US court ruling on IBRC protects Irish taxpayers' money
A court in the US has rejected a legal challenge by a property developer against the former Anglo Irish Bank and also refused to lift a temporary court protection for the bank.
The court in Delaware has also rejected applications by two US funds for documents relating to the Government decision to liquidate IBRC, formerly known as Anglo.
The liquidators for IBRC are seeking "Chapter 15" bankruptcy in the US, and property developer John Flynn is challenging that.
Yesterday's outcome, which was a win for IBRC, has been called a win for the Irish taxpayer who bailed out the bank since the money that has been protected in the ruling can be recouped for the taxpayers to reduce the bank bailout.
