Court adjourns McNamara case

A GROUP of private investors and developer Bernard McNamara have been given one final opportunity to try and resolve their dispute over non-repayment of €62.5 million in loans advanced to Mr McNamara and his company to help acquire the Irish Glass Bottle site at Ringsend in Dublin.

Ringsend Property Ltd, a Jersey-registered company representing investors including Martin Naughton, Lochlainn Quinn and the Coolmore Stud, secured summary judgment for some €62.5 million last January against Mr McNamara over the failure by his company, Donatex Ltd, to repay loans advanced towards the €412 million purchase of the site.

They are seeking payment under that judgment but the proceedings have been adjourned on consent a number of times while settlement talks continued.

The investors had also agreed Mr McNamara could defer lodging a statement of his assets and liabilities in court. That financial statement has been provided to the investors who have agreed to keep it private. If it was lodged in court, it would be a public document.

Lawyers for Mr McNamara previously told the court he was anxious to ensure “unnecessary material” about his financial position was not disclosed to the media.

When the case was mentioned to Mr Justice Peter Kelly yesterday, Gary McCarthy, for Mr McNamara and Donatex, said talks between the sides were at “an advanced stage” and the parties wished the court to again adjourn the matter to May 18th.

The judge said talks had been going on for a long time and there would have to be “finality” or the court process would proceed.