On Wednesday, a judge ordered Sean Quinn, formerly the richest person in Ireland, to repay 417 million Euros ($560 million) in bank loans. Quinn used borrowed funds from Anglo Irish Bank to build a twenty-eight percent stake in the bank. Quinn declared bankruptcy two weeks ago in Northern Ireland, and the judge stated that Quinn would likely be ordered to repay another 1.6 billion Euros or more next week.
See Irish Tycoon Ordered to Repay Bank Record $560 Mln, The Associated Press, Nov. 23, 2011.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
