Football boss David Pearl launches Anglo lawsuit
Tottenham Hotspur vice president and property developer David Pearl has launched a lawsuit against the former Anglo Irish Bank relating to his UK real-estate business.
Pearl's Vendart and Stonehaven has started litigation against the now liquidated bank in London's High Court.
Pearl was once one of Anglo's 25 biggest borrowers but repaid most of his debts. Anglo helped finance around 231 properties he acquired in the UK over the last decade. Loans related to Parkdean Holiday Parks, owned by Pearl's Vendart company, were sold to private equity giant Lone Star as part of the "Project Rock" portfolio earlier this year.
Pearl, who is estimated to have a fortune north of €300m, once featured on TV show Secret Millionaire. He owns about three per cent of Premiership side Tottenham Hotspur (above, playing Man City).
The former Anglo Irish Bank, renamed IBRC, went into liquidation last year with the bulk of its loan book gradually sold off by KPMG. It had been planned to transfer some loans into Nama but Finance Minister Michael Noonan has indicated that he would like to see the entire IBRC loan book sold.
Sunday Indo Business