David Drumm's wife Lorraine arrives in court for final day
Published 28/05/2014 | 14:37
FORMER Anglo Irish Bank chief David Drumm and his wife Lorraine have arrived at court in Boston for what is expected to be the final day of evidence in a case to decide whether the former bank boss can emerge from bankruptcy.
Property deals between the couple and transfers of more than $1m in cash from Mr Drumm and from the couple's joint bank accounts to Mrs Drumm in the two years before he sought bankruptcy are at the heart of the case.
Bankruptcy trustee Kathleen Dwyer and IBRC, the former Anglo Irish Bank, are trying to block the former bank chief's discharge from a Chapter 7 bankruptcy in the US. They claim that a failure to document transfers to Lorraine Drumm in his original 2010 bankruptcy filing was an attempt to defraud his creditors, including the bank.
That makes Mr Drumm ineligible for the fresh start offered under the US system, the claim.
In court, where he was cross examined for 10 hours last week David Drumm admitted to errors in his paper work but said it was filled out based on the advice of his then lawyers.
The couple shared an umbrella as they arrived on foot at the court house in Boston's financial district. David Drumm has been present in court for all of the previous four days of evidence and wore a blue business suit, shirt and tie for the final day of evidence. His wife Lorraine Drumm who has not been in court previously during the hearings is due to give evidence later today. She arrived in a dark dress, cream coloured jacked and gold belt.
US bankruptcy judge Frank Bailey set aside five days to hear the case, which is due to end today. But he is not expected to hand down a verdict for several weeks.