Sir Antony O’Reilly, AIB, Justice Peter Kelly
The sun yesterday streamed
in through the glass ceiling of Court Number 1, but for Sir Anthony O’Reilly,
dark clouds were already starting to gather.
Mr Justice Peter Kelly took
40 minutes to deliver his judgment, but it could be summed up in one word: No.
He refused the former billionaire’s application for a six-month stay on €45
million of judgments obtained against him and his companies by AIB.
Bernard Dunleavy, Sir
Anthony’s counsel, had clearly realised what was coming early on in the judge’s
delivery. Chin in hand and solemn-faced, he absorbed Mr Justice Kelly’s words,
staring straight ahead as the judge brought down the curtains on his client’s near
40-year reign at the top table of Irish business.
Sir Anthony, who was at his
home in Deauville in France and not present in the court, had clearly
instructed his lawyers to make one last plea in the event of a defeat.
Immediately after the
judgment, Mr Dunleavy was on his feet and asked if Mr Justice Kelly would give
his client a short stay, even until Tuesday.
A four-day delay, said Mr
Dunleavy, would allow Sir Anthony to hold talks with his other banks over the
planned orderly sale of his 750-acre Castlemartin estate, which could be
scuppered by AIB’s victory.
The stay of execution, the
barrister argued, would also allow Sir Anthony time to consider a possible
Supreme Court appeal against the decision.
Mr Dunleavy said his client
would “be prepared to fly back in from France over the weekend” for talks with
all of his banks if only he could get a short stay. The judge hesitated, and
asked AIB’s counsel, James Doherty, to respond.
The bank’s lawyer said it
would “create too much uncertainty”. Mr Justice Kelly looked set to knock back
Mr Dunleavy’s request, when one of Sir Anthony’s solicitors charged up the
court and whispered in Mr Dunleavy’s ear.
The barrister told the judge
that if the short stay were awarded, Sir Anthony would even commit to immediately
inform AIB if any of his other banks started to move on him.
It was last gasp, desperate
stuff. Unfortunately for Sir Anthony, it was also to no avail and Mr Justice
Kelly refused. Sir Anthony’s fate was sealed.
