Free Essay

Quinn

In:

Submitted By sdillon539
Words 699
Pages 3
Sean Quinn famously built an international empire out of a hole on his father's small farm and a borrowed £100.
Along the way, the notoriously media-shy tycoon carved out a reputation as a plain-living but fearless outsider who took on big monopolies and won.

It was this anti-establishment attitude, seared into him as a boy growing up on the Irish border, that led him to invest heavily in the maverick Anglo Irish Bank, while he was still Ireland's richest man.

The move proved to be a monumental mistake for the usually shrewd 63-year-old entrepreneur, that has already wiped out at least €1bn of his personal wealth, left him saddled with €2.8bn more in debts and, now, sees the Financial Regulator take control of his flagship company.

Mr Quinn left school at the age of 14 to work on the family farm in Derrylin, Co Fermanagh.

With a borrowed £100 he dug a hole on the 23-acre small-holding, started extracting gravel, washing it and selling it to local builders.

Steeped in the traditions of the GAA, the young Mr Quinn used his contacts in Ireland's largest sporting organisation to develop his business across the border into the Republic.

Soon dubbed the 'Mighty Quinn', he took on the huge Cement Roadstone Holdings (CRH), who had the market sewn up.

His attentions later switched to insurance, glass, plastics and radiators.

It was this simple formula of taking on fearsome monopolies by undercutting prices - the Ryanair model more than a decade before the airline was set up - that led to his staggering wealth.

The Quinn Group also set its sights on the hospitality industry - the Slieve Russell Hotel in Co Cavan, just down the road from his home, is a centrepiece - with a hotel and leisure business spanning Ireland, Britain, the Czech Republic, Bulgaria and Poland.

When he paid €145m for the Prague Hilton and Ibis Karlin in 2004 it was regarded as the largest single asset transaction in the history of the Czech Republic.

The following year he took over the De Vere Belfry hotel and golf course in England - where the Ryder Cup has been played four times and which hosted the British Masters two years ago.

Owned with wife Patricia and their five children, the Quinn Group became recognised as the most profitable private company in Ireland, with a worldwide workforce at more than 8,000.

In January 2007, it bought the country's second biggest health insurance provider Bupa Ireland for €150m in a deal that stopped it leaving the Irish market.

One year later, The Sunday Times Rich List estimated Sean Quinn's personal worth at €4.72bn.

Forbes Magazine's gave him a similar worth - and listed him as the 164th wealthiest individual on the planet.

But it was his secret building up of complex right-to-buy shares in the now-nationalised Anglo Irish Bank that stripped the sheen off the cement tycoon with the Midas touch.

Attempts to service his mounting debts led to Mr Quinn's humiliating resignation as chairman from his flagship Quinn Insurance when the firm was hit with a record €3.25m fine in 2008 for breaching financial regulations.

A corporate watchdog found the company broke the rules when it arranged loans to other companies within the Quinn Group, including finance, glass, plastics, concrete, cement and leisure operations.

"This past year has been the most eventful in my 35 years in business," he said at the time.

Through its 28pc contracts for difference interest in Anglo, the Quinn Group has become entangled in a controversy at the very heart of Ireland's spectacular economic crash.

Investigations have been launched into the goings-on at the bank, including the unloading of 10pc of these shares to a so-called 'Golden Circle' of the rogue bank's best customers.

With the taxpayer shelling out billions of euro to keep the lender recapitalised as it prepares to reveal losses expected to be the largest in Irish corporate history, the bank is coming under intense pressure to go after its creditors.

Although he still runs several successful businesses, the Forbes list last year estimated Mr Quinn lost a staggering €3.3bn.

Press Association

Similar Documents

Free Essay

Jim Collins Applied to Ireland

...Peril, Grasping for Salvation and Capitulation to Irrelevance or Death- (Collins, 2009), without knowing in depth the circumstances that any Irish company went through prior to falling. A clear example of the fall of an Irish mighty can be found not in a firm, but in a person: Sean Quinn. In 2007, at the top of his success, Quinn was the richest man in Ireland with an estimate fortune of €3.74 billion. In December 2011 he declared himself bankrupt before a Belfast courtroom. At this point he leads a new list: The biggest bankrupt in Irish and UK history (Fitzpatrick, 2011). 1. Hubris Born of Success Quinn Financial Services, which includes Quinn Direct insurance business, made €123 million profit in the first half of 2006. The following year, the Quinn Group buys BUPA for €150 millions. This movement could consolidate the group’s position on the insurance field while already playing a leading role in the hospitality and building sectors. Here starts Quinn’s arrogance (Fitzpatrick, 2011). 2. Undisciplined Pursuit of More However, Quinn also increased in €570 millions his share holding in the Anglo Irish Bank, financed through the Group’s equity in a deal with Credit Suisse. Quinn is pushing the group into...

Words: 756 - Pages: 4

Free Essay

Ishmael

...Social Science Perspectives 1/20/12 Do We Run the World or do the Gods? In the book Ishmael by Daniel Quinn I think that there could be multiple thesi and it all depends on how you see or take in what Quinn is saying. The thesis that I believe Quinn develops in this novel is that there are two types of people or living beings in the world there are those who think they run the world and there are those who think the gods run the world. Quinn states that there are two types of people or living beings there are takers and there are leavers. Leavers are a being that believe that the gods run the world. They believe that if they are hungry the gods will give them what they need either by sending wild game or by sprouting vegetation. The takers are a being that believe that they run the world and that they were created to run the world. They don’t want to put the fate of their lives into the god’s hands; they want to be in control. So let’s say that the takers are hungry instead of putting their fate into the gods supplying them with food like the leavers, the takers will grow their own food so that they can have what they want, as much as they want and save as much as they want and don’t have to rely on the gods. He constructs this thesis by looking back at the past history of the world and some of the events that took place and are still taking place. He starts by talking about how for centuries there have been stories of how the takers have been fighting the leavers, Cain...

Words: 1257 - Pages: 6

Free Essay

Unwinding the Spool of Civilization in Ponting's the Green History of the World

...and what will happen should we choose not to take evasive action. In the absence of similar works "in the canon" it is hard not to feel as though, (as the character Ishmael promised), if you accept their premises you are doomed to isolation for, those who see the future most clearly are usually outcasts, lost as to what power they may have to change minds and directions. Enlightenment almost always comes at a price, often steep. In the interest of exploring the necessity of dissent, let's follow that line of environmental thought a little further. Ponting presents us with the scientific/cultural evidence that backs up what Quinn is saying: that we as a species are destroying our foundations even as we proclaim our creation-Civilization-a success. If this massive breakdown and foreboding future are certainties, then we must ask-as Quinn does-who or what is telling us lies to make us believe otherwise? His character Ishmael calls it "Mother Culture" and insists that its pervasive voice acts to keep us on course even when large portions of the population have every reason to lose hope in Her tenets. This all-powerful entity would, presumably, include most educational establishments and media outlets, and so information to the contrary would rarely be funded or reported, and probably never directly...

Words: 1062 - Pages: 5

Free Essay

Knowing Your Audience and Communication Release Paper

...Knowing you Audience and Communication Release Paper Anthony Quinn University of Phoenix Business Communication BCOM/275 Stephen Goodman 09/02/2013 The family members would be the first people to consider. When approaching them, we should be very careful with our words. We want to assure them that everything and anything is being done to bring the miners back home safely. We will also make sure they are comfortable while they wait for their families to be returned. Co-workers and friends would be the second people to consider. We will also approach them the same by being careful with our words. With the co-workers we want to assure them that this was a freak accident and that before the mine is back up and operating again that there will be more safety measures in place. Some potential needs to be provided to the families of the miners in receiving a message about this event would be to address them very carefully. Once you distinguish what has happened you must assure them that everything will be ok. You must explain to them the process that is being taken to safely retrieve the miners out. We will give the family members specific lines to call to help them deal with the stress and depression. We will also offer any sort of compensation that is needed to help them live while the miners are trapped. Some potential needs to be provided to the company’s...

Words: 1057 - Pages: 5

Free Essay

City of Glass

... In the story, we follow the character Daniel Quinn, whose occupation is writing literature. This novel works with different themes that are related to mental health. The first theme we will be talking about is a question of identity; who am I, and who are you? We will follow this with describing human contact’s connection with the sanity of mankind. Social life and its influence on our mentality will lead us to the question of the masks of mankind; who is the real personality among the many faces of a single human. We will also discuss the theme of deciding. What crucial decisions have lead to the life we now live, and what could have been, if our stories had taken place just a tiny bit differently. Last but not least we will go into depth with Quinn’s mental disorder and how it is related to the other characters in the novel. Can a single, presumably random incident change the entire course of our lives? We all have one or more events that changed the entire direction of our own personal tales of existence. It can be a moment of clarity, where we realised we had lived our lives wrong the entire time. It could be the moment we bumped into that special someone, and fell in love. Or maybe it was that day when you received a rather odd phone call; let us say that perhaps you got a phone call from someone who looked for a detective? In Paul Auster’s “City of Glass” this is exactly what happened to the main character, Daniel Quinn. In the narrative “City of Glass” we hear the...

Words: 1709 - Pages: 7

Free Essay

History

...what will happen should we choose not to take evasive action. In the absence of similar works "in the canon" it is hard not to feel as though, (as the character Ishmael promised), if you accept their premises you are doomed to isolation for, those who see the future most clearly are usually outcasts, lost as to what power they may have to change minds and directions. Enlightenment almost always comes at a price, often steep. In the interest of exploring the necessity of dissent, let's follow that line of environmental thought a little further. Ponting presents us with the scientific/cultural evidence that backs up what Quinn is saying: that we as a species are destroying our foundations even as we proclaim our creation-Civilization-a success. If this massive breakdown and foreboding future are certainties, then we must ask-as Quinn does-who or what is telling us lies to make us believe otherwise? His character Ishmael calls it "Mother Culture" and insists that its pervasive voice acts to keep us on course even when large portions of the population have every reason to lose hope in Her tenets. This all-powerful entity would, presumably, include most educational establishments and media outlets, and so information to the contrary would rarely be funded or reported, and probably never directly...

Words: 1062 - Pages: 5

Free Essay

Technology Environment

...world, humans are in a very relaxed cycle: they eat, they watch television, they sleep. What most people do not realize are the health risks they are taking every day when they do their daily tasks. Humans are becoming more and more reliant on machines to do simple activities, such as changing the channel or traveling. I agree that technology does make activities uncomplicated, and genuinely makes life easier, but how can a person stay physically fit and healthy when he/she does nothing himself/herself? In Ishmael by Daniel Quinn, many environmental issues are discussed. Among the issues, Quinn talks about technology and how humans believe it to be a turning point in society, but will eventually lead to the downfall of humans. People are at great risk to their health with the advancements in technology. Not only have individuals fabricated new ways of entertainment, but have built factories, which pollute the air they breathe and water they drink. In Ishmael, Quinn tells of man trying to fly; when man fails, he does not just simply give up and wait to fly, but creates a new way, that is not fool-proof. Humans will do anything to make life easier, but for no reason than to make life easier. But is this really making life relaxing? People still have to go to work, still have to breathe in polluted air, and other such effects, all of which may be hazardous to their health. Humans keep creating objects that are harmful to the environment, and they call this “technology.” Well, this may...

Words: 281 - Pages: 2

Free Essay

Tio Hardiman for Illinois

...Fund more programs for adult literacy and job readiness * Reduce poverty by creating good jobs with a living wage and paid sick leave * Help small businesses prosper * Put the public voice back into the public education * Improve government services like the DHS and DCFS * Reduce gun violence * Raise the minimum wage * Reduce wasteful government spending In an interview, Hardiman stated, “I didn’t make this decision overnight. There’s a lot of good work that I’ve done as a community activist” and that “I’m running for Governor because I’m tired of seeing people so tired. I’m a pure champion for the people. It’s time for the voices of the people to be heard”. Analysts believe that Hardiman has no chance in campaigning against Pat Quinn. Tio thinks otherwise. He has a campaign literature, a website outperforming everyone else’s, and a campaign office with a receptionist who answers the phone. Of course Rauner has poured more than $6 million into his campaign, which has propelled him to the front of the polls and Tio has loaned about $23,000 to his campaign....

Words: 1313 - Pages: 6

Free Essay

Someone Who Influenced My Life

...Why would an author of a book influence me so much? It is because Daniel Quinn has written "My Ishmael" in such a beautiful way that what he's thinking comes across to you like as though you're having a conversation in person with him. He uses a talking Gorilla as a means to convey his points of view on how the world is in a degenerative mode and though I felt this strange at first, it became clear later as to why he used a Gorilla in the first place. The Gorilla here represents nature's voice and is a reminder that we need to look for ways to communicate with nature, first hand. This was the first eye opening aspect from the author. The second was the author's penchant for coming up with brilliant stories to derive and communicate his point to the reader. Instead of driving in his philosophies by pure theory would have been boring and heavy, but the author uses wonderful and thought provoking stories to do the same, so effectively. The first was the simple concept of food kept under lock and key. This is a practice that comes so naturally to us, but he brings out why this is a very unnatural way of things. For early man, what grew in the world belonged to everyone in the society, and to put it under lock and key is to basically create a working class who will do tasks, useful or useless, in order to earn their bread. Ishmael's (the name of the gorilla) teachings turn toward the subject of formal education, which he argues is merely a way to keep children out of the work...

Words: 593 - Pages: 3

Premium Essay

Revenge Is Wild Justice

...American society was founded on the principle that problems should be handled calmly and respectfully. When a citizen commits a crime they don’t have the same offense done unto them. A jury of their peers tries them. At first, the Narrator of Brady Udall’s short story “He Becomes Deeply and Famously Drunk” does not understand this concept. He has the unconditional desire to kill his father’s killer. By the end of the story, the narrator realizes the errors of his way. Francis Bacon’s short essay titled “Of Revenge” reinforces the conclusion that Udall’s narrator reaches: revenge is not healthy. Revenge is a bad memory that a person is unable to move past. For Udall’s narrator, the bad memory that ate away at him was losing his father Quinn at a young age and having the killer walk free. Growing up with the desire to avenge a father’s death is not healthy. Those wishes will poison a child’s thoughts with hate. This is evident in the first few pages of the story: I have something wrong with me, something bad inside that builds up until I have to let it out by talking, shouting, raging, letting it all loose, even if there is no one there to listen. (I even thrash and holler in my sleep sometimes-one more thing Richard holds against me) But there are times when the only way I can get back to feeling normal again is by beating the shit out of someone who may not even deserve it, or by destroying something, it doesn’t really matter what. (Udall 534) Archie, Udall’s narrator, unknowingly...

Words: 885 - Pages: 4

Free Essay

Batman

...Joke Over Batman: The Killing Joke written by Alan Moore, reveals the history behind the Joker’s craziness and shows a very demented side of him. The Joker takes his insanity to the most evil level possible after breaking free from Arkham. It is amazing that after he humiliates Jim Gordon’s daughter, Jim Gordon still believes that he should be dealt with “by the book” (Moore 39). Batman, too, towards the end of the novel, offers a truce to The Joker even after the several death attempts he makes on his life. These two men try to show compassion towards the Joker in spite of his insurmountable crimes but, as Harley Quinn says in “Mad Love”, he is a “psychopathic clown” (“Mad”). The Joker’s evil actions are unjustified and thus he is undeserving of sympathy. Batman, like the Joker experienced a tragedy that turned him into the crime fighter that he is. But unlike the Joker who is already an adult man when his wife dies, Batman is at a sensitive age when he witnesses his parents’ death. The Joker makes a conscious decision to engage in criminal activities for money but the end turns out bitter. The chemical slime the Joker jumps into changes his physical appearance, but has no bearing on his psyche. He prefers to act like a crazed, lunatic and not face reality because for him, “madness is the emergency exit” (Moore 23). Batman does not use his “one bad day” as an excuse to take way innocent lives or to torment the residents of Gotham (Moore 40). Joker spends most of time trying...

Words: 984 - Pages: 4

Premium Essay

Batman and Joker

...I. Batman and Joker represent each other’s opposite who help balance and define one another through their values and beliefs, abilities, and actions. II. Values and beliefs a. Justice vs. Injustice I. Roots 1. Tragic loss of parents lead to Batman a. “It took the tragedy of losing your parents to buy you that life” – Hush (Dini 13) b. “i swear, by the spirits of my parents, to avenge their deaths by spending the rest of my life warring on all criminals” – Bruce Wayne (“Chill”) 2. Tragic loss of (pregnant) wife leads to Joker c. “But I can’t do anything tonight. Th-there’s no reason anymore…Jeannie’s dead” – Joker (Moore 23) b. Moral vs. Immoral II. Batman cannot kill (Joker) 3. Afraid that he will not stop d. “If I allow myself to go down to that place, I’ll never come back” – Batman (Red hood) 4. Against his morals e. “your role models. The beliefs they instilled in you. And think of how the joker could never understand that” – Gordon (Loeb) f. “you and I have seen more than our fair share of tragedies and thirsted for revenge. If batman wanted to be a killer, he could have started long ago” – Gordon (Loeb) III. Joker takes lives, assaults, to get results 5. Jason Todd g. “You’re thinking about when I died. How there’s blood on your hand because you couldn’t...

Words: 828 - Pages: 4

Free Essay

Effect of Video Games on Teenagers

...Batman: Arkham City Cheats & Codes Code to Unlock Every Skin Using the below cheat, you can select any alternative Batman skin and play them in the main game, without having to complete the full game. To unlock this, simply press the following combination on the Main Menu screen (after you have selected your save slot): Left, Left, Down, Down, Left, Left, Right, Up, Up, Down. You will get an audio confirmation and when you continue your game, you will get the option to select your favorite skin. Submitted by:crashpyro Hidden Cryptographic Sequencer Message If you use the cryptographic sequencer and tune in anywhere in the general range of 700.00/500.00, you will hear a disembodied voice repeating a sequence of numbers over and over. Every time the sequence ends a tone chimes, and then the number sequence starts over again. The numbers are 9 23 9 12 12 18 5 20 21 18 14 2 1 20 13 1 14. If you assign a letter to each number (A=1 B=2 C=3 etc.), the message translates to "I WILL RETURN BATMAN." On station 500.00/900.00 you get a different numeric string: 5 15 9 7 21 18 18 14 3 5 24 15 12 7 22 3 10 5 15 9 22 3 8 25 26 15 16 25 10 15 17 25 *music c... Submitted by:IGN_Cheats Reference to Batman: Arkham City in Arkham Asylum In the Warden's Office, head back to the room with the Warden's portrait on the far wall. Turn left as soon as you enter the doorway and approach the wooden wall. You can destroy this with Explosive Gel. It may take a bit of trial and error, but...

Words: 3037 - Pages: 13

Free Essay

Good Fellas Article

...A Mafia Wife Makes Lorraine Bracco a Princess By ALEX WITCHEL Published: September 27, 1990 * Lorraine Bracco is the kind of actress people are sure they've met before. After she played Tom Berenger's put-upon wife in ''Someone to Watch Over Me,'' women cornered her on the street with their own similar stories, as if she were a friend who had somehow forgotten to return their call. And in her role in ''Goodfellas'' as perhaps the ultimate in put-upon wives - a Mafia wife - she touches a nerve with every woman who ever got past the first date. * When she calls to talk about ''Goodfellas'' from Los Angeles, where she is shooting ''Talent for the Game'' with Edward James Olmos, it is the morning - actually, early afternoon - after the film's premiere. She is lying in bed with a cup of coffee while her husband, the actor Harvey Keitel, sleeps. She is having what she terms a ''hangout day,'' and chatting is not a priority. Not only is she ''bored stiff talking about myself,'' but last night, for the first time, she realized that at the age of 35, she is about to become a star. ''So I'm the princess today,'' she says as giddily as someone can who just woke up. Now that ''Goodfellas,'' a chilling account of life in the Mafia, has everyone connected with ''Godfather III'' losing sleep, Ms. Bracco is receiving double attention. Not only have most critics dubbed the Martin Scorsese film an instant classic, but her role as Karen Hill, the wife of the mobster Henry...

Words: 1252 - Pages: 6

Premium Essay

Superhero Awareness

...Asjah Johnson Liz Medendorp ENGL 1410.027 6 May 2015 The Science of Villainy Many people have a psychological need to be a different person and the world of fiction provides an opportunity for them to do just that. With the everyday stresses and the hassle of a normal life some people need to escape from their mundane reality. They can do this by reading books, watching movies, or playing video games. Unfortunately, some people cannot find the line between reality and fiction and often blur the two, or disregard reality completely. There are many cases of people who choose to do bad because it is what they want to do and there are others who do this because of something that happened in their lives at a young age. There is really no way to know when the need starts or how it manifests itself in an individual. Doctors and scientists who are trying to figure out if criminality is psychological or biological, have had a long standing debate. Which path has the correct answer to this question or at least the most promising evidence and where does it all start? Although there are many good cases arguing for both there is no clear answer to this question. In the fictional realm of superheroes and supervillains, there are numerous reasons as to why the latter of the two chooses a life of crime. The psychological ramifications of nature versus nurture are an everpresent idea that shapes the hero versus villain dynamic as we know it. In the article “Does Cartoon Violence Beget...

Words: 2780 - Pages: 12