Attorney's for both David Drum, the former CEO of Anglo Bank, and Anglo Bank itself have reached agreement concerning information Drumm must provide about his wealth and his role as CEO before the bank’s catastrophic collapse about two years ago.
Drumm took refuge at his US home on Cape Cod as the troubled Irish bank ran into difficulties and now he's fending off angry calls to explain himself from the Irish public.
On Wednesday Drumm and Anglo Bank reached agreement in Boston’s Bankruptcy Court, where future hearings could shed light on the details of Drumm’s life and holdings in Massachusetts as well as in Ireland, where Anglo Irish is now pursuing his family home as partial payment for what it insists is $12 million in loans that Drumm hasn’t paid back.
Meanwhile Drumm, who owns impressive homes in Wellesley and Chatham, in turn claims that Anglo Irish Bank actually owes him $3.6 million in unpaid salary, bonuses and pension contributions.
Drumm said he believed Anglo Irish has refused his offers of compromise to proceed with the spectacle of a public trial. In filings he also claimed that he was being bullied by politicians in Ireland.
Drumm had previously been based in Boston as the head of Anglo Irish’s commercial lending unit, where he played a decisive role in amassing the banks multibillion-dollar real estate portfolio in Boston, New York and elsewhere.
Drumm didn’t attend the Wednesday court hearing. Currently he is said to be keeping a low profile in Chatham, where he bought an upscale waterfront home for $4.6 million in early 2008.