Wednesday 21 February 2018

Blackrock Clinic investors cleared to refinance

The Blackrock Clinic
The Blackrock Clinic

Tim Healy

A COMPANY controlled by businessman Larry Goodman has been refused a stay on orders clearing the way for other shareholders in Blackrock Clinic to redeem their loans for investing in the facility.

Lawyers for Joseph Sheehan, who has a 28pc stake in the clinic, told the Court of Appeal Dr Sheehan is prepared to pay higher interest to another lender to secure funds for loan redemption so as to be "unchained" from Mr Goodman's company, Breccia.

The dispute concerns loans made by the former Anglo Irish Bank to Dr Sheehan and his fellow shareholder, Dr John Flynn and Mr Flynn's company, Benray, for investing in the Dublin clinic.

The loans were later acquired by the National Asset Management Agency (Nama) which sold them to Mr Goodman's Breccia. Mr Goodman is also a shareholder in the clinic.

The High Court ruled the shareholders were entitled to redeem their loans for figures substantially less than sought by Breccia.

Pending appeal, Breccia sought a stay from the Court of Appeal which would effectively prevent the shareholders proceeding with loan redemption until the appeal is decided.

Irish Independent

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