A store owner from Co. Monaghan has been ordered to pay back a $46 million loan from a Zurich bank.
Jim McConnon borrowed the money to build a shopping center in Castleblayney. The center is now only worth $1.4 to $2.8 million.
In court, Justice George Birmingham said that McConnon's lawyers had not made an arguable case to allow the matter to go any further. He granted permission for the bank to take steps to recover their money.
Birmingham said that the decision by Zurich Bank to advance McConnon the funds seemed extraordinary, bordering on bizarre. However, he said that it was not a question of a bank forcing funds on a reluctant or gullible borrower.
McConnon had spent $13.9 million before the Zurich bank had even entered on scene.
Birmingham also said that the fact that McConnon's usual bank, and other Irish banks, would not get involved should have indicated that the project was not free of risk. Because McConnon had proceeded in borrowing the money, the judge could see no reason that he would be absolved from the liability to repay.
10 Comments
-
-
-
-
-
-
-
-
-
-
Switch to the desktop site to post a comment.Pittsburghkid | Mar 08, 2011, 08:20 PM EST
That is the Global Economy for you? Foreigner investing in projects that local wouldn't touch. Now the Swizz Bank must learn to squeeze blood from a potato.
cabbagehead44 | Mar 07, 2011, 09:50 AM EST
I'd like to hear what McConnon has to say about the whole matter?
jamthecat | Mar 06, 2011, 01:47 PM EST
The bank won't get its money back. What they'll get is this guy going into bankruptcy (if he's as conniving as he seems) and them winding up with a property worth 5% of what was spent on it. Idiots, all...but isn't it fun to watch Karma do her thing?
Murph46 | Mar 06, 2011, 12:05 PM EST
Hate it when that happens to me!
Murph46 | Mar 06, 2011, 12:01 PM EST
Tell them their check's in the mail!
ciarrai | Mar 06, 2011, 11:31 AM EST
oops
Portia777 | Mar 06, 2011, 09:53 AM EST
Ah well, money is only paper. The Bank deserves its karma.
SeamusMor | Mar 06, 2011, 09:44 AM EST
The bank should eat the loss!
LoyalCitizen | Mar 05, 2011, 02:38 PM EST
It would be nice if he did not have to pay back the loan.
mamaginnty | Mar 05, 2011, 11:34 AM EST
Such an eejit, he should have known, when our own banks would not give it.