Galway Bay fm newsroom - Three companies involved in a dispute over shares in the Galway Clinic private hospital have secured a temporary High Court injunction freezing the assets of another company controlled by one of the original investors.
The injunction was secured by Marpole Ltd, BMD Investments Ltd, and Parma Investments - against Blackrock Medical Partners Ltd, controlled by US based medical doctor and businessman Joseph Sheehan Snr.
Blackrock Medical Partners Ltd allegedly owes the three firms over €800,000 in legal fees after it was unsuccessful in a High Court action against them.
The freezing order was sought because the three firms believed that recent funds received by BMPL following the sale of shares in Galway Clinic may be dissipated beyond their reach.
It was argued that BMPL has no assets other than the cash from the sale and has no ongoing business activities - and there was no reason for Mr. Sheehan to leave cash in the firm, whose parent company is incorporated in the United States.
Counsel further noted that the firm would not give an undertaking not to move or transfer funds despite a request for same.
A temporary freezing order was granted, preventing BMPL form transferring, dissipating or moving its assets outside the jurisdiction.
It also prevents the firm from reducing its assets within the jurisdiction below the sum of €800 thousand.
Galway Clinic was initially developed by brothers Jimmy and Joseph Sheehan, who later ran into financial difficulties, at which point beef magnate Larry Goodman came on board as an investor.
Extensive legal battles later followed - with Larry Goodman and Jimmy Sheehan on one side, and Joseph Sheehan on the other - over shares held in the clinic.
In December, a deal was struck which granted companies controlled by Larry Goodman full ownership of the clinic.
