Developer Bernard McNamara has secured additional time to lodge a statement of his assets in court while settlement talks continue between him and private investors who are pursuing him for €62.5 million over unpaid loans to acquire the Irish Glass Bottle site at Ringsend.
Mr McNamara, who had previously written to the investors asking them to sign a "non-disclosure" agreement before releasing the asset statement to them as as to ensure "unnecessary" material wasn't put into the media, has since given the statement to the investors but it has not yet been filed in court, Mr Justice Peter Kelly heard.
Gary McCarthy, for Mr McNamara, told the judge this week his side wanted an extension of time to April 13th before filing the affidavit of means.
His application arose because, while the investors had been given the statement, there were private discussions between the sides relating to resolving most of the issues between them and it had been agreed the affidavit of means be kept in the possession of the two sides, counsel said.
Today, the judge was told the investors are consenting to Mr McNamara being given to April 13th before lodging the affidavit of means. In those circumstances, the judge allowed Mr McCarthy's application.
Last month, the court heard, while Mr McNamara would provide a sworn statement of his assets and liabilities to the investors, it was "impossible" for him to outline the current value of his assets.
Mr McNamara was also not pursuing his effort to have the investors sign a "non-disclosure" agreement before releasing the information sought by them, the court was told. The idea of a non-disclosure agreement was to ensure "unnecessary material" wasn't put into the media, his counsel John Gordon SC said.
Lawyers for the investors on that occasion said they did not accept it was impossible for Mr McNamara to provide an estimated valuation of his assets and liabilities. John Gleeson SC also said his side was reserving their position on whether they would seek to cross-examine Mr McNamara about the contents of his affidavit.
Mr McNamara had agreed to provide a sworn statement of his assets and liabilities, to include all properties in which he or his companies hold an interest. He must also provide details of all transfers of property or other assets to family members, connected parties or companies owned, controlled or associated with Mr McNamara since November 2006.
Details of all projects being carried out by Michael McNamara & Company (MMC) including the likely income stream such projects will generate, were also to be supplied, plus details of all the shareholdings held by Mr McNamara in various Michael McNamara companies.
Mr McNamara previously said he has no unencumbered assets and is unable to pay the €62.5 million.
The investors say they understand Mr McNamara has "extensive assets" held personally or through Irish companies and offshore companies, partnerships, joint ventures or other instruments.
The application by the investors, who include Martin Naughton, Lochlann Quinn and the Coolmore Stud, arises after Ringsend Property Ltd, a Jersey registered company representing them, secured summary judgment for some €62.5 million against Mr McNamara over failure by his company Donatex Ltd to repay loans advanced towards the purchase of the Irish Glass Bottle site.
