A claim has been filed in Dublin by three Cypriot-registered funds and one Seychelles company against their business partners regarding a portfolio of English hotels and assets valued at just under €200m.
Ben Williams, CEO of North Wind Capital, alleges that an Irish firm, Conquer Dawn, misappropriated investments of £45m in four hotels to gain a controlling stake in Michels & Taylor (M&T).
The assets linked to the investments supported a £6.75m loan, leading to accusations of breaches of contract by Conquer Dawn and its management, including director Heath Forusz.
The plaintiffs seek damages for conspiracy and intimidation, while a proposal from North Wind Capital to acquire Conquer Dawn’s assets for £162m was previously rejected; the portfolio’s projected value is estimated at £246.6m within four years.
