The issue of constructing an N = 4 superconformal mechanics in one dimension is reconsidered with a special emphasis put on the realizations of the su(2)-subalgebra in the full su(1, 1|2)-superalgebra. New dynamical realizations of su(1, 1|2) are constructed which describe an interaction of the (0, 4, 4)-supermultiplet with either the (1, 4, 3)-, or (3, 4, 1)-, or (4, 4, 0)-supermultiplet. A relation of the N = 4 superconformal mechanics with massive superparticles propagating near the black hole horizons is discussed. Background geometry associated with the model based on the (4, 4, 0)supermultiplet is identified with the near horizon limit of the d = 5, N = 2 supergravity interacting with one vector multiplet.