Monday 23 October 2017

'Look on my works, ye mighty, and despair...'

Roisin Burke

THE Losers: Sean Quinn: Entrepreneur: Sean Quinn pulled off his bankruptcy in Northern Ireland , cutting down his time as a bankrupt by 11 years. He can be back in business in a year under UK law, instead of the 12 years it would take in this jurisdiction. However it may yet be overturned by an IBRC challenge.

The former multi-billionaire lost control of his business empire this year, and is immersed in battles to keep hold of assets abroad in Sweden, Russia, Ukraine, India and Cyprus.

Once said to be worth €5bn, Mr Quinn claimed in court that he has just €11,000 in three bank accounts now.

A record judgement against him last month saw him ordered to pay €1.7bn to Anglo Irish Bank.

Johnny Ronan

and Richard Barrett


The duo's company bought the Battersea Power Station site in 2006 for £400m (€480m). It was one of the most coveted property sites in London, a 16-hectare London landmark planned for a huge redevelopment.

Now it has pitched into administration, with debt owed on the site at £330m, of which £130m is owed to Nama.

Nama and Lloyds are the main lenders and hope to sell it. Chelsea FC owner Roman Abramovich was eyeing up the site, as were private equity funds.

David Gunning

CEO, Coillte

One by one, chiefs of semi-states faced up the reality of the austerity others were enduring and took paycuts. Yet one maverick still held out: Coillte CEO, David Gunning, on a salary of €297,000, and declined initially to take the 15 per cent cut requested by the government.

Last month he finally bowed to pressure and took a €45,000 reduction.

Kevin Murphy

CEO, Irish Life & Permanent

The lender and insurer Mr Murphy heads up lost €349m in the first six months of the year, as mortgage arrears continued to spiral.

Efforts to sell Irish Life failed dismally and the sale collapsed last month, meaning the State may have to inject €1.3bn in capital into Irish Life & Permanent to fill the gap it was hoped the sale would plug.

Declan Collier


Declan Collier is due to depart from the Dublin Airport Authority next year to run London City Airport.

It's a surprise move. He was thought to be seeking to negotiate a new contract with the Department of Transport.

He earned €612,500 last year, including bonus and benefits, in a job that saw him oversee three airports (Dublin, Cork and Shannon) with over 20m passengers annually. Current pay for CEO of London's smallest airport, with a passenger footfall of just 5m, is €140,000 less than that.

Brian O'Donnell

Vico Capital

In an interview with Marian Finucane recently, Mr O'Donnell described himself and other investor peers as living in "quiet desperation" while they waited for threatening letters from their banks.

Owned by Dublin commercial lawyer and his wife Mary Pat, Vico is being pursued by Bank of Ireland for €71.5m related to property loans -- though Mr O'Donnell disputes this is the amount owed.

The company has prestigious office property in London's Canary Wharf, in Stockholm and Washington DC's Pennsylvania Avenue.


Shares dropped by more than a quarter when news that a €231m takeover of the financial advisor had fallen through.

Talks with Bregal Capital came to a halt when the private equity group declined to the meet the €1.80 share price sought by IFG.

Ray Grehan


In April, Nama placed Mr Grehan's property empire in receivership. The developer's company, Glenkerrin, owes €650m.

Nama won a High Court order preventing Mr Grehan from disposing of any of his assets across the globe, including a luxury apartment in Toronto, one near the Rockerfeller Centre in New York and a unit at the exclusive One Hyde Park in London's Knightsbridge.

Nama is upping the ante on developers it thinks might be putting assets out of its reach. The agency has tendered for a panel of credit investigators to check on the assets of developers who owe money to the agency.

Other former property moguls endured an equally dismal 12 months. Nama sold off broke developer Bernard McNamara's former home on Ailesbury road and it appointed a receiver to Derek Quinlan's assets, selling his extensive art collection (including a Warhol and a Yeats canvas). The agency also sold off several Quinlan homes.

Combined Insurance

An insurance firm that you've possibly never heard of has been hit with the biggest fine ever imposed by the Central Bank. A €3.35m penalty was imposed for 28 breaches of regulations over five years to April 2011.

The company also has to refund €2.15m to customers holding 7,917 policies.

Combined Insurance used self employed sales agents who used high pressure sales tactics and "acted unfairly and unprofessionally," to sell its non-life products, the Central Bank found.

Sean FitzPatrick

Ex-Anglo Irish Bank


Mr FitzPatrick was arrested for the second time and questioned in relation to director's loans during his time in charge at Anglo, including the €7bn deposit transfer from IL&P in 2008 and other alleged irregularities.

A file is being prepared for the DPP to finally decide if charges should be brought.

David Drumm

Ex-Anglo CEO

The Cape Cod exile may soon lose two of his luxury homes.

The Boston bankruptcy trustee overseeing his affairs has applied to sell the Drumm family home in Cape Cod, Boston, where he and his family live. It could be sold including contents for $4m (€3m) according to Kathleen Dwyer.

A US court decided that Mr Drumm's former family home at the luxury complex Abbington in Malahide, North Dublin, could also be sold. It has been valued at €2m.

Philip Lynch


He will probably be glad to see the back of 2011. First, Mr Lynch was sensationally deposed from One51, the investment group he founded.

He had been criticised for the poor financial performance of the company and its plummeting share value, as well as his €1.4m pay. Mr Lynch countered by arguing that the company was "in great shape" and would realise its value in time.

Secondly, Mr Lynch and his family were found to be liable for a €25m loan from Allied Irish Bank for development lands in Waterford.

Sean Dunne


Nama appointed a property receiver to a number of properties owned by Mr Dunne, including Hume House in Ballsbridge, which he bought in 2006 for €130m.

A management company controlled by Mr Dunne won a legal action against a cleaning service company owned by his former cleaner Gina Farrell, which it had sued for breach of contract. After the dust settled, it won €22,518 in damages -- but the legal costs are likely to have cost Mr Dunne much more.

It emerged at the start of the that Mr Dunne's wife Gayle was suing her American lawyers Teplen and Associates over $500,000 (€383,000) deposited with it in relation to a business deal in Chicago.

Sunday Independent

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