McNamara settlement talks continue

Investors pursuing developer Bernard McNamara for €62.5 million over unpaid loans to acquire the Irish Glass Bottle site at Ringsend in Dublin have again agreed to allow him defer lodging a statement of his assets in court while settlement talks continue.

Mr McNamara, the Commercial Court previously heard, was anxious to ensure “unnecessary material” about his financial position was not disclosed to the media.

Today, on consent of the investors, he was given until May 4th next to lodge his statement of means. Any cross-examination of Mr McNamara about that statement has also been deferred to that date.

The statement of means has already been given to the investors but has not yet been filed in court. If it were filed, it would be a public document and its contents could be published.

Mr McNamara had, on March 25th last, been given additional time to yesterday to file the statement of his assets in court while settlement talks continued between him and the investors.

When the proceedings came before Mr Justice Peter Kelly today, Gary McCarthy, for Mr McNamara, said the sides had consented to the matter being put back for another three weeks.

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.

There have been talks between the sides but the court has not been told whether a settlement is likely.

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. They also reserved their position 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 which would include 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.

Details of all projects being carried out by Michael McNamara & Company (MMC) including the likely income stream such projects will generate, were also to be supplied, plus details of all the shareholdings held by Mr McNamara in various Michael McNamara companies.

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.

The application by the investors, who include Martin Naughton, Lochlann Quinn and the Coolmore Stud, arises after Ringsend Property Ltd, a Jersey registered company representing them, secured summary judgment for some €62.5 million against Mr McNamara over failure by his company Donatex Ltd to repay loans advanced towards the purchase of the Irish Glass Bottle site.