Business

Family dispute over Stephen’s Green property loans settled

A dispute between a man who owns two prestigious Georgian office buildings in Dublin’s Stephen’s Green and his father-in-law over refinancing assistance loans on the properties has been settled, the High Court heard.

Monaghan-born businessman Leo Mohan took injunction proceedings in 2019 to prevent moves to place the properties, number 92 and 93 on the north side of Stephen’s Green, into receivership over alleged default on the €13 million loans.

He took the proceedings against his father-in-law Paul Anderson. founder of the cinema-owning Anderson family and director of Panoramic Cinemas Ireland.

He claimed Mr Anderson breached an agreement by selling outstanding loans on the properties to Panoramic in November 2018. He said he had made efforts to sell the properties and has got two firm offers of €22 million and €25 million.

Injunction proceedings

In his injunction proceedings against Mr Anderson, and against a company which was used in the refinancing called Dunbridge, as well as against Panoramic, Mr Mohan claimed there was a conspiracy to prevent him from raising other finance to pay off the outstanding loans.

Mr Anderson said the proceedings were misconceived and represented an illegitimate attempt by Mr Mohan to frustrate the contractual rights of Panoramic.

On Tuesday, Mr Justice Brian O’Moore was told the parties had resolved their differences and the dispute had been settled on confidential terms.

Rossa Fanning SC, for the defendants, said that as part of the settlement it had been agreed that a legal bar on selling/dealing with properties (a lis pendens) could be lifted and the buildings can now be sold.

All previous cost orders in the dispute are to be vacated, he said.

The case could also be adjourned generally with liberty to re-enter, counsel added. Mr Justice O’Moore congratulated the sides on reaching a settlement.

Source:

www.breakingnews.ie

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