One of the great sagas of the bust reaches a defining moment in the next two days. Belfast-born developer Paddy McKillen is expected to find out if he has been successful in acquiring his €300 million personal loan portfolio from the former Anglo Irish Bank.

Everything is on the line. McKillen's nemeses, the Barclay brothers, have submitted a rival bid for his loans.

If they win, they will almost certainly call in all his loans asap and move to bankrupt him. This will allow them to take control of their ultimate prize a group of luxury London hotels, including the city’s grand dame, Claridge’s.

Blackstone, a multibillion fund, had been linked with backing McKillen until the final days of bidding for the portfolio. However, in the end the Irish developer, submitted a bid instead with Colony Capital, an investment firm based in California.

Colony's founder Tom Barrack is intimately familiar with McKillen and the Barclay's ultimate prize: total ownership of the London hotels. He was involved in the 1998 consortium which bought the hotel group (plus the Savoy Hotel) before later selling it on to a consortium led by financier Derek Quinlan, that also included McKillen. Back then they were friendly, now it's all changed.

In an interview with the New York Times published last weekend McKillen, who the paper noted admiringly was wearing a "signature black Dior jacket," showed his trademark fighting spirit.

"I love these hotels and have put so much into them," McKillen said. "The Barclays saw an opportunity because of Ireland's banking crisis to swoop in and try to take them for a steal in a highly aggressive way. I will not be pushed or bullied.

“These hotels get into your soul and the importance is emotional as well as financial,” he said. Having battled all comers to date, a lot hinges on the next 48 hours for McKillen.