Friday May 29, 2020

Kelleher secures backing for €1.2bn case against Nama

Shelbourne North Water Street will claim that Nama mishandled the sale of $92m worth of debt; developer expected to subpoena senior Nama officials and the liquidators of IBRC

4th March, 2018
Garrett Kelleher: claims Nama acted out of ‘malice’ towards him Picture: Jason Clarke

The dream to build the world’s largest skyscraper in Chicago may be over, but the consequences are not. Garrett Kelleher, the Irish property tycoon, has secured third party funding to finance his $1.2 billion US lawsuit against Nama over the state agency’s sale of debt connected to the project.

While third party funding is not allowed in Ireland, it is commonly used in the US. Funders carry out extensive diligence before agreeing...

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