Round one goes to McKillen in NAMA case
Published 03/02/2012 | 05:00
PROPERTY investor Paddy McKillen has enjoyed a court victory in his battle to control some of London's top hotels.
The London High Court has ruled in his favour on some technical issues surrounding NAMA's transfer of €800m worth of loans last year.
The bad bank sold the loans to Freddie and David Barclay -- owners of the 'Daily Telegraph' -- who are trying to wrest control of the Maybourne Hotel group from Mr McKillen. It includes Claridges, the Connaught and the Berkeley Hotels.
A full hearing of Mr McKillen's case against the Barclay brothers and financier Derek Quinlan, who fronted the purchase of the hotels in 2005, is due to begin next month.
Mr McKillen has challenged the transfer of the loans from NAMA to a company owned by the Barclays. He is also challenging the acquisition of shares from other investors in the hotel group by the brothers.
When the deal with NAMA was announced, Mr McKillen, who is the biggest shareholder in the hotel group, received just 55 minutes' notice of the impending sale.
The Barclay brothers also control shares owned by Mr Quinlan. NAMA has already seized assets belonging to Mr Quinlan and his family to repay the loans that he owes.