‘We are standing our ground’ - couple refuses to hand over Dublin 4 B&B to Goldman Sachs

Patrick Halpin and his wife, Ann Kean, are sitting in the back office of Aberdeen Lodge, a B&B in the well-heeled Dublin suburb of. They are staring at a TV screen with four feeds from the security cameras on their property. When they see the arrival of the party they are waiting for, they spring into action: “They’re here.”

For seven years, Goldman Sachs has fought a courtroom battle against Halpin and Kean, seeking possession of Aberdeen Lodge. They secured their first possession order in 2013, and despite unsuccessful appeals by the couple which have been litigated all the way to theAfter the receiver is told that the couple will not be handing over the property, he leaves and the couple retreat inside.

The proceeds from the B&B - which is listed on Lonely Planet as a “carefully guarded secret” and “one of Dublin’s best guesthouses” - are currently going in large part to Goldman Sachs, according to the couple. They maintain that they are servicing their loan - which is true; but there are two debts at issue. They are making payments on a mortgage secured on the property, worth around €1 million. But there is a second development loan for the hotel project, for €25 million.

Lawyers for Goldman Sachs described this as an attempt to “stymie possession” - it was ultimately dismissed as an abuse of process by the. According to their legal team, the couple has offered €2 million to the fund. They have a funding offer for €1.6 million from a new lender, secured against the house, and have raised the remainder from family.

No sympathy at all.. everyone else has to pay there mortgages or get out.. we are all not able to take out loans for millions and then not pay..get a council house..or buy one. I'm sure you can afford it..

1/2 'During the boom, Halpin took out a loan of €25 million from Irish Nationwide'. 'Like many during the Celtic Tiger, he wanted to play the property game'. So that's ok then it's not his fault? He took a gamble and lost. This is not pretend money, Ultimately someone has to pay

Kate O'Connell is helping this couple Madness! No wonder the whole system is disfunctional.

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Goldman Sachs to repossess boutique Dublin 4 hotelOwners of Aberdeen Lodge have offered to repay €1.25m in debt secured on the property Disgusting that these rich people think they can get away with paying their debts!! Would be great if you could give the real people of this country who have lost their homes and now ironically live in B&B’s the time to tell their stories and what are now going through daily. They have another hotel in clare and 1.2mil to boot, they should just downsize and start again
Source: IrishTimes - 🏆 3. / 98 Read more »

‘I’m not going anywhere’ – Goldman Sachs to repossess boutique Dublin 4 hotel“I’m not going anywhere on Thursday. This is my home, my only income, my business – I don’t have anywhere to go. This is how I provide for my children and family.” Who’s the good guy&who’s the villain? The teachers who invested their pension money with GS &want their money back or the delinquent party? Goodness this gonna be a frivolous comment, but where is his pitchfork? Grant Wood anyone? Have to say, if I took a loan of 26 million quid out... not sure they have a leg to stand on. They were part of the problem when the country fell to pieces. It’s a gamble that failed Unfortunately someone has to be accountable. Money doesn’t grow on trees
Source: IrishTimes - 🏆 3. / 98 Read more »