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SMH: Fall from grace: Ireland's richest man declared bankrupt

#1 User is offline   cobran20 

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Posted 17 January 2012 - 03:47 AM

Ouch!

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A tycoon once dubbed Ireland’s richest man has been declared bankrupt by the High Court in Dublin.

Businessman Sean Quinn, who was reportedly worth 4.7 billion euro ($5.7 billion) at the height of his success, lost a fortune in Anglo Irish Bank shares as the bank collapsed amid the financial crisis.

...Anglo, which says Quinn owes it more than 2.8 billion euro ($3.45 billion)...

Anglo Irish was regarded as a poster boy of Ireland’s boom years, but with house prices down over 50 per cent since the property bubble collapsed in 2008, it has become a symbol of the banking crisis and reckless lending.

Anglo was nationalised in January 2009 amid a devastating financial crisis that forced Ireland to seek an 85-billion-euro European Union-International Monetary Fund rescue package in November last year...



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#2 User is offline   mattau 

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Posted 17 January 2012 - 03:25 PM

yeah that's got to hurt.
that's crazy - how can you get bankrupt like this.... maybe too leveraged?

Surely he has an emergency fund of some sort (I do.. even if it is small) :shocking:
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