High Court approves complex €46m settlement

A High Court judge has approved a complex settlement of an action brought by Nama and others against Treasury Holdings’ co-founders Richard Barrett and John Ronan over a controversial €20m transaction involving the alleged transfer of shares out of the group at a significant undervalue.

The settlement will realise a minimum €46m, and perhaps €47m, for the liquidation and unsecured creditors of Treasury, of whom the largest are Nama, owed €1bn, and KCB Bank, Mr Justice Peter Kelly noted.

Mr Barrett will benefit by about €4m net cash under the settlement while Mr Ronan will benefit by about €3m arising from a distribution to him from the winding up of the TAIL (Treasury Asian Investments Ltd) shareholding under the settlement. Mr Ronan holds 25% of TAIL.