Slattery launches Friends First action

Businessman Dómhnal Slattery’s action against Friends First Life Assurance Company, which he alleges threatened to pursue him for almost $10m (€7.6m) under an alleged guarantee over funds issued to buy a hotel in Washington DC, has opened before the Commercial Court.

In his action Mr Slattery, of Ailesbury Rd, Ballsbridge, Dublin 4, the CEO of Avolon Airspace Ltd, claims Friends First threatened to sue him and also moved to discredit and undermine him with Avolon shareholders and others after he refused to consent to rectification of a Jul 2009 deed which allegedly limited Friends First recourse to him under the guarantee.

He claims the deed provides Friends First with limited recourse to him arising from his alleged guarantee of Mar 2008 related to a promissory note via which Friends First advanced about $9.5m to Claret Capital Holdings LLC, a Delaware company, towards the purchase of the St Regis Hotel in Washington.