An interim order restraining termination of an alleged agreement for the sale of lands in Co Meath, said to have a potential value of €90 million if the lands are rezoned, was granted yesterday by the High Court.
Ms Justice Mary Laffoy granted the injunction, returnable to Monday next, to Eamon Rogers and Seamus Rogers, Ballygowan, Ardee, Co Louth, against Oliver Murphy, Anglesea Road, Dublin.
The judge said she was satisfied the plantiffs had established a serious issue to be tried and that both plaintiffs would be irreparably prejudiced if the injunction was not granted at this stage.
The interim order restrains Mr Murphy from dealing with the lands pending the determination of legal proceedings and also restrains him from forfeiting some €2.5 million paid by the plaintiffs to Mr Murphy's solicitor as stakeholder in part performance of the alleged agreement.
In seeking the order, Brian Cregan SC said the plaintiffs had entered into a contract with Mr Murphy on June 1st last relating to the sale of 90 acres of land in Co Meath, which lands had not yet secured planning permission.
Mr Cregan said the contract involved a payment of €15 million to Mr Murphy but there was also a provision that, if the lands were rezoned within 10 years, a further €1 million per acre would also be paid. This could yield a total of €90 million, less the €15 million which was to be paid over by June 15th, 2005.
His clients had paid €2.5 million to William Fry solicitors, who had acted as solicitors for both the purchaser and vendor at that time, counsel said. That €2.5 million was being held by the legal firm. However, the balance of the €15 million had not yet been paid.
Mr Cregan said his clients had had difficulty getting finance for the purchase but had kept Mr Murphy informed of progress and had procured finance by December last.
However, on August 19th last, despite ongoing negotiations, a completion notice was served on the plaintiffs. His side disputed the validity of that notice but received no substantive reply. Negotiations between the sides had effectively ended on December 20th last.
Because the same legal firm was representing both sides, this had caused a logistical problem and both sides were now represented by other solicitors. His side had sought an undertaking last month from Mr Murphy not to forfeit the money being held by Fry and not to sell the lands.
Those undertakings were provided but were due to expire yesterday. The plaintiffs had written to Mr Murphy last Friday informing him finance had been procured and a loan cheque had been issued to his solicitors.
A number of matters remained to be dealt with and the plaintiffs had asked that the undertakings be continued for another two weeks. His side had received a letter on Tuesday from Mr Murphy's solicitor stating the defendant could not continue the undertakings.
