The Dublin vehicle established by Cerberus to digest property-backed debt with a face value of £1.4 billion in Northern Ireland has come to the end of its life, revealing how much profit the US vulture fund has drawn from the deal.
Pandemic-hit debt collections have forced the US vulture fund to renegotiate some of its own loans with Morgan Stanley and Deutsche Bank. The worst cases to date have a common denominator: Ulster Bank.
In 2005, three Irish investors formed a partnership to buy commercial real estate in Romania. A €3 million bank loan was drawn down. Now one of the three, former Fine Gael donor Andrew Sheehy, claims his name was forged on the loan documents.
He stood in the way of Apple, racked up debt, used forged documents and a front company. Brian McDonagh has been unyielding in his ambition to build a data centre. New High Court findings suggest he will pay a hefty price.
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