Vicious circle that went spiralling out of control
MICHAEL Lynn carefully traced imaginary whorls and circles on the back of the bench in front of him.
Round and round his finger went, up and down, in a strangely appropriate symbol of the hypnotising web of tangled financial dealings he has somehow managed to have woven.
His other hand remained firmly entwined with that of his dark-haired wife, Brid -- a former nurse whom he married in a society wedding at Dromoland Castle just last year.
When they wed, Lynn was a high profile high-flyer, with a property empire stretching from Portugal to China, living in a e5m mansion in Howth with a private beach and a garden modelled on Classical Rome.
Capitalising on the frenzied property boom of the Celtic Tiger era, he rode the crest of the wave, using his clients money as rocket fuel.
Now, his assets are frozen and he is facing bankruptcy and lifelong ignominy.
Lynn yesterday wore the typical pin-stripe suit of his trade, with a blue shirt and jaunty mauve tie, but his face was flushed and the puffiness under his eyes told of the many sleepless nights the solicitor must be enduring.
No more so, however, than the clients now fearing they may lose the roof over their heads as a result of Lynn's dealings which has led his multi-million overseas property empire to come crashing down.
Beneath the exhausted demeanour of the Mayo man there appeared an apparent air of relief that the game is was finally up.
Courtroom Five was alive yesterday with bustling barristers and curious onlookers.
Not since Elio Malocco has there been such a scandal in legal circles. But Malocco was small fry in comparison with Lynn -- whose losses are estimated to be in the region of €30m.
President of the High Court, Mr Justice Richard Johnson was bemused to learn that 'following a long consultation' it had been agreed that a forensic accountant would be appointed to look into the case.
"Agreed by whom?" he queried in wonderment.
By Mr Lynn and his new solicitor Sean Sexton, patiently explained Paul Burns, SC for Mr Lynn.
"Oh," dismissed the judge. He wondered how many properties were involved. It wasn't clear yet, Mr Burns said. Work on the list of properties is not yet complete but it's thought to be more than 100, Mr Burns said.
A flicker of anxiety passed over the face of Brid Lynn. Counsel representing the Bank of Scotland stood up to make an application to seek leave to apply to the Law Society to have their loan repaid.
Then came an identical application from IIB Bank -- an outfit Justice Johnson didn't appear to have heard of before. Then a barrister for First Active rose.
"You may as well turn up, Mr Leonard -- everyone else is coming," quipped the judge.
A barrister representing ACC was told to 'come along' too -- and when, finally, counsel for AIB bank chimed in, Justice Johnson ironically wondered: "Anyone else?"
There wasn't, apparently. At least not for now.
As the Lynns fled the Four Courts, still holding hands, they passed a lone protester brandishing a sign that read: "Crooked Irish Solicitors, Disciples of the Devil."
- Nicola Anderson
