Son-in-law of billionaire John Magnier denies engaging in 'ruse' in bidding on Tipperary farm
BLOODSTOCK BILLIONAIRE JOHN Magnier's son-in-law has denied engaging in a 'ruse' by using third parties to bid on a Tipperary farm before allegedly 'low-balling' the vendors with a €10 million offer.
At the High Court today, Magnier's son-in-law David Wachman said it was 'common practice' to start bidding at a level lower than the vendor's valuation for any property and that price expectations had to be 'controlled'.
Lawyers acting for Magnier, founder of the world-famous Coolmore Stud, have claimed that a US-based construction magnate, Maurice Regan, the preferred buyer, engaged in a 'full-frontal assault' on Magnier's claimed deal to buy the 751-acre tract.
Magnier's proceedings claim that Barne Estate reneged on the alleged deal, preferring to sell the land at the higher price of €22.25m to Regan, the founder of the New York building firm JT Magen.
Magnier – along with his adult children – wants to enforce the alleged deal.
They say the deal was struck at a 22 August 2023 kitchen meeting at Magnier's Coolmore home.
They also claim an exclusivity agreement that was in effect from 31 August to 30 September stipulated that the estate would not permit its representatives to solicit or encourage any expression of interest, inquiry or offer on the property from anyone other than Magnier.
Barne Estate has been held for the benefit of Richard Thomson-Moore and others by a Jersey trust.
The Magnier side has sued the Barne Estate, Thomson-Moore and three companies of IQEQ (Jersey) Ltd group, seeking to enforce the purported deal, which they say had been 'unequivocally' agreed.
The Barne defendants say there was never any such agreement, as they needed the consent of the trustees to finalise any agreement and subsequently they preferred to sell the estate to Regan.
Regan is not a party to the case.
Paul Gallagher SC, for the Magnier side, was told by Wachman that Regan 'was always of the opinion that we shouldn't bid against each other', as this would generally mean the two strongest bidders, in this case Mr Magnier and Mr Regan, would increase land prices in Tipperary.
Advertisement
Wachman told Niall F Buckley SC, for the Barne Estate, that Coolmore were interested in Barne and by July 2023 co-ordinated a bid of €10.5m through a third party acting on behalf of a 'wealthy UK investor'. They did not inform the Thomson-Moores, who sought €13.5m for the estate, of Coolmore's involvement.
Another third party who did not disclose to the vendor that Coolmore was also using him had earlier pulled out of bidding and when both third parties withdrew 'it left Coolmore as the only one left on the pitch', Wachman said.
Wachman confirmed that the third parties were already known to the Barne Estate.
Buckley said this strategy amounted to a 'ruse' and a 'backstory' by Coolmore regarding their interest in the property, which was not on the open market.
Buckley said not long after the first bid, Coolmore submitted a bid of €10m in what was, he alleged, a 'deceptively low bid'.
Wachman said the strategy was engaged to 'control expectations' on the value of the estate.
Wachman said information on the third-party bids reaching the Coolmore side from the estate agent showed the agent to be trustworthy.
'We then knew the agent was telling the truth,' said Mr Wachman.
'You may have a rationale but the vendors were the casualties in that,' said Buckley. Counsel further suggested that Coolmore were using people known to the Barne Estate to 'advance veiled inquiries'.
Buckley said that Regan will dispute the claim that he wanted to suppress land prices in the area and that his eventual bid of €22.5m was inconsistent with this claim.
Wachman told counsel that it was inconsistent with the land-price suppression claim because Regan 'had a bee in his bonnet' after learning of the alleged agreement between Barne and the Magnier side.
Buckley said the 'low-ball' offers from the Magnier side were more consistent with price suppression. Wachman said it was 'common practice' to start at a lower price and added that the eventual bid from the Magnier side was €15m.
The hearing continues before Justice Max Barrett.
Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article.
Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.
Learn More
Support The Journal
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
an hour ago
- Irish Examiner
Japanese lunar lander crashes while attempting touchdown on the Moon
A private lunar lander from Japan crashed while attempting a touchdown on Friday, the latest casualty in the commercial rush to the Moon. Tokyo-based company ispace declared the mission a failure several hours after communication was lost with the lander. Flight controllers scrambled to gain contact, but were met with only silence and said they were concluding the mission. Communications ceased less than two minutes before the spacecraft's scheduled landing on the Moon with a mini rover. Until then, the descent from lunar orbit seemed to be going well. People await the update on the private lunar lander's attempt to touch down on the Moon (Kyodo News via AP/PA) Takeshi Hakamada, ispace chief executive officer and founder, apologised to everyone who contributed to the mission, the second lunar strikeout for the company. Two years ago, the company's first moonshot ended in a crash landing, giving rise to the name Resilience for its successor lander. Resilience carried a rover with a shovel to gather lunar dirt as well as a Swedish artist's toy-size red house for placement on the Moon's dusty surface. Company officials said it was too soon to know whether the same problem doomed both missions. 'This is the second time that we were not able to land. So we really have to take it very seriously,' Mr Hakamada told reporters. He stressed the company would press ahead with more lunar missions. A preliminary analysis indicates the laser system for measuring the altitude did not work as planned and the lander descended too fast, officials said. 'Based on these circumstances, it is currently assumed that the lander likely performed a hard landing on the lunar surface,' the company said in a written statement. Long the province of governments, the Moon became a target of private outfits in 2019, with more flops than successes along the way. Takeshi Hakamada apologised for the mission's failure (Kyodo News via AP/PA) Launched in January from Florida on a long, roundabout journey, Resilience entered lunar orbit last month. It shared a SpaceX ride with Firefly Aerospace's Blue Ghost, which reached the Moon faster and became the first private entity to successfully land there in March. Another US company, Intuitive Machines, arrived at the Moon a few days after Firefly. But the tall, spindly lander face-planted in a crater near the south pole and was declared dead within hours. Resilience was targeting the top of the Moon, a less treacherous place than the shadowy bottom. The ispace team chose a flat area with few boulders in Mare Frigoris or Sea of Cold, a long and narrow region full of craters and ancient lava flows that stretches across the near side's northern tier. Plans had called for the 7.5ft Resilience to beam back pictures within hours and for the lander to lower the piggybacking rover onto the lunar surface this weekend. Made of carbon fibre-reinforced plastic with four wheels, ispace's European-built rover — named Tenacious — sported a high-definition camera to scout out the area and a shovel to scoop up some lunar dirt for Nasa. The rover was going to stick close to the lander, going in circles at a speed of less than one inch per second.
The Irish Sun
3 hours ago
- The Irish Sun
Drogheda United coach claims ‘Drogs should be treated the same as PSG' by Uefa over European participation debacle
DAIRE Doyle insisted Uefa must treat Drogheda United like they would Champions League winners Paris Saint-Germain. Drogs Advertisement 2 Drogheda United were crowned FAI Cup champions to earn a place in European Qualifications 2 The 44-year-old is hoping Drogheda United will be allowed compete in Europe Both clubs are owned by the US-based Trivela Group, who also own Walsall, and Uefa has strict rules regarding multi-club ownership models and competing in Europe. And the Drogs' position is in peril as rules dictate that where there is joint ownership, the club that finished lower in their league is the one to miss out. There are precedents from the past. Manchester City put their 47 per cent ownership of Spanish outfit Girona in blind trust so both clubs could compete in the Champions League. And Uefa are in discussions with Trivela — Crystal Palace and Lyon are in a similar situation — with a ruling expected next week. Advertisement Read more on Irish football Assistant boss Doyle said that it is important that Drogheda get the same treatment as any European giant. He said: 'You'd hope the procedures should follow. Drogheda should be treated the same as PSG. I know the club have been in contact with Uefa over the past number of months, they're doing all they can. 'And they've let me know that they're hopeful that we can see a positive outcome to it all. 'There has been work done over a period of time to do what we need to do to find a solution to it. Advertisement Most read in Football 'People will speculate on the bad side rather than the good side. If you take history, there are clubs and ownership models similar to ourselves where both clubs have been in competitions and in some cases the same competition. 'So we can take that precedent that has been set over the last few years and we will be hopeful that will be no different to ourselves. Watch Robbie Brady aim hilarious dig at Ireland teammates after winning Player of the Year award 'Obviously until that does come out, you are going to have the people of Drogheda, supporters, players — everyone is going to talk until a decision is there. That is to be expected.' Doyle acknowledged that it has been something Trivela have been looking into since they first proposed buying 80 per cent of Silkeborg in December. Advertisement That was a month after the Drogs secured European football by DISTANT RELATIVES And Doyle admitted that, while both clubs have the same owners, there have been few dealings between them. He said: 'There wouldn't be too much contact with Silkeborg to be honest. "The Walsall one, there would be more of a link there because obviously we've had players on loan from them, they've come over and played against us last year. Advertisement 'It was a situation that could arise with another top-level country, so it was something I'm sure Trivela were aware could arise and they have been talking over the last couple of months. 'Hopefully we are in a position where ourselves and Silkeborg can both play in Europe.' Meanwhile, Doyle was pleased that the Drogs have got a home draw for when their FAI Cup defence begins next month. They will host Leinster Senior League outfit Crumlin United. Doyle knows the league well as his son Jack plays for Home Farm, and he has regularly seen Crumlin this season. Advertisement The Drogs assistant said: 'I've seen quite a few games this year, they've quite a few good players. James Lee is an excellent manager and former player as well. 'We're really happy we got a home draw, that's the most important thing. 'We'll do our homework on Crumlin now and make sure we find out as much as we can about them before the game.'
Irish Independent
4 hours ago
- Irish Independent
Ireland added to ‘monitoring list' of countries watched closely around US dollar manipulation
No major US trading partner manipulated its currency in 2024, the Treasury Department said on Thursday in the first semi-annual currency report of President Donald Trump's new administration, although its "monitoring list" of countries warranting close attention grew to nine with the addition of Ireland and Switzerland. Countries that meet two of the criteria - a trade surplus with the US of at least $15 billion, a global account surplus above 3pc of GDP and persistent, one-way net foreign exchange purchases - are automatically added to the list. Ireland and Switzerland were added due to their large trade and current account surpluses with the US. The Swiss National Bank on Friday denied being a currency manipulator, but said it would continue to act in Switzerland's interests as the strong Swiss franc helped push inflation into negative terrain last month. "The SNB does not engage in any manipulation of the Swiss franc," it said. "It does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy." Treasury said China, Japan, South Korea, Taiwan, Singapore, Vietnam, Germany, Ireland and Switzerland were on its monitoring list for extra foreign exchange scrutiny. While it did not label China a currency manipulator for now despite "depreciation pressure" facing its currency, the yuan, Treasury issued a stern warning to China, saying it "stands out among our major trading partners in its lack of transparency around its exchange rate policies and practices." "This lack of transparency will not preclude Treasury from designating China if available evidence suggests that it is intervening through formal or informal channels to resist (yuan) appreciation in the future," Treasury said in a statement. Trump in his first term labelled China a manipulator in August 2019, a move made then - as now - amid heightened US-China trade tensions. The Treasury Department dropped the designation in January 2020 as Chinese officials arrived in Washington to sign a trade deal with the US. Thursday's report was released hours after Trump spoke with China's leader Xi Jinping for the first time since returning to the White House amid an even more tense trade standoff between the world's two largest economies, and more recently a battle over critical minerals. The countries struck a 90-day deal on May 12 to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump's January inauguration. The latest report covers the final full year of the administration of Trump's predecessor, Democrat Joe Biden, who over his four-year term never labelled any trading partner a currency manipulator but raised similar concerns over China's behaviour and lack of transparency. Last year was marked generally by broad-based dollar strengthening, with the greenback gaining 7pc in 2024 against a basket of major trading partners' currencies. That dynamic made it less likely that Treasury would find evidence of consistent one-way actions by countries to weaken their currencies for competitive advantage, since most currencies were broadly weakening anyway, Treasury officials said. That could change over the course of this year, with the dollar already down by roughly 9pc since Trump returned to the White House and launched a trade war that has global investors rethinking their commitments to US assets. In the current environment, it might be more tempting for countries to step in to try to prevent or reverse the continued strengthening of their currencies, and Treasury officials said they would be watching closely for such behaviour. In the case of China more specifically, Treasury officials said they were looking at broadening their surveillance to include monitoring of the activities of sovereign wealth and state pension funds for any indication these entities were acting on Beijing's behest in the foreign exchange market. They said there was no current evidence of that but it had been a tactic used by others in the past.
