As predicted on here yesterday, the saga of Mary McCabe’s 8.38 carat diamond ring is increasingly resembling a Georgian yarn about a lost or stolen five shilling note. Today, we learn from Dublin’s High Court that the famous ring, to which receivers were appointed last Thursday 1st February was in fact sold at a jewelry fair in Miami on 29th January. For USD 205,000 (€151,000).
It seems that the ring was given to Dublin jewelers John Farrington earlier in January – the precise date is unclear but it is reported that the ring was brought to Miami on 24th January and sold at a jewelry fair on 29th January – two days before the redoubtable Judge Peter Kelly was troubled with a NAMA application to have receivers appointed to it. It remains unclear at this point why Mary McCabe did not disclose all of this to the court last Thursday and neither NAMA nor the Judge is likely to be enamoured with this conduct. [UPDATE: despite there being correspondence before the court from the McCabes last Thursday, it appears that the NAMA application was an urgent ex parte one, and that therefore Mary McCabe might not have been aware of it]
Farrington’s are reported to have the necklace which will be handed over to the receivers who already have possession of the bracelet. But it was the 8.38 carat ring that caught our imagination last week. It was valued at around €150,000 by NAMA, and seemingly, NAMA will now receive the proceeds of the Miami sale, so NAMA is not out of pocket, it seems.
Dearbhail McDonald has reported on today’s proceedings in the Irish Independent.
Farrington’s were asked for a comment yesterday (Sunday) but at time of writing, there has not yet been any response.
UPDATE: 18th February, 2013. The McCabe ring yarn returned to the High Court again today, where the McCabes’ son, John said the family was consenting to the appointment of receivers over the three items of jewelery. A further twist has emerged in the yarn, with Farrington’s jewellers retaining €7,500 in commission before handing the remaining €143,000 approximately over to the receivers. Judge Kelly today noted that there was no impropriety on Farrington’s part but ordered that the commission be handed over to the receiver. The yarn gets better because NAMA or at least its receiver is apparently saying that John McCabe junior told him that there would be no sales commission. Oh, and the receiver will be seeking details of the buyer of the ring. The yarn might have some way to go yet.
UPDATE: 30th April, 2013. The ring saga seems to have concluded at the Commercial Court division of the High Court yesterday when Judge Kelly was informed that NAMA has agreed to let the jeweller, John Farrington, who had sold the ring in Florida to keep his 5% commission, equivalent to about €7,500. It is important to state that Judge Kelly characterised John Farrington as “an innocent” in the ring saga.