Sean Quinn Senior gambled with his children’s property and future when he spent hundreds of millions on Anglo Irish Bank shares and Anglo was well aware he was doing so, the High Court has been told.The five children got no independent legal advice when asked to sign personal guarantees and share pledges arising from loans advanced by Anglo and are left with the “disastrous” consequences of those, he said.
Those “contracts for difference” involved an agreement to exchange the difference between the current and future price of shares in Anglo. The children’s core claim is the various securities provided by them are invalid on grounds includng undue influence, “unconscionable bargain”, negligence and breach of duty by the bank to them, especially to advise them. They also claim the bank’s conduct involved intentional infliction of economic harm on them.In his opening, Mr Dunleavy said, from 2002 onwards, the five children were, “on paper at least”, among the richest people in the country as they owned 95 companies in the Quinn group.
By summer 2007 when Anglo’s share price peaked, Bazzley was investing almost exclusively in Anglo and Sean Quinn Senior eventually built up a 24 per cent stake in the bank Over a short period, more “astronomical” loans were advanced and, by September 2007 some €2.3bn had been advanced by Anglo in support of its share price.
Source: Law Daily Report (lawdailyreport.net)
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