Tuesday 17 October 2017

US road to redemption for Dunne may be a dead end

SWIFT deliverance from his debt mountain must have seemed tantalisingly close to Sean Dunne. There he was, good to go with a US bankruptcy application, when a judge looked at where the money is owed – Ireland – and where the assets to be divided up are located – Ireland again – and said "hold your horses, cowboy". Or words to that effect.

One of the State's highest-profile debtors, champing at the bit to make a fresh start in the US, has been pulled up short. Bad news for him, but good news for the Irish taxpayer, owed €185m by Mr Dunne through a debt to NAMA.

That's only the tip of the iceberg compared with the €718m Mr Dunne owes overall. No wonder he was described in that Connecticut courtroom as a "prodigious borrower". Although the other side pointed out, with some justification, that prodigious lending was also involved.

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