The main players

Noel Smyth: The Dublin solicitor turned property developer owns 22.5 per cent of Dunloe Ewart, having become involved in the company in 1993 along with Mr Ben Dunne, the former supermarket tycoon. Mr Smyth acquired a a 15 per cent stake in Dunloe House, as it was then, and in 1995 he acquired 26.5 per cent of Ewart, then a quoted Northern Irish property company. Mr Smyth upped his stake in Dunloe House to 46 per cent later that year and the expected merger of the two companies happened in 1998, after a deal with Mr Phil Monahan's Monarch Properties, that gave Mr Monahan a 15 per cent interest. Mr Smyth's stake fell to 23.9 per cent.

Orb Estates, Sam Nolan and Tom Jones: Orb Estates is a British property company owned by Jersey-based venture capital group Lynch Talbot. One of the principles of Lynch Talbot is Irish accountant Mr Sam Nolan. Mr Nolan and his partner, Mr Salai Ozturk, manage a number of Jersey-based investment funds, the subscribers to which are described as high net worth individuals. One of these funds advanced loans to Orb Estates and ended up acquiring the company after it was unable to repay. Mr Nolan figured in the fraud trial earlier this year of seven former directors of Money Markets International Stockbrokers.

Another MMI client, Mr Thomas Jones, has also cropped up this week, buying 4.8 per cent of the property company. Mr Jones has links with Mr Peter Chatto, the chairman of Orb but says he is not acting in concert with the company.

Liam Carroll: One of Dublin's foremost property developers, Mr Carroll has aggressively built up a 14.97 per cent stake in Dunloe Ewart over the last few weeks. He is behind more than 60 apartment schemes built in Dublin since the 1980s. His best known schemes include Bachelors Walk and the 16-storey tower at Charlotte Quay.

Phil Monahan: Another very successful property developer, Mr Monahan is almost as low profile these days as Mr Carroll. He retains a 6.7 per cent stake in Dunloe, as a result of backing some of his properties into the company a few years ago. It had been presumed Mr Monahan was supportive of Mr Smyth's plans but there are indications he may now take a different tack following the abandonment of the privatisation scheme.