Family deny deal seen as 'no-brainer'
Published 12/03/2011 | 05:00
BUSINESSMAN Philip Lynch's daughter yesterday denied the family's approach to a €25m land purchase was "a no-brainer" because of the value being put on the site in 2006.
The 86 acres at Kilbarry, Waterford, are now said to be valued at about €4m.
Judith Whelan denied it had been beyond the Lynchs' "wildest dreams" that the value of the land would fall below €25m and that was why the family regarded the deal as involving no risk.
Her understanding was the family would pay the interest on the loan and, if they did not, lenders AIB would take back the lands.
The Lynch family have brought proceedings against AIB and two firms of solicitors, LK Shields and Matheson Ormsby Prentice, aimed at preventing the bank pursuing them for €25.3m. The case resumes on Tuesday.