John Flynn, the developer who previously sued Nama under anti-Mafia laws in New York, is holding discussions about trying to end his legal war with the State agency.

Mr Flynn has been involved in a bitter dispute with Nama during which he alleged in an August interview it had acted "like North Korea" in its dealings with him. He has also claimed that he has been "overcharged" by the former Anglo Irish Bank in relation to his loans, which are now controlled by Nama.

“They are an evil empire, a cancer on the economy and on the country and I believe that, honestly. They are answerable to nobody,” Mr Flynn said.

After that interview Nama said: “The matters at issue between the debtor and Nama have been determined by courts in a number of jurisdictions and Nama has nothing further to add.”

The State agency said yesterday it could not comment on Mr Flynn or its relationship with him. Mr Flynn could not be contacted for comment.

However The Irish Times understands that Mr Flynn is in talks about ending his various legal actions in Dublin and New York. He has spent substantial sums on the challenges.

His action in New York was dismissed in August on the grounds that it related to Ireland more than the US. Mr Flynn vowed within days to "take the Irish elements out" of his case and purse the matter again through the courts in the United States.

Mr Flynn, his family and related companies, owed the former Anglo Irish Bank more than $200 million in relation to 84 loans used to buy property in Ireland, the US and elsewhere.

The ending of all legal action makes it likely that Mr Flynn’s portfolio will now be sold off by Nama in the coming 12 months.

Mr Flynn is also involved as an investor in various property consortium which may also be sold.