Nama seizes theatre and Point Village
Nama called in receivers Steve Tennant and Paul McCann from Grant Thornton to take over the running of the companies.
Mr Crosbie had initially worked with Nama to complete the projects, which appeared to be running successfully.
He appeared on the Saturday Night Show with Brendan O’Connor 18 months ago, when he said that he expected to have all his debts paid off in four years.
“With the help of Nama we have got them finished. We have started work on the cinema complex with Odeon, which is going to employ 120 people; we have more and more inquiries for the office,” Mr Crosbie said.
“In four years’ time it will be flying and buzzing, and we will have paid back everybody and we will be laughing.”
However, yesterday, with debts rumoured to be in the region of €450 million, Nama moved to seize all of his properties.
Yesterday, a team from Grant Thornton was completing an asset register of buildings belonging to Mr Crosbie.
Despite Nama moving in, the business he operates will not be affected.
The receivers confirmed that all upcoming shows, such as The Lion King, will take place as planned.
It is understood that Nama has been in talks with the developer for some time but it wasunclear what triggered the move yesterday.
Mr Crosbie had recently resigned as a director of Grand Canal Theatre Ltd, which operates the Bord Gáis Energy Theatre, and as director of several companies associated with the Point Village, which consists of developments around the O2, including the Gibson Hotel.
