An investment fund is seeking to redeem what it says is some \u20ac124 million-\u20ac125 million in loan facilities on a significant commercial property portfolio due to be sold by receivers, the Commercial Court heard. <\/p>\n
Goldstein Property ICAV is also seeking an injunction preventing receivers appointed by RELM loan firms, which provided the facilities, from selling the properties. <\/p>\n
On Monday, Judge Mark Sanfey admitted to the fast-track Commercial Court the case brought by Goldstein against RELM Loan Opportunities 2 DAC, RELM Loan Opportunities 3 DAC, RELM Loan Opportunities 4 DAC and against receivers Ken Fennel and Brendan O\u2019Reilly. <\/p>\n
The application was made by Frank Crean, counsel for Goldstein, on consent from Neil Steen, counsel for the defendants. <\/p>\n
Goldstein claims it is entitled to redeem loan facilities made to it by the RELM defendants. On its figures, Goldstein claims, there is a redemption sum of between just over \u20ac124 million and \u20ac125.8 million. <\/p>\n
On RELM\u2019s figures however, it is a sum of some \u20ac133 million, or \u20ac146.6 million including surcharges and penalties.<\/p>\n
Goldstein wants the security held by RELM removed and the receivers discharged. Crean said on Monday that the receivers are continuing to market the properties. <\/p>\n
As a result, the court was told, Goldstein sought the early hearing of an injunction application in relation to the receivers and moves to sell the property. <\/p>\n
The judge noted there was a significant dispute about the amount of the redemption sum. He approved directions for the hearing of the case and adjourned it to next month.<\/p>\n","protected":false},"excerpt":{"rendered":"An investment fund is seeking to redeem what it says is some \u20ac124 million-\u20ac125 million in loan facilities…\n","protected":false},"author":2,"featured_media":362034,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[28566,72,61,60,1634],"class_list":["post-362033","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bob","tag-business","tag-ie","tag-ireland","tag-media"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/362033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=362033"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/362033\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/362034"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=362033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=362033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=362033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}