One51 says it is likely to suffer further “significant” losses this year, adding that its recovery will be “a multi-year turnaround” programme.

Philip Lynch pocketed over €2.51m in payments last year from One51, the investment firm which sacked him last summer.

Health Minister James Reilly said the Government was not “wed” to the Mater site as a location for the new children’s hospital, but said it did need to be co-located with an adult hospital.

THE decision by An Bord Pleanála to refuse permission for the National Children’s Hospital at Eccles Street, Dublin 1, has come as a bolt out of the blue to the development board of the National Paediatric Hospital, government ministers, the HSE and the Department of Health. I don’t like saying “I told you so.”

Designs for the children’s hospital failed to address serious concerns about parking capacity, access by motorists, and availability of public transport.

BUSINESSMAN Philip Lynch and his family are to appeal to the Supreme Court against a finding they must repay €26 million to AIB arising from an unpaid loan made to them and developer Gerry Conlon to buy development lands in Waterford.

THE Commercial Court will rule next month whether businessman Philip Lynch and his family have any liability to Allied Irish Banks for a €25 million loan issued to them to buy development lands in Co Waterford.

ENVIRONMENTAL and niche investment group One-51 has warned that its operating profits this year will be down on last.

THE chairman of investment group, One51 has told shareholders that continued debt reduction remains a priority of the board and that recent trading has been positive, given market conditions.

NTR boss Michael McNicholas, regarded in the industry as a ‘safe pair of hands’, is busy picking up the pieces after his predecessor’s costly gamble on solar power backfired badly, helping to notch up record losses of €381m at the group, writes Kyran Fitzgerald

ONE-51 incurred a net loss of €104.7 million in 2010, driven by a writedown in the value of its 24.1% stake in renewable energy group NTR.

ANALYSTS are awaiting the next installment at investment group One51.

PHILIP Lynch has been sacked as chief executive of investment group One51, with the board moving quickly to appoint financial officer Alan Walsh as his interim replacement.

ONE-51, the Philip Lynch-led investment group, has successfully agreed an extension to its existing €200m bank facilities six months ahead of expiration, meaning the business is fully funded up to 2013.

One Fifty One announced today that it has reached agreement with its existing syndicate of six banks to extend a €200m banking facility to the Group out to June 30, 2013.

THE Commercial Court has reserved judgment on the action by businessman Philip Lynch and his family aimed at preventing Allied Irish Banks pursuing them for repayment of a €25 million loan to buy development lands in Waterford.

THE long-running action by businessman Philip Lynch and his family aimed at preventing AIB pursuing them for repayment of a €25 million development loan is expected to conclude at the Commercial Court today.

A LAW firm being sued by businessman Philip Lynch and his family in an effort to prevent AIB pursuing them for repayment of a €25 million development loan was never retained by the Lynches in connection with that deal and owed no duty of care to them, the Commercial Court was told yesterday.

THE board set up to drive the development of the proposed €650 million national children’s hospital does not have the expertise to handle such a crucial and large-scale project, according to its former chair.

ASKING the Commercial Court to accept claims by businessman Philip Lynch and his family that they would have walked away from a land deal had they believed they could be pursued individually for the €25 million loan involved “a very big ask,” a judge was told yesterday.

An independent review is to be carried out into the project to build the new National Children’s Hospital on the site of the Mater Hospital in Dublin, it was announced today.

EVIDENCE has concluded in the long-running action by businessman Philip Lynch and his family aimed at preventing Allied Irish Banks pursuing them for repayment of a €25 million loan issued to them and developer Gerry Conlan to buy development lands in Waterford.

A FORMER senior AIB banker said he is “sceptical” how anyone could have concluded the final terms of an AIB €25 million loan to businessman Philip Lynch, his family and developer Gerry Conlan to buy development lands did not involve full recourse to all borrowers.

A SOLICITOR has denied he “mixed up” the concepts of security and recourse in an email stating Allied Irish Bank “no longer require any legal recourse” against businessman Philip Lynch, developer Gerry Conlan “and the Lynch children” for a €25 million loan to buy development lands in Waterford.

THE personal assistant to businessman Philip Lynch asked a solicitor, just hours before a €25 million loan was signed by the Lynch family, whether the final terms of that loan meant AIB would have recourse only to lands for repayment, a court has heard.

EMAILS sent by solicitors with the LK Shields law firm to the family of businessman Philip Lynch just hours before they signed up to a €25 million loan to buy development lands with developer Gerry Conlan stated Allied Irish Bank only wanted recourse to the land, not the family, the Commercial Court has heard.

A SOLICITOR has told the Commercial Court the final terms of a €25 million loan issued by Allied Irish Banks to buy development lands in Waterford gave the bank full recourse to businessman Philip Lynch and his family for repayment of that sum.

AIB has told the Commercial Court it is not contending that businessman Philip Lynch and his family are liable for all of the AIB debts of developer Gerry Conlan arising from a mortgage related to a €25 million land deal in Waterford.

Hanging over the whole sorry debate about the new children’s hospital is the dark cloud of political fixing, central to governance in this country, writes Michael Clifford

THE body overseeing the controversial national children’s hospital Mater site plans has lost its second chairman in just six months over claims of political interference.

AN action by One51 investment group chief executive Philip Lynch and his family aimed at preventing AIB pursuing them over a €25 million loan to buy development lands has been adjourned to next week.

Richard Boyd Barrett of the People Before Profit party has slammed the Blueprint for Ireland's Recovery as a "cynical" move by corporate vultures to exploit the recession and "asset strip the country".

A DAUGHTER of Philip Lynch has denied AIB would not have sought a net-worth statement for Mr Lynch, which showed he had assets of more than €48 million in 2007, if a €25m loan to buy lands for development involved no recourse to the One51 investment group chief executive or his family.

LEADING business figures and former politicians including Sean O’Driscoll of Glen Dimplex and telecom tycoon Denis O’Brien have drafted an economic recovery plan that urges the Government to slash 30,000 jobs from the public sector.

IN times of economic uncertainty the ability of some firms to buck the trend is always reassuring.

WELL-KNOWN businessman Philip Lynch, his wife Eileen and their four children are suing AIB and two firms of solicitors in a bid to stop the bank pursuing them individually over unpaid loans of €25.3 million advanced to buy lands in Waterford for development.

THE former head of the National Paediatric Hospital Development Board has backed the new Government’s plans to re-examine whether the facility should be built at the Mater site.

THE possibility of relocating the proposed new children’s hospital from Dublin city centre to a site off the M50 has been discussed by incoming Taoiseach Enda Kenny with those driving the development.

There is a real urgency to take investment in renewable energy to a new plateau and Jim Barry, as he moves from NTR to BlackRock Alternative Investments, is getting an opportunity to make a new name for himself, writes Kyran Fitzgerald

THE food and drinks sector continues to provide solid evidence that this economy still has something to build on for the future.

THERE is a fundamental contradiction between what the Taoiseach said at Bodenstown (October 17) about “not stifling debate” and his kneejerk approval of Health Minister Mary Harney’s ‘una duce, una voce’, bully-girl policy on the proposed National Children’s Hospital.

ONE of the more strident sayings in our period of construction mania between 2004 and 2007 was “build it and they will come”.