Liening tower: Pat's owner in property wobble

[BohDiddley]

Further to the unconfined joy at Bohs property difficulties earlier this week... this on Garret Kelleher's Chicago adventures: http://overseascafe.blogspot.com/2008/11/chicago-spire-halts-construction.html

and this: http://archrecord.construction.com/news/daily/archives/081106chicago.asp

How sound is he in Dublin?

[placid casual]

Nice try...
Pats may have a "property developer " in their midst but he's not likely to financially rape the club he's involved in anytime soon.
Youse on the other hand..... :)ha ha ha ha ha ha !!!:)

[Dodge]

Stuff is a few weeks old. If you read the articles, its standard business/construction guff. He sold the top two floors last month for $40 million. Still think he's in trouble?

As Pats fans are tired telling the doom merchants. We're absolutely nothing on the scale of Kelleher's money. He's also put up an 8 figure bond for the club. If he pulls out tomorrow. We're still OK for the next couple of years...

[BohDiddley]

He sold the top two floors last month for $40 million.
Architectural Record says he shifted a penthouse for $40m all right, but that only 30% of apartments are sold, and construction has stopped.

[BohDiddley]

Nice try...
Pats may have a "property developer " in their midst but he's not likely to financially rape the club he's involved in anytime soon.
Youse on the other hand..... :)ha ha ha ha ha ha !!!:)
And 'youse'?

[pineapple stu]

He's also put up an 8 figure bond for the club.
What does that mean exactly?

[HarpoJoyce]

What does that mean exactly?

Obviously.

54321, Double-O 7. Keep Up!

[Dodge]

He's lodged a figure with bank to cover losses up to that amount (or at least one of his companies has)

[pineapple stu]

So at the moment according to your accounts, you owe his company E2m. If he pulls out, he's not entitled to that back? (Or has to pay it himself or some such)

What if (that great question!) the club rack up losses of E11m? Does he cover E10m and you get stuck with the E1m?

[Dodge]

Presumably.

If we get to that stage, I'd imagine he wouldn't be happy about putting more in.

The company records stated that they envisage a loss for the next 2/3 years

[pineapple stu]

If we get to that stage, I'd imagine he wouldn't be happy about putting more in.
My thoughts too. Suppose the main thing is how hard it hits you when he leaves (as I assume he will some time). If he covers everything, you get a soft landing, get rid of all your players and go back part time. If he doesn't cover everything, you end up owing, say, Revenue half a mill with no way of paying it back.

Does the bond work that, if he pulls out, he has to pay all the club's debts at that stage, including the interco account, to a max of E10m, and you start off 100% debt free again (assuming debts were less than E10m)? (Obviously not sure if you even know about it in this much detail)

[BohDiddley]

Why has this been moved from the main forum? Are people only interested in Bohs finances?

[Dodge]

Why has this been moved from the main forum? Are people only interested in Bohs finances?

Presumably its because the original post just mentions something that may/may not effect pats where as the Bohs deal definitely effects the whole league

[Dodge]

(Obviously not sure if you even know about it in this much detail)

I don't.

[BohDiddley]

Nothing wrong with 'youse', except I wouldn't write it unless I was scriptwriting Fairy City or entering a Dubiness contest. (Are Dubs the only ones who say that, btw? I'd say not.)

Hope that's ok with you and your friend who, strangely, thinks clubs losing out in property shenanigans is a source of great hilarity.

[Dodge]

Hope that's ok with you and your friend who, strangely, thinks clubs losing out in property shenanigans is a source of great hilarity.

Still on that high horse? And bohs didn't lose out in "property shenanigans", they caused "property shenanigans"

[BohDiddley]

What high horse?

[Dodge]

The high horse where you look down on fans of other clubs laughing at Bohs' troubles

[BohDiddley]

Looking down?
Do you feel that way because your sneering glee at Bohs issues wasn't universally appreciated, and now things aren't as rosy in Kelleherville as might have been presumed? If that's the case, you're easily looked down on.

[Dodge]

Do you feel that way because your sneering glee at Bohs issues wasn't universally appreciated, and now things aren't as rosy in Kelleherville as might have been presumed?
I said looking down because I was talking about your point of view. I don't give a fiddlers how many Bohs fans are annoyed that I think their plight is hilarious, and the Kelleher thing isn't news.

[BohDiddley]

It may not be news to you, but my OP refers to something considered news in Chicago on November 6 and, to my knowledge, it hasn't been aired on this MB to date. You sound like you're in denial about this.

[Dodge]

It may not be news to you, but my OP refers to something considered news in Chicago on November 6 and, to my knowledge, it hasn't been aired on this MB to date. You sound like you're in denial about this.

There's only about 4 Pats fans on here. It has been discussed in some detail over on www.saintsforum.net

[BohDiddley]

As you know, I posted this originally on the main forum, as it is of interest to LoI fans generally. But, going by the moderation, it seems foot.ie is more interested in the financial affairs of British clubs.

[pete]

I wouldn't think Kelleher is too badly off. 30% sales off the plans seems fairly good to me. The people he is selling to may not be affect by the financial woes as much as the ordinary joe.

[Dodge]

As you know, I posted this originally on the main forum, as it is of interest to LoI fans generally. But, going by the moderation, it seems foot.ie is more interested in the financial affairs of British clubs.

Sigh... You'll note the Pats betting thread is in the main bit

[BohDiddley]

I wouldn't think Kelleher is too badly off. 30% sales off the plans seems fairly good to me. The people he is selling to may not be affect by the financial woes as much as the ordinary joe.

He'll be delighted with your vote of confidence, considering...

... there is an estimated 10,000 new condo units scheduled to become available in Chicago by the end of 2009 with no market to absorb them.
The Spire project is bedeviled with problems at the moment as its star architect, Santiago Calatrava, recently filed a lien on the property seeking more than $11.3 million in payment from the developer. The Perkins & Will architecture firm has also filed a $4.85 million lien against both Shelbourne (Kelleher's firm) and Calatrava's Festina Lente Ltd.