One More Thing: IBRC Liquidators Get Dragged Into A Legal Swamp

Among the various US property assets controlled by Irish Bank Resolution Corporation (IBRC), the zombie corpse of Anglo, there appears to be a circus, the Irish Times reported. Okay, that’s not quite true – it’s actually a shopping centre in Tampa, Florida called the Channelside Bay Mall – but the legal furore surrounding the bank’s efforts to offload it is turning into a circus. IBRC, which has Chapter 15 bankruptcy protection in the US, has been hit with a blizzard of lawsuits in recent weeks over Channelside. Potential buyers are fighting to gain control of the dilapidated centre, which IBRC controls on foot of a 2006 $27 million loan to a New York company. Three rival bidders have emerged, and two of them are engaged in a series of legal rows over who should have first dibs at buying control from IBRC, which keeps getting dragged in as a defendant. The bank just wants shot of the thing at this stage. Poor Kieran Wallace, one of the KPMG liquidators for IBRC, has been criss-crossing the Atlantic so often to deal with it, he recently complained to a judge. His last sojourn was on Valentine’s Day, when he appeared in a federal bankruptcy court seeking approval for a $5.75 million deal to offload Channelside to the Tampa Port Authority. He complained that IBRC merely wants to dispose “of a loan that has engaged the special liquidators in a disproportionate amount of attention, in light of the balance of the size of their overall portfolio”. It was to no avail. Liberty, a rival bidder, scuppered the deal. It wants IBRC to accept its $7 million bid. Read more.