Philip Lynch has lost his High Court case where he was contesting liability for a €25 million property loan taken out in February 2007. The family bought the lands in a deal suggested by property developer Gerry Conlon, who was a 50% partner in the loan and the property deal.
Jet-bird, the low-cost European executive jet airline, planned by aviation entrepreneur Dómhnal Slattery has gone into liquidation. The project was wound down in 2009. However, Slattery has returned to the aviation business with Avalon, an aircraft leasing firm that has raised $1.4 billion in equity, and $2.6 billion in debt, with the view to a possible Asian flotation in 2015. Avolon has raised more money than any other Irish start-up in history. Its portfolio now included 89 jets which are leased to 26 airlines including Ryanair American Airlines, Air Asia & China Eastern. The Clareman made a fortune in 2001 selling aviation leasing business IAMG TO RBS for €25M. He also fronted Claret Capital the investment group.