www.dailymail.co.uk/news/article-1377198/Irelands-richest-man-Se-n-Quinn-4-4bn-fortune-wiped-out.html
Quinn family in Eire owned Quinn Direct (insurance), Property, land ..............valued at £4Bn a few years back but gambling on Irish Bank shares and losses on property development etc means control of the company passes to the banks etc.
Dad / Grandpa - what happened to all the money we used to have?
A wee bit of a problem explaining that lot - I would suggest.
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"gambling on Irish Bank shares and losses on property development etc means control of the company passes to the banks etc."
They had no chance of survival, my son was insured with them.
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>> They had no chance of survival, my son was insured with them.
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Aha, that's why it says "£4bn worth to zero" ...
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I really don't understand why these guys who have as much money as you could possibly need still take such risks with their money. I have an acquaintance who was a millionaire at 40 and had lost it all (and some) by 42. I think I'd have retired then, had it been me...
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Beyond a certain level money isn't the motivator, it's being top dog that matters and the people who amass vast fortunes are driven individuals who would be bored stiff with a lifestyle of leisure.
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>> Beyond a certain level money isn't the motivator, it's being top dog that matters and
>> the people who amass vast fortunes are driven individuals who would be bored stiff with
>> a lifestyle of leisure.
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>>
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A punter can make a few million and lose the lot - making a company worth 4,000Million over 40 years shows he had a head on his shoulders..................losing it in a mad period of 2/3 years surely means the blood supply to his brain had been cut off................it is difficult to lose £4,000 million - it woul only require 25 x Sean Quinn's old fortune to save the Irish economy - they need £100Bn? only!!!
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>> Dad / Grandpa - what happened to all the money we used to have?
>> A wee bit of a problem explaining that lot - I would suggest.
>>
Easy to explain.
1. story is in the Wail, may not be considered the sharpest knife in the block when in comes to reporting financial matters.
2. It is Quinn the company that has lost the money, not Quinn the person.
3. A company whether worth £1.00 or £1billion can go in to bankruptcy because of cash flow problems - if the Company cannot pay their debt on demand.
4. a valuation of £X billion is just that, until someone pays up that sort of money for the Company, it is just a valuation. That is what happened when new homes valued at hundreds of thousands of $ (in USA) or Euros (in Ireland) suddenly found that they were worth zero when there were no buyers.
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>> 2. It is Quinn the company that has lost the money, not Quinn the person.
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It appears Quinn the man, who owned most of Quinn the Co, gambled Company assets /company money on his hunches that bank shares would again rise - they fell further so he followed with more cash and lost the lot.
Quinn the man was the main shareholder in Quinn the company - either his moeny or his assets in the company were lost - either way £4Bn or even 1 Bn is ator will come after his "really persoanla assetsa lot of cash to be careless with and lose the lot.
If he was free with company money and spent it when he had no authority then the liquidator will come after his" wee Piggy Bank" of cash and sahres in London, Switzerland, Caymans, or wherever
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BBC Reports
A large dumper truck has been placed across the entrance to the headquarters of Quinn Group in County Fermanagh.
The vehicle has prevented cars from going in or out of the Derrylin premises on Monday morning.
It follows the decision by Anglo Irish Bank to remove founder Sean Quinn from his business empire last week.
Mr Quinn's family owes the bank £2.5bn but some people in the border region remain loyal to him, praising him for creating jobs in the area.
Last Thursday, Anglo Irish Bank appointed accountants KPMG to take control of the Quinn family shares in the business.
Anglo Irish Bank chief executive Mike Aynsley said the bank was owed an "enormous" amount of money by the Quinns, which they were not in a position to repay.
Employees have been told that there are no plans for any job losses.
BBC NI District Reporter Julian Fowler said that there has been mixed feelings about Mr Quinn's downfall in the area but some continued to pay tribute to his contribution to the local economy.
The most profitable part of the Quinn empire, Quinn Insurance, is to be sold after being in administration for the past year.
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>> The most profitable part of the Quinn empire, Quinn Insurance, is to be sold after
>> being in administration for the past year.
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How does that work - most profitable, in administration...?
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>> >>
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>> How does that work - most profitable, in administration...?
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Ins company of any kind has to have cash/near cash assets to pay claims over and beyond their normal claims pay outs - a substantial sum related to premium income.
Quinn family reportedly / apparently used this asset for other parts of their business and lost the money on bank shares /property etc
Insurance company cannot trade unless it has well funded assets not just premium income - hence administration
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Like most of the Irish Economy its been built on sand.
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£4bn worth to zero - Quinn family lose Company - Zero
