It’s been quite a few weeks since NAMA initiated legal action in Dublin but yesterday the Agency was back in action at the High Court where an application was made against 11 individuals. The case reference is 2012/7029 P and the objects of NAMA’s attention this time are the following – Elaine Flynn, James Flynn, John Flynn Snr, John Flynn Jnr, Merlin O’Reilly, Patrick O’Reilly, Rita O’Reilly, Sarah O’Reilly, Michael O’Reilly, Peter Wilson and Philip Dinkel. As is usual with recently-made applications, there are no solicitors on record shown for the respondents. The Flynns have developed commercial property in Ireland and the UK, often in partnership with other major developers like the McCormacks and the Kellys.
The plaintiff is both NAMA and National Asset Loan Management Limited and both are represented by Matheson Ormsby Prentice, the law firm which apparently told Anglo that loans extended to the Sean Quinn children to buy shares in the bank were lawful. The inclusion of NAMA in the plaintiff may indicate the matters to be examined are serious.
full article at source: http://namawinelake.wordpress.com/2012/07/18/nama-sues-11-individuals-in-dublins-high-court/
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- €166m sliced off the value of NAMA’s Irish commercial property in Q2, 2012 (thepressnet.com)
- Myths and realities about NAMA and developers’ salaries (namawinelake.wordpress.com)
- “The only way we’ll uncover the true level of losses in NAMA today is to create a brand new NAMA to acquire the loans from the old NAMA” (thepressnet.com)
- NAMA has not sought or received European Commission approval of its staple finance scheme (namawinelake.wordpress.com)