Lone Star Funds, a U.S. private- equity firm, won an auction to purchase almost all of the former Anglo Irish Bank Corp.’s 6.3 billion-pound ($10.5 billion) U.K. loan book, two people with knowledge of the matter said.
Anglo Irish Bank Corp.’s loans to 16 clients to buy shares in the lender as former billionaire Sean Quinn’s family unwound a derivatives position were a “last roll of the dice,” the bank’s one-time chief financial officer said at a Dublin trial.
Former Anglo Irish Bank Corp. Chairman Sean Fitzpatrick regretted that he wasn’t more involved with loans given to 16 clients to buy shares in the bank in July 2008, the bank’s one-time chief financial officer told a Dublin jury.
Liam Boggan used to spend Sunday evenings traipsing to Dublin airport to catch the 9:10 p.m. flight to London for his job at State Street Corp. As Ireland recovers from recession, his commute is now 600 miles shorter.
Irish financial regulators were informed in March 2008 of Anglo Irish Bank Corp.’s plan to provide funds to the Quinn family to convert a derivative position in the bank into shares, a jury was told today.
Sean Quinn’s family faced cash demands for as much as 300 million euros ($408 million) after a so-called St. Patrick’s Day Massacre hit the value of Anglo Irish Bank Corp. in 2008, the former head of the Quinns’ company told a jury.