Developer Johnny Ronan’s dispute with a US Fortress Investment Group firm which he claims owes him €3.3 million from an insurance award relating to their joint Fibonacci Square office development in Ballsbridge, Dublin, has been admitted to the fast-track Commercial Court. Photograph: Bryan O’Brien/The Irish TimesDeveloper Johnny Ronan’s dispute with a US Fortress Investment Group firm which he claims owes him €3.
How Dublin City Council’s new anti-migrant councillors will complicate the business of local governmentThe dispute arises out of a deal in which Ronan Group Real Estate swapped its stake in Fibonacci Square – which is leased to Meta – for the Fortress interest in Waterfront South Central on Dublin’s quays.
Mr Ronan said the basis on which Aquela contends no payment is due was “manifestly erroneous” and a clear misreading of the relevant clause.In separate proceedings currently pending before the Commercial Court, a number of Ronan Group related companies are suing Fortress and related firms claiming the defendants failed to engage with the Ronan firms’ effort to refinance facilities under a development assets facility agreement and a mezzanine facility agreement.
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