UP to 60 investorswho were given personal guarantees by property developer and former Irish rugby team manager Pat Whelan over a failed multi million euro property investment scheme are to receive a tiny fraction of their money back as part of a insolvency arrangement.
It is estimated that each of the investors,includingformer Ireland and Munster captain Paul OConnell, will receive an average of just 76 despite having invested a combined 1.5 million.
The group had been asked to invest in a 13.4 million mezzanine finance scheme to fund aproperty development at Londons Earls Courtahead of the London Olympics in 2012.
Mezzanine financingis a hybrid ofdebtand equityfinancingthat gives the lender the right to convert to an equity int…
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