Ireland's Richest Man Declares Bankruptcy
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.
Quinn says he went through Northern Ireland's bankruptcy courts and not the Republic of Ireland's because he was "born, reared and worked all my life in Co Fermanagh." Some are skeptical, as the North's process only lasts 12 months as opposed to 12 years in the Republic, and that he gets to keep his pension.
He could be "back in business" in a year. For the first time in history, things look to have turned out alright for a man of obscene wealth.
'Broke' Quinn could be back in business after 12 months [Irish Independent]