McKillen ‘coy’ over bid for own loans

Property investor Paddy McKillen is being "coy" as to whether he has bid for some of the loans he is seeking to prevent being sold to the Barclay brothers, the High Court heard yesterday.

Michael Howard SC, for the Barclays, made the comment when urging Mr Justice Paul Gilligan to fix the earliest possible hearing of pre-trial applications in Mr McKillen's action to stop Irish Bank Resolution Corporation selling €246 million of his loans to the Barclays.

A number of pre-trial applications were mentioned before the judge yesterday.

Michael Cush SC, for Mr McKillen, said his understanding was the matters were not to be actually heard yesterday but, in any event, he wanted a short adjournment on grounds including his side wanted to respond to an affidavit they had just received from the Barclays.

Mr Cush also indicated his side wanted documents from non-parties in the case, including from the National Assets Management Agency.

Mr Howard said he opposed any adjournment but, having been told there was no judge available yesterday to hear the applications, counsel asked for the shortest adjournment possible. A final decision on the bidding process was expected to be made in March and his side wanted no slippage, counsel said.

Mr McKillen was being “coy” whether he had bid for the loans, had given no undertaking for damages in this litigation and the Barclays were the people who would be disadvantaged if there was any slippage, he added.

Mr Justice Gilligan said he would hear the pre-trial matters next Wednesday. He added that the non-parties from whom documents are sought should be informed the matter was urgent.

A final decision on the winning bid for the loans is expected to be made in March but, if the Barclays are the selected bidder, Mr McKillen’s challenge will be heard before any sale is finalised.