A confidential settlement of court proceedings agreed today between a number of private investors and Bernard McNamara means the developer will not now have to provide a statement of means to the Commercial Court.
The investors, through a company Ringsend Property Ltd (RPL), had last January secured €62.5 million judgment orders against Mr McNamara under his personal guarantee over loans for the Irish Glass Bottle site at Ringsend in Dublin. That judgment order stands.
After securing the €62.5 million judgment order, the investors brought further court proceedings for orders to assist them in executing the judgment.
In those proceedings, they secured an order last February requiring Mr McNamara produce and file a statement of his assets and liabilities. They also deferred consideration of whether they would seek to have Mr McNamara cross-examined about his financial position.
Mr McNamara, who has said he is unable to pay the €62.5 million sum, had sought the investors consent to not having that statement of affairs made public. His counsel said he did not want "unnecessary material" being published in the media.
It was ultimately agreed between the sides the statement would be prepared and given to the investors but would not be filed in court at this stage, meaning it would not be made public.
Mr Justice Peter Kelly had granted the sides a number of adjournments to facilitate settlement talks but had warned them earlier this month the matter would proceed unless a settlement was achieved.
Today, John Gleeson SC, for the investors, told the judge the sides had reached agreement on the investors' motion requiring Mr McNamara to file a statement of affairs.
Under that settlement, the motion was to be struck out with no order for costs and the court should also vacate its order of February 22nd last directing Mr McNamara file an affidavit of means.
Mr Justice Kelly said the parties had apparently reached a settlement and he would strike out the motion and vacate the order requiring Mr McNamara disclose his assets. The judgment order of €62.5 million stands but the sides had settled the motion for orders by way of execution of that judgment, he added.
The proceedings were brought by RPL, a Jersey registered company representing investors including Martin Naughton, Lochlainn Quinn and the Coolmore Stud.
RPL secured summary judgment for some €62.5 million last January against Mr McNamara over the failure by his company, Donatex Ltd, to repay loans advanced towards the €412 million purchase of the IGB site.
Mr McNamara has said he has no unencumbered assets and is unable to pay the €62.5 million. The investors had said they understood Mr McNamara has "extensive assets" held personally or through Irish companies and offshore companies, partnerships, joint ventures or other instruments.
