FINANCIER DEREK Quinlan had to maintain his lifestyle as “a successful investor” to ensure that he was not exploited when he sold off his assets, the high court in London has been told by an associate, Gerry Murphy, who began giving his evidence in a case taken by developer Patrick McKillen.

Mr Quinlan has been accused by Mr McKillen and by the National Asset Management Agency of living an extravagant lifestyle after he ran into financial trouble. Mr Murphy said the financier “took the view that in order to maximise the value of his various interests it was vital that he did not look like a distressed seller”.

“On that basis it was clear that ‘style’ was as important as ‘substance’ and it was vital that Mr Quinlan maintained his lifestyle as a successful investor.

“By doing so he was not only maximising the price of his own shares but also the value of other investors’ shares in [Coroin, the holding company that owned the three London hotels at the heart of the case],” said Mr Murphy.

He said Mr Quinlan stopped attending board meetings last year because the other directors “marginalised and embarrassed him”. “Mr Quinlan, who does not like conflict, reacted badly to this turn of events,” said Mr Murphy.