€270m NAMA case to be heard this week
Published 26/07/2011 | 05:00
AN application by NAMA for summary judgment orders of up to €270m against developers Ray and Danny Grehan has been listed before the Commercial Court on Friday.
The sums claimed relate mainly to guarantees provided over multi-million euro borrowings of companies of the brothers but also includes personal borrowings of €27m for Raymond Grehan and €22m for Danny Grehan.
The brothers failed yesterday in their effort to stop the fast-tracking of the cases to the Commercial Court. Mr Justice Peter Kelly has given them until Friday to outline any defence they may wish to advance.
The brothers opposed transfer on grounds of delay by NAMA in bringing the action.
Ciaran Lewis, for the NAMA subsidiary company which is bringing the case, said his client wanted the proceedings fast-tracked as it was concerned about €18m expected to be realisable from the sale of a property in England. His client wished to have the benefit of that sum, even if it was small, given the scale of the overall borrowings, Mr Lewis said.
NAMA took control of properties owned by the Grehans in April with the appointment of receivers over €650m loans.