Again, with apologies to the non-Irish audience who will be puzzled as to why more detail can’t be provided on the following blogpost – our court system is primitive and opaque. On Tuesday last, 27th November 2012, two individuals initiated two separate legal cases at Dublin’s High Court against respondents which include NAMA.
The first case is taken by Tony Ward who is represented by McCartan and Burke solicitors. The case reference is 2012/ 12018 P and the respondents are named as (1) Gerry Fagan trading as Oceanico Developments (2) MORGADO DA LAMEIRA EMPREENDIMENTO TURISTICO E GOLFE SA (3) OCEANICO LUSOIRLANSES INVESTIMENTOS IMOBILLIARIOS E TURISTICOS SA (4) IRISH BANK RESOLUTION CORPORATION and (5) NATIONAL ASSET MANAGEMENT AGENCY. As is usual with recently-filed cases, there is no solicitor on record for any of the respondents.
The second case is taken by James Hiney who is also represented by McCartan and Burke solicitors. The case reference is 2012/ 12022 P and the respondents are, as in the previous application, named as (1) Gerry Fagan trading as Oceanico Developments (2) MORGADO DA LAMEIRA EMPREENDIMENTO TURISTICO E GOLFE SA (3) OCEANICO LUSOIRLANSES INVESTIMENTOS IMOBILLIARIOS E TURISTICOS SA (4) IRISH BANK RESOLUTION CORPORATION and (5) NATIONAL ASSET MANAGEMENT AGENCY. As is usual with recently-filed cases, there is no solicitor on record for any of the respondents.
In the expensive and oftentimes primitive Irish judicial system, third parties – and that includes barristers acting in the case – are unable to access documents from the Court Service. So at this stage, we do not know the nature of the application or remedies sought. NAMA doesn’t comment on individual legal cases.
A year ago, it was reported that NAMA was trying to sell €500m of loans which had been advanced to Gerry Fagan and his Oceanico vehicle, which was planning to build golf resorts in Portugal and the US. There doesn’t appear to be any report of that sale being completed, but such is NAMA’s lack of transparency, we wouldn’t really know if they had been sold – NAMA recently said it had sold €1.9bn of loans, but €800m will be Maybourne’s €250m will be Donal Mulryan’s and €600m will be Cyril Dennis’s.
To date in 2012, NAMA has initiated 37 cases in Dublin’s High Court and has been on the receiving end of eight.
There was a report in the SBP yesterday that the sale of the Cyril Dennis Loans had fallen through.
typo start of paragraph 3
@Grumpy, thanks, corrected!