MRI Ireland Creditors Meeting, October 7th, 2011

MacAnthony Realty International Ireland Creditors Meeting – October 7th 2011

2nd Floor, Kandoy House, 2 Fairview Strand, Dublin 3 on 7th October 2011 at 11am

Registered address: 28 Fairview Strand, Fairview, Dublin 3

Last accounts filed: 31/12/2008

CRO number: 386664

Sao Nicolau - Cape Verde Development

Sao Nicolau - Cape Verde Development

Have you invested in a hotel development with Cork based (although currently all out of the country) Cape Verde Development on Sao Nicolau island in the Cape Verde Islands (also known as San Nicolau)? The development is known as Monte Gordo. 

This project (pictured as it stood in 2006 - but it's not much different now) was allegedly purchased from a bankrupt developer - Sanilisa Empreendimentos S.A. It was to have a hotel added to the middle of the development to create the Hotel Monte Gordo Resort which would then be run by Extreme Hotels. The hotel was to be built between the rows of apartments, where a hole now stands (there is a foundation for something there at this stage, but that's as far as it ever got). In any case, the hotel never materialised and investors here are not one bit pleased as they feel this development was sold fraudulently.

If you were involved get in contact (info@overseascafe.com), as we would like to hear from you. We have received some information about this development which may be of use to investors involved in the project.

Note: There have been further developments relating to this project on which you will find some information here on the Monte Gordo Investors Group and here on Tom Sheehy of Cape Verde Development and court action that is in train. 

Deposit Recovery from Mediterrania Saidia

Deposit Recovery from Mediterrania Saidia

If you've invested in Fadesa Maroc's (now Excelia) Mediterrania Saidia development along the Mediterranean Morocco coastline then this may be of interest, particularly if you're looking to get your money back.

Diarmaid Condon, on his own website, has posted an article looking for investors in this development who are looking to recover their money.

It appears the development is very badly delayed and the quality of what is being built is a long way short of what was promised by the developer when it was being marketed.

You'll find the article here - http://bit.ly/okSCuU.

Private Syndicated Office Property Investment

This is a Commercial Promotion

Private Syndicated Office Property Investment

Medical Centre, Chemnitz, Germany (Purchase Closed May 2011, last remaining investment units being offered)

• Opportunity to acquire a significant equity stake in a large (54,500 sq ft) modern medical center well located in the thriving city of Chemnitz ( population 243,000). The rent roll is exceptionally well spread across 34 medical /commercial units and 7 apartments, with a diverse range of medical specialists and related tenants.

• Sourced off market via an insolvency where the asset is under the control of a receiver appointed by DKB Bank with whom we have a strong relationship from previous deals financed by them. We worked with the receiver and DKB over 6 months to secure the deal on attractive terms whereby the initial yield of 7.64% inclusive of acquisition costs is based on existing 84% occupancy rate .The investment is self –funding from Day 1 after all costs, with full capital repayment on attractive bank finance fixed for 4 years , non – recourse to investors .

• The yield can be significantly enhanced within the first year by letting any of the 5 commercial units and 3 apartments that are vacant. There are already tenants interested in some of the vacant units, and it is realistic that occupancy level could be brought up to 90% -95% within the first year thereby increasing rental yields to 8.2%- 8.7% quite quickly although we have assumed a much slower pick up . • The investment is €3.95M funded €2.7M by German non-recourse bank finance and €1.25M by Investor equity.

The objective is to raise the equity from private investors in amounts of €50,000 to €300,000 each. Pre-tax returns of 90% over 5 years, 127% over 7 years (over 18% pa) are forecast based on conservative assumptions as detailed further in the offer document, particularly no capital appreciation assumed. There is no cap on returns and there is real potential to bring occupancy to a high level quickly and to increase rent roll further which could increase returns yet further.

The purchase of the property has completed on MAY 19th 2011. Remaining investment units are now being offered.

The minimum investment is €50,000.

If you are looking for some up to date information on the German market take a look here.

For a full prospectus please send me an email on info@overseascafe.com.

Where to Invest - Germany

With all the doom and gloom around the place you'd be forgiven for thinking that there's nowhere left in the world in which it's worth investing. In fact, you'd be very far from the truth. Just because Irish investors don't have the deep pockets (and reckless banks) they once had, doesn't mean that there are not countries out there worth a look. We're going to look at one of them today. Germany. Here are a few highlights.

The German economy is performing exceptionally well with very exciting economic news in recent months. There are strong indications that the country is moving more and more centre stage as the main driver and, increasingly, perhaps the saviour of the Euro economy.

Germany is the world’s second largest exporter and its third largest economy, driven by a population of over 82m people. Recent economic news points to excellent economic fundamentals - which is more than can be said for a lot of European economies.

GDP growth of c 3.5% in 2010 was exceptionally positive , and the official forecast for 2011 was recently increased form 2.3% to 2.6% on the back of excellent data elsewhere.

German exports experienced their fastest growth rate in two decades during 2010 , with German trade surplus of €60.2 billion from Jan-May 2010. Compare this to the other 'powerhouses' of the European economy -France (-€20billion) and UK (-€40billion).

Business confidence measured by the German IFO index has climbed continuously over the past year from 95.9 in Jan 2010 to 110.3 in Jan 2011, another all time high in the 20 year period since re-unification. “The German economy has started the year with great vigour” (H-W Sinn , President IFO Institute Munich , 01/2011).

The German unemployment rate has fallen to 7.5% from 8.2% in 2009. This rate is forecast to drop further in 2011 to 7% with 300,000 new jobs anticipated. The number of Germans at work in 2012 is expected to reach an all-time high of 41 million . In the former East German states, including Saxony, unemployment is at the lowest rate since 1991. Germany is one of the few countries where unemployment in now lower than before the 2008-2009 financial crisis.

The German budget deficit is in control unlike other leading economies. The deficit is now forecast at 3.7% for 2010 reducing to 2.4% in 2011, well within the 3% EU target. The key German Markit purchasing managers survey shows that both services and manufacturing are performing strongly with the index at 61.0 , the 2nd highest reading on record “yet another signal that Germany’s economy is pulling away from most of its Eurozone competitors” (Irish Times 24/01/11).

“There are encouraging signs that domestic demand is beginning to emerge as a source of additional growth in the German economy.” ( Equinet Bank , Frankfurt 10/01/2011)

So where can you get a bit of Germany? We'll be posting here with some info in the near future.

Ciaran Maguire Group takes over Praia de Cabral Resort

We've had further communication from Ciaran Maguire relating to the Palm View Resort development on Boa Vista in Cape Verde. It has once again become a topic of some interest, principally because of the adverts being run by the group on TV3 at the moment - see here.

First Email:

"I am writing to you regarding your blogs on the overseas café I see from your posts that you have not made any comments recently. Since your last posts there have been huge changes with the development and a lot has been turned around. I am not asking you to take anything down but someone in your field should be conveying a balanced view on the status of Palm View in Cape Verde. The fact remains and you can check this by independent lawyers and lawyers representing the clients that we are on schedule for completion in December 2011. In November this year we open our new reservations centre in Dublin creating 27 new positions, this is surely news that is worth publishing instead of the doom and gloom we are constantly bombarded with on the news.

With the progress been made with Palm View it has allowed us to work with all Palm View clients including cancelled clients to ensure that their investment comes to fruition. I have dozens of pictures from site, land title documents, planning permission documentation etc but you still harbor the outdated negative story. I will forward on Pictures from site so you can see the progress, or feel free to check the company blog pages for updates.

http://www.ciaranmaguireblog.com.

We have turned things around and would request at least a balanced reflection on Palm View. I trust you understand my point of view. I simply ask that the information being hosted is updated to reflect the current state of affairs.

I have attached relevant documentation as to ensure a fair reflection.

As has been mentioned to you before in various emails from Ciarán himself, we welcome any calls to our office for further information.

Regards,

Colm Quinn

Sales Manager."

Note: Two attachments were received, which appear to be a title document and planning permission for the Praia de Cabral Resort. We're not experts on legal documentation in Cape Verde, but they look genuine. If anybody wishes to see them just email us at info@overseascafe.com and we'll send on a copy.

Reply:

Ciaran / Colm,

Many thanks for the information you sent last week. We are looking for you to clarify a few points detailed below.

Firstly the title deed appears to be for Praia de Cabral Resort, whoever owns that, but there's nothing anywhere to state that it's owned by Ciaran or CMG.

Secondly, everything is dated 2006, which was before CMG even existed, so it is presumably the planning consent for Praia de Cabral Resort as well, with the same query as above.

It's all in Portuguese obviously so we have no idea what it says specifically, a translation would be great ideally.

The main question is obviously what is the relationship between the Praia de Cabral Resort, Ciaran Maguire Group and Palm View Resort?

We look forward to hearing from you.

The OC Team.

CMG Reply:

I can confirm that Ciaran Maguire Group has acquired the shares of Praia de Cabral Resorts. An agreement was signed, final quarter of last year. The company PCR has full title and full planning but had stopped works 18 months ago due to the lack of sales and economic climate.

The Ciaran Maguire Group were constantly enduring frustrations in its previous locations, we had been given assurances from SDTIBM of certain infrastructure works being implemented on site as to allow us to make real progress with construction on site. The infrastructure works were delayed on 3 separate occasions and although Palm View Resort had outline planning permission for the site in Chaves, it required full detailed planning to release our credit facility, this was another instance were we experienced delays from SDTIBM despite being given the relevant assurances at contract stage.

Cape Verde is a beautiful country and ultimately the investors in Palm View will reap their rewards but as someone who has the responsibility to ensure their investment matures, it is very difficult to do business in Cape Verde as the islands are still at an infancy stage. Having evaluated the situation and after several high level meetings with the primary objective to ensure Palm View clients got their apartments this year, I took the decision to, for the time being to park the project in Chaves and move ahead with the share acquisition of PCR. I have since held events in Dublin, London and Manchester and met with all of my Palm View investors to inform them of the decision.

I can say that the Palm View clients were very excited that their apartments will be ready this coming December and have successfully migrated the clients onto the new scheme. I informed the clients and supported it with relevant documentation to outline that although the previous scheme was Creola Sands, the new scheme has been completely redesigned to replicate the previous Palm View and we are currently in the process of adding to the existing structure that exists. It is also important to highlight that there is a new B.O.Q in place and the specifications for the new Palm View are exactly the same.

I have also structured a new finance package for Palm View that offers 100% finance with No money down. It's the first of its type available in the current market. I am also very proud to say that we will opening a new reservations centre for Palm View in City West in November and will be creating 27 new positions.

At this stage, I am in a position of "your damned if you do and your damned if you don't" I just want to get on now and build Palm View, I now see that Diarmaid (Condon) is ensuring that old news does not go away by providing anyone who is interested with the links of the blogs that harbor outdated information. There are 4 or 5 new blogs that say very positive things about Palm View but needless to say there not mentioned.

I am not going to get involved in any mudslinging as my only objective now is to just get on and complete Palm View by December, but journalists and editors have to take a level of responsibility for the country being in this situation but the real concern is that with the negative attitude of our journalists and how they are reporting I believe it will ensure that this Country takes a lot longer to get out of this situation than it actually should.

As an entrepreneur based in Dublin, I can tell you my biggest obstacle is the Irish press. I have the finance, I have full title, full planning, I have the clients and yet my biggest obstacle is being allowed to just get on with things with certain people wanting to ensure that its not ok to come through a difficult period and be successful, I think that there is something really wrong with that picture and our entrepreneurs in this Country will probably never go on to realize their full potential due to the nature of the reporting carried out in this country, It is sad, but there you go.

I have attached a standard purchase contract for your perusal. We unfortunately don't have translations but all clients lawyers who have carried out their due diligence will verify that everything is in place.

Regards

Ciarán Maguire

Chairman & President

CastleBaggot House,

Baldonnell,

Dublin 22.

Ph: +353 1 6251544

web: www.ciaranmaguiregroup.com

www.palmview.ie

End of Communication.

Note: The purchase contract for Praia de Cabral Resorts mentioned above was received. Again, if you wish to see a copy just email us at info@overseascafe.com and we'll send on a copy, or you can contact CMG directly.

We're taking Ciaran at his word that his company owns the site in question and is building on it. Photos received would seem to indicate that there is work in progress, but we've not seen proof that CMG does, in fact, own the development apart from the fact that the contract states that it is for Palm View Resort but is being sold on a contract for Praia de Cabral Resorts which is presumably due to the aforementioned purchase of the shares in the resort.

Maguire Claims to be Moving Forward

Mr. Maguire is back in the news again following claims in a Cape Verdean newspaper, Expresso das ilhas, that his Palm View Resort is now to be constructed on the site of another unfinished development. Courtesy of the BoaVista Forum the following rough translation of the newspaper article was offered:

"The Irish group Ciaran Maguire launched on the morning of Thursday, 24, in Boa Vista, the first stone for the construction of an apartment complex with 238 luxury apartments, casino, thalassotherapy center and restaurants.

The initial investment Palm View Resort is 25 million and, according to prosecutors, all the apartments are already sold to Europeans, especially English and Irish. "The hotel, the restaurants will be complete later this year, and the other blocks will be complete next year," he told Radio in Cape Verde Ciaran Maguire, chairman of the Group.

Palm View Resort is a luxurious beachfront resort, which initially will have three hundred employees. The project includes a seven-star boutique hotel, nine swimming pools, four restaurants, beach bars, bar, nightclub, tennis courts, soccer fields, outdoor theater, fully equipped gym and a health spa luxury and beauty. The design of the Palm View Resort Ciaran Maguire Group will be born in Praia Cabral, the former complex Sabi sands, FM Group, which went bust just over two years.

In Cabral Beach Ciaran Maguire group wants to invest in the area surrounding Palm View Resort, rehabilitating the area and build a function room, a high school level and creating pedestrian promenade, with shops selling local handicrafts.

It is recalled that in 2008, Ciaran Maguire organized a tour of the island of Boa Vista, and has taken him about 160 people, some of which would become investors in the transaction. But due to delays and uncertainty in implementing the project, some eventually require replacement funding.

The idea had been thought initially to Praia and then was transferred to Boa Vista."

The original article in Portuguese is here - http://www.expressodasilhas.sapo.cv/pt/noticias/detail/id/23822

The BoaVista Facebook page is, however, quite adamant that much of the information in this article is false and misleading. It says:

"The name "Palm View Resort" has again reared its head in relation to Boa Vista. This "Newspaper" article is riddled with the same old promises and has glaring inaccuracies. I have written to the newspaper and asked them to review this story in light of the damage that it will do to their credibility."

See: http://www.facebook.com/pages/Boa-Vista-Cape-Verde/327949432900

Ciaran Maguire Responds

It's a miracle, Ciaran Maguire eventually, after almost a year of email silence, has sent us an email. Naturally it's one of complaint, but at least it's a communication of some sort. You might want to have a coffee to get you through this lot.

Start of communication:

I wouldn’t normally waste my time on negative sources however I thought I would maybe give you some advice. I understand from someone in my sales office that you and the other minority of narrow minded negative people have again made comments regarding me presenting a video. I have to say that the out takes were simply an extra to the video and simply shows that you shouldn’t always take things too seriously and if it puts a smile on someone’s face in difficult times than that’s a bonus. The videos have received a very positive review from people who matter to me, Palm View clients etc. It has also helped drive people to the actual corporate video and subsequently create more sales.

The fact is, we have full finance and are on schedule to have the first 129 apartments and Hotel ready by end of October this year. I have structured an unrivalled finance package for Palm View clients that ensures they don’t have to put any more money down, We have arranges a 70% mortgage and I am giving them a 30% developer loan, this information along with proof of funds for construction, full land title and planning permission is available to anyone who wants to come out of hiding behind their computers. I have put my hand up and said that mistakes were made along the way but no ones perfect, I have rectified them and ensured my clients investment comes to fruition. Look at my competitors in Cape Verde……….there all gone, Palm View is the only development that construction is on going, everyone else has stopped works, CMG are primed to stand alone in the Cape Verde market, an Irish company creating jobs in Ireland and abroad and you continue with the cheap shots. You should be ashamed of yourself.

I have met with over a hundred and twenty Palm View clients over the last few weeks, they understand the frustrations but are now very happy with the recent progress and we have now closed over €16,000,000 value of sales since the turn of the year.

I have delivered for my clients and despite all the negative issues you people have tried to create, you have failed. Watch this space, your going to start running out of negative things to comment on as we are quite simply building Palm View. Ciaran Maguire Group is one of a very few success stories and your negative attitude clearly epitomize why our great little country is in this situation. This country has a lot of talented and skilled potential entrepreneurs however people like yourself and your negative minded colleagues continue to target any one who dares to be successful instead of giving them a platform.

My advice is simple, you should try being more positive, you have tried and failed to create a negative situation for me, I have no doubt you will try a few more cheap shots “OMG instead of CMG” when really if you had of taken up my request of a sit down meeting, you could have all this information on file and could of indeed been an advocate for the resort. Sadly there are people out there who are negative by nature and will be years behind the positive minded people in terms of getting through difficult times and you just happen to be one of those people.

Please don’t reply, I don’t want any negative crap coming to my email, but do yourself a favor and lighten up and remember the glass is not always half empty!!

They say success has many enemies and I think your and your narrow minded negative thinking friends are testament to this.

Needless to say, don’t expect an invite to the opening of Palm View in October.

Good luck and God Bless.

Regards

Ciarán Maguire

Chairman & President

CastleBaggot House,

Baldonnell,

Dublin 22.

Ph: +353 1 6251542

Ph: +353 1 6251544

web: www.ciaranmaguiregroup.com

www.palmview.ie

So we replied:

Dear Ciaran,

if you are, indeed, going to have Palm View Resort completed by October of this year I would imagine that you have all the infrastructure work at the site completed and that all foundations are now in place. A few pictures of this development would go a long way toward dispelling the naysayers who disparage your development.

Those who doubt you do so simply because you've shown no proof of a track record in the industry, no evidence of financing, your company which took deposits from clients is currently bankrupt and the liquidator has said publicly that you've removed all the clients funds for your own use. You seem more interested in posting weird videos on the web than you do in actually building the development for which you have taken people's life savings.

Positivity is one thing, deranged lunacy is another entirely. In case you've forgotten, you promised to have the development completed by October 2010 as well and to date you've managed to put a few loads of trunking onto a site in God knows where. While you're at it, could you send on pictures of the social housing project you completed in CV last year.

We've bent over backwards to facilitate you in proving that you have any hope of completing this development, or even getting it started, and you've failed miserably at every single turn.

Best regards,

OC.

To add to the miracle, Ciaran again replied:

You have just proved my point. You pick up on one point, the video and embellish it and turn it into a negative. By your latest email it is clear you have not done your homework. If your going to mudsling than at least do your homework. We are well and truly under way with the full shell and core "built" on block A and F. The Palm View clients who have invested their hard earned cash with me have been kept updated and are very happy. I have met with the majority of them in the UK over the last couple of weeks. The pictures of the meetings and the site works are there for all to see.

You keep mentioning track record. The people with track records are gone bust in Cape Verde and indeed this is the case around the globe leaving a vacuum for new companies with new strategies and innovative mind sets which I believe my company fits that mould.

You speak of delays, after all the issues we have had we are only 12 months behind schedule, in development terns in the current market place that is still an achievement.

You should really go and do your Due Diligence, We are well advanced in construction and KPMG have been furnished information that contradicts what they had suggested. They never said it as fact it was a suggestion which has now been disregarded since they reviewed the full case.

"Bent over backwards" that's a laugh, you were negative about me and my project from the moment we launched again mentioning we never heard of this guy before and discrediting my family business.

You may speak with any Palm View client to see how they feel which is more important to me than anyone else. Opinions are the cheapest commodity on earth and you make your living giving yours but if you are going to make opinions, please do your homework.

I trust all is well with you and your colleagues in negative town.

Good Luck and God bless

Regards

Ciarán Maguire

So we felt we should, again, state our case (hang in there, a little more coffee and you'll make it):

Dear Ciaran,

We've scoured your websites for evidence that you own or have built anything in Cape Verde and can find none. There are some interesting pictures of you walking around the abandoned Creola Sands development, but nothing else.

We have never (nor has anyone else as far as I'm aware) seen any proof that you have funding of any description to complete a development you estimate to be worth anything from €100 million to €2.2 billion depending on which of your Press Releases is to be believed.

To our knowledge KPMG has never issued a statement exonerating you from your obligations to your clients on the basis that you had their best interests at heart when you removed funds from Flash Developments. If you have one we'd love to see it.

We've never been negative about your development, we've been realistic - there is a distinct difference. There are certain criteria that need to be met to build a successful resort development including land ownership, planning, funding and a team that has experience in creating and marketing such a development. To date you've not been able to prove that you meet any of these criteria, hence our understandable scepticism.

Building a resort development takes a lot more than simply telling everybody to be positive and posting a few quirky videos on your website.

Some proof is all we've ever asked from you right from the off and we've never received it. It is the least your investors deserve.

For the sake of these investors we very much hope this development will become a reality but your actions to date suggest that it will not.

Best regards,

OC.

End of email tennis session.

This last one seems to have hit a nerve somewhere along the way as the email silence was renewed almost as quickly as it had been broken. It appears young Ciarán thought everybody would fall for the switch of the now abandoned Creola Sands development in the pictures (readily available on his blog here) in which he stuck his flags for a few weeks, and take it as verification of his assertion that he has actually started work on the Palm View Resort. From reports received from those on the ground on Boa Vista it appears that there is currently no activity on the suggested Palm View site (which CMG has yet to prove it actually owns).