Keith sets his sights on Seanie's 'worthless' BMW
Published 26/09/2010 | 05:00
SEAN Fitzpatrick drove it so far into the ground that even his own accountants say it's worth absolutely nothing.
But Boyzone star Keith Duffy for one, refuses to believe that a 1992 BMW valued at 'Nil', and detailed on the list of assets the bankrupt former Anglo Irish Bank Chairman gave to the High Court last Wednesday can't be sold for cash, and for a good cause to boot.
And so, the Dublin-born singer and Coronation Street actor has volunteered to be celebrity auctioneer for the Sunday Independent of the vehicle at a special charity liquidation sale at Merlin Car Auctions on the Naas Road.
All proceeds from the proposed sale will go towards Irish Autism Action, the charity for which Duffy is an active patron.
Last Friday morning, the Sunday Independent set the ball rolling, submitting a written offer of €100 for the 18-year-old BMW to the office of Official Assignee Christopher Lehane, the man appointed by the High Court to recover the maximum amount possible for Sean FitzPatrick's creditors, who together are due a massive €150m. The largest of Mr FitzPatrick's debts is to his former employer, Anglo Irish Bank.
The state-owned institution (which itself is set to be bailed out by the taxpayer to the tune of up to €25bn) is owed in the region of €110m by its former chairman.
The Official Assignee's office acknowledged our offer in writing last Friday afternoon, and said that they will be in contact once they have completed their own independent valuation of the BMW's worth.
While the Assignee is obliged under the terms of his appointment to raise as much money as possible from the sale of Mr FitzPatrick's assets for the repayment of his creditors, Duffy expressed his hope that the Sunday Independent can secure the currently 'worthless' BMW for the charity auction with its €100 offer.
Speaking from the Coronation Street set last Friday evening where he was performing the duty of MC for the legendary soap's 50th anniversary celebrations, Duffy said: "That car might be worth nothing according to Seanie's accountants.
"Let me put it under the hammer and we'll see how much we can raise for Irish Autism Action, which is a very worthy cause."
In the event that the car is sold for a higher amount to another buyer, all money raised from its sale will go to Mr FitzPatrick's creditors, which includes Anglo Irish Bank, instead of to a charity.
Commenting on the possibility that the Official Assignee could yet sell the car to another buyer for more than the Sunday Independent's €100 offer, the Boyzone star said: "I think most people would prefer to see the money raised from selling this car going to help kids who need it.
"And I don't think Mr FitzPatrick's creditors would miss a few hundred euro when they're owed millions.
"If something good can come from all the bad news hitting Ireland right now, I'm all for it."