Wednesday 21 February 2018

Ronald Quinlan: Sean's financial planning may yet stymie his pursuers

While Sean Dunne fights Ulster Bank in US court, Nama chiefs monitor the press cuttings.

Clockwise from main: Sean Dunne walks from the US Bankruptcy Court in Connecticut at the end of a day of testimony to the US Trustee.
Clockwise from main: Sean Dunne walks from the US Bankruptcy Court in Connecticut at the end of a day of testimony to the US Trustee.
Ronald Quinlan

Ronald Quinlan

SO how does Sean Dunne manage to sleep at night? Like a baby probably, albeit one that doesn't wake up crying every two hours. And why wouldn't he? Because when it comes to his multimillion dollar debt, Ulster Bank and Nama are the ones who have the problem.

And it's a problem that won't be solved any time soon by dragging the one-time 'Baron of Ballsbridge' through the courts of Connecticut, or Dublin for that matter, in an effort to recover as the officialese puts it, "the maximum amount for the taxpayer" – be they British or Irish.

For whether the suits at either institution know it or simply refuse to admit it, the majority of the money that the Carlow-born developer borrowed during the boom to build his dream and leave his legacy is gone for good, thanks to the collapse in the value of his property empire.

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