IN February 1990 - just months before Goodman International collapsed - the then group treasurer, Mr Walsh, was approached by Mr Des Lamont of the Dublin finance company, L&P Financial Trustees.
Mr Lamont said he had a transaction, on behalf of a client, in which Goodman might be interested.
No names were mentioned but Mr Lamont's client was Mr Joe Kenny, the reclusive Tipperary farmer and businessman now facing a £22.8 million sterling bill after yesterday's High Court judgement in Mr Larry Goodman's favour.
Mr Kenny wanted a £22.8 million loan for three months, after which the money would be repaid.
That £22.8 million was never repaid to Goodman and now lies frozen in a Cyprus bank account where its ownership is disputed by Goodman International and a South African businessman, Mr Andreas Kittelides. The path by which this £22.8 million found its way into the Cyprus bank account is long and convoluted.
Originally, the money was lent by Goodman to Mr Kenny. From there, it was deposited in a bank account in Guernsey controlled by Mr Kittelides, a South African businessman of Cypriot origin.
The money made its way through a series of accounts to an account controlled by Mr Kittelides's father in Cyrpus. After legal action was taken by Goodman in 1990, the money was frozen by the Cypriot authorities, pending the outcome of the dispute.
It remains to be seen if the funds can be recouped, as Goodman's victory in the Irish High Court does not automatically mean that the Cypriot banking authorities will release them.
Welcoming yesterday's High Court decision, a spokesman for Goodman International said: "The judgment sets the record straight and will help the company significantly to have the monies owed to ii to be repaid through the Cyprus courts."
The spokesman was unable to say when Goodman International would bring its ownership claim back to the Cyprus court. It is unlikely to be before the August High Court hearing on the interest on the funds - and any subsequent appeal to the Supreme Court by Mr Kenny.
Whatever money finally emerges will ultimately go to the banks who were owed £500 million when Goodman International went into examinership in 1990.
Under that rescue plan put together by the examiner, Mr Peter Fitzpatrick, Mr Goodman would progressively regain control of Goodman International as the money owed to the 31 banks in the consortium was paid down.
But by early 1995, it had become clear that the restructured Goodman International would not be able to pay off the £500 million owed to the banks. In the previous four years, Goodman repaid £245 million, leaving over £300 million of the remaining debt.
In March last year, a further restructuring took place when a consortium headed by Mr Goodman, bought the Goodman business and assets for £40 million.
The consortium was backed by the McCann bananas family; commodity traders Frank and John Gleeson; businessman Brendan McDonald and the American investment group Morgens Waterfall.
This purchase was conducted through Irish Food Processors, in which Mr Goodman and his family interests have a 36 per cent stake.
