A U.S. bankruptcy judge yesterday granted the former Anglo Irish Bank Corp. shelter for its U.S. assets, overruling protests from unhappy creditors who allege they were victimized by a rogue institution, Dow Jones Newswires reported yesterday. Bankruptcy Judge Christopher Sontchi said that he would grant a bid for chapter 15 bankruptcy recognition from KPMG's Kieran Wallace and Eamonn Richardson, the officials in charge of running the Irish liquidation of the failed bank. Yesterday's decision in the bankruptcy of the liquidation vehicle that contains the remnants of Anglo Irish means that the U.S. court recognizes the validity of a special liquidation process created by Irish lawmakers to get the country out from under the cloud of the bank's collapse. Loans remaining in the portfolio are being sold, through a special vehicle, Irish Bank Resolution Corp., which also includes the remains of another failed Irish institution. Irish property developer John Flynn and other commercial real estate borrowers attempted to block the grant of U.S. bankruptcy protection to Irish Bank Resolution Corp.
