Thursday 23 November 2017

Stakes are high for Drumm as trial hears of his lawyer's 'goof'

Much depends on whether the judge believes paperwork errors were made by mistake, writes Donal O'Donovan

Former Anglo Irish Bank chief David Drumm arrives at the US Bankruptcy Courthouse in Boston. (Photo by Bizuayehu Tesfaye/ Irish Independent)
Former Anglo Irish Bank chief David Drumm arrives at the US Bankruptcy Courthouse in Boston. (Photo by Bizuayehu Tesfaye/ Irish Independent)
David Drumm and his wife Lorraine outside the US Bankruptcy Courthouse in Boston
Stewart Grossman
David Drumm. Photo: Frank Mc Grath
David Drumm
Donal O'Donovan

Donal O'Donovan

HE WAS told bankruptcy would mean "getting naked in public", and that's just what happened to former Anglo boss David Drumm in a Boston court last week.

Personal as well as financial details are all fair game for the Federal Bankruptcy court. Last week, the court heard how the fallout from the banking crisis had left the Drumms' marriage "bruised" and their children upset, how his wife Lorraine was "freaked out" as the crisis struck and how the former Anglo CEO himself was near "hysterical" after learning there was a problem with his bankruptcy papers.

On the financial side, reporters and lawyers – who make up the bulk of observers in court – heard how cash was taken out of a US business started in 2009 by Drumm with a controversial loan from his wife to pay private school fees and buy a Range Rover, which was quickly replaced with another high-end four-wheel drive.

Please sign in or register with Independent.ie for free access to Opinions.

Sign In

Promoted Links

Today's news headlines, directly to your inbox every morning.

Don't Miss