Drumm US trial postponed until June
The US bankruptcy trial of former Anglo Irish Bank chief executive David Drumm has been postponed by five months to the end of June 2013 to allow more time for the disclosure of documents and witness statements to be taken.
The trial will take place over a four-day period starting on June 24th, according to records filed in the Boston courts last week.
Mr Drumm, who resigned as chief executive from Anglo in late 2008, is facing trial after the bank, now called Irish Bank Resolution Corporation, sued him to prevent him walking away from bankruptcy with a fresh financial state.
The court-appointed bankruptcy trustee liquidating Mr Drumm’s assets for the benefit of his creditors is taking the legal action against him jointly with the bank.
Judge Frank Bailey has granted the side until April 1st to complete their discovery of documents ahead of a final pre-trial conference on May 29th to consider any outstanding issues before the trial begins.
The four-day trial was originally scheduled to have started on January 22nd but was postponed after Mr Drumm, IBRC and the trustee agreed to an extension to allow for discovery of further documents, the taking of sworn witness statements and preparations for trial. By the time the trial takes place it will be almost 4½ years since the bank was nationalised.
If Mr Drumm loses, the bank – his biggest creditor – could take a share of his future earnings to cover a debt of more than €8.5 million he owes the State-owned bank.
Last month the court approved the trustee’s sale of Mr Drumm’s former home in Malahide in Co Dublin for €1.43 million.