The bankruptcy official in charge of former Anglo Irish Bank chief executive David Drumm's estate has proposed to sell his principal asset in the United States for more than $4m.
The bankruptcy trustee is selling David Drumm's sumptuous house in one of the most scenic parts of Cape Cod. Kathleen Dwyer has agreed a price of just over $4m - about €3m - for the house and its furnishings and effects.
The court will convene next month to decide whether David Drumm will get any of the proceeds of the sale. He is claiming that the house is his principal private residence and as such, under the American bankruptcy code, he could be entitled to keep $500,000 from the sale.
But Anglo Irish Bank and the bankruptcy trustee say he should not be allowed to keep a penny. They say he did not tell the truth throughout his bankruptcy case, was unco-operative, hid assets and is not entitled to the protection of the courts.
Lorraine Drumm, his wife, is entitled to half of the net proceeds of the sale of the house, which could easily amount to more than €1m.
