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 Post subject: Tom Browne - Ex-Anglo lender in court over loans
PostPosted: Sun Nov 07, 2010 9:44 am 
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Ex-Anglo lender in court over loans -> http://www.irishtimes.com/newspaper/fin ... 91382.html

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A FORMER head of Anglo Irish Bank’s Irish lending division is seeking to defend the bank’s claim against him over unpaid loans of €50 million on grounds that negligence by Anglo’s management and board and State bodies led to the bank’s nationalisation, collapse of its share price and his inability to repay the loans.

The defence sought to be raised by Tom Browne suggests the Commercial Court “should accept the demise of Anglo in 2008 was separate from events in 2007”, Paul Gardiner SC, for Anglo, told Mr Justice Peter Kelly yesterday.

In letters to Anglo management last January, Mr Browne claimed the bank and State bodies had between late 2007 and early 2009 issued “grossly negligent and misleading public statements and pronouncements”, and withheld information with the effect of creating the misleading impression the capital position of the bank was strong when the contrary was the case. This induced him, and many other shareholders, to hold on to their shares, he said.

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 Post subject: Re: Tom Browne - Ex-Anglo lender in court over loans
PostPosted: Sun Nov 07, 2010 9:49 am 
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The strange defence of Anglo’s Tom Browne -> http://www.irishtimes.com/newspaper/fin ... 88671.html

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THE DEFENCE adopted by former Anglo Irish Bank director Tom Browne, who headed up its Irish lending division until his departure in late 2007, against the bank’s attempts to recover loans of €50 million is somewhat odd.
He has claimed that the bank and various State agencies lost him part of his fortune and now he cannot repay his loans to the bank.
In a letter to Anglo last January, he said: “As a result of negligent actions and omissions by the bank and State bodies from the latter part of 2007 until January 2009, resulting in the nationalisation of the bank, I (like others) have suffered substantial loss and damage resulting from the dissipation and extinguishment of my shareholding in the bank and, in turn, the bank’s security, and a corresponding increase in my personal exposure to the bank.”

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 Post subject: Re: Tom Browne - Ex-Anglo lender in court over loans
PostPosted: Thu May 19, 2011 10:43 am 
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Re: the strange defence...
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Anglo must reveal what managers told directors
THE High Court has ordered Anglo Irish Bank to disclose what managers were telling its directors as the share price plummeted.

The documents and minutes of meetings, detailing the activities of managers who reported to directors in between scheduled board meetings, must be handed over to the bank's former head of lending.

Last Monday Anglo sought clarity from the Commercial Court about the categories and scope of documents it must give to Tom Browne, a former bank director who it is suing for €50m.

A trial date of November 15 next has been fixed by High Court judge Mr Justice Peter Kelly for the legal action against Mr Browne who claims that various loans were issued to directors and officers within the bank with the object of artificially enhancing the bank's share price.

Anglo and Mr Browne are set to exchange crucial documents and witness statements ahead of the November civil action.

Granting access to material generated by managers immediately beneath the board of directors, Mr Justice Kelly told the bank's lawyers on Monday that the board of Anglo did not have material "magicked up" to it.

He said that the share price at Anglo would have been under consideration on a daily basis at the lender and there would have been many individuals, who were not directors or senior managers, who would have been involved in the preparation of material for the directors of the bank in between scheduled meetings.

Mr Browne has served Anglo with a series of interrogatories -- questions that must be answered by the bank -- in advance of the trial which is expected to last for three weeks.

Mr Browne received €8.19m in salary and benefits from Anglo while head of lending between 2005 and 2007.

Anglo is seeking to recover €50m from over loans secured on Anglo shares and a number of property investments.

He has counterclaimed that the €50m loans are impaired due to alleged fraudulent misrepresentation by Anglo via its "silence" in the last three months of 2007 over loans to businessman Sean Quinn and other matters relevant to its share price.

http://www.independent.ie/business/iris ... 51366.html


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 Post subject: Re: Tom Browne - Ex-Anglo lender in court over loans
PostPosted: Sat Aug 01, 2015 12:00 am 
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€23m price tag on block owned by former Anglo lender - -> http://connachttribune.ie/e23m-price-ta ... -head-397/

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Mr Browne left Anglo in 2008 on a basic salary of €455,000 with an €800,000 bonus. Last year, he secured an extension of time on plans for a ‘facelift’ to the Castlehope development until 2019.
“Funding for the project could not be sourced to commence the development during the duration of the [original] permission due to the prevailing economic conditions and associated lending restrictions.
“The funding issue arose primarily as a function of the lack of a permanent occupier of the relevant commercial floor space and the poor state of the commercial sector during the financial crisis since 2008.

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