Well, with an €185m judgment owing to NAMA and €164m owing to non-NAMA banks, and with receivers appointed to most of his former property in Ireland, there won’t be much debate over whether the former Baron of Ballsbridge, Sean Dunne is in fact insolvent. According to the US court system PACER, Sean filed for bankruptcy yesterday under the US chapter 7 code (the most common code for bankrupts, and contrasts with Chapter 13 where the debtor seeks an extended arrangement with creditors)
Last month, Ulster Bank made moves in Dublin’s High Court to have Sean declared bankrupt in Ireland where he would face 3-12 years before he would be discharged. Instead, it seems, he has opted for a [CORRECTION] 120-150 day bankruptcy, in the state of Connecticut in the US, which means he will be discharged by end of August 2013 at latest, unless his creditors object to the bankruptcy. Though, as we have seen in the case of David Drumm who filed for bankruptcy in neighbouring state of Massachusetts in October 2010, that US bankruptcy can be drawn out if creditors object to the process or to disclosures in the process. And in the case of Sean, Ulster Bank may claim that Sean’s centre of main interest is in Ireland, rather than the US.
NAMA’s case against Sean and his wife, Gayle, currently being slugged out in the Connecticut Superior Court may need to be re-evaluated by NAMA. NAMA has previously stated that it is neutral on where one of its developers pursues bankruptcy, but plainly in this case, there may be grounds for taking a position.
Sean is represented in his bankruptcy case by a new attorney named James Berman from Zeis Law, a Connecticut specialist in bankruptcy. Zeis Law says “James Berman has been named the Best Lawyers’ 2013 Stamford Litigation – Bankruptcy Lawyer of the Year” A bankruptcy trustee has been temporarily appointed and their name is Richard Coan. There are no documents filed on PACER yet, but it is hoped that they can be brought to you imminently.
NAMA Wine Lake 
I don’t know how he could have chosen any other path. His only other choice was allowing the schoolyard bullies in NAMA to keep harassing him for the next 10 years.
Time to move on. Good luck to him. Unlike Ireland, America allows – and encourages – second chances.
@WSTT quite the sense of humor..Good Friday and all that….will he rise again ?
…Love it, John. I wouldn’t say that he compares himself to JC. Although I am sure some did attribute those qualities to him, when he was dispensing largesse to them. I wonder how many of them will be around to show support now?
It says more about them than him.
Good luck to him??????What about all the people who are owed money and cannot start over?
Good luck to them too. Unfortunately for them, most of them live in a country that doesn’t allow second chances. That’s the fault of the mentality of those that live there. It is not the fault of Sean Dunne. He did not mutualise his losses to them. The politicians, bankers and DoF officials did that
@WSTT,one wonders how far away that x NAMA chap was and his horridly expensive lawyers,at deposition …hardly a coincidence the day picked.
Not a holiday here Monday,NWL may have updates.Agree totally with your above comments,sure the misses exceeded NAMA’s total profit fixing up few old houses!
As you say John, if Sean Dunne has a sense of humour, it was symbolic. It probably won’t affect the NAMA persecution of the missus, but Ireland has produced a long line of feisty females over the centuries. (For all their talk, the men were mainly wimps – subjugated writers, poets and losers, who “died” for Ireland etc .) She’s well capable of seeing them off.
@WSTT jet lagged,aplos to NWL the deposition was of course Thursday.
Lets hope the Irish sport of putting the boot in when the man is down can be resisted.
Despite what people may think BK is NOT a pleasant painless experience.
Agreed, John. But 12 months in Limbo is better than 3 to 12 years. I think that in Florida and Texas it can be as short as 60 days – must check that out!
I said at the very beginning that before this downturn was over 70% of developer/builders would be bankrupt. The prediction is holding true.
It looks like it’s 90 days in total, not 12 months. All going well Sean should receive his discharge 60 days after the creditors’ meeting, which takes place 30 days after filing. God bless America!
http://www.bankruptcyhq.com/Understanding_bankruptcy/chapter-7-timeline
Please disregard all above comments by me,as a subscriber with a 5 hour advantage I get the “Sundays” early….the 3 piece suit….pink tie…ah now..
Refuse to dignify the article/piece with a link or comment….WTF has park ave got do with this,they based in leafy suburban boring Greenwich,WASP land…shaking head here……..how bout taking a long walk on some fairway hopefully getting lost on it.
Aahh now, John. Spring is in The air! I thought he looked very dapper. Though I do accept that most would prefer to see him in a doorway on Fifth Ave in rags with a begging bowl. But that says more about them than him.
@WSTT may have been a bit ehm tired and emotional in that post,long day traveling!
Thinking about it why not get out the suit,take a stroll down park,grab a steak at Bobby Vans,if anything I hope it removes some of that irish guilt/sin often associated with debts and BK.Not saying I agree with everything in that piece,but you are absolutely correct every right to enjoy spring and a second chance.