Breccia ordered by Commercial Court to lower loan cost

A shareholder in Dublin’s Blackrock Clinic is entitled to an order that he need pay €16.9m, rather than nearly €20m, to redeem a loan he took out to invest in the facility, the Commercial Court ruled.

Joseph Sheehan, a consultant surgeon based in the US and one of the founders of the clinic, claims a company controlled by businessman Larry Goodman, which bought the loan from IBRC, engineered a situation where he is not receiving dividends which he needs to pay off the loan.

The full case is yet to be heard, but yesterday, Mr Justice Robert Haughton made rulings in relation to a number of matters including how much Mr Sheehan would pay the Goodman company, called Breccia, if he was to redeem the loan.