Seán Quinn gambled with his children's property and their future when he spent hundreds of million of euro betting on the share price of Anglo Irish Bank, the High Court has heard
His five adult children have begun a legal action against the Irish Bank Resolution Corporation over loans of €2.3 billion given by Anglo to Quinn companies.
It seemed they controlled an extraordinarily valuable conglomeration of businesses, but that was not the reality then or ever. When the share price fell dramatically, Mr Quinn had to go to the bank to fund the huge payments or margin calls he had to make as a result of the losses. He said the children would raise issues including signature switching and being asked to sign only the execution page of a document without seeing the full document.
However Seán Quinn could not give that security as he did not own the companies so he arranged for his children to do it.
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