern-ireland-21041202

BBC article http://www.bbc.co.uk/news/uk-northern-ireland-20963858

They lost - judge ruled that the losses losses suffered were directly related to the downturn in the property market, rather than due to the programme to demolish and redevelop the Village.

Osborne King say 90% of the pubs they sold in the last year were insolvency jobs http://www.osborneking.com/news-item.aspx?News_ID=10125&FriendlyID=ANOTHER-CHALLENGING-YEAR-LIES-AHEAD-FOR-LICENSED-PREMISES-MARKET&year=2013

The McCue fit out business is separate from the group with no cross guarantees, same for a bunch of property SPVs.

Curistan throws in the towel http://www.bbc.co.uk/news/uk-northern-ireland-20908263

don't think so - Turtles of Rathkenny have also closed. New car sales are stlll miles below peak. http://www.ballymenatimes.com/news/local/turtles-rathkenny-creditors-meeting-1-4631180

The strategy for most of the banks and Nama is to avoid, if at all possible, taking any of the big boys out. For one thing it immediately crystallises losses, probably beyond what had been provisioned for. Secondly the insolvency practitioner costs are enormous eg. Deloitte have billed more than £1m for the WG Mitchell job which so far as I can see is still not finished. Even if the firm is basically a zombie its cheaper to have the owner run it for the bank rather than get the administrators in. Just look at Nama and Treasury Holdings. It was clear for three years that Treasury was hopelessly insolvent and the two main men were taking the mick - but Nama only put their lights out after a non-Nama bank pursued a much smaller debt. The exit the banks are mainly looking for on big players are loan sales - yes they realise big losses but they are relatively quick and clean.

The Jennings' main property firm now has a negative value http://www.bbc.co.uk/news/uk-northern-ireland-20889443

Two bidders you say? Surely this wouldn't be an ancient ploy by the agent to get the price to at least the asking, as clearly whatever is being bid at the moment is below that.

Yeah, yeah, yeah - another highly ideological Zerohedge-style jeremiad this time written up by a journalist who was thoroughly discredited years ago. *rolls eyes*

Full details in the Sentinel - I'll be amazed if the GML plan is viable without the big retail element. http://www.londonderrysentinel.co.uk/news/business/asda-approval-gets-a-broad-welcome-1-4614346

Attwood has ruled on the various retail applications in Derry. The Crescent Link Sainsbury is refused - instead the Murdocks will build a unit for Asda. I haven't seen the full statement from Attwood but there was a suggestion in the Journal that a revised application for the Sainsburys could be considered. But it's another bad day of GML/ Orana.

Directors bans for another couple of small timers http://www.northernireland.gov.uk/index/media-centre/news-departments/news-deti/news-deti-131212-county-antrim-directors.htm

Fultons is closing - administrators didn't get any realistic offers.