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