Lynch family to appeal judgment on €26m debt
MARY CAROLAN
BUSINESSMAN PHILIP Lynch and his family are to appeal to the Supreme Court against a finding they must repay €26 million to AIB Bank arising from an unpaid loan made to them and developer Gerry Conlon to buy development lands in Waterford.
Mr Justice Micheal Peart, who previously found the family are liable for the loan, yesterday said AIB was entitled to judgment orders for about €26 million each against Mr Lynch, his wife Eileen and their children Judith, Paul, Phillippa and Therese, but agreed to stay the orders until January 11th when he will rule whether the family are entitled to a longer stay.
Rossa Fanning, for Gerry Conlon, said the decision on the Lynchs’ liability meant Mr Conlon had no defence to a similar judgment being entered against him but he wanted until January 11th to check the bank’s documents and also wanted a stay.
If the Lynchs won their appeal, that would get Mr Conlon “off the hook” and mean he was also not liable to AIB.
The judge adjourned to January 11th his decision whether to grant a stay pending appeal and granted an interim stay until then.
Mr Conlon’s arguments for a stay may be weaker in circumstances where he had not supported the Lynch side in their action, the judge said. He will also rule on the costs issues arising from the case on January 11th.
Earlier, Michael McDowell SC, for the family, objected to entry of judgment saying the bank was seeking such orders after evading calling any oral evidence of its actions concerning this loan. The effect of judgment orders against various members of the family whose assets didn’t come near €26 million was “catastrophic”, he said.
The family were appealing on several grounds and wanted a stay on any judgment orders pending appeal, he said. They would argue the judge was wrong to find the bank breached no duty of care to the Lynchs and that two solicitors firms had no liability to them.
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Earlier, Michael McDowell SC, for the family, objected to entry of judgment saying the bank was seeking such orders after evading calling any oral evidence of its actions concerning this loan. The effect of judgment orders against various members of
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