Author Topic: We Just got butt Fucked again  (Read 2533 times)

john m

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We Just got butt Fucked again
« on: June 30, 2018, 08:17:53 am »
 
David Drumm’s guilty plea to charges of authorising unlawful financial assistance at Anglo Irish Bank brings the curtain down on the last of the criminal prosecutions over the defunct bank.

Just nine days after being sentenced to six years in jail for conspiracy to defraud and false accounting, the former Anglo Irish Bank chief threw in the towel on 10 of the outstanding charges against him. The Director of Public Prosecutions is not proceeding with the remaining 21 charges.

   This is huge and not one paper has commented on it .Drumm has just admitted to making ILLEGAL loans to the Mapel Ten .As it has now been LEGALLY established that the loans were ILLEGAL the borrowers will not be responsible for them .Expect to see Sean Quinn claiming BILLIONS in compensation as a result of him losing his business due to ILLEGAL banking activities by the bank .

dalymount

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Re: We Just got butt Fucked again
« Reply #1 on: June 30, 2018, 09:01:02 am »
I think that process already begun.didnt Quinn always claim his current bankrupt status is as a result of sharp practice by AIB ? so no doubt they were awaiting the outcome of Drumms case,before initiating further legal proceedings

Offline Rat Catcher

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Re: We Just got butt Fucked again
« Reply #2 on: June 30, 2018, 11:17:09 am »
Could taximen given loans on foot of bullshit letters from so-called Unions take a similar approach and refuse to pay?

The Liffey Lip

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Re: We Just got butt Fucked again
« Reply #3 on: July 01, 2018, 06:22:10 am »
The deal is done long before the hearing and case. The rest is sheer theatre. Lynn was promised a deal for the sake of saving face. In 2020 there'll be some other VAT dodger handed 10 yrs as Lynn slips through the labyrinthine net.

Offline silverbullet

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Re: We Just got butt Fucked again
« Reply #4 on: July 03, 2018, 05:22:43 pm »
Could taximen given loans on foot of bullshit letters from so-called Unions take a similar approach and refuse to pay?
Unions giving financial advice then liquidating?
Nah that would never happen!!

Offline Rat Catcher

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Re: We Just got butt Fucked again
« Reply #5 on: July 03, 2018, 05:34:00 pm »
I don't think they give financial advice. They provided fraudulent letters and promoted intermediaries who guaranteed to source loans on foot of the same. However, most banks were happy to accept the letters so using the preferred intermediary was optional... at least, that's how it worked when I used them.

Offline silverbullet

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Re: We Just got butt Fucked again
« Reply #6 on: July 03, 2018, 11:21:35 pm »
I don't think they give financial advice. They provided fraudulent letters and promoted intermediaries who guaranteed to source loans on foot of the same. However, most banks were happy to accept the letters so using the preferred intermediary was optional... at least, that's how it worked when I used them.
Metro cabs owner organized my 100% Mortgage, and that was after he got me caught for 12K unpaid tax over 7 years!!
I think he still does drivers books!! 8)

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Re: We Just got butt Fucked again
« Reply #7 on: July 04, 2018, 01:12:28 pm »
Plumbers taps.

Offline Dr. Martin Gooter Bling

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Re: We Just got butt Fucked again
« Reply #8 on: July 06, 2018, 05:52:22 pm »
https://m.independent.ie/irish-news/courts/jailed-david-drumm-will-get-to-keep-his-44m-pension-pot-37074513.html

Jailed David Drumm will get to keep his €4.4m pension pot.

IBRC loses out as just €3m is distributed to banker's creditors.

But a US bankruptcy trustee has concluded the massive pot is protected under Irish law. As a result, it could not be cashed in for the benefit of creditors, who include Anglo's successor IBRC.

Court filings indicate the pot was built up as part of a defined-benefit pension scheme at Anglo, where Drumm (51) worked from 1993 to 2008.

Financial sources said Drumm would not have to wait until retirement age to benefit from the pot and, if he wished, could place it in an approved retirement fund, from which he could draw an income.

He is currently serving a six-year sentence in Mountjoy Prison for conspiracy to defraud and false accounting over a scheme which made Anglo's balance sheet appear €7.2bn better than it was in 2008.

He was granted free legal aid for his trial on the charges.

Drumm will be sentenced next Monday for other offences after admitting he provided unlawful loans to a group of Anglo clients, also in 2008.

Eight years ago the Dubliner filed for bankruptcy in Massachusetts, where he moved with his family following the collapse of the bank.

Last week, the bankruptcy trustee handling his case, Harold Murphy, filed his final account and distribution report for Drumm's estate.

According to the document, a defined-benefit pension valued at $5.1m (€4.4m) was listed among Drumm's assets.

The trustee stated his "present information" was that "the benefits are protected under Irish law".

Under insolvency legislation a pension can only vest with a trustee if it is due to be accessed within five years of a bankruptcy adjudication.

The report revealed a massive shortfall for Drumm's creditors.

Just $3.49m (€3m) was distributed to claimants, with claims of $10.5m (€9.1m) going unpaid.

IBRC was the creditor most affected by the shortfall.

It had claimed $11.9m (€10.26m) in debts, much of it cash Anglo loaned to Drumm to buy shares in the bank.

However, IBRC secured just over $2m (€1.7m), according to the final report.

The document stated $7.2m (€6.2m) was recovered from the sale of assets which were owned or co-owned by Drumm.

These include a mansion in Malahide, Co Dublin, valued at $2.95m (€2.5m), and a waterside home in Cape Cod, valued at $5.9m (€5m). The properties realised $1.8m (€1.5m) and $3.8m (€3.3m) respectively for the bankruptcy estate.

The estate also received a sum of $1.1m (€946,000) from Drumm's wife Lorraine. In return, a previous trustee agreed to drop a legal action which alleged her husband had fraudulently transferred cash to her.

The report also reveals the huge cost of handling the bankruptcy, which involved lengthy legal proceedings in Boston.

Some $1.8m (€1.55m) of the estate went on administration fees and other charges, including almost $1.1m paid to lawyers.

In January 2015, a US bankruptcy judge refused to discharge Drumm from his debts.

The judge found Drumm was "not remotely credible" and that this conduct in concealing asset transfers was "both knowing and fraudulent".


Offline Bob Shillin

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Re: We Just got butt Fucked again
« Reply #9 on: July 06, 2018, 06:12:28 pm »
I had, performing, commercial loans sold to a vulture fund, one of which I cleared with the proceeds of the sale of my home, and the other which I am currently paying in full within the terms of my loan agreement.

This guy wil have a holiday in jail, and walk out to a €4mill pension.

Dinny O Brien was saved from going bust by getting the second mobile phone licence from a corrupt government minister, and became the 456th richest man on the planet on the strength of that, (RTE Player "Denis O Brien, the story so far"). IBRC fire sold him assets at knock down prices, and gave him big debt write offs.

One rule for them, one rule for us.
"The sword of time will pierce our skins,
 it doesn't hurt when it begins,
 but as it works its' way on in
the pain gets stronger,
watch it grin.."

Offline silverbullet

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Re: We Just got butt Fucked again
« Reply #10 on: July 06, 2018, 06:31:15 pm »
I had, performing, commercial loans sold to a vulture fund, one of which I cleared with the proceeds of the sale of my home, and the other which I am currently paying in full within the terms of my loan agreement.

This guy wil have a holiday in jail, and walk out to a €4mill pension.

Dinny O Brien was saved from going bust by getting the second mobile phone licence from a corrupt government minister, and became the 456th richest man on the planet on the strength of that, (RTE Player "Denis O Brien, the story so far"). IBRC fire sold him assets at knock down prices, and gave him big debt write offs.

One rule for them, one rule for us.
Pity you didn't buy the stolen Garda files from friends of the General...you'd be a Billionaire now...allegedly!

 


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