Tracey owes AIB €13m – High Court
A JUDGE has ruled that state-owned Allied Irish Banks is entitled to judgments totalling almost €18m against businessman George Tracey.
In the High Court, Judge Gerard Hogan said AIB was entitled to summary judgments of €11.9m and £1m against Mr Tracey in respect of a number of different loan accounts. He also ruled AIB Mortgage Bank was entitled to judgment of €1.4m and also €3.36m against both Mr Tracey and his estranged wife Karen.
Drop in mortgage securities market
THE performance of the Irish prime residential mortgage-backed securities (RMBS) market worsened during the three-month period leading to January 2013, according to the latest indices published by Moody's Investors Service.
From October 2012 to January 2013, the 90+ day delinquency trend and 360+ day delinquent loans (which are used as a proxy for defaults) reached a new peak, rising to 17.27pc from 16.52pc and to 8.51pc from 7.91pc, respectively, of the outstanding portfolios. Moody's annualised total redemption rate (TRR) trend was 2.84pc in January 2013, down from 3.22pc in January 2012. (Bloomberg)
Near-bust Detroit taken on by state
MICHIGAN Governor Rick Snyder has announced a state takeover of Detroit's finances. He appointed a corporate bankruptcy expert who took a can-do attitude toward turning around the destitute US city, calling it the "Olympics of restructuring".
Kevyn Orr is a lawyer best known for his work on the restructuring of Michigan-based car maker Chrysler. He said he hoped to avoid a bankruptcy filing by Detroit, which would rank as the biggest municipal bankruptcy in US history. "Let's get at it and work together because we can resolve this, people of good faith. Don't make me go to bankruptcy court," Orr said.
Fund pays €450m over insider trades
Steve Cohen's SAC hedge fund unit is to pay record $614m (€453m) settlement with the SEC over an insider trading scheme. The US hedge fund has been under investigation by the US regulators for years over trading in Elan shares ahead of the results of a clinical trial of an Alzheimer's drug.
The settlement is the largest insider trading settlement ever and is greater even than Goldman Sachs' settlement over the now-notorious 'Abacus' mortgage-backed derivative which defaulted within months of Goldman selling the bond.