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Forum Post: Sean Quinn, once rated Ireland’s richest man with a fortune estimated around €4 billion (about $6 billion), declared bankruptcy yesterday.

Posted 3 years ago on Nov. 12, 2011, 5:22 p.m. EST by MonetizingDiscontent (1257)
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Sean Quinn, once rated Ireland’s richest man with a fortune estimated around €4 billion (about $6 billion), declared bankruptcy yesterday.

http://maxkeiser.com/2011/11/12/sean-quinn-once-rated-irelands-richest-man-with-a-fortune-estimated-around-e4-billion-about-6-billion-declared-bankruptcy-yesterday/

Ireland’s Richest Man Declares Bankruptcy

http://blogs.villagevoice.com/runninscared/2011/11/irelands_riches.php

(By Nick Greene Sat., Nov. 12 2011)

Sean Quinn, once rated Ireland's richest man with a fortune estimated around €4 billion (about $6 billion), declared bankruptcy yesterday. The Irish Independent reports Quinn told a Belfast court he acquired untenable debts after investing in the failing Anglo Irish Bank. In technical finance terms, Quinn performed what is commonly referred to as a "Reverse George Jefferson."

The Irish Independent says Quinn invested "close to €3bn" in the bank, and that he told the court that he had amassed less than €200 million in debts. Anglo Irish Bank, however, claims his debts are closer to €2bn.

Continue Reading Here: http://blogs.villagevoice.com/runninscared/2011/11/irelands_riches.php

2 Comments

2 Comments


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[-] 1 points by Windsofchange (1044) 3 years ago

This is sad day for Ireland. Ireland is in poor shape right now. Many are taking off elsewhere for jobs. Ironically, not so many coming here anymore.

I must say that the Celtic Tiger was nothing more than a ponzi scheme.

[-] 1 points by gnomunny (6885) from St Louis, MO 3 years ago

WTF was he thinking? He broke the cardinal rule of investing; diversification. Worth 4 billion euros and he invests 3 billion in one bank? Talk about putting all your eggs in one basket.