Shane Ross knew about the Anglo 10 two months before the share operation

[gavinsblog]

Writing in the Sindo in April 2008, Shane Ross described a meeting between investors who planned a share operation into "their bank".

"A GROUP of clients of Anglo Irish Banks, including big builders and entrepreneurs, plan to set up a large investment fund to buy shares in the troubled bank.

A meeting took place in a Dublin hotel recently in which it was decided to buy shares worth up to €500m. Gerry Gannon of Gannon Homes and Sean Quinn are thought to have been targeted to join the consortium. Quinn is already a large shareholder."

Did Shane Ross forget? | Gavin's Blog

Can Mr Ross tell us who said this:

"Last night one member told the Sunday Independent: “We are going to teach the brokers and hedge funds that damaged the bank a salutary lesson. It is our bank, it has an entrepreneurial culture. They will come out of this with their fingers burned.”

Can Senator Ross tell us who else was involved?

[Iarmhi Gael]

Nice find indeed - Credit to you Gavin

[michaelo]

That is very interesting. Great detective work!

[He3]

I always suspected no one reads the Sindo business pages. Not even the guys who write them.

[Factorem]

Oh yeah, the infamous "Anglo Revenge Fund".

Turns out it was nothing more than a fraud -- borrowing from the bank to buy shares in the same bank. Tut. Tut. Putting money where your mouth is me hole.

Gombeen idiots the lot of 'em. They were probably blackmailed into it too: "borrow from us to buy shares or we'll call in your debts that we've been rolling over for the last 12 months"/"borrow from us to buy shares or we'll use your deposit account to pay off the money you owe us"/"borrow from us to buy shares or we'll instigate proceedings to seized your personal assets"/etc.

Well, looks like the high stakes gamble has failed. The New York mafia would be proud.

[cyberianpan]

Writing in the Sindo in April 2008, Shane Ross described a meeting between investors who planned a share operation into "their bank".

"A GROUP of clients of Anglo Irish Banks, including big builders and entrepreneurs, plan to set up a large investment fund to buy shares in the troubled bank.

A meeting took place in a Dublin hotel recently in which it was decided to buy shares worth up to €500m. Gerry Gannon of Gannon Homes and [COLOR=Red]Sean Quinn[/COLOR] are thought to have been targeted to join the consortium. Quinn is already a large shareholder."

Did Shane Ross forget? | Gavin's Blog

Can Mr Ross tell us who said this:

Can Senator Ross tell us who else was involved?

I don' think he forgot - the 10% overhang was caused by Sean Quinn needing to limit his CFD loss.

cYp

[Chrisco]

How do I thank people?

[gavinsblog]

Not sure what you mean cYp...?

[cyberianpan]

Not sure what you mean cYp...?

As in the story says Sean Quinn was a potential investor

He had massive CFD position which was 25% of Anglo

He lost a billion on it & needed to unwind it to ordinary stock

He had no monies left so he could only afford 15%

The rest of the lads had to stump up the 10%

Lots of us knew about the CFD unwind, nothing too unusual there

None of us expected Anglo to give out special lendies to finance it

cYp

[cyberianpan]

How do I thank people?

You're to junior to have any power in your thank tank !

cYp