Quinn Children Unknowingly Put ‘Heads In the Noose’ for €415 Million Liability

Seán Quinn’s five adult children unknowingly “put their heads in the noose” for a liability of more than €415 million – €83 million each – as a result of guarantees they signed concerning loans made by Anglo Irish Bank to Quinn companies, the High Court has been told, The Irish Times reported. Mr Quinn had gambled with his children’s property and future when companies in his group got €2.34 billion in loans from Anglo during 2007 and 2008 to fund margin calls on contracts for difference (CFD) positions held by Mr Quinn in the bank, Bernard Dunleavy SC said. He said that from 2002 onwards the five children were, “on paper at least”, among the richest people in the country as they owned 95 companies in the Quinn group. Counsel said the reality was that their father was in “total operational control”, ran the companies without reference to the children, and Anglo knew neither they nor anyone else in the Quinn companies could “refuse him”. Read more

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