11/11/2011
Former Billionaire Declares Personal Bankruptcy
Forbes.com
Once Ireland’s richest man with a personal fortune of $6 billion, Sean Quinn applied for voluntary bankruptcy in Belfast this morning. Quinn owed an alleged $3.85 billion to Anglo Irish Bank’s successor institution, the Irish Bank Resolution Corporation, which he simply couldn’t repay.
The entrepreneur, once one of Ireland’s most admired businessmen, started out in the early 1970s selling sand and gravel from a quarry on his father’s farm. He eventually built his Quinn Group into a multi-billion dollar mining, manufacturing, real estate and insurance empire.
But it all began to unravel in 2008 with the outbreak of the global financial crisis.
Full story: http://www.forbes.com/sites/edwindurgy/2011/11/11/former-billionaire-declares-personal-bankruptcy/

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