Promontoria (Arrow) is pursuing Don Tidey’s son over alleged unpaid loans
Tue, Mar 21, 2017, 01:00
Property developer Simon Kelly: fund says the case concerns loan facilities advanced to him and Alistair Tidey by EBS on dates in 2003 and 2006. Photograph: Dara Mac Dónaill
A fund is pursuing businessman Alistair Tidey, son of kidnapped supermarket executive Don Tidey, for summary judgment for about €3.49 million over alleged unpaid loans for property and other investments.
The proceedings by Promontoria (Arrow) Ltd against Mr Tidey, with an address at Mount Eagle, Vico Road, Dalkey, Co Dublin, were transferred to the Commercial Court on Monday.
There was no response when Mr Tidey’s name was called in court and he was not represented.
In court documents, the fund said solicitors for Mr Tidey previously said, in a June 2016 letter, they would not be entering an appearance on his behalf but that was without prejudice to any defence he may have. They also stated he was at that time residing in the Turks and Caicos islands.
Mr Justice Brian Cregan said he would adjourn the summary judgment application for two weeks for purposes including allowing the defendant an opportunity to put in a sworn statement setting out any defence to the claim.
The judge was told there had previously been issues effecting service of the proceedings on Mr Tidey but an order for substituted service was obtained. Inaccuracies in some of the fund’s legal documents had also been addressed, the court was told.
In its proceedings, the fund said the case concerned loan facilities advanced to Mr Tidey and Simon Kelly – a son of developer Paddy Kelly – by EBS Building Society on dates in 2003 and 2006.
The 2003 facility was for a maximum €3.7 million and its purpose was to buy a property at Herbert Park, Dublin 4, the fund claimed. The 2006 facility was for a maximum €2 million and was for an investment in European Leisure facilities.
The fund claims Mr Tidey and Mr Kelly were jointly and severally liable for performance of the obligations under the facilities.
After the EBS loans were acquired by Nama in October 2015, it sold them on to Promontoria Holdings which transferred them to the plaintiff, the fund said. In December 2015, a Nama company, National Assets Loan Management Ltd, transferred all remaining rights, title, interest and benefit held by NALM under the relevant facilities and security documents to the plaintiff.
The fund claims demands for repayment under the facilities were not met and it had in April 2016 appointed a receiver over certain assets of both Mr Kelly and Mr Tidey.
In court documents, the fund said both Mr Kelly and Mr Tidey had indicated, due to personal circumstances, an inability to make a repayment proposal in respect of the outstanding debts but had said they were willing to co-operate with the receiver.
It said some €2.9 million was received by the fund under the receivership and the outstanding sum due was €3.49 million.
Mr Tidey is a son of Don Tidey, who was a senior executive with the Quinnsworth supermarket chain when he was kidnapped by the IRA in 1983. He was rescued after 23 days when gardaí and soldiers surrounded the wooded area in Co Leitrim where he was being held.