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Archive for March 21st, 2012

Following the appointment of receivers in January and March to a number of companies connected to Limerick solicitor and property developer, Paul O’Brien – pictured here with former Taoiseach Brian Cowen and current TD, Mattie McGrath – NAMA has made three applications in Dublin’s High Court against Paul O’Brien, his companies and associates. All three applications were initiated at the court on 20th March, 2012.  The plaintiff in all three applications is National Asset Loan Management Limited which is represented by Eversheds solicitors.

The first is application reference, 2012/1029 S and the defendants are shown as MKI Property Investments, Paul O’Brien, Greenbank Investments and John Hegarty.

The second is application reference, 2012/1028 S and the defendants are shown as Paul O’Brien, Oyster Developments and David Crowe.

The third is application reference, 2012/1027 and the defendants are shown as Mount Kennett Investment Co, Jonathan Costello, Ruari Costello, Thomas Costello, Paul O’Brien, Denis McMahon and John Costello.

There are apparently no filings subsequent to the application and there is no order set for the cases yet, according to the Courts Service.

Denis McMahon – one of the defendants in the third case above – is a partner in the law firm run by Paul O’Brien – McMahon, O’Brien Downes Solicitors – and has faced his own personal woes in a fraud case which appears to be ongoing. RTE reported in January 2012 “Denis McMahon, of Pembroke Road in Dublin, is accused of inducing a woman by deception to hand over a bank draft for €7,500, with the intention of making a gain for himself or others” and went on to say the case would be “fully contested” by Denis McMahon.

In the past NAMA has initiated legal action to enforce personal guarantees and to obtain judgments against individuals and companies. It’s is NAMA’s general practice not to comment on specific legal cases.

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