A NAMA company has secured judgment orders for more than €114m against a businessman arising from loan and guarantee arrangements with three banks mostly relating to property in Ireland and the UK.
Mr Justice Peter Kelly granted the orders against John McCann, Loughross Road, Crossmaglen, Co Armagh, on the application of Andrew Fitzpatrick, for NAMA company, National Asset Loan Managment Ltd (NALM).
There was no appearance in court by or on behalf of Mr McCann but the judge said he was satisfied he had been properly served with the legal papers in the case.
Mr Fitzpatrick said, after a summons server formed the view Mr McCann was evading personal service of the proceedings, NALM had obtained orders allowing for substituted service which Mr McCann was now challenging in other High Court proceedings.
The judge said he was satisfied NALM was entitled to judgment in the sums sought, involving Euro sums totalling some €54.7m and UK Stg£50.6m.
NAMA sought repayment of some €10.6m arising from the Anglo facilities offered in June 2009.
Judgment for more than €39m was sought arising from some nine separate AIB loan facilities, also dated June 2009,issued for purposes including purchase of industrial lands, industrial space and apartments in Dublin; sites in Dundalk, Co Louth and in Monaghan; and to fund equity on investment property acquisition funded by Anglo.
NAMA also sued for a further €5.3m on foot of indemnity and guarantee obligations which it alleged Mr McCann had entered into with AIB regardign the liabilities of Castleway International Developments Ltd and Castleway Property Management Ltd.
It also claimed Mr McCann was liable under a 2006 guarantee to pay some Stg£50m arising from a facility advanced by Bank of Ireland to Broadway Capital Ltd dated January 16, 2006, providing for a five year amortising cash advance. That facility was to assist in financing the purchase of the Ropewalk shopping centre at Nuneaton.
The court heard, after NAMA acquired the various facilities from the three banks, it entered into talks with Mr McCann concerning repayment. In court documents, NAMA said, among several matters discussed were NAMA's concerns that some €200,000 of rents in NAMA properties were used to fund non-NAMA loans.
Mr McCann had previously agreed he would co-operate with NAMA in its efforts to secure repayment of the debt due to it against certain assets and properties in the US, NAMA said.
NAMA considered it was left with "no option" but to demand repayment after no acceptable proposals were put forward by Mr McCann concerning repayment.