Tuesday 20 March 2018

US bankruptcy trial of Drumm put back to June

Former Anglo Irish boss David Drumm
Former Anglo Irish boss David Drumm

John Breslin

DAVID Drumm's marathon legal battle in the US just got longer as his bankruptcy trial will not now happen for more than six months.

The trial stems from objections to Mr Drumm being discharged from bankruptcy, amid claims he misled a Massachusetts court. The judge-only trial was originally pencilled in for next month, but now presiding Judge Frank Bailey has set aside four days in late June.

This is close to three years after the former Anglo Irish Bank chief executive filed for bankruptcy, listing debts of over €11m, the vast bulk to his former employers.

Mr Drumm is wanted for questioning in Ireland in connection with a criminal investigation into the running of Anglo. He, his wife Lorraine, and two children, moved to the US in 2009, where the couple bought and sold a number of properties.

After months of arguing with Anglo over a multi-million euro debt, Drumm decided to declare bankruptcy in the US in October 2010. There were several hearings with allegations he was not fully truthful. The now Irish Bank Resolution Corporation and the trustee, an honest broker appointed to resolve differences, both filed objections to the discharge of his bankruptcy.

Irish Independent

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