NAMA SECURES ORDERS OF 600 MILLION AGAINST GLENAMADDY DEVELOPERS

Date Published: 09-Nov-2011

Glenamaddy native property developers Raymond and Danny Grehan have consented to Nama securing judgment orders against them for over 300 million euro each.

The sums mainly relate to guarantees provided over multimillion borrowings to their companies.

Nama's claims against Kildare based property developers Raymond and Danny Grehan mostly arose from guarantees over company loans though some arise from personal borrowings.

The brothers were expected to fight today's application for multi-million summary judgment orders against them but today senior counsel for Nama Paul Gallagher asked Mr Justice Peter Kelly to give the parties time to negotiate.

After half an hours of talks they returned to court with the Grehans lawyers say despite concerns they believed the better course was to consent to judgments against them.