Last week Kelly told a Commercial Court that he was considering bankruptcy, but here are the two sentences that caught my eye.
Through various partnerships, project companies and investment vehicles in Ireland, Europe and America, it is widely estimated that Kelly owes Anglo Irish Bank alone in excess of €700m. The Co. Laois-born developer, who has twice gone bust in the past, says that he simply got tired of trying to hide his difficulties and the massive problems within the Irish property sector.Anything there catch your eye? How 'bout ... twice gone bust in the past?
I know a little bit about banking and I know a little bit about risk. And, to my mind, someone who has twice gone bust in the past might be just a little too risky to lend anything more than, I don't know, €250m or so? Honestly, it's just so stupid.
Oh yeah, don't miss that little "alone" in there. The Sunday Times is leaving open the question of whether Kelly owes money to any of the other banks. Uggh.
