NAMA loses court fight over legal firm’s costs
NAMA has failed in an effort to block a payment of “costs” to a Limerick law firm whose owners owe the toxic bank €323m.
The law firm is owned by Paul O’Brien who owes NAMA a massive €288m, according to documents filed at the High Court; his legal and business partner Denis McMahon owes NAMA €35m.
NAMA has already moved against the men by appointing receivers to a swathe of properties.
In January NAMA appointed Grant Thornton as receiver over Newtown Shopping Centre in Annacotty, in Limerick; units at the Racefield Shopping Centre, also in Limerick city; the Showgrounds Shopping Centre, Clonmel; units at Doughiska Shopping Centre, Galway; and Brasscock Shopping Centre in Waterford.