Treasury Holdings has 'no viable business left', NAMA tells court
Published 24/02/2012 | 05:00
TREASURY Holdings, with debts of €2.7bn and liabilities of €859m, has "no viable business left", the High Court heard yesterday.
The company, led by Johnny Ronan and Richard Barrett, has produced no evidence to show how it can function without the support of NAMA, the court was also told.
Treasury's cash position fell from €35.8m in 2010 to €4.1m in 2011 and it has provided no figures about its up-to-date cash position, said NAMA's barrister Paul Sreenan.
He was speaking on the third day of the hearing of an application by Treasury and 22 related companies for leave to bring a judicial-review challenge and for an injunction restraining the receivers from acting.
Treasury had failed to show how it could run its companies and pay its debts without money from NAMA, which the agency was not obliged to extend, Mr Sreenan added.
Counsel said NAMA had discretion to dispose of loans as a portfolio or individual loans and an injunction restraining receivers appointed by NAMA over various Treasury properties here from dealing with those properties would be not be in the public interest.
A lengthy process had been undertaken before the receivers were appointed last January and Treasury had had every opportunity to say why NAMA should not do so, argued Mr Sreenan.
Urging Ms Justice Mary Finlay Geoghegan not to grant Treasury's application for orders restraining the receivers acting, counsel said it was "highly relevant" that it is insolvent, with some €1.7bn of loans in NAMA and further non-NAMA debt of €1bn.
Treasury is disputing decisions made last December and January to call in loans and appoint receivers over Treasury's assets here, including the PricewaterhouseCoopers head office in Spencer Dock and Alto Vetro building on Barrow Street, both in Dublin.