Multi-million dollar ruling 'puts me back at centre stage'
Published: 19 Jul 2012 13:00
However, Sheila McCaffrey, from Kinawley, who said she "invested millions of dollars in bringing this trial to court", is calling on shareholders to support her "so that we can all realise a return on our investment".
McCaffrey was a founding member of INE (International Natural Energy), which discovered massive oil reserves off the Caribbean island of Belize in 2006.
However, within a couple of years she was ousted from the board by her fellow directors.
She went to the East Caribbean Supreme Court sitting in Tortoli in the British Virgin Islands seeking an order forcing the company to buy her shares.
It could have made her a very wealthy woman. Her former fellow director, Tony Quinn, struck a deal with the company to buy his 64,000 shares for $23 million.
However, that deal may now be in doubt following the court's ruling in the case.
The judge, Mr. Justice Edward Bannister, found there was a serious question over the allotment of shares to Quinn, a hypnotherapist, yoga guru and health food shop owner.
He dismissed a letter allegedly inviting Quinn to accept the shares as a "clumsy forgery" and an "after-the-event concoction written in an unsuccessful attempt to legitimise the allotment".
McCaffrey accused Quinn and INE's chairman, Susan Morrice, of siphoning off money from the company for their own use after removing her from the board of directors.
They denied her allegations, claiming she was suspended as a director because she was impossible to work with.
The judge dismissed McCaffrey's allegations that Quinn had advocated "sharp business practices" and scams, saying the claims were designed to blacken Quinn's reputation.
He refused her application for an order to force the company to buy her shares and to dissolve the company.
However, he granted a declaration that she was never validly suspended and Quinn was never validly appointed.
In a statement issued to The Impartial Reporter after the ruling, McCaffrey said: "Although I have stated throughout this litigation that it is my desire to exit from INE, the judgment puts me back at centre stage."
She said it appeared to charge her with the responsibility for regaining control of the company and protecting the interests of the Class B shareholders.
"This is exactly what I intend to do with immediate effect," she added.
"Justice Bannister has clearly recognised my contribution to the establishment of this company. With the support of the Class B members, I am prepared once again to use my ability and integrity to take on this challenge. I will approach it with the determination and dedication that I called on when we started exploration in 2002 and finding oil was only a dream, our dream," she stated.
"Therefore I invite the Class B members to build on Justice Bannister's comments and to make clear their support for an order that the company be wound up in the interests of all members, or to decide in a calm and collected manner what is the best forward plan for our company so that we can all realise a return on our investment. Either way, this will allow the proceeds of sale of the assets of the company to be shared among its rightful members," said McCaffrey.
Get more stories from our Roundup section
12 Dec 2013 19:11
The powerful images following the death at the age of 95 of former South African President, Nelson Mandela, has evoked many memories of those fortunate enough to have met the statesman.
12 Dec 2013 18:03
Outgoing SDLP Councillor John O’Kane who will receive over £24,000 when he exits Fermanagh District Council in 2015 has described his severance package as “pittance”.
12 Dec 2013 17:11
THE leader of the SDLP was vowed to win back an Assembly seat for Fermanagh-south Tyrone at the next election but has ruled out taking his party into opposition, saying it would be “counter-productive”.
12 Dec 2013 16:11
Planning applications for an extra 14 wind turbines on three different locations around Fermanagh have been received by the Planning Service.
12 Dec 2013 15:56
ULSTER Unionist MLA Tom Elliott has told Sinn Fein during the Haass talks in Belfast that there is “absolutely no difference” between the IRA and Al-Qaeda, the Islamic terrorist group responsible for the 9/11 attacks in the United States.
12 Dec 2013 15:01
Two local boat owners have been prosecuted for leaving their motor cruisers moored at the Round ‘O’ public jetty in Enniskillen for longer than 48 hours.
12 Dec 2013 15:00 • Rodney Edwards
SINN Fein’s Gerry Kelly who bombed the Old Bailey in 1973 has said he is “proud” of escaping the Maze prison a decade later with Seamus McElwaine, the man leading the IRA in Fermanagh.
12 Dec 2013 14:01
Some Christmas shoppers are getting caught out with the new discounted car parking ticket scheme introduced by the DRD Minister, Danny Kennedy.
12 Dec 2013 14:00
A number of birds have been seized after police carried out three search operations in the South Fermanagh area yesterday (December 10th) into alleged animal cruelty.
12 Dec 2013 13:03 • Rodney Edwards
THE most senior detective in the Historical Enquiries Team (HET) investigating the Enniskillen bombing was taken off the case several months ago, The Impartial Reporter can reveal.
12 Dec 2013 13:02 • Rodney Edwards
THE mother of an Enniskillen man who fell to his death at a disused quarry nearly a year ago has won a prestigious award for a moving poem she wrote about her son and her grief.
12 Dec 2013 13:00 • Rodney Edwards
THE family of a 51-year-old car mechanic who died in a freak accident in Lisnaskea at the weekend are facing a heartbreaking Christmas without him.
12 Dec 2013 11:45 • Sarah Saunderson
Police in Fermanagh are investigating an incident where a fuel tanker was reversed into the front of the former Quinn premises in the Ballyconnell Road area of Derrylin last night and set alight.
12 Dec 2013 11:30
Police are investigating the theft of a cylinder and copper pipes from a property in the Meenatully Road area of Enniskillen.
12 Dec 2013 08:30
A 27-year-old taxi driver thought he would just “batter on” rather than lose business while waiting for his operator’s licence to arrive, Fermanagh Court has been told.
11 Dec 2013 21:30
The PSNI, Northern Ireland Fire & Rescue Service (NIFRS) and St. John's Ambulance have joined together to deliver a hard-hitting message during a road safety demonstration.
11 Dec 2013 17:15
Police investigating a complaint about noise in the early hours of a Sunday morning found 40 people drinking outside a pub and another dozen drinking inside.
11 Dec 2013 13:15
A 48-year-old patient at the South West Acute Hospital had to be restrained by five members of staff when she became violent and began shouting obscenities, Fermanagh Court has heard.
11 Dec 2013 10:33 • Sarah Saunderson
A victim of clerical sexual abuse in Fermanagh has called for an independent public inquiry into child abuse in the Church in Northern Ireland in light of this week's reports by the National Board for Safeguarding Children in the Catholic Church.
10 Dec 2013 21:45
A 22-year-old man has been fined £400 and banned from driving for 12 months after the behaviour of his front-seat passenger attracted the attention of police.