DF Pilot owes 2,047,208 euros!

[pmtts]

" An Irish Army spokesman said that Captain Mulkearns was not currently in a flying role at the Air Corps. It is understood that his ground role was a normal operational assignment unrelated to his financial affairs. "

http://news.bbc.co.uk/1/hi/northern_ireland/7210231.stm

[The real Jack]

*falls off chair laughing*

[Viking]

When this came out first it seemed that Lynn was to blame, maybe we should wait out and see what actually happened.....

[golden rivet]

When this came out first it seemed that Lynn was to blame, maybe we should wait out and see what actually happened.....

whats that song,,,,,, come buy with me come buy.. come buy away .or is it fly... no pity should resign he has the brain to fly. and knew what he was at.. the people who lent him the money should also take the rap,, or did they just not ask any questions,,,

[johnny no stars]

I dunno, people may have a very technical brain but it doesn't mean they have any financial sense, or an indepth knowledge of financial law. They relied on their solicitor, seems like he's the one that caused the problem.

[Duffer]

How in the name of alls that holy did a guy whos annual salary is a matter of public record manage to borrow so much money.. Hi I am a public servant can i have two million euro please....... What was the bank thinking???? Did nobody in the lenders carry out a risk assessment of the possibility that 60k a year (or so) might mean he would not be able to pay back the money...if capts earn enough to repay this then i am in the wrong job

[GoneToTheCanner]

Hi there
What has his actual job as a helicopter pilot got to do with being involved in Lynns' financial failings? If he was sweeping the streets, would anyone give a shit? Begs the question why he's flying a desk, though, given his experience and their need for heli pilots...
regards
GttC

[Groundhog]

Capt Mulkearns obviously wasn't loaned the money on the strength of his DF salary. He owns 5 properties in Ireland and was financing 5 in Bulgaria. The properties were supposed to be collateral for the loan and were also obviously supposed to provide rental income to repay the loan.

Quite possibly his three Dublin properties will repay the loan for him should he choose to sell them. It appears he got stiffed by Lynn though. Also there's something odd about the bank not ensuring that the properties were registered as security on the loan.

[Connaught Stranger]

He is understood be the secretary of the officers' mess at the Air Corps Headquarters in Casement Aerodrome, Baldonnel near to Dublin, and is also attached to the helicopter section.

I wonder if his Mess Fees are paid up to date??

Connaught Stranger.

[Victor]

Its not unknown for people to have second incomes.

there's something odd about the bank not ensuring that the properties were registered as security on the loan.

This appears to be the core of the problems with various solicitors at the moment. It would appear to be common practice for solicitors to gave their word that the bank's interest in the property would be registered. In some high profile cases, several banks received promises on a single property.

This is what happens when banks are trying to lend money hand over fist.

[Groundhog]

Its not unknown for people to have second incomes.

A lot of people here don't seem to have heard of the concept.

It would appear to be common practice for solicitors to gave their word that the bank's interest in the property would be registered.

Banks don't take your word for anything. They get signatures on contracts.

[trellheim]

A7 Part IV S15

[faughanballagh]

I think the guy has a future in politics.

[Groundhog]

Not for solicitors. Have you heard of Michael Lynn?

Then they deserve to get shafted. Who hasn't heard of Michael Lynn.

[Victor]

Banks don't take your word for anything. They get signatures on contracts.

Ahem

The couple's solicitor was Michael Lynn, 39, who is wanted in Ireland.