One More Thing: Lots of rich pickings for lawyers in Donegal disputes

Michael Fingleton: being sued by Savanne

Michael Fingleton: being sued by Savanne

 

There is a bewildering barrage of legal actions these days swirling around Savanne, a Donegal property company co-owned by Michael Desmond, brother of the financier and recent saviour of the FAI, Dermot Desmond.

A winding up petition was filed this week against the company.

Savanne could not say who filed it, nor is it possible to tell from the High Court’s public database.

But there is no shortage of suspects, judging from the lorry load of judgments registered against it in recent years.

Michael Desmond, a former AIB bank manager, is listed as a 20 per cent shareholder with the rest apparently owned by a Derry accountant, Daniel McAteer.

Apparently, Desmond was removed from its board by the other directors, including McAteer, in 2009 after a dispute that followed investment to pay off millions of euro in debt to Irish Nationwide Building Society.

Desmond obtained an injunction that Christmas preventing Savanne from selling any of its assets, and launched a case accusing the other directors of malpractice, which they have denied.

The injunction is due to expire this April, while the directors’ row has been mired in discovery for the last three years.

Separately, Savanne is also suing former INBS boss Michael Fingleton and the society, which has been subsumed into IBRC, over alleged overcharging by the lender. That case also appears to be hotting up, with several affidavits filed before Christmas.

“We invested in the company in good faith and it made a profit after that. Since Mr Desmond obtained his injunction, the company has been loss-making,” said McAteer on behalf of the current directors of Savanne.

Michael Desmond declined to comment, although he confirmed he took out an injunction against the company and that the case is ongoing.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.