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O'Flynn set to fight for company
30 Jul 2014 22:10
One of the country's biggest property developers has said he is prepared to fight to the end to prevent him from losing control of his family's company.
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Michael O'Flynn was speaking after US private equity firm Blackstone succeeded in the High Court in having an interim examiner appointed to four of the main companies in the O'Flynn Group, a move which puts control of the group in play.
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Four months ago, the National Asset Management Agency sold the O'Flynn Group's outstanding loans to US asset management company Blackstone for a reported €1.1bn.
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The O'Flynn Group developed the eye-catching Elysian Tower in Cork and later built up a property portfolio with assets spread across Ireland, Britain, Germany and Spain.
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Mr O'Flynn acknowledges that he made mistakes during Ireland's property boom, but defends the decisions made by his company.
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