Former RTÉ director involved in row over real estate investors

Skyline currently lines up with Chicago-based investors Reena Reynolds and Shalini Sharma. The couple, who claim to be partners in Skyline projects, recently filed a lawsuit against Skyline in the US, naming Frances Abeton and two other people associated with the firm, Paul Abeton and Edward Declan Byrne.

Armstrong Teasdale’s partner, John Sten, who represents Reynolds and Sharma, said the case is about his clients trying to claw back funds and creating transparency about where the money went and what it was used for.

Reynolds claimed in the court document that she joined Skyline in June 2017 because she believed she was a partner. Skyline planned the development and sale of properties in Greater Dublin. Sharma joined in 2018. They stated that they had raised around 4 million euros from US investors for Skyline.

Two projects Skyline was working on in Co Wicklow experienced delays, with Reynolds and Sharma claiming US investors were frustrated.

They claimed investors received payment later than expected for the first project, but not for a second project that allegedly didn’t complete.

Court documents said Abeton blamed delays on the second project on Covid-19.

Reynolds and Sharma alleged that Skyline’s directors failed to provide adequate financial information or transparency to US investors despite requests. They claimed investors lost confidence in the outcome of the second project and damaged their reputation.

Reynolds and Sharma are seeking damages for them and other US investors.

Irish law firm LK Shields said the two Abetons and Byrne were aware of the action and that it was being handled in the US by law firm McGuireWoods.

“Their position was and is that this allegation is completely unfounded and is vigorously defended by them through the US court proceeding.”