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 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 IGB 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” but had not yet reached a conclusion and the parties wished the court to again adjourn the matter to May 18th.
Mr Justice Kelly said the talks had been going on a long time and there would have to be “finality” or the court process would have to proceed. While he would grant the adjournment sought, it would be the last adjournment, the judge said.
Mr McNamara had previously written to the investors asking them to sign a “non-disclosure” agreement before releasing the asset statement to them so as to ensure “unnecessary” material wasn’t put into the media. They declined to do so but were later given the statement which they agreed to keep private.
Earlier this year, lawyers for Mr McNamara told the court, while he was prepared to provide a sworn statement of his assets and liabilities to the investors, it was “impossible” for him to outline the current value of his assets.
Lawyers for the investors on that occasion said they did not accept it was impossible for Mr McNamara to provide an estimated valuation of his assets and liabilities and also deferred a decision on whether they would seek to cross-examine Mr McNamara about the contents of his affidavit.
Mr McNamara had agreed to provide a sworn statement of his assets and liabilities to all properties in which he or his companies hold an interest. He was also to provide details of all transfers of property or other assets to family members, connected parties or companies owned, controlled or associated with Mr McNamara since November 2006.
Mr McNamara previously said he has no unencumbered assets and was unable to pay the €62.5 million. The investors said they understood Mr McNamara has “extensive assets” held personally or through Irish companies and offshore companies, partnerships, joint ventures or other instruments.
