This is a first.
NAMA was reportedly in the High Court yesterday where it was trying to get receivers appointed to….three items of jewelry owned by wife of developer John McCabe. Mrs McCabe or Mary, was the subject of a €20m judgment late last year, and NAMA wants the jewelry – said by Mary to be worth €140,000, but said by NAMA to be worth far more than this – to be used to help pay down this €20m judgment.
The three items of jewelry comprises, according to the Independent, an 8.38 carat (presumably diamond) ring, a necklace and a bracelet. Below is a chart showing the actual sizes of various carats – 8.38 is big.
The redoubtable Judge Kelly was presiding, and he accepted NAMA’s case and Jim Hamilton of BDO was appointed receiver to the three items of jewelry. NAMA had claimed that unless it had receivers appointed, the jewelry might not otherwise be available to the Agency to set against the €20m judgment.
The McCabes, father John and Mary and family were subject to a barrage of law suits from NAMA last September 2012 in Dublin’s High Court. There had apparently been some shady business where a Middle Eastern company that was supposed to be helping refinance the loans to John’s company but instead pocketed an advance fee and in October 2012, NAMA obtained judgments of €270m against the McCabes amidst allegations of assets being placed beyond NAMA’s reach, and within that €270m judgment, Mary was hit with €20m.
John McCabe was one of the most successful developers during the Celtic Tiger years and was reportedly one of the ten customers of Anglo who comprised the Maple 10 , who were provided with loans by Anglo to buy part of Sean Quinn’s stake in Anglo.