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Archive for October 18th, 2012

The Independent’s Shane Hickey today reports that Gerry Gannon has sold eight properties at auction in England this week which grossed him GBP 5.2m (€6.5m) and that today, Thursday, auction company Acuitus will try to sell a further three properties with guide prices of GBP 1.3m (€1.6m). In addition, 11 properties that were slated for auction earlier this week didn’t sell or in the case of two, were withdrawn. In August 2012, the sale was completed of Gerry’s so-called “Chrome Portfolio” of €120m English commercial and residential properties, the buyers were a British consortium of Pears and Development Securities.

The properties sold are identified as being “throughout England including West Sussex, Stratford and Northampton”, a bank building in Bury and the three properties up for grabs at Acuitus’s auction today are two retail units in Surrey and a car park in Hertfordshire.

Gerry’s status in NAMA is unclear – the Agency hasn’t apparently foreclosed on any of his loans. He is reputedly one of the NAMA Top 10, but there has been no reported word on his business plan and whether or not, he is one of the NAMA “saved”. A number of Gerry’s properties were burned in arson attacks last year, and Gerry – “the Edge” of the property development business with his permanent headgear, a black fedora – offered a reward for information on the attacks.

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NAMA sues Anthony Boushel

NAMA is back before an Oireachtas committee next week and hopefully someone will quiz the Agency on its legal cases, where the Agency refuses to identify respondents or outline the case against them. Today we learn that NAMA has made an application in Dublin’s High Court where the respondent is named as “Anthony Boushel”. Who he? No idea, there is one Anthony Boushel listed in Ireland as a director of “Irish Daily News Limited” which is showing as dissolved. But we have no way of knowing if this is the same Anthony Boushel being sued by NAMA. And given errors, including spelling mistakes, on the Court Service I wouldn’t be 100% sure that the respondent name is correctly spelt.

NAMA, or rather its subsidiary, National Asset Loan Management Limited, made the application on 16th October 2012 and NAMA’s solicitors are showing as Beauchamps. As is usual with recently-filed applications, there is no solicitor on record for the respondent. The case reference is 2012/10312 P.

NAMA has also made an additional application at the High Court – reference 2012/10322 P – against Greg Coughlan and wife Anne Coughlan. Last month NAMA made its first application against the couple. NAMA is again represented by Cork solicitors, Ronan Daly Jermyn.

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 34 separate actions in Dublin’s High Court and has been on the receiving end of six.

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