It’s been quite a few weeks since NAMA initiated legal action in Dublin but yesterday the Agency was back in action at the High Court where an application was made against 11 individuals. The case reference is 2012/7029 P and the objects of NAMA’s attention this time are the following – Elaine Flynn, James Flynn, John Flynn Snr, John Flynn Jnr, Merlin O’Reilly, Patrick O’Reilly, Rita O’Reilly, Sarah O’Reilly, Michael O’Reilly, Peter Wilson and Philip Dinkel. As is usual with recently-made applications, there are no solicitors on record shown for the respondents. The Flynns have developed commercial property in Ireland and the UK, often in partnership with other major developers like the McCormacks and the Kellys.
The plaintiff is both NAMA and National Asset Loan Management Limited and both are represented by Matheson Ormsby Prentice, the law firm which apparently told Anglo that loans extended to the Sean Quinn children to buy shares in the bank were lawful. The inclusion of NAMA in the plaintiff may indicate the matters to be examined are serious.
In the past, NAMA has taken legal action against individuals to enforce personal guarantees or to secure personal judgments, but it should be stressed that we do not know if either of these objectives lies behind the current application. NAMA generally doesn’t comment on individual legal cases.
So far this year, NAMA has launched 18 separate actions in Dublin’s High Court and has been on the receiving end of six.
UPDATE: 18th July, 2012. NAMA was asked for a comment on the above application and has come back with a “no comment” response.
NAMA Wine Lake 
Lawyers close to this tell me that It’s a technical issue relating to a necessary action to repair a faulty mortgage. It’s non aggressive..
It’s little wonder that the country is in a state of chassis when it takes the issuance of a writ to fix another lawyer’s mistake.
I suppose it may have something to do with it being easier to correct the security documents through the courts than by going to the trouble of getting all 10 to sign a document. But the lack of commercial understanding or simple caring by NAMA and MOPs to the collateral damage done to the debtors, by that sort of action, is astonishing.
BTW, off subject, rumours abound that HSBC are winding down and leaving Ireland over the next couple of months.
Having spoken to some of those involved, the issue of the writ relates to fixing a technical title mortgage problem on the new 100,000 sq. ft. Amazon cloud computing facility in Clonshaugh and it does not portend further legal action of any kind. It seems to be more arrogant lawyers thinking that this is the way to do business. Worth watching to see if it is to be an example of NAMA’s “bully boy” conduct in the future. It certainly doesn’t appear to be conducive to building Frank’s much vaunted trust and co-operation with his developers.
@WSTT, NAMA has “no comment” on the application. Although many NAMA applications against individuals in the past have been in pursuit of personal guarantees or personal liability orders, there is no information available at present on this application.