McNamara agrees to €2.1m order against him
DEVELOPER Bernard McNamara has consented to a €2.11m judgment order against him in favour of two fellow shareholders in a property company.
Gary Smith, of Hazelhatch, Newcastle, Co Dublin; and Ivor Dougan, of Booterstown, Dublin, sought the judgment arising from Mr McNamara's failure to make certain payments agreed as part of an October 2008 settlement of earlier proceedings brought against him by them and three others.
Under the terms of settlement, Mr McNamara was to pay €5m by December 2008 and a further €2.5m plus interest by January 29 last year.
The €5m was paid as agreed but Mr Smith and Mr Dougan claimed that€2.11m was owing.
Mr Justice Peter Kelly yesterday entered judgment for €2.11m against Mr McNamara in the Commercial Court.
The case arose out of the coming together in 2004 of Mr McNamara and five people to acquire properties within a site adjacent to Grafton Street, Dublin, so a major commercial development could be built.
The company was Novorstan Ltd, with offices at Clanwilliam Court, Dublin, and its shareholders include Mr McNamara, of Ailesbury Road, Dublin 4; Mr Smith; Mr Dougan; and Paschal Taggart, of Fitzwilliam Square, Dublin. The other two shareholders were Terry Cooney, a tax consultant of Fitzwilliam Square, Dublin; and banker Shane Taggart, of Brompton Road, London.
In their action, the five claimed Mr McNamara in September 2006 exercised his option requiring them to sell their shares but they were dissatisfied with a valuation on the properties and an independent valuation was later secured by agreement between the sides.
They notified Mr McNamara in August 2008 of their intention to waive in full any entitlement to have the option price determined at more than €7.5m and said they were accepting €7.5m as the option price for the purpose of the option deed. The proceedings were brought when that sum was not paid.