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09 Dec 09
Developer Considine owes €275m to banks, documents show - The Irish Times - Wed, Dec 09, 2009
"The deal was funded with €73 million in mezzanine finance – an expensive form of short-term borrowings – a personal loan of €10 million from Dermot O’Rourke, one of the two vendors who sold the Naas lands, and €21 million in shareholder equity.
The equity component of the deal amounts to just 6.6 per cent of the overall purchase price, with the remainder borrowed from either banks or Mr O’Rourke.
The statements were submitted to the Commercial Court in a legal action taken by Mr O’Rourke who is suing Mr Considine, Mr Prendergast and Mr Sweeney for €21 million for failing to make repayments on the €10 million loan.
Mr O’Rourke claims the three businessmen agreed to the loan to be repaid over three years at a rate of 30 per cent interest a year.
Mr O’Rourke, who is himself being pursued by Bank of Scotland (Ireland) for over €16.5 million, successfully applied to the court last Monday for his case against the three men to be admitted to the court for later hearing."
21 Sep 09
Just what do solicitors have to do to get struck off? - The Irish Times - Mon, Jul 13, 2009
30 Apr 09
Follow us back from Carlow: commuter couple return to Dublin - The Irish Times - Thu, Apr 30, 2009
Latvia’s Government Falls on Economic Toll - NYTimes.com
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Government salaries have been cut by 25 percent.
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