Creditors seek $400,000 from O’Brien interest

A receiver appointed over certain assets of convicted fraudster Breifne O’Brien, whose creditors are owed some €12.8m, is hoping to secure over $400,000 from O’Brien’s interest in a US company, the Commercial Court has heard.

In the interim, Mr Justice Brian McGovern made orders permitting the receiver, solicitor Brian Quigley, to pay out to two creditors the net proceeds from a sum of $11,154 due to Mr O’Brien from an investment, plus a tax rebate due to Mr O’Brien for €2,197 and $380 in relation to other shares.

The creditors are brothers Louis and Robert Dowley who, in January 2009, were granted judgment for €3.013m against O’Brien, of Kilmore, Monkstown Grove, Dublin. He is serving a seven-year sentence after admitting multiple charges of multimillion-euro theft and deception totalling over €10m between 2003 and 2008.

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The Commercial Court previously heard that creditors pursuing O’Brien in an effort to enforce their judgments had recovered sums totalling less than €500,000 by June 2014.

The seven judgment creditors have tried to recover their money via orders registering their judgments over all properties situated in Ireland of which they are aware are owned by Mr O’Brien, solely or jointly, and have also secured orders relating to shares and other assets. It was estimated a further €331,027 might be recovered under orders obtained from the English courts concerning a sale of company shares.

In January 2014, Mr Quigley was appointed to receive O’Brien’s interest on certain assets, including shares and loan notes in two Irish companies, shares in West Street Holdings LLC, a limited liability company in the US state of Massachusetts, and O’Brien’s interest in Sig Cap First US partnership.

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