Why were the Quinn Companies not put into Examinership
If the Quinn group of companies were in debt to whatever figure
why were they not put in examinership so they could trade their way out of problems
like so many other companies have done.
What was the need for the government to take them over and effectively nationalise these companies,
which then placed the Quinn debts directly onto the shoulders of the Irish people
Can anyone answer that ?
seems a bit strange
given that a lot of Quinn's businesses were and still are very profitable
have a read of this, incridible stuff
Larry Goodman went into examinership
Ten years ago, Larry Goodman, the man who controlled the Irish beef industry, watched as his empire teetered on the brink of collapse. He owed £300m to a consortium of 33 banks. Gradually he clawed his way back. The banks sold their debt to the Morens Waterfall venture fund. In 1997, Mr Goodman was able to replace the fund with a group of Louth businessmen: the McCanns, Frank and John Gleeson, Brendan McDonald and the Monaghans. Last week they sold their stake back to Mr Goodman who now owns 100 per cent of the company, Irish Food Processors.