Nama; developer Michael O’Flynn (centre) outside the Four Courts in 2014
The Irish Times reports:
The State’s National Asset Management Agency (Nama) received just £340,000 (€390,760 ) from the O’Flynn group’s sale of two British properties that were later valued at £5.3 million, the Court of Appeal heard.
Companies linked to developer Michael O’Flynn are suing former workers Patrick Cox, Liam Foley, Eoghan Kearney and others, claiming that they earned a €12.5 million profit on a student accommodation project at the property business’s expense.
Mr Cox and the others are challenging the claim on several grounds, including that the companies taking the legal action never employed them.
Nama got just £340,000 from sale of O’Flynn properties, court hears (Barry O’Halloran, The Irish Times)
Michael O’Flynn (top) and supporters Bill Cullen and Jackie Lavin outside the High Court this afternoon.
More to follow.
Previously: Down With The Kids
(Sasko Lazarov/Photocall Ireland)
Last night, Cork property developer Michael O’Flynn was interviewed by Paschal Sheehy on the Six One News about losing control of his business to Blackstone, a US company which had purchased Mr O’Flynn’s loans from NAMA.
He said the following:
I was shocked. My intention was absolutely to work collaboratively with Blackstone. It has always been my policy, whoever local authorities, State agencies, the IDA. Whether you borrow a million, ten million or 1.8 billion it’s always about did you borrow responsibly? And I can tell you Paschal we have always borrowed responsibly. Of course we have had situations where there has been an extraordinary collapse in price, in value and no more than a householder who bought a house and is in negative equity. Like, are they responsible for the negative equity that they find themselves in? We have done our business right. We have always tried to do our business in a proper fashion, we will continue to do so.
Michael O’Flynn featured in RTÉ’s Prime Time documentary ‘Carry On Regardless’ in December 2010 about the lifestyle of Irish property developers in NAMA, where he was filmed flying by helicopter with his family to Down Royal from his Cork home to watch his racehorse finish third.
Mr O’Flynn also received a reported €50,000 from Lucinda Creighton in a defamation case in the High Court in 2012, part of which he donated to Our Lady’s Children’s Hospital, Crumlin.
Fair play though, in fairness.