In its management accounts published last week, NAMA said that it spent €4,633,000 on legal fees in 2012. This is misleading because it just represents the legal fees charged to NAMA’s profit and loss account. In addition, as we learned a fortnight ago, NAMA has incurred €22m of legal fees in 2012, with most charged to its balance sheet in optimistic anticipation of recouping these fees from developers.
Yesterday, in Dublin’s High Court, NAMA launched two new cases with details from the Court Service as follows:
(1) Case reference, 2013/1367 S, National Asset Loan Management Limited, represented by Beauchamps solicitors is suing an individual named “Thomas Tougher” and as is usual with recently-filed applications, there is no solicitor-on-record for the respondent
(2) Case reference, 2013/1381 S, National Asset Loan Management Limited, represented by Gartlan Furey is suing an individual named “Gemma Stack” and, as is usual with recently-filed applications, there is no solicitor-on-record for the respondent.
As this is Ireland, we don’t know the cause or remedy, nor do we know the respondent. There is a Thomas Tougher at the helm of Tougher Oil whose loans NAMA foreclosed on, and there are reports that Tougher Oil’s assets are being sold to Cork-based haulage company, Masterlink. It should be stressed we don’t know if this is the “Thomas Tougher” being sued by NAMA.
We know that in the past, NAMA has sued an individual ”Gemma Stack” and that the Court Service subsequently changed the respondent to “STACK IN HER CAPAC AS LPR KEVIN FITZSIMONS DECSD GEMMA “which probably means the respondent is Gemma Stack in her capacity as legal personal representative of Kevin Fitzsimons who had died. NAMA has launched further cases against “Gemma Stack” and the tally is currently five.
NAMA has launched 18 actions in Dublin’s High Court this year and has been on the receiving end of 15.