Brothers seek help over ‘vulture fund’
TWO MARSHALSTOWN brothers have sought the support of Wexford’s IFA Executive to try and help bring some kind of resolution to a long-running farm dispute with a so-called ‘vulture fund’.
Michael and John Kinsella of Tomadilly, Marshalstown, approached Wexford IFA recently in search of support in their fight to prevent the disputed repossession and sale of their lands at Lodgewood, Ferns.
The pair acquired the land back in 2008 when a deal was done that saw Wexford GAA take 78 acres nearest to the village for €2.95m, while the Kinsellas purchased the remaining 158 acres.
Like many farmers at the time, the brothers found themselves with significant debts as assets diminished with the economic collapse. Their lender Friends First Finance then sold the loan to Emberton Finance – a so-called ‘vulture fund’. The Kinsellas say that the loan was sold for a fraction of its value and around a third of what they had offered as a full and final settlement to Friends First.
The pair are now being pursued for the full amount by Emberton, which has sought a a summary judgement of €4.5m.
Legal costs are said to be spiralling and a receiver is trying to sell land which the Marhalstown brothers continue to farm. Tensions ran high last spring when a contractor, operating either on behalf of the receiver or a farmer with the receiver’s consent, attempted to till the lands in Ferns. The Kinsellas did not consent to this and subsequently planted the lands themselves.
The IFA’s national policy is that there should be ‘ no forced sale of farming assets which undermine the viability of the family farm, where the farmer has meaningfully engaged to find a workable solution.’ Wexford IFA chairman James Kehoe says that they are most willing to help any farmer that is willing to engage.
‘ The IFA has outlined its policy in relation to vulture funds recently,’ he said. ‘It’s our policy to help any farmer that’s willing to engage in meaningful negotiations with these vulture funds.
‘ The IFA will do its best to negotiate and get financial difficulties resolved once there’s a desire to negotiate there. It’s very difficult to know how this one will pan out. There are very large sums of money involved, but we are certainly willing to talk to all interested parties and try to come up with a solution.’
John Kinsella says that he is hopeful that they will sit down with representatives from the IFA and Emberton Finances in the coming weeks to begin negotiations.