Kendar Global Properties

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Kendar Global Properties

Postby dionysos » Mon Oct 15, 2007 10:36 am

This may serve as a caution of trouble ahead to those considering to buy in Kendar All Seasons Resort, Koukoulevo village near Bansko-Razlog and Kendar Longoza Beach, Shkorpilovci village near Varna:

"The way the crisis has unfolded will lead to concern among those who have paid deposits on overseas property but not yet secured the title."

The quote above is from yesterday's Independent (IE) article titled: €30m property crisis lawyer has not 'absconded'

See also: Irish Developer With Property In Bulgaria In 30 Mln Euro Dispute With Banks in today's Sofia Echo.

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Postby leedarkwood » Tue Oct 16, 2007 8:06 am

More on Michael Lynn

http://www.rte.ie/news/2007/1015/lynnm.html

"A prominent Dublin-based solicitor, whose assets were frozen by the Law Society last week, has given an undertaking to the High Court that he will not practice as a solicitor without permission from the court.

A report by the Law Society's regulation of practice committee disclosed 'acts of dishonesty' on the part of Michael Lynn in relation to clients' money.

Mr Lynn, who practices as Capel Law in Dublin, was investigated by the society due to concerns about his property dealings.
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Mr Lynn has a multi-million euro portfolio of more than 100 properties in a number of different countries.

The High Court has been told that, since January this year, Mr Lynn has drawn down loans totalling more than €26m and has purchased around 40 properties, all financed by loans.

It is alleged that he took out multiple mortgages on a number of his properties with several banks.

The society's authorised officer found that the books of account in Mr Lynn's practice were totally unreliable, that he was using bank drafts, which were difficult to trace and that he was using drafts drawn on clients' accounts to finance personal transactions.

The society also says Mr Lynn failed to provide files and documentation as requested and it was impossible to assess the accuracy of the books of account.

The society went to the High Court last week to freeze Mr Lynn's assets to protect clients' monies and prevent further misappropriation.

The case was heard in open court this morning after an application by the Law Society to allow the media and the public to be present.

The court heard that Mr Lynn has 105 properties in countries including Slovakia, Bulgaria, China, Spain, England, and Dubai.

Those that are free of mortgages will be made available to meet his liabilities the court heard.

Mr Lynn must now draw up a list of all his properties, their addresses and their mortgage status.

The court was also told that Mr Lynn has arranged a meeting this Friday with a syndicate of banks to identify the measures he needs to take to ensure that his liabilities are paid.

The court was also told that Mr Lynn is insured for €11 million with three different insurance companies.

Mr Justice Richard Johnson was told that suspending Mr Lynn's certificate to practice as a solicitor might affect his insurance. The judge said he would leave the practicing certificate in place until the insurance situation is clarified.

The case will be mentioned in the High Court again in a week's time to see what progress has been made."

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Postby MOD » Tue Oct 16, 2007 9:35 am

Adolf added:

One Irish solicitor turned developer (no connection with Platinum as far as I am aware, though both have a few sportsmen on their books) has a pressing appointment in the Irish Courts with Law Society officials who are reported as saying that the books of account in his practice were totally unreliable....that he was using drafts drawn on clients' accounts to finance personal transactions...and properties were subject to multiple mortgages to different lenders.

Well, when you're on the road a lot it is easy to let the admin get out of hand.

http://www.sofiaecho.com/article/irish- ... 5/catid_69

Quote:
IRISH DEVELOPER WITH PROPERTY IN BULGARIA IN 30 MLN EURO DISPUTE WITH BANKS
09:44 Mon 15 Oct 2007

Irish lawyer and property developer Michael Lynn has said he has not "absconded" and was preparing to return to Ireland, Irish daily Independent said.

The announcement was made by a Dublin lawyer, speaking on behalf of Lynn, saying he "will be available" to meet bankers and lawyers in Ireland.

Lynn was the center of a 30 mln euro property crisis. He was believed to have borrowed up to 80 mln euro for investments in property. The Independent daily said many financial institutions were looking to secure up to 30 mln euro, believing that he re-mortgaged many of the properties in his portfolio with different lenders to expand his business.

Lynn's main concern was to return to Ireland, the lawyer said on his behalf. "He says he has enough assets to go around and there will not be a problem," he said. "he has assured me that he is coming back to face all this."

Lynn was believed to have been in Portugal for the past two weeks. He has extensive property holdings in that country.

The way the crisis had unfolded would lead to concern among those who have paid deposits on overseas property but not yet secured the title, the Independent said.

In 2006, one of Lynn's property companies gave away a 100 000 euro apartment in Bulgaria on the Late Late Show as part of a promotion. He also used the services of high-profile footballers in Ireland and Portugal to promote his businesses.

In October 2006, Lynn's company Kendar Global Properties announced it would invest 75 mln euro in apartments and real estate in Bulgaria before 2010. Its first investment project was the Kendar All Seasons Resort, a vacation complex with some 300 apartments, near the village of Koukoulevo, scheduled to be ready in March 2008, Dnevnik daily said.
Other investments were planned for the regions of Varna and Shkopilovtsi. According to Sonya Aleksandrova, country manager for Bulgaria, expected return on investment would be 16 - 20 per cent, Dnevnik quoted SeeNews.


You can read about the Kendar All Seasons Resort here
http://www.ballaghkeenhome.com/Kendar_A ... 25665.html

The flats have got a "heat insulated front door, fire resistant for 30 minutes". Could be handy, I suppose.

I remember the late 1980s/early 1990s and to me the market is beginning to look like deja vu all over again.

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Postby leedarkwood » Tue Oct 23, 2007 3:36 pm

http://www.sofiaecho.com/article/websit ... 5/catid_67

The website of Kendar Holdings, the investment company owned by solicitor Michael Lynn, has been suspended, the Irish Independent reported on October 22 2007.

Lynn, who has over 105 properties in Slovakia, Bulgaria, China, Spain, England, Dubai and Ireland, was alleged to have taken out multiple mortgages on several properties with major Irish banks, with alleged loan liabilities of more than 26 million euro.

Over the past week investors were reassured through the webpage www.kendarholdings.com that the company was "working closely" with overseas companies to provide assurances to all clients that their investments were secure.

Visitors to the site are now greeted with the message "This account has been suspended. Either the domain has been overused, or the reseller ran out of resources."

The website was suspended on October 21 after a week in which several banks moved to protect their loans and recover some 26.3 million euro owed to them by Lynn.

The court case against Lynn would continue on October 22, the Independent reported.

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Postby dazza » Tue Oct 23, 2007 4:42 pm

Yes this looks extremely serious. Multiple fraud caused by slow sales and big loans.

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media coverage

Postby andre » Tue Oct 23, 2007 8:56 pm

What's wrong that Mr Lynn likes money/good life when there are enough of us supporting him with our/your money? Someone thought about what his deeds would be if he is in Mr Lynn's shoes?
Be clever - if you like your money - don't give them to Mr Lynn, just use them yourself! :roll: :idea: ???


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