A judge in a Boston court has ruled that David Drumm is not entitled to any of the proceeds of the sale of the house he bought in Cape Cod after he resigned as chief executive of Anglo Irish Bank.
Mr Drumm, who has filed for bankruptcy, had claimed that this was his main residence, which would have entitled him to receive $500,000 from the proceeds.
Mr Drumm appealed to the court in an emergency motion to try to stop a recent decision that denies him $500,000 from the sale of the house he owned in Catham in Cape Cod.
The judge had ruled that he was not entitled to claim that house as his main residence, and the $4m from the sale would go to settle his bankruptcy debts, primarily with his old employer, Anglo Irish Bank.
But Mr Drumm submitted court documents claiming that he has been trying to replace his legal team and should have been allowed to make representations.
The bankruptcy trustee disagreed and now the judge has confirmed that Mr Drumm is not entitled to the proceeds and the money will go to pay his debts.
