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.
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.
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.
On a blustery February morning in 2011, Chris Hardman waited anxiously inside a Big Yellow Self Storage center in north London. A banner fastened to the box- shaped building’s facade read “Get some space in your life.” All Hardman wanted to do was see the contents of storage unit E2010.
Liberty Mutual Group Inc. and Anglo Irish Bank Corp. may take over Quinn Insurance Ltd. as the lender ousted Sean Quinn and his family from a debt-laden empire that spanned real estate to financial services.