A dispute between housebuilder Maplewood Homes and a Bain Capital investment company over the direction of the development of 500 houses in south Dublin has been settled.
The dispute arose when the Bain firm, Broadhaven Credit Investments DAC, sued Maplewood’s Michael Whelan, a company called MW Homes of which he is director, and his co-Maplewood Homes director Alex Brett, along with a company called Oceanfield Ltd, which Broadhaven described Mr Brett as the “corporate representative”.
Oceanfield and MW Homes hold a 54.4 per cent shareholding in a company called Old Court Investments Ltd (OCIL) while Broadhaven owns 45.5 per cent.
OCIL acquired development sites in Old Court, Ballycullen, south Dublin, where Broadhaven said it invested €16.2 million in what was a joint venture with Maplewood to acquire adjacent sites.
Broadhaven (Bain) claimed a central issue in what became a boardroom dispute was whether the OCIL shareholders agreement favoured the construction of houses on the land to the exclusion of other options including selling it off before construction.
Maplewood claimed Broadhaven Credit sought to frustrate the business of the joint venture between them through OCIL. Maplewood disputed Broadhaven’s claims that the Maplewood side was acting in an oppressive manner in the governance of OCIL, and claimed Broadhaven had unlawfully attempted to change the agreed development plan which paralysed the functioning of the company.
The case was entered into the fast track Commercial Court list in April last year.
On Monday, Mr Justice Denis McDonald was told the case had been settled following mediation. The judge adjourned the matter to April for the settlement terms to be finalised.
