Sports stars face business battles in court
Meanwhile, Bank of Ireland is seeking summary judgment for some €3m against the acting manager of Glasgow Celtic Football Club, Neil Lennon, under a guarantee allegedly provided by him for a loan to a building company of which he was a director.
In the O’Connell case, which came before the Commercial Court, it was alleged that the Munster and Ireland star invested €100,000 in the scheme while other investors – with addresses in Limerick, Dublin, Kilkenny, Clare and Meath – invested sums of between €50,000 and €300,000.
Mr Justice Peter Kelly, agreed to adjourn the case for several weeks to facilitate talks between the sides.
Mr Justice Kelly was dealing with three sets of proceedings by various individual investors and companies all arising from a proposed development at London’s Earl’s Court.
The case is against Pat Whelan, Hollybank, O’Connell Avenue, Limerick, and Pat Chesser, Rossio, Newcastle, Castletroy, Co Limerick, and relates to the raising between March 2007 and April 2008 of €13.4m mezzanine finance for property development.
The proceedings involving Mr O’Connell are also against Steamboat Developments Ltd (SDL), Dock Road, Limerick.
The plaintiffs in that case include 11 individuals who have brought the action jointly with Wealth Options Trustees Ltd in their capacity as trustees of individual pension schemes.
Davy Crest Nominees Ltd is also a plaintiff in that case and has brought the action jointly with Mr O’Connell in his capacity as trustee of Mr O’Connell’s pension scheme. In that case, it is alleged Mr O’Connell was among a number of individuals who invested €1.841m of the overall €13.4m.
In the case against Neil Lennon, Bank of Ireland admitted it lost the guarantee itself but claims it can produce evidence Mr Lennon signed it at Dublin Airport in February 2006.
The judge fixed May 12 for a hearing in that case.
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