Weil and Quinn lead as Barclay brothers win High Court hotel battle
Weil Gotshal & Manges and Quinn Emanuel Urquhart & Sullivan have secured wins for their respective clients in a High Court action against the billionaire Barclay brothers over control of London-based hotels the Berkeley, the Connaught and Claridge's.
August 10, 2012 at 10:24 AM
3 minute read
Weil Gotshal & Manges and Quinn Emanuel Urquhart & Sullivan have secured wins for their respective clients in a High Court action against the billionaire Barclay brothers over control of London-based hotels the Berkeley, the Connaught and Claridge's.
Handing down judgment this morning (8 August) Mr Justice David Richards dismissed claims brought by Irish property developer Patrick McKillen that the Barclay brothers, companies controlled by them or directors, used unfair or prejudicial means to try to take control of Coroin – the hotels' holding company – bypassing McKillen's right to buy more shares.
McKillen has a 36.2 % shareholding in Coroin, which he acquired as part of a consortium of investors in 2004. A company controlled by the Barclay Brothers bought a 24.5% interest in the Coroin in January 2011, which has since increased to 28.4%. The brothers also acquired around £630m of the hotel company's debt last year from Ireland's National Asset Management Agency (NAMA) through a holding company called Maybourne Finance.
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