Saturday June 6, 2020

‘Callous’ fund slammed by judge over €6m property deal

Cerberus offshoot Promontoria Gem wrongfully abandoned a deal with builder Declan O’Mahony without warning last August because 'it was greedy for more profit', the High Court concluded

4th March, 2018

A US vulture fund has been ordered to pay punitive damages for its “callous and ruthless” conduct in pulling the plug on a €6 million property pact with a Cork developer.

Cerberus offshoot Promontoria Gem wrongfully abandoned the deal with builder Declan O’Mahony without warning last August because “it was greedy for more profit”, the High Court concluded.

O’Mahony gave evidence that he was left with no choice but...

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