Glass Bottle loan dispute to be settled out of court
A LEGAL dispute between a group of investors and developer Bernard McNamara over loans for the €412m purchase of the Irish Glass Bottle site in Dublin is expected to be settled later today.
If the settlement is confidential, as the sides indicated it would be, Mr McNamara will not have to file in court a statement of his assets. He had previously indicated he did not wish "unnecessary material" about his financial position being made public.
The Glass Bottle site was bought in 2006 by Becbay, a consortium headed by Mr McNamara. The Dublin Docklands Development Authority took a 26pc stake, paying €109m towards it. The site was recently valued at just €50m.
Lawyers for both sides told Mr Justice Peter Kelly yesterday the settlement agreement was complex -- but they expected it would be executed within 24 hours.
The judge said, in those circumstances, he would allow it to be again adjourned until today.
The proceedings were brought by Ringsend Property Ltd (RPL), representing investors including Martin Naughton, Lochlainn Quinn and the Coolmore Stud.
RPL had secured summary judgment for €62.5m in January against Mr McNamara over the failure by his company, Donatex Ltd, to repay loans advanced towards the purchase of the site.