[The Judge said] Mr Murtagh would have to come to terms with the fact he was no longer very wealthy and may have to reduce his living standards accordingly, and consider a number of matters including whether he needed two houses, the judge added.
He found it hard to see how Mr Murtagh would need to keep assets valued at €700,000-€1.2 million for “reasonable” living expenses in the way that term is understood by ordinary people. He could only imagine the sense of injustice investors would have if Mr Murtagh were allowed this when they were left “high and dry” with €28 million owed.
Mr Murtagh was an example of some of those wealthy persons who had come before the Commercial Court in the last six years who never seemed to be satisfied with what they had but seemed to require more and more, the judge said. This was all very well if they had the means to do so, but many sought to borrow “extraordinary sums” to feed their desire.
Such persons had apparently forgotten hubris is usually followed by nemesis, and this case showed that, the judge said.
