Developer Sean Dunne faces bankruptcy in Ireland as well as the US after failing to stop Ulster Bank suing him.
In a major blow for the 58-year-old, his appeal was last night denied by Connecticut Judge Alan Shiff.
Mr Dunne filed for bankruptcy in the US in March, with debts of $942m (€718m).
Ulster Bank is pursuing Mr Dunne after securing a €164m judgment in the High Court last year. It had applied to have him declared bankrupt in Ireland last February.
However, Judge Shiff yesterday disagreed that lifting the stay would cause the business-man "irreparable injury", and found Mr Dunne had been in business primarily in Ireland since the 1990s.
He agreed with the bankruptcy trustee that the "parade of horribles" put forward over what might happen if there was a dual bankruptcy was "speculative".
Ulster Bank's bid to have Mr Dunne made bankrupt in Ireland is back before the High Court on Monday.