Cork developer Michael O'Flynn said outside the High Court just after lunchtime that he is "back to business" until a full trial takes place in October of all the issues between him and his new lender Blackstone subsidiary Carbon Finance.
Mr O’Flynn said he was “extremely disappointed” to have had to go to court at all to defend his position as a director and shareholder in his business empire.
“I didn’t want to be put into this position ever. I just want to go back to doing my business,” he said.
“It is one step at a time,” he said when asked what will happen next. “We have been servicing all our loans,” he said.
Mr O'Flynn noted that for four years his business which spans Ireland, the UK and Europe had been able to work with the National Asset Management Agency. Nama sold his company loans of €1.8 billion to Carbon Finance earlier this year and relations between the two sides soured within a couple of months.
“I am well used to working with banks and all sorts of organisations. I will of course...I am conscious of Blackstone and their position,” Mr O’Flynn said.
“Obviously there is a further hearing to be heard in early October but I am confident that we can hopefully move on together. That is what people have to do.”
“We didn’t expect the attack on us. It came out of the blue. We have defended it. The court has upheld our situation. Obviously it is back to business and that includes doing business with our main lender [CARBON]of course it does.”
In a statement this afternoon Carbon said: “Carbon continues to believe that all steps taken in the current proceedings were necessary and appropriate in the circumstances and is pleased to note Michael O’Flynn’s decision to make an immediate repayment of his personal loans, which it looks forward to receiving.”
“Carbon will continue to safeguard its position as a significant creditor of the O’Flynn Group and to do everything to protect the assets of the Group and its creditors,” it added.
Yesterday Michael O’Flynn wrote written to Carbon to inform the American multibillion investment fund that he can repay it his personal loans of €24.9 million. The American investment firm had demanded Mr O’Flynn repay this loan just hours before it first moved against him to seize his business.
