Sunday 24 September 2017

Dearbhail McDonald: Investors get their pound of flesh after monumental folly

Dearbhail McDonald

Dearbhail McDonald

FOR his 60th birthday, developer Bernard McNamara received a €62.5m court ordered debt that he can not afford to pay.

For weeks, the Clare-born tycoon whose wealth was once valued in excess of €1bn, had been desperately staving off judgment day and the registration of the largest personal guarantee-related judgment ever issued in our courts.

But yesterday, despite an eleventh hour mercy appeal to private clients of Davy Stockbrokers, who co-invested with McNamara in the €412m purchase of the Irish Glass Bottle (IGB) site, the former Fianna Fail councillor threw in the towel.

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