Investor once worth €20m ‘can’t pay cent to ex-partner’

An INVESTOR who saw his empire dive by €36 million in the property collapse told a judge yesterday he was unable to pay a cent to a former partner to whom he owed €1.2m.

Philip Mahon agreed that he was still collecting thousands of euro every month in rents but said it was all destined for banks who had loaned him millions.

He agreed with barrister Angus Buttanshaw that he owed former pub sharing partner Dan Ryan €2m but said he was unable to redirect money from rent collections to Ryan — even to save himself from going to jail.

Mahon, aged 63, formerly of Beancroft, Kilmashogue Lane, Rathfarnham, Dublin, said that if he diverted money from the banks to meet a €10,000 monthly court order in favour of Ryan the finance houses would put in a receiver and there would be nothing left for anyone.

He said he had separated from his wife, Margaret, and was now living with a sister in Co Meath.

Mr Buttanshaw told Judge Alison Lindsay that Mr Ryan, of Stepaside Park, Stepaside, Co Dublin, had owned a share in Conway’s Pub just opposite the Rotunda Hospital in central Dublin with Mahon and Edward O’Donoghue.

Ryan claimed a deal had been done behind his back and he had been left with nothing, eventually obtaining a judgment for the €1.2m against Mahon.

In 2009 the District Court granted Ryan a €10,000-a-month instalment order against Mahon, none of which had been paid.

Later the District Court directed that Mahon spend three months in Mountjoy Prison on foot of his non-compliance with its order. Mahon appealed that decision to yesterday’s sitting of the Circuit Civil Court.

“I went from being a paper millionaire worth €20m to owing the banks €16m,” Mahon told his counsel Conor Kearney.

“I have not wilfully defaulted on the payments to Mr Ryan. I just don’t have the money.”

Judge Lindsay adjourned the hearing until November 3.