Vulture Funds Circle the Irish Skies

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It is surprising that our media (or maybe then it is not) give no coverage to Yvonne Walsh who is in prison at Dochas at Mountjoy since last April.  She is the former partner of Justin Malone, Civil Engineer, and former property mini tycoon and landlord.  Malone and I am surprised that nobody had mentioned this was on a TV programme with Miriam O’Callaghan (Prime Time) just after the Crash.  Malone was very convincing that he was the victim of the banks seeking revenge against him to the point that it became personal.  Justin played an Oscar on Prime Time that evening.  Let us now face some facts:  Malone and I am not sure about his partner then, Yvonne, had a property portfolio consisting of about 9 properties approximately.

Malone went under in the recession and he was living on Pembroke Road, Dublin 4.  This is where the real battle began, almost two years ago now.  He was evicted from the property and the banks hired bodyguards from Eastern European countries, 24 x 7 ie around the clock.  Squad cars came and went for months and the neighbours naturally did not have a peaceful life.  I myself as a former landlord and the loser of 6 properties knew what was going on before I got out of the property game; my biggest problem was that I borrowed too heavy, got in too deep and the rest is history.  Malone is a little bit different; he won’t accept that he borrowed and that he owes millions, at least 2 million.  So, he regained entry to the house on Pembroke Road in the autumn of 2017.  I believe it was on a Sunday evening and according to neighbours, 16 Gardaí and at least 6 squad cars.  Malone is an attention seeker and a rebel with no cause.  Beades – I have no time for this man so I won’t waste any lines on him.

Now enters Mattie McGrath and Mattie is going down the line of Human Rights and that Irish citizens should not be put into prisons to accommodate Vulture Funds and their greed.  Let’s have some equity of balance here, Malone borrowed; he lived the high life, and so did Yvonne, for a short period and it all came crumbling down just like the economy around them.  Since then the facts are very hard to digest and it seems to me they want the good times back but the judgments and the courts say otherwise.  I have the deepest sympathy for a mother of twin girls languishing in an Irish prison today but she has a choice to withdraw her Contempt of Court, give an undertaking that she won’t enter the Rathmines property again and this in turns means she walks out of the prison and that would make her twin girls very happy.  In the meantime, the courts are looking for Justin Malone to serve a summons on him.  Justin some years ago was owed €6,000 in rent from a female tenant in the Rathmines property.  She too was short of money but he showed no compassion and he locked her in the flat for over 6 hours – how prison didn’t come into this breach of the law astounds me.  I have no personal issue good bad or indifferent in this case but sometimes people must face hard facts.  Former tenants of Malone do not speak highly in his favour, he rented out a shed type container and put a tenant into it charging €750 per month.  There were no cooking facilities and there was no running water.  This is what one former tenant alleged so maybe Malone should come out of hiding now and talk to the mother of his twin girls and convince her that to be at home is the best choice in this situation.

Vulture funds have arrived; we think they are here to stay but the fact is the government has waived Capital Gains Tax to 2019-2021 so watch this space.  Fianna Fail and their greed are accountable for this and I don’t think Irish people have seen the worst of it yet.  Sadly, repossessions are here to stay.

2 comments

  1. i am sorry
    justin is a very good friend and a very decent human being
    there are always 2 sides to every situation and yvonne is also the best there is . now back with the girls thank god

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  2. I totally agree with you, there are two sides to every story. The above article which was written was taken from the two main newspapers, the Independent and the Irish Times. I don’t know the Malone family but I do know former tenants who have spoken to people in relation to the conditions they lived in during the so called boom and bust years. I am so relieved today that Yvonne is back with her daughters especially now that school is beginning. When you borrow you must remember you have to repay. That’s the name of the financial game. I am sure you would agree that there are thousands of couples out there today who are in genuine mortgage arrears and trying to pay back as best they can and have no support in dealing with the vulture funds. Believe me, I help people regularly who have to deal with headless figures (Vultures) who have bought their mortgages from the banks. I have walked behind three funerals in the past five years of young fathers who have committed suicide because of the stress related to having committed to mortgages with the aim of having a home for their families. Families have been destroyed since the bust but let’s now forget Greed was part of the climate during the so-called illusion boom. Here is the link of the court details yesterday and the undertaking that Yvonne gave when she purged her contempt.
    https://www.independent.ie/irish-news/courts/motheroftwo-leaves-prison-after-purging-contempt-in-1m-south-dublin-property-repossession-case-37260330.html

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