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Irish Times
02-08-2025
- Business
- Irish Times
Seán Dunne's US bankruptcy yields just $27.5m to be shared among creditors owed hundreds of millions
The US bankruptcy of Seán Dunne , the former 'Baron of Ballsbridge' whose property development business collapsed at the end of the Celtic Tiger era with huge debts, yielded just $27.5 million (€23.8 million) to be shared among creditors, US court records show. At the end of the 12-year bankruptcy process in the US, the National Asset Management Agency (Nama), Ireland's State-owned 'bad bank' to which property-related debts were moved from Irish banks, is to receive just $6 million from Dunne's US bankruptcy trustee, Richard Coan, in settlement of claims totalling $438 million. Ulster Bank Ireland, which claimed $428 million, is also to receive just $6 million, a final report filed by Mr Cohen in the Bankruptcy Court in Bridgeport, Connecticut shows. The list of assets disclosed by the trustee to the US court include golf clubs, skis, a watch, wedding band, cuff links, three 10-year tickets for rugby matches at the Aviva Stadium in Dublin as well as tickets for rugby matches at Twickenham Stadium, London, and the Millennium Stadium (now Principality Stadium), Cardiff. READ MORE Miscellaneous household furnishings at Dunne's former home at 20A Shrewsbury Road, Ballsbridge, Dublin 4, are given a notional value of $10,000 and an estimated net value of zero in the report. The watch, wedding band and cuff links are given an estimated net value of $6,050 while the golf clubs, skis and ski boots were given an estimated net value of $1,000. The summary of the trustee's final report shows he collected $27.5 million, has already made approved disbursements of $11.4 million and has a balance of $16 million. Of this, a proposed payment of $1.9 million is to be made to Mr Dunne's first wife, Jennifer Coyle, and $925,306 to his second wife, Gayle Killilea, who have what are described in the document as 'priority claims'. After these proposed payments and administrative expenses, there is a remaining balance of $12.38 million for dividends to what are described as general, unsecured claims, which include the claims from Nama and Ulster Bank. Bank of Scotland, with a claim of $9.5 million, is to receive $135,530, according to the trustee's report.
Powys County Times
03-07-2025
- Business
- Powys County Times
Bryson and McKay found not guilty in ‘Nama trial'
Three men have been cleared at Belfast Crown Court of charges relating to misconduct in public office. Loyalist activist Jamie Bryson, 35, from Rosepark in Donaghadee, and co-accused Thomas O'Hara, 41, from Lisnahunshin Road in Cullybackey, were found not guilty of conspiracy to commit misconduct in public office, relating to a Stormont committee hearing that examined the sale of the National Asset Management Agency's (Nama) Northern Ireland assets in 2015. Former Sinn Fein MLA Daithi McKay, 43, from Loughan Road in Dunnamanagh – who was chair of the finance committee at the time, was found not guilty of misconduct in public office. The long-running Nama trial had related to Mr Bryson's 2015 appearance before the Stormont committee, chaired by Mr McKay, which was investigating the sale of the Nama's Northern Ireland assets to a US investment fund. The criminal probe was launched after the publication of leaked Twitter messages between Mr Bryson, Mr McKay and the account of Mr O'Hara, who at the time was a Sinn Fein activist in north Antrim. Mr McKay quit as an MLA within hours of the Twitter messages being published in August 2016. The Stormont Finance Committee inquiry was set up in 2015 amid political controversy over the multimillion-pound sale of Nama's property portfolio north of the border. Nama, the so-called bad bank created by the Irish government to deal with the toxic loans of bailed-out lenders during the economic crash, sold its 800 Northern Ireland-linked properties to investment fund Cerberus for £1.2 billion. Giving evidence to the committee in 2015, Mr Bryson used Assembly privilege to name former DUP leader Peter Robinson as a beneficiary of the sale. The then-first minister of Northern Ireland strongly rejected any suggestion he benefited from the deal. All other parties involved in the transaction also denied wrongdoing. Delivering his judgment in the non-jury trial on Thursday, Judge Gordon Kerr KC cleared all three of the charges they faced.
The Herald Scotland
03-07-2025
- Business
- The Herald Scotland
Bryson and McKay cleared in Nama trial
The charges had related to a Stormont committee hearing that examined the sale of the National Asset Management Agency's (Nama) Northern Ireland assets in 2015. Mr McKay, 43, from Loughan Road in Dunnamanagh – who was chairman of the finance committee at the time – was found not guilty of misconduct in public office. Mr Bryson and Mr McKay said there are now questions for the Public Prosecution Service (PPS) over why the prosecution was brought. Daithi McKay outside Belfast Crown Court on Thursday (Liam McBurney/PA) Trial judge Gordon Kerr KC said he believed Mr Bryson had lied while giving evidence in the case, but said he was not involved in a criminal conspiracy. The long-running Nama trial had related to Mr Bryson's 2015 appearance before the Stormont committee, chaired by Mr McKay, which was investigating the sale of Nama's Northern Ireland assets to a US investment fund. The criminal probe was launched after the publication of leaked Twitter messages between Mr Bryson, Mr McKay and the account of Mr O'Hara, who at the time was a Sinn Fein activist in north Antrim. Mr McKay quit as an MLA within hours of the Twitter messages being published in August 2016. The Stormont Finance Committee inquiry was set up in 2015 amid political controversy over the multimillion-pound sale of Nama's property portfolio. Nama, the so-called bad bank created by the Irish government to deal with the toxic loans of bailed-out lenders during the economic crash, sold its 800 Northern Ireland-linked properties to investment fund Cerberus for £1.2 billion. Giving evidence to the committee in 2015, Mr Bryson used Assembly privilege to name former DUP leader Peter Robinson as a beneficiary of the sale. The then-first minister of Northern Ireland strongly rejected any suggestion he benefited from the deal. All other parties involved in the transaction also denied wrongdoing. Delivering his judgment in the non-jury trial on Thursday, the judge said: 'Despite his lies in court, I am sure that Mr Bryson was at all times communicating with Mr McKay. 'I am sure that the communications were designed to give Mr Bryson the best advice and guidance to maximise his chances of giving evidence. The judge said the evidence against Thomas O'Hara 'fell well short' of anything which would convince him of his guilt (Liam McBurney/PA) 'My analysis of the messages do not show any occasion where Mr McKay undertook to say or do anything outside his duties as chairman to ensure Mr Bryson's evidence would be in open session. 'Clearing Mr Bryson, the judge said the evidence did not establish there had been a criminal conspiracy between him and Mr McKay. He said: 'In the absence of an agreement, the conspiracy charge must fail.' Turning to Mr McKay, the judge said there was 'no doubt he deliberately misled the committee to ease the way for Mr Bryson's presentation'. The judge pointed out the Assembly had its own code of conduct and said there was 'no precedent for a prosecution in these circumstances'. Clearing Mr McKay, he added: 'I do not consider it my role to expand the offence.' The judge said the evidence against Mr O'Hara 'fell well short' of anything which would convince him of his guilt.
Leader Live
03-07-2025
- Business
- Leader Live
Bryson and McKay found not guilty in ‘Nama trial'
Loyalist activist Jamie Bryson, 35, from Rosepark in Donaghadee, and co-accused Thomas O'Hara, 41, from Lisnahunshin Road in Cullybackey, were found not guilty of conspiracy to commit misconduct in public office, relating to a Stormont committee hearing that examined the sale of the National Asset Management Agency's (Nama) Northern Ireland assets in 2015. Former Sinn Fein MLA Daithi McKay, 43, from Loughan Road in Dunnamanagh – who was chair of the finance committee at the time, was found not guilty of misconduct in public office. The long-running Nama trial had related to Mr Bryson's 2015 appearance before the Stormont committee, chaired by Mr McKay, which was investigating the sale of the Nama's Northern Ireland assets to a US investment fund. The criminal probe was launched after the publication of leaked Twitter messages between Mr Bryson, Mr McKay and the account of Mr O'Hara, who at the time was a Sinn Fein activist in north Antrim. Mr McKay quit as an MLA within hours of the Twitter messages being published in August 2016. The Stormont Finance Committee inquiry was set up in 2015 amid political controversy over the multimillion-pound sale of Nama's property portfolio north of the border. Nama, the so-called bad bank created by the Irish government to deal with the toxic loans of bailed-out lenders during the economic crash, sold its 800 Northern Ireland-linked properties to investment fund Cerberus for £1.2 billion. Giving evidence to the committee in 2015, Mr Bryson used Assembly privilege to name former DUP leader Peter Robinson as a beneficiary of the sale. The then-first minister of Northern Ireland strongly rejected any suggestion he benefited from the deal. All other parties involved in the transaction also denied wrongdoing. Delivering his judgment in the non-jury trial on Thursday, Judge Gordon Kerr KC cleared all three of the charges they faced.
Glasgow Times
03-07-2025
- Business
- Glasgow Times
Bryson and McKay cleared in Nama trial
Mr Bryson, 35, from Rosepark in Donaghadee, and co-accused Thomas O'Hara, 41, from Lisnahunshin Road in Cullybackey, were found not guilty of conspiracy to commit misconduct in public office. The charges had related to a Stormont committee hearing that examined the sale of the National Asset Management Agency's (Nama) Northern Ireland assets in 2015. Mr McKay, 43, from Loughan Road in Dunnamanagh – who was chairman of the finance committee at the time – was found not guilty of misconduct in public office. Mr Bryson and Mr McKay said there are now questions for the Public Prosecution Service (PPS) over why the prosecution was brought. Daithi McKay outside Belfast Crown Court on Thursday (Liam McBurney/PA) Trial judge Gordon Kerr KC said he believed Mr Bryson had lied while giving evidence in the case, but said he was not involved in a criminal conspiracy. The long-running Nama trial had related to Mr Bryson's 2015 appearance before the Stormont committee, chaired by Mr McKay, which was investigating the sale of Nama's Northern Ireland assets to a US investment fund. The criminal probe was launched after the publication of leaked Twitter messages between Mr Bryson, Mr McKay and the account of Mr O'Hara, who at the time was a Sinn Fein activist in north Antrim. Mr McKay quit as an MLA within hours of the Twitter messages being published in August 2016. The Stormont Finance Committee inquiry was set up in 2015 amid political controversy over the multimillion-pound sale of Nama's property portfolio. Nama, the so-called bad bank created by the Irish government to deal with the toxic loans of bailed-out lenders during the economic crash, sold its 800 Northern Ireland-linked properties to investment fund Cerberus for £1.2 billion. Giving evidence to the committee in 2015, Mr Bryson used Assembly privilege to name former DUP leader Peter Robinson as a beneficiary of the sale. The then-first minister of Northern Ireland strongly rejected any suggestion he benefited from the deal. All other parties involved in the transaction also denied wrongdoing. Delivering his judgment in the non-jury trial on Thursday, the judge said: 'Despite his lies in court, I am sure that Mr Bryson was at all times communicating with Mr McKay. 'I am sure that the communications were designed to give Mr Bryson the best advice and guidance to maximise his chances of giving evidence. The judge said the evidence against Thomas O'Hara 'fell well short' of anything which would convince him of his guilt (Liam McBurney/PA) 'My analysis of the messages do not show any occasion where Mr McKay undertook to say or do anything outside his duties as chairman to ensure Mr Bryson's evidence would be in open session. 'Clearing Mr Bryson, the judge said the evidence did not establish there had been a criminal conspiracy between him and Mr McKay. He said: 'In the absence of an agreement, the conspiracy charge must fail.' Turning to Mr McKay, the judge said there was 'no doubt he deliberately misled the committee to ease the way for Mr Bryson's presentation'. The judge pointed out the Assembly had its own code of conduct and said there was 'no precedent for a prosecution in these circumstances'. Clearing Mr McKay, he added: 'I do not consider it my role to expand the offence.' The judge said the evidence against Mr O'Hara 'fell well short' of anything which would convince him of his guilt.
