Quinn’s multimillion punt on builder loses 97 per cent in just two years
Published 11/04/2010 | 11:50
STRUGGLING tycoon Sean Quinn has seen his company’s investment in bombed-out building firm McInerney Holdings lose almost 97 per cent of its value in just over two years.
Quinn Direct holds a 4.6 per cent stake in the debtcrippled home-building company, which is listed on the Dublin stock market. The 9.27m shares were worth just over €30m in February 2007. Last week those shares were valued at just over €1. 1m.
Last week, McInerney boss Barry O’Connor stood aside as he prepared a bid for the company’s Spanish interests.