Anglo Irish Bank has said it hopes to be able to inform the Commercial Court in April about what is to happen to the bank’s action against its former CEO David Drumm over 8m euros in unpaid loans. Mr Drumm is counter-claiming for 2.6m euros in salary, pension, deferred bonus payments and damages for ‘mental distress’. The action was due to be heard at the court last October but could not proceed because Mr Drumm filed for bankruptcy in the US just days earlier.
Lawyers for Anglo told the court that because of a worldwide stay on legal proceedings against Mr Drumm as a result of the bankruptcy in the US, the bank still cannot say what is to happen to the legal proceedings in this country.
Century Homes founder Gerard McCaughey, is suing Anglo Irish Bank for USD 23m for alleged fraudulent and/or reckless concealment and/or misrepresentation. He claims the “cavalier” attitude of the bank in promoting an investment fund for two New York hotels explains how it “single-handedly brought this country to the position it finds itself in. The fund was set up to purchase and renovate the Beekman Tower and Eastgate Tower hotels in Manhattan. The action by McCaughey is regarded as a test action for cases by 23 other investors. It is claimed that a brochure given to 50 high-net-worth Irish individuals in September 2006 aimed at encouraging them to invest failed to disclose key risks and amounted to “conscious and deliberate dishonesty”.
A massive 1.75 million Irish people are now on Facebook, according to figures just out from the polling company Ipsos-MRBI.
It says that one in two people over 15 are now on the social networking site.
That rises to 90pc of those aged 15-24, with two thirds of these using Facebook daily.
The online phenomenon also has lots of older followers, the pollsters say, with one in five people aged between 55-64 year olds having a Facebook account.
Ipsos MRBI also says that 7pc of the population uses Twitter, with 30pc of Twitter users checking their accounts daily, up from 18pc six months ago. And they say Linkedin accounts have grown to 9pc, a rise of more than 50pc in just six months.
All 43 staff at the Sunday Tribune are to be made redundant because, according to its receiver, no buy-out offers have been made so far for the business.
The company went into receivership on February 1 after 29.9pc shareholder Independent News and Media said it would no longer fund the business.
Staff received letters today from receiver McStay Luby telling them they were being made redundant on February 28 and would receive a pay cheque up until this date.
It is understood they are receiving only statutory redundancy.
In the letter, McStay Luby said there had been a small number of enquiries about buying the business, but no definite offers had been received. Jim Luby said he had no option but to make all employees redundant.
Source bizworld
