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'Winding-up threat' in O'Rourke dispute
Nick Goodway11.12.08
Irish racing tycoon John Magnier is reported to be looking at forcing the winding-up of construction giant Laing O'Rourke after it failed to pay him €3.5 million (£3.1 million) awarded to him in a court ruling last week.
The dispute centres on a property development the two were planning as a joint venture in Marbella, Spain, which has been blocked by local planners.
Laing O'Rourke had agreed to buy half the 8.9-acre development site on the beachfront from Magnier, and the two intended to develop more than 30 villas, The Times reports.
Payments for the site were agreed to be in stages. Laing O'Rourke made an initial payment but failed to come up with the €3.5 million due in September.
The Irish High Court last week ordered Laing O'Rourke to pay the €3.5 million. If this is not done within 21 days, Magnier reportedly plans to issue a "cease trading" order.
