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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 10 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) 10 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 (6819) from St Louis, MO 10 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.