Funnily enough there is a racehorse called Nama which does okay, and crops up from time to time on daily news searches, but today at Goffs auctions in Kildare five foals from Horse of the Year “Sea the Stars” sold for €2.9m and the day seems to have been a sure bet for NAMA as some of the day’s proceedings – in respect of the sale of one foal – are understood to have gone to the agency. Developer Michael Ryan (Mike Ryan), the owner of one of the foals, has not previously been associated with NAMA but it seems that the agency has snaffled the proceeds from today’s sale. Mike Ryan, aged 59 is a former Fine Gael councillor and hails from Dungarvan in Waterford and is credited with developing the Al Eile stud farm.
NAMA has not commented on any involvement in the sale today.
UPDATE: 24th November 2012, It remains unclear if Michael Ryan senior is in NAMA but yesterday in Dublin’s High Court, AIB was granted summary judgement against Michael Ryan junior and Sean Keane on foot of a €2.5m loan to develop industrial units at Waterford Airport Business Park. According to the Irish Times “The loans were to be repaid within two years and Mr Ryan snr provided a guarantee in the form of a charge over the Al Eile stud farm in Dungarvan.”
UPDATE: 19th December, 2012. The judgment of the High Court in November 2012 is now available online here.