# NAMA not taking McKillen's loans



## Shawady (15 Jul 2011)

NAMA will not be taking Paddy Mckillen's property portfolio after spending €7 million of taxpayers money pursuing it through the courts.

http://www.rte.ie/news/2011/0715/nama-business.html


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## JoeB (15 Jul 2011)

The RTE report says that McKillens costs were awarded against the state, and that his costs were 5m to 7m. 

Nama costs would be seperate and additional to that. So perhaps 10 million of costs... the only winner seems to be the legal profession.


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## mercman (15 Jul 2011)

Joe, you are correct in your assertion about the legal profession being the winner. But in fairness to Paddy McKillenhe faught long and hard to hold on to his assets and has sucessfully managed to beat off the system. A Congratulations to him is in order.


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## Bronte (22 Jul 2011)

Is it not the case that the timing of the taking over the loans is at issue?  Then can Nama take the loans now?


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## JoeB (22 Jul 2011)

Going from memory I think the judge took into account that the decision to take his loans was made before the NAMA agency was officially set up, and so was made without any input or right of appeal etc from Paddy.

NAMA could probably take the loans now.. in that they could probably take them, and then probably end up in court again. I don't think developers in general have a choice to be NAMA'd or not. Maybe the judge has ruled that NAMA cannot take Paddys loans unless the situation changes... but again, they could probably ignore that, or mis-represent the situation etc.

I think Paddy is likely out for good now.


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