With domestic events dominating the headlines over the past two days, the progress of the Paddy McKillen appeal in London was overlooked, though the outcome of the appeal might be rendered moot by developments here, specifically the prospect of NAMA taking over any loans Paddy may still have with IBRC. This blogpost catches us up on the hearing at the Court of Appeal in London.
The hearing has now concluded before the three Court of Appeal judges with judgment reserved. On Tuesday, Paddy’s side set out their arguments and that was covered on here.
On Wednesday and Thursday, lawyers for the Barclay brothers attacked Paddy’s appeal and there was some toing and froing yesterday between the two sides.
The view on here is that Paddy has a very strong case, and it was reasonably argued. The Barclays are maintaining that a series of events and facts, with the odd Paddy McKillen claim thrown in for good measure, do not amount to circumstances whereby Derek Quinlan’s shares should have been offered to Paddy. They also maintain that Paddy would not have been able to afford the GBP 60m-odd in 2011 to buy Derek’s shares.
It was all very predictable really, and despite the obvious strength of feeling and position on both sides, there was little mud slung over the course of the three days, though Mark Hennessy in the Irish Times today reports that “Mr Auld [barrister for Derek Quinlan] said Mr McKillen had made “an inappropriate and unpleasant application” against Mrs Quinlan’s wife, Siobhan, for disclosure of the family’s personal finances. “That was dismissed with indemnity costs will give the Court of Appeal an insight into Mr McKillen’s approach.””
One matter that was again noted was the apparent precariousness of Derek Quinlan’s finances, evidenced by judgments including judgments in Irish courts and the return of the Quinlan yacht to its lender. Despite selling €800m of corporate loans in the Maybourne group to the Barclay brothers, NAMA is understood to still retain an iron in this fire with its continuing control over some lending to Derek Quinlan.
[Mark Hennessy from the Irish Times covered the hearing from Day 2 onwards in some detail, with Wednesday’s and yesterday’s proceedings reported here. Shane Hickey at the Irish Independent reported Wednesday’s proceedings ]