Business Irish

Tuesday 23 September 2014

NAMA chiefs face write-off

Published 05/12/2012 | 05:00

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THE Punt can't help being a little fearful that NAMA bosses Frank Daly and Brendan McDonagh (pictured) are at risk of slipping off Margaret Heffernan's Christmas card list.

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Papers filed at the High Court last week revealed that the Dunnes boss had become a regular correspondent with the top men at NAMA, and preferred an old-fashioned hand-delivered letter to impersonal emails.

Whether the NAMA post bag remains as full over the holiday season remains to be seen.

After all, there are now three property developers linked to the notoriously hands-on loan agency involved in separate legal actions against Mrs Heffernan's Dunnes Stores.

These include Holtglen, the property company due in court in two weeks with a demand that Dunnes be liquidated over a €21m debt; Noel Smyth's Square shopping centre in Tallaght, suing Dunnes over service bills; and Harry Crosbie's Point Village Developments, which has been to court over Dunnes' anchor tenancy at a shopping development in the IFSC.

Although each of the three NAMA borrowers is involved in an unrelated action against Dunnes, the Punt can't help thinking it's all starting to look less and less like a coincidence.

Irish Independent

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