IT’S A dog’s life for David Drumm’s canine who is listed as being worth just $1 according to documents filed by former the Anglo Irish Bank chief, in a US bankruptcy court last night.
The documents reveal to date unknown details of Mr Drumm’s personal accounts, including the value of his properties in the Republic and the US and his liabilities to American and Irish creditors, including his wife, Lorraine, who is listed both as a co-debtor and creditor.
The figures were filed with the District of Massachusetts, where Mr Drumm is seeking to be declared a bankrupt. He lists his assets as $13.9 million and his liabilities at $14.2 million and states that his current income is $9,400 while his current spending is running at $10,600.
His key creditors include Cape Cod Five Cents Savings Bank and Dublin law firm, Eversheds O’Donnell Sweeney who are owed $350,340. He also owes Dublin-based KBC Homeloans, the Irish subsidiary of the Belgian bank, $351,050.
He owes his wife, Lorraine Drumm, more than $200,000 from various loans.
His credit card debt, owed to AIB, comes to just over $26,000.
These debts are in addition to a range of unknown liabilities to the Revenue Commissioners, the Massachusetts Department of Revenue and the US internal revenue service.
Mr Drumm also provided the US authorities with a schedule of his personal assets.
These include his property in Chatham Massachutetts valued at nearly $3 million, his Irish home at Abington, Malahide, Dublin, worth about $1.5 million and a 50 per cent interest in a house in Skerries Co Dublin, valued at $162,000.
Lorraine Drumm owns half his Irish properties while their house in Skerries is leased to Susan Drumm for €800 a month. She is claiming $13,829 for improvements to the house.
His Anglo Irish pension is worth $5 million, his single most valuable personal asset.
The material also shows that Mr Drumm surrendered two cars on October 21st, a Sedan worth $47,000 and an SUV worth $64,000.He has cash on hand of $131, while various bank accounts in the Republic and the US hold amounts varying $376 and $4,268. Among his personal assets he lists a dog, valued at just $1.
These debts are aside from the $11.4 million (€8 million) that he owes State-owned Anglo Irish Bank, which has been pursuing him for this debt.
The bank has claimed Mr Drumm is using the US bankruptcy process to avoid his liabilities in the Republic.