Two Insurers Escape Payouts On Lynn

<b></b>Copyright 2009 Media World Ltd.All Rights Reserved <img align="top" src="http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisplayPubLogo&imgId=636D643D2E47493A3B4C4F474F533A32343332313B313B747970653D6C6F676F&orgId=101996&docId=l:924955165" title="Publication Logo"><br> Business World (Digest) <br> <br> <b></b><span id="x_hitDiv1"><b>February</b> 10, 2009 Tuesday <br> <br> <b>LENGTH: </b>670 words <br> <br> <br> <b>HEADLINE: </b>Two insurers escape payouts on Lynn; Lynn Payouts<br> <br> <b>HIGHLIGHT: </b> <p></p> Two insurance companies have secured court orders that effectively mean they will not have to pay out multi-million euro claims on many insurance policies taken out by missing solicitor Michael Lynn. <br> <br> <p></p> News In Brief <p></p> ## Two insurance companies have secured court orders that effectively mean they will not have to pay out multi-million euro claims on many insurance policies taken out by missing solicitor Michael Lynn and his property company. Chubb Insurance Company of Europ SA and WR Berkley Insurance Europe Ltd had taken the Commercial Court proceedings against Michael Lynn and Fiona McAleenan. The order was granted because of alleged fraudulent misrepresentation and non-disclosure of material facts. More than 250 claims against the policies have been made to date by banks and others. All are owed vast sums by Mr Lynn, who has estimated liabilities of some 80m euro. - RTE <p></p> ## AIB and Bank of Ireland are resisting government pressure to agree to wait up to two years before taking legal action against mortgage holders who miss repayments, as part of the 7 bn euro recapitalisation plan. However, the Government appears willing to agree on a moratorium of "at least six months" on home foreclosures, similar to the agreement reached in the first bank recapitalisation plan announced last December. Minister for Finance Brian Lenihan has said he is seeking a stay on home repossessions before agreeing to recapitalise AIB and Bank of Ireland with 7 bn. - Irish Times <p><</p> ## The Dell fallout has claimed its first major casualty among its supplier companies in Limerick. Layoff talks involving almost 500 workers at Banta RR Donnelly, whose sole customer is Dell, have commenced, it was confirmed yesterday. With the decision by Dell to close down its manufacturing lines, with the loss of 1,900 jobs, the fate of Banta RR Donnelly was inevitable as the company's Raheen facility only provides services to Dell. The company is located next to the Dell site at Raheen industrial estate. - Irish Examiner ## The Taoiseach has attended the signing of contracts for the 4.2km extension of the Luas route from Cookstown to Saggart villageThe development will connect the city centre with Saggart and the Citywest industrial estate and be ready for passengers in 2011. . Mr Cowen said he remained committed to funding transport projects, promised in the National Development Plan, despite a 300m euro reduction in the amount of money available for it. - Irish Independent ## Western Union has agreed to buy the money transfer operations of FEXCO. The deal will be completed in the first half of this year, according to a regulatory statement . - Irish Times ## Sports broadcaster Setanta lost a record £115m in 2007 but expects to achieve substantially lower losses this year as it replaces growth with "stability". The 2007 results are revealed in Setanta's soon-to-be-filed accounts and come against a backdrop of heavy investment in big-ticket rights like the FA Cup and Premier League. A senior source at Setanta last night described 2007's result as an "entirely planned outcome" and pointed out that company revenues had almost tripled during the period. "Similar characteristics" are expected in the 2008 accounts, which will include more big-ticket rights buys as well as a "very significant rise in revenue". - Irish Independent ## British media group Johnston Press is believed to be in advanced talks to sell the Tallaght-based Echo weekly newspaper to former owner David Kennedy at a knockdown price. The weekly paid-for title is being sold separately from Johnston Press's 12 other regional newspapers in the Republic, which were put on the blocks last week. It is understood that Mr Kennedy is close to agreeing a deal to buy the Tallaght paper for less than 1m euro - Irish Times ## Northern Ireland business activity shrank the most in more than six years in January as a property slump deepened and cooling global economic growth affected export demand. An index measuring business activity fell to 32.1 from 33.4 a month earlier, Belfast-based Ulster Bank Ltd. said in a report released today. That's the lowest reading since the survey began in 2002. A level below 50 indicates contraction. - Irish Independent <br> <br> <b>LOAD-DATE: </b>February 11, 2009 <br> <br> <div> <div class="x_nshr"> <center></center> <center><a href="http://www.lexis-nexis.com/lncc/about/copyrt.html" target="_new" class="x_pagelinks">Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc. All Rights Reserved. </a><br> <a href="http://www.lexis-nexis.com/terms/general" target="_new" class="x_pagelinks">Terms and Conditions</a> <a href="http://www.lexis-nexis.com/terms/privacy" target="_new" class="x_pagelinks"> Privacy Policy</a> <br> </center> </div> </div> </span>