Resolution found in dispute between Johnny Ronan firms and Fortress group

A dispute between companies of developer Johnny Ronan and the Fortress Investment Group, which has financed some €1 billion worth of commercial property projects, has been resolved, the Commercial Court heard.
RGRE J&R Ltd, RGRE Borrower Ltd, J&R Lehaunstown Ltd Partnership, J&R Fitzwilliam Ltd Partnership and RGRE Sen Borrower Ltd, brought proceedings last year against Collir SARL, Fortress Investment Group LLC and CF Troy Holdings LLC. Collir and CF Troy are both indirectly owned by funds managed or advised by affiliates of Fortress.
In the proceedings that were admitted to the fast track Commercial Court in July 2023, the Ronan related companies had sought damages for breach of contract, unlawful interference with contractual relations and/or inducing breach of contract and/or negligence and/or breach of duty.
They also sought declarations including that by failing to engage with the plaintiff firms’ effort to refinance facilities under a development assets facility agreement and a mezzanine facility agreement, the defendants have breached an obligation not to clog, stymie, or otherwise hinder redemption rights under those agreements.
The Fortress defendants denied the claims.
After the case was initiated, the relevant board members of four of the plaintiff firms were replaced by Fortress nominees who last December said they wanted to seek to discontinue the proceedings.
The defendants then asked the High Court to order for the remaining plaintiff, RGRE Sen Borrower, to provide security for the legal costs of the case should they lose it.
Last April, Mr Justice McDonald ruled that RGRE Sen Borrower must provide security for the costs up to the making of discovery in the case. Any further security would be reviewed after the court discovery process began and would be a matter for further review at that point, the judge added.
On Monday, Mr Justice McDonald was told the proceedings had been resolved.
The judge congratulated the parties and struck out the case.