A Dublin solicitor being pursued for €75 million by Bank of Ireland over unpaid loans told the Commercial Court today he and his wife received death threats last weekend which gardai are taking seriously.
Brian O'Donnell said someone had written to the couple saying they wanted to cut his wife's throat and his own. Gardai were looking into the matter and were taking it seriously, he added.
Mr O'Donnell also said "bad publicity" arising from proceedings brought against the couple by Bank of Ireland was "not helpful" and was destroying the value of property assets even though the positions of the couple and the bank were "aligned".
The bank's actions made no commercial sense and would only guarantee the bank would get "very little, if anything", he said.
He added he would be in court again in London on Friday to deal with his application for a stay on charging orders obtained by Bank of Ireland. Those orders had "caused havoc" in relation to a valuable property at Westferry Circus in London, he said.
He added the stay is being sought in the context of the couple having petitioned for bankruptcy in the UK with their application due to be heard in London on June 14th.
Paul Gardiner SC, for Bank of Ireland, said he was sorry to hear about the death threats.
Earlier, Mr O'Donnell told the court his annual income is about Stg £120,000.The income derived from management services provided for property companies but Mr O'Donnell said he could not say exactly what companies he provided services for. There were a lot of companies involved, he said.
Some of the monies paid were "cash trapped" and went to banks, other financial institutions and bond holders, he said. He also rejected a suggestion that certain matters in his statement of affairs provided to the bank were "not credible" and said he believed the statement was correct.
He had "no values in these things" to be able to pay back Bank of Ireland, he added.
The examination of Mr O'Donnell about his assets resumed today as part of the bank's efforts to recover some €75m under judgment orders entered against him and his wife, Dr Mary Patricia O'Donnell, of Gorse Hill, Vico Road, Killiney.
Mr Gardiner said the bank was contending there were differences between statement of affairs submitted by Mr O'Donnell to the Commercial Court and a statement submitted as part of the couple's application for bankruptcy in the UK.
The Gorse Hill home of corporate lawyer Brian O’Donnell on Vico Road in Killiney.
Mr O'Donnell was asked about ownership and management of three London properties - Westferry Circus and Columbus Courtyard, both at Canary Wharf, London, and London House, Barton Street.
He agreed that a description of Vico Capital - the trading name of the O'Donnell's - as manager of Columbus Courtyard was incorrect as the manager was another company, Havergate.
He said the use of the name Vico Capital was "loose language", he and his wife held a 74 per cent interest in Havergate and the couple were known as Vico Capital within the business community.
He agreed he is the manger of Westferry Circus under an agreement with Morgan Stanley. There was no money coming through concerning that property, he said.
Mr Gardiner put to him, as a "leading corporate lawyer", he knew the difference between legal and beneficial ownership and, in that context, knew what he was trying to achieve when drawing up trust documents under which beneficial ownership of some properties was transferred to his children.
Mr O'Donnell agreed he knew the difference between legal and beneficial ownership but added he was a retired lawyer.
The O'Donnell's filed for bankruptcy in London on March 23rd last just before BOI applied for orders to question them in here over "alarming" discrepancies in statements about their assets.
BOI brought its proceedings last year for summary judgment orders against the couple arising from loans and guarantees on loans obtained for investments and refinancing of other loans.
Under a March 2011 settlement, the couple agreed to make payments totalling €28.5m by November last. When those were not made, the bank last December secured summary judgment for about €71.5m against the couple and three companies owned or controlled by them. That sum has risen to more than €75m.
