2 days ago
- Business
- Irish Independent
San Leon boss Oisin Fanning launches lawsuit against Guernsey-based specialist lender Tenn Capital
It is the latest legal battle involving either Mr Fanning or his San Leon oil and gas business, with cases stretching from New York to Dublin and London.
Mr Fanning is the chief executive of embattled San Leon, which has been struggling to secure fresh financing for more than a year.
The latest court case in London is being taken by Mr Fanning against Tenn Capital in a dispute that court records show is linked to a claim related to mortgages or charges.
Tenn Capital says on its website that its mission 'is to make it easier for individuals with extremely complex situations to access bridging finance'.
'We specialise in working with borrowers with sensitive personal backgrounds or those involved in convoluted transactions to access unique financing solutions,' it adds.
Its website details examples of previous deals with clients, typically related to properties valued at millions of euro.
A spokesperson for Mr Fanning declined to comment.
Last month, the Irish Independent reported that an award of $25m (€22m) in damages has been made against Mr Fanning by a New York court in a separate case.
It is linked to a dispute over a loan agreement inked between Mr Fanning and a firm called W Management Services.
Three years ago, the Supreme Court of New York granted W Management Services a judgment for a breach of contract claim against Mr Fanning.
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Last month, it was determined that Mr Fanning was liable to pay almost $25.4m on foot of that.
Mr Fanning said he intends to appeal that decision.
In 2020, W Management agreed to loan £15m (€17.8m) to Mr Fanning in return for shares in San Leon.
The loan would be issued in one tranche after Mr Fanning delivered sufficient shares, priced at 37p, to support the amount.
Mr Fanning never delivered the shares, and as a result, W Management never advanced any of the £15m loan. However, it sued for breach of contract.
The 2020 agreement stated that if the shares were not transferred, then W Management could refuse to make any further advance of the loan, terminate the transaction, and collect a 'make whole payment' from Mr Fanning, along with any unpaid principal and interest.
Last month, it was determined that W Management was entitled to the $25.4m in damages.
San Leon, meanwhile, has taken legal action in Dublin against the Canadian investment firm Tri Ri Asset Management.
The Irish oil firm claims that the Canadian company failed to honour an investment agreement that would have seen Tri Ri swap $50m of shares in a US tech firm called Palantir for shares in San Leon.
In March, San Leon was granted a short-term order freezing up to $50m of Tri Ri's assets.
Tri Ri has claimed that while it did consider an investment in San Leon, it was 'on the basis of certain representations which have turned out to be untrue'.
