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 Post subject: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 4:32 pm 
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Just on the news at 4.30. Coming up on the last word soon. No linky.


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 4:38 pm 
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He of the expensive houses in the US? Or rather, whose wife owns some expensive houses in the US I'm guessing...


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 4:38 pm 
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The Naked Chef wrote:
Just on the news at 4.30. Coming up on the last word soon. No linky.


Shocked, shocked I am. :roll:

How many days past the absolute minimum did he wait before filing ?

[edit] This is why it is criminal that no charges have been laid against these chancers; if they had then they could have had their passports taken & have been forced to sign on weekly to prevent them fleeing the country.

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"Mr Kelly said Ireland’s “reputational capital” had been damaged by “chancers” such as ex-Anglo Irish Bank chairman Seán FitzPatrick, who had been abetted by “buffoons” such as former financial regulator Patrick Neary, Minister for Finance Brian Lenihan and the Taoiseach." - Irish Times 13th Jan 2009

"If you can't be a good example, then you'll just have to be a horrible warning." (Catherine Aird)


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 5:03 pm 
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Quoted on Today FM as saying he offered all of his assets except his clothing and his jewellery to settle his debts. Now I'm 100% convinced he has a very wealthy wife.


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 5:05 pm 
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http://www.creditfyi.com/Creditpedia/Ba ... States.htm

Well it seems he should have gone to Texas! but at least he's in the top 5


Quote:
Massachusetts Bankruptcy Exemptions
Homestead $500,000*
Wearing apparel
Bank account $500
Household goods $3,000
Tools of trade $500

Motor vehicle $700

* If the bankurptcy attorney claims a homestead exemption
in debtor's principal residence, IT MUST BE DECLARED BY DEED
AND FILED BEFORE THE BANKRUPTCY IS FILED.

NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.


Doesn't Elizabeth Warners video say that more children will be in families going bankrupt than getting divorced?


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 5:12 pm 
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So does that include the sofa he hid behind when the Birdman rang his doorbell ? :mrgreen:


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 5:22 pm 
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I'll be surprised if he's a poor man after this process. Officially poor, maybe ;)

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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 5:49 pm 
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http://www.rte.ie/news/2010/1014/anglo-business.html

"His lawyers said this offer included his pension rights and pension accruements. It involved the transfer to the bank of his half-share of his home in Malahide, which was the subject of a second action by the bank, and the transfer of his home in Cape Cod, Massachusetts, where he now lives.

The bank responded last Friday, rejecting the settlement. At 3pm today, the court heard, Mr Drumm presented a Massachusetts court with a voluntary petition for bankruptcy. Mr Drumm's assets will now be divested by a court-appointed official in the US."

and "Senior Counsel Brian O'Moore, for Mr Drumm, said Mr Drumm had been bending over backwards to try to settle the case. Mr O'Donnell said it was 'a bit rich' for Mr Drumm to try to take the high moral ground."


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 6:12 pm 
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I think there is a very good chance that Drumm has outmanoeuvred Anglo here and that they're now going to be left bereft. If he gets away with that pension, having offered it and been turned down by Anglo, that would be one of the sickest jokes in history.


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 6:16 pm 
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Larry wrote:
I think there is a very good chance that Drumm has outmanoeuvred Anglo here and that they're now going to be left bereft. If he gets away with that pension, having offered it and been turned down by Anglo, that would be one of the sickest jokes in history.


Accoring to Dave Murphy on Six One that's exactly what he seems to have done, bankruptcy of 3 to 5 years in Mass. and he gets his $250,000 + pension when he reaches retirement age, the Cape Cod house is safe too. And he won't have to appear in court here. Hope Dave is wrong.

Bugger.


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 6:19 pm 
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Another one of the culprits sails off merrily into the sunset. The system works folks. XX


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 7:02 pm 
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Although I can see benefits to filing in the US. Namely that he will be up and running again much quicker than he would if he filed in Ireland, there are drawbacks too.
The US Bankruptcy Code doesnt take lightly to people transferring assets before they file. Fraudulent Conveyance as it is called. Its very easy to reverse any transaction that was deemed to have occurred pre-filing in the hope of later defrauding creditors.
Seems in Ireland this kind of thing is actively encouraged!


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 7:25 pm 
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goldmanberg wrote:
Accoring to Dave Murphy on Six One that's exactly what he seems to have done, bankruptcy of 3 to 5 years in Mass. and he gets his $250,000 + pension when he reaches retirement age, the Cape Cod house is safe too. And he won't have to appear in court here. Hope Dave is wrong.
I disagree. He may be bankrupt in the US, but he isnt bankrupt here yet. If his pension fund is based in Ireland, then surely an irish court can seize it to satisfy creditors.


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 8:29 pm 
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Well, I forecast a year ago that this show trial would never happen.[mod edit: not sure you can say that] This was a nice result for him. No money for Anglo, no North Quay media morning chase, no fuzz at 5 am. Just a nice pension and a new life away from this putrid pimple of an island on the arse end of the EU.


Last edited by yoganmahew on Thu Oct 14, 2010 9:38 pm, edited 1 time in total.
safer than sorry...


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 Post subject: Re: Drumm Files for Bankruptcy - In the US
PostPosted: Thu Oct 14, 2010 9:04 pm 
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McQueen wrote:
Although I can see benefits to filing in the US. Namely that he will be up and running again much quicker than he would if he filed in Ireland, there are drawbacks too.
The US Bankruptcy Code doesnt take lightly to people transferring assets before they file. Fraudulent Conveyance as it is called. Its very easy to reverse any transaction that was deemed to have occurred pre-filing in the hope of later defrauding creditors.
Seems in Ireland this kind of thing is actively encouraged!


He had also better make sure he is scrupulously accurate & honest in his swore statements, or he could end up in the slammer. Not something that would ever happen here !

_________________
"Mr Kelly said Ireland’s “reputational capital” had been damaged by “chancers” such as ex-Anglo Irish Bank chairman Seán FitzPatrick, who had been abetted by “buffoons” such as former financial regulator Patrick Neary, Minister for Finance Brian Lenihan and the Taoiseach." - Irish Times 13th Jan 2009

"If you can't be a good example, then you'll just have to be a horrible warning." (Catherine Aird)


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