Bernard McNamara Being Brought to High Court Monday for Debt

[Bulls_amp_Bears]

Bernard McNamara Being Brought to High Court Monday for Debt - Independent

LAWYERS acting for property developer Bernard McNamara were last night locked in “deep discussions” to prevent a multi-million euro legal dispute by five high-profile businessmen being entered into the Commercial Court on Monday morning.

The Irish Independent has learned that the embattled builder is being sued by a group of property entrepreneurs, including deal maker, tax expert and financier Paschal Taggart and his business partner Terry Cooney.

Shane Taggart, Ivor Dougan and Gary Smith are also listed as plaintiffs in the case that has been earmarked for the Commercial Court, a division of the High Court which fast-tracks disputes in excess of €1m.

The plaintiffs are pursuing a summary summons case, indicating that a liquidated debt is being pursued.

Mr McNamara was in a consortium with Mr Taggart that had been buying buildings around the Westbury Hotel in Dublin with a view to turning the area into a multi-billion euro hotel and retail enclave. It is not known if the threatened litigation relates to that consortium.

Earlier this year, Mr McNamara was forced to deny that he had debts of €1.5bn after he pulled out of €900m worth of social housing projects.

The Commercial Court is a division of the High Court

Full story - independent.ie/national-news … 02836.html

[Green_Bear]

What else is on in the commercial court - courts.ie/legaldiary.nsf/Commercial?OpenView

[JimmyTheFish]

There is a big lot of banks on there looking for wonga. Mr Lynn is mentioned in dispatches also.

[DSE3Br]

Thomas Byrne is also mentioned.

[Thing_Fish]

when does McNamara move into one of his affordable housing tenements now that he’s up to his eyeballs in debt?

[grumpy]

Interesting that. Most of the developers are absolutely terrified of the publicity of debt proceedings.

Last weeks Bernard RUMOUR was that he sold 20 apartments in Elm Park to Johnny Ronan for 200k each.

Oh, and the RUMOURS say his helicoptor pilot was made redundant and he has separated from the missus and has bodyguards to protect against unpaid subbies.

This man makes for great lunch talk.

[markf909]

He’s been trying to offload the Ormonde Hotel as well by all accounts.

Of course for such a rich man, i’m sure he’ll have no bother paying off the paltry €7.5m he owes to avoid any trip to the 4 Goldmines.

Surely…

[2Pack]

As this particular matter is sub judice I think we should maybe also can the general speculation on Bernard until after the case tomorrow lest any of the general speculation touch on the particular matter at an inopportune time !

[2Pack]

Unlocked !

[markf909]

@2Pack

Unlocked !

Well any news?

[Green_Bear]

Progress made in case concerning property developer, court hears
Monday October 20 2008
independent.ie/breaking-news … 04092.html

The High Court heard this afternoon that a certain amount of progress has been made in discussions between lawyers for property developer Bernard McNamara, and five businessmen who had planned to sue him.
The case is understood to have been initiated by a group of property entrepreneurs, including tax expert Paschal Taggart and his business partner Terry Cooney.
The parties have been in discussions, and both today agreed to adjourn the matter until Friday.

[What_Goes_Up]

irishtimes.com/newspaper/ire … 25859.html

Shareholders sue McNamara over €7.5m holding in property company
MARY CAROLAN

THREE BUSINESSMEN, a tax consultant and a banker have brought legal proceedings to compel developer Bernard McNamara to pay them more than €7.5 million for their shareholdings in a property company in which all six men were involved.

Those proceedings were listed before Mr Justice Peter Kelly in the Commercial Court yesterday but the application to transfer them into that court’s list was adjourned on consent for mention only on Friday.

The first set of proceedings relates to Novorstan Ltd, with offices at Clanwilliam Court, Dublin. The shareholders in Novorstan came together in 2004 to acquire properties within a site adjacent to Grafton Street, Dublin, in order to carry out a major commercial development on the site.

The shareholders were Mr McNamara, Ailesbury Road, Dublin; Gary Smith, Hazelhatch, Newcastle, Co Dublin; Ivor Dougan, Booterstown, Co Dublin; Paschal Taggart, Fitzwilliam Square, Dublin; Terry Cooney, a tax consultant, Fitzwilliam Square, Dublin; and Shane Taggart, a banker, Brompton Road, London.

Mr McNamara is being sued by the other five arising from an option deed of September 2004 under which the plaintiffs claim they granted Mr McNamara the option to require them to sell shares in Novorstan and other specified companies for a price in accordance with the deed.

They claim the minimum amount due to them under the deed is €7.5 million and that Mr McNamara has no bona fide defence to their claim for that amount, but that he has failed to pay that sum.

They claim Mr McNamara had in September 2006 exercised his option requiring them to sell their shares.

They had expressed dissatisfaction with a valuation put on the properties and an independent valuation was later secured by agreement between the sides.

They claim they notified Mr McNamara in August 2008 of their intention to waive in full any entitlement to have the option price determined at more than €7.5 million and that they were accepting €7.5 million as the option price for the purpose of the option deed.

They also claim Mr McNamara is required to pay €109,000 for the independent valuation.

In late August, Mr McNamara’s solicitors had replied that the plaintiffs could not unilaterally vary the procedures set down in the option deeds.

The plaintiffs’ solicitors responded that if the shares were not purchased by September 26th last, proceedings would be served on Mr McNamara.

It is claimed some €3.17 million is due to Mr Smith with the same amount due to Mr Dougan.

Paschal Taggart is claiming to be owed €385,000, while Terry Cooney and Shane Taggart are each claiming to be owed €384,750.

© 2008 The Irish Times

[Green_Bear]

**McNamara updates banks on his financial position **
Sunday, October 26, 2008 By Ian Kehoe
sbpost.ie/post/pages/p/story … qqqx=1.asp

Property developer Bernard McNamara has written to a number of his lender banks in light of the ongoing downturn in the property market.
The letters, known in the banking industry as ‘‘framework documents’’, provide an update on the developer’s financial position.
The letters, sent late last week by McNamara’s finance director, are being seen as a statement of McNamara’s commitment to work through the difficult trading environment, and are expected to lead to discussions with banks about his borrowings.
McNamara has banking relationships with several lenders, including AIB, Bank of Ireland, Anglo Irish Bank and Bank of Scotland (Ireland). While the exact extent of his total borrowings is not known, it stretches into the hundreds of millions of euro.

[Green_Bear]

Claim for €7.5m from McNamara resolved
irishtimes.com/newspaper/fin … 86531.html

A court action aimed at compelling developer Bernard McNamara to pay €7.5 million to five fellow shareholders in a company has been resolved, the Commercial Court was told yesterday.
The case arose out of the coming together in 2004 of Mr McNamara and three businessmen, a tax consultant and a banker to acquire properties at a site adjacent to Grafton Street, Dublin, so a major commercial development could be built there.
Mr McNamara was sued by the other five arising from an option deed of September 2004 under which they claimed they granted Mr McNamara the option to require them to sell shares in a company set up to carry out the development, at a price in accordance with that deed.

[ewd3]

big house on Ailsebury rd for sale on the QT owned by a prominent developer

[evilal]

@ewd3

big house on Ailsebury rd for sale on the QT owned by a prominent developer

If we’ve learned anything, it’s that the best way to sell your house is not to tell anyone it’s for sale.

[Stifster]

I hear Spain isn’t great for holidays this time of year.

[mr_anderson]

@ewd3

big house on Ailsebury rd for sale

As opposed to the small houses ?

owned by a prominent developer

Well that narrows it down

ahhh no, in all fairness, I think I know who you’re talking about

[onlyone]

@mr_anderson

@ewd3

big house on Ailsebury rd for sale

As opposed to the small houses ?

owned by a prominent developer

Well that narrows it down

ahhh no, in all fairness, I think I know who you’re talking about

Read the thread title, and boys you better lock it again.

[ewd3]

@onlyone

@mr_anderson

@ewd3

big house on Ailsebury rd for sale

As opposed to the small houses ?

owned by a prominent developer

Well that narrows it down

ahhh no, in all fairness, I think I know who you’re talking about

Read the thread title, and boys you better lock it again.

No such thing as bad publicity