MASSIVE writedowns have been recorded in the property empire owned by the intended victims of a murder plot by 'Lying Eyes' Sharon Collins.
New filings by two of PJ Howard's property investment firms showed that the book value of the company's properties was written down by a combined €29.1m, or 78pc, last year.
It means the values of properties owned by Mr Howard's two Ennis-based firms, Downes and Howard Ltd and Waymill Ltd, were reduced from €37.2m to €8m by the end of last December.
Mr Howard's firms had combined bank loans totalling €22.8m at the end of December last year and the companies' financial arrangements with principal lender AIB are due to expire on April 30, 2014.
A note attached to both sets of accounts said that Mr Howard and his fellow directors and sons, Robert (34) and Niall (30), believed that support from the firm's principal lenders would be vital if the companies were to survive in the short term.
Last year, Mr Howard's former partner, Sharon Collins (48), secured her release from prison after serving a sentence for soliciting Essam Eid to kill Mr Howard (64) and his two sons, Robert and Niall.
Ms Collins, of Kildysart Road, Ennis, Co Clare, was jailed for six years after being found guilty in July 2008 after a 32-day trial.
The prosecution maintained that Collins was motivated by money and was trying to inherit Mr Howard's multi-million euro fortune.
Collins was accused of using the online name 'lyingeyes98' to investigate the hiring of a hitman on the internet.
The new accounts for Mr Howard's Downes and Howard Ltd showed that its tangible assets last year fell from €27.5m to €5.9m, while his Waymill Ltd saw its assets fall from €9.7m to €2.1m.
Downes and Howard Ltd's bank loans at the end of December last totalled €16.8m while bank loans at Waymill Ltd totalled €6m.
A note attached to the accounts of both firms stressed that each firm was profitable, with accumulated profits increasing at Downes and Howard Ltd last year by €66,061 to €2.052m while accumulated profits at Waymill Ltd increased by €32,081 to €982,672.
The note also confirmed that the firms were "currently renewing/negotiating their facilities with the bank".
The accounts for Downes and Howard Ltd showed that PJ Howard owns 49,999 of the ordinary shares with Robert owning one share and Niall owning none. Accounts for Waymill Ltd showed that PJ and Robert each owned 50pc of the company's share capital.