David Drumm has failed in his appeal to have the decision denying him bankruptcy in the United States overturned.

In a 22-page written judgment, US District Court Judge Leo T Sorokin ruled that "no mistake" had been made by the original Bankruptcy Court in refusing to discharge Mr Drumm from his debts totalling around €10.5 million.

Mr Drumm had appealed the rejection of his bankruptcy application, blaming the advice he had received from lawyers and accountants, and had claimed that the original bankruptcy court had erred in its findings.

But Judge Sorokin ruled that there was neither an "error of law" nor any "clearly erroneous finding of fact".

He said on a particular issue of Mr Drumm's failure to initially disclose the transfer of a mortgage of €250,000 on a property at Skerries Rock in Dublin from his name to that of his wife amounted to "misdirection and dishonesty"

He said the original bankruptcy court finding that Mr Drumm had "adopted a strategy with respect to truth-telling and full disclosure" to suit his purposes was a "well reasoned" finding, "amply supported" by the evidence.

Judge Sorokin found that Mr Drumm had employed a "tug of war" strategy in relation to disclosing his finances, and said that he could not now blame his advisors for that strategy.

Delivering the original refusal judgment in January, Judge Frank Bailey, said he had found Mr Drumm to be "not remotely credible" and that he had "knowingly and fraudulently" sought to put assets beyond the reach of his creditors by transferring cash and other assets, totalling around €1m, to his wife.

The appeal judge found that the original findings relating to Mr Drumm's "intentional and fraudulent" failure to list the transfers to his wife were "wholly logical, plausible and supported by the record".

Judge Sorokin said that there was no evidence that "even comes close" to suggesting that Mr Drumm did not understand he had to make full disclosure of all asset transfers.

Mr Drumm launched an appeal against the judgment in the Spring, which was challenged by lawyers representing the former Anglo Irish Bank, now the Irish Bank Resolution Corporation and the court-appointed Bankruptcy Trustee Kathleen Dwyer.

Judge Bailey had rejected Mr Drumm's bankruptcy application on 30 of the 52 counts put before him, although one count would have been sufficient to deny the former banker the court's protection from his creditors.

Mr Drumm had appealed that decision, blaming the advice he had received from lawyers and accountants, and that the many of the Bankruptcy Courts findings of fact had been "clearly erroneous".

Late yesterday Judge Sorokin found that Judge Bailey "carefully and comprehensively analysed the evidence and rendered a discerning judgment".

And he said Mr Drumm had not presented any evidence that his lawyers or his accountants had ever told him not to disclose certain transactions.

Furthermore Judge Sorokin ruled that Mr Drumm did not adequately argue against two of Bankruptcy Court's findings - relating to a mortgage on a property at Skerries Rock - which he had determined to mean that Mr Drumm was waiving his right to appeal those findings, which in turn meant that the bankruptcy judgment in relation to those two charges stood.

Ultimately he said that that he was left with "the most definite and firm conviction that no mistake has been committed by the bankruptcy court".

Separately, Mr Drumm is currently facing extradition to Ireland from the United States to face 33 charges relating to transactions while he was CEO of Anglo Irish Bank.

He is currently being held in custody pending a full hearing of the extradition matter. He has already been moved around at least four different detention facilities.

The Massachusetts District Court heard arguments from Mr Drumm and his lawyers on 13 November, requesting that he be released on bail.

The judge in that case, Donald Cabell, has yet to issue his decision.

The extradition hearing is due to take place in February.

The original bankruptcy finding was cited during the bail hearing by the US attorney as one of the reasons that Mr Drumm should be considered a flight risk and refused bail pending the outcome of the extradition hearing.

Assistant US Attorney Amy Harman Burkart told Judge Donald Cabell that this one of the "most powerful arguments" against Mr Drumm's bail - that another judge in the jurisdiction had found him not to be trustworthy, that based on his behaviour in the bankruptcy proceedings that he could not be trusted.