It’s only the Sisters of Mercy so NAMA CEO Brendan McDonagh’s soul is probably safe for the time being, but the appointment of receivers to a trust controlled by a religious order this week raised a few smiles. It is one of five organizations which yesterday’s edition of Iris Oifigiul revealed had receivers appointed at NAMA’s behest.
The “St Brendans Trust” story has been covered here, and in fact relates to a loan for a 17-acre plot of land which the nuns sold to local property development company, Galvin Developments in 2006 for €30m. The transfer wasn’t registered and although the commercial benefit was transferred to Galvin, the legal ownership remained with the Trust which is why NAMA had Gearoid Costelloe of Grant Thornton appointed as receiver on 27th March 2013. There is a further issue alluded to in today’s Irish Times and that is the acceptance by the Trust of an AIB mortgage on the land which the Irish Times claims “effectively” creates a liability.
The second and third companies to which NAMA had receivers appointed is Galvin Developments (Killarney) Limited and Souter Enterprises Limited (formerly Mowlam Residential Care Limited) though it should be stressed that the receiver has been appointed to assets and not the companies generally. Galvin and Mowlam were the developers of the land acquired from the sisters. The directors of Galvin Developments (Killarney) Limited are Denis Galvin, Jeremiah Galvin (51), Colm Galvin (53) and the company is owned by Denis Galvin (25%), Jeremiah Galvin (37.5%) and Colm Galvin (37.5%). Souter Enterprises is controlled by our old friends, Joe Hanrahan and John Shee. Its directors are Joe Hanrahan (51) and John Shee (62) and the company is owned by Cracken Properties (Holdings) Ltd which is turn owned by Messrs Hanrahan and Shee. NAMA had Gearoid Costelloe of Grant Thornton appointed as receiver on 27th March 2013.
The fourth company to which NAMA had receivers appointed is Lonnegan Trading Company Limited which is controlled by Jerry O’Reilly and none other than David Courtney, many of whose loans NAMA has packaged up in Project Aspen which is close to a sale. Its directors are David Courtney (51) and Jerry O’Reilly (67). The company is owned by Korelo Limited which is in turn by NAMA top developer, David Courtney, Bernard McNamara, Bernard Doyle, Jeremiah O’Reilly (Jerry O’Reilly) and Ranelagh Srh Ltd. Ranelagh Srh Limited is owned by David Courtney, Bernard McNamara, Bernard Doyle, Jeremiah O’Reilly (Jerry O’Reilly) and Terry Sweeney. NAMA had Kieran McCarthy of Hughes Blake appointed as receiver on 28th March 2013.
And finally, NAMA had receivers appointed to more assets at Pat Neville and Sons Limited, the Waterford development company whose principal, Pat Neville died in the United States last year. The asset identified in this receivership is “Unit 3, Site 8,Blanchardstown Corporate Park, Dublin 15” and Ken Fennell of Kavanagh Fennell was appointed receiver on 27th March 2013.