Property investor Paddy McKillen acquires loans back from IBRC
PROPERTY investor Paddy McKillen's High Court application to stop the sale of his loans by IBRC to the Barclay brothers is unlikely to go ahead after he successfully acquired the loans with the backing of private international investment firm, Colony Capital.
The Belfast-born developer's action against IBRC, the Barclays and a number of related parties, was due to commence next Tuesday (March 11).
It has been before the court on a number of occasions over attempts by both sides to secure disclosure of documents they said they needed in order to be ready for the trial.
It was back again yesterday before Mr Justice Paul Gilligan who was to be provided with an update in relation to the progress of documentary discovery and in relation to the latest on the actual bidding for the loans which was due to take place this week.
Michael Cush SC, for Mr McKillen, said as there had been "a development in the bidding process" on Tuesday.
It was now not necessary for the case to proceed next week and "it may not be necessary for it to proceed at all", counsel said.
He asked that it be adjourned for two weeks for mention when all matters, including the question of costs of the case so far, could be dealt with.
The judge was told that all parties were agreeable to the adjournment.