Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated:
1
00:00:02,000 --> 00:00:07,000
Downloaded from
YTS.MX
2
00:00:03,348 --> 00:00:06,178
[suspenseful music]
3
00:00:06,213 --> 00:00:08,732
[gates squeal]
4
00:00:08,000 --> 00:00:13,000
Official YIFY movies site:
YTS.MX
5
00:00:12,115 --> 00:00:15,118
[suspenseful music]
6
00:00:20,572 --> 00:00:24,438
- There's achievers in life and
there's destructors in life.
7
00:00:25,577 --> 00:00:26,923
I'm one of the achievers.
8
00:00:29,546 --> 00:00:31,824
What I want to be remembered
for the man that they tried
9
00:00:31,859 --> 00:00:34,448
to bury and they weren't
able to bury him.
10
00:00:39,142 --> 00:00:41,593
[upbeat music]
11
00:00:49,497 --> 00:00:50,878
[upbeat music continues]
12
00:00:50,912 --> 00:00:54,088
When you drive up that
mountain road and you see
13
00:00:54,123 --> 00:00:58,299
all the factories, the
windmills on the skyline,
14
00:00:58,334 --> 00:01:00,784
everything is down
to the one man.
15
00:01:03,615 --> 00:01:07,101
You're talking about factories
covering maybe 200 acres.
16
00:01:09,724 --> 00:01:12,451
- [Ian] They had this one thing
up in Cavan and Fermanagh.
17
00:01:12,486 --> 00:01:13,418
They had Quinn.
18
00:01:16,766 --> 00:01:19,113
- He was on the Forbes
list of billionaires.
19
00:01:19,148 --> 00:01:22,116
- [Reporter] Sean Quinn is
fighting the courts over loans
20
00:01:22,151 --> 00:01:23,842
of nearly 3 billion Euro.
21
00:01:25,568 --> 00:01:27,466
- [News Anchor] Businessman
Sean Quinn has been declared
22
00:01:27,501 --> 00:01:29,019
bankrupt at-
23
00:01:29,054 --> 00:01:30,573
- [Reporter 2] The former
billionaire Sean Quinn
24
00:01:30,607 --> 00:01:33,300
has been jailed for nine
weeks for contempt of court.
25
00:01:34,542 --> 00:01:37,338
- [Reporter] Vandalism,
assaults, bullets in the post.
26
00:01:42,309 --> 00:01:44,725
- We will not go
quietly into the night.
27
00:01:44,759 --> 00:01:46,416
Make no mistake about it.
28
00:01:46,451 --> 00:01:47,210
This is a war.
29
00:01:48,625 --> 00:01:50,386
- [Reporter] Kevin Lunney
is recovering in hospital,
30
00:01:50,420 --> 00:01:52,871
the PSNI say his injuries
are life changing.
31
00:01:54,838 --> 00:01:56,599
- [Sean] What they've
done to me is wrong.
32
00:01:57,772 --> 00:02:00,292
I have made plenty of mistakes,
33
00:02:00,327 --> 00:02:02,605
but I think it's
important that the Quinns
34
00:02:02,639 --> 00:02:04,054
tells the true story.
35
00:02:09,474 --> 00:02:12,097
[intense music]
36
00:02:19,449 --> 00:02:20,761
Ah, sure.
37
00:02:20,795 --> 00:02:24,178
It's hard to believe
that it's your own people
38
00:02:24,213 --> 00:02:27,077
that you've worked for 20,
25 years is doing it to you.
39
00:02:27,112 --> 00:02:28,631
It's just hard to believe.
40
00:02:28,665 --> 00:02:31,599
I mean, it was hard to
believe they'd go and try
41
00:02:31,634 --> 00:02:33,601
to take the business off
us and put me and my son
42
00:02:33,636 --> 00:02:35,085
out of the business.
43
00:02:35,120 --> 00:02:37,985
And it's soul destroying
and it makes no sense.
44
00:02:38,019 --> 00:02:40,367
- [Reporter] 50-year-old Kevin
Lunney, who is a director
45
00:02:40,401 --> 00:02:43,473
and chief operating officer
with Quinn Industrial Holdings,
46
00:02:43,508 --> 00:02:47,650
was abducted, assaulted
and found two hours later.
47
00:02:47,684 --> 00:02:49,997
- For years now, five
men have been subjected
48
00:02:50,031 --> 00:02:54,035
to a campaign involving
vandalism, sabotage,
49
00:02:54,070 --> 00:02:57,177
bullets in the post,
assaults, arson attacks.
50
00:02:57,211 --> 00:02:59,213
- [Speaker] We will want to
see the security forces act
51
00:02:59,248 --> 00:03:01,595
and deal with the
paymaster who is paying
52
00:03:01,629 --> 00:03:03,355
for these activities
and orchestrating
53
00:03:03,390 --> 00:03:06,324
this ongoing campaign
of intimidation.
54
00:03:07,704 --> 00:03:09,223
- And then they turnaround
now and blame us
55
00:03:09,258 --> 00:03:10,914
for being involved
in criminal activity
56
00:03:10,949 --> 00:03:13,123
and abducting Kevin Lunney.
57
00:03:13,158 --> 00:03:17,645
I mean, it's beyond
comprehension that
your own friends
58
00:03:17,680 --> 00:03:19,406
and your own staff
and your own neighbors
59
00:03:19,440 --> 00:03:20,821
would do it to you.
60
00:03:20,855 --> 00:03:24,065
- There are a small number
of individuals involved,
61
00:03:24,100 --> 00:03:27,793
paid to carry out these
tasks and we need to get
62
00:03:27,828 --> 00:03:28,691
to the crux of it.
63
00:03:28,725 --> 00:03:30,417
We need to get it dealt with.
64
00:03:30,451 --> 00:03:32,591
And it is a law
enforcement issue.
65
00:03:32,626 --> 00:03:35,491
And I am not minded
to be intimidated
66
00:03:35,525 --> 00:03:36,630
by this sort of activity.
67
00:03:41,290 --> 00:03:42,739
- [Sean] I would
accept that the fact
68
00:03:42,774 --> 00:03:46,018
that I have been critical about
them and some of the truths
69
00:03:46,053 --> 00:03:50,678
that I have told about
them would have created
70
00:03:50,713 --> 00:03:52,301
a toxic climate.
71
00:03:55,096 --> 00:03:59,135
If telling the truth is an
incitement to hear truth,
72
00:03:59,169 --> 00:03:59,998
then I'm guilty.
73
00:04:03,657 --> 00:04:06,315
[gentle music]
74
00:04:14,115 --> 00:04:17,602
[gentle music continues]
75
00:04:26,127 --> 00:04:28,820
[gentle music]
76
00:04:38,554 --> 00:04:42,903
My father couldn't read
nor write, but he was,
77
00:04:42,937 --> 00:04:44,663
he was quite clever.
78
00:04:44,698 --> 00:04:46,665
And he would count
money and he would know
79
00:04:46,700 --> 00:04:48,391
a good animal from a bad animal.
80
00:04:50,497 --> 00:04:55,502
He was able to buy a farm
in 1950 for 2,000 pounds
81
00:04:56,192 --> 00:04:57,055
and paid cash for it.
82
00:04:59,747 --> 00:05:03,095
There was no telephones,
there was no television.
83
00:05:03,130 --> 00:05:05,028
There was no running water.
84
00:05:05,063 --> 00:05:07,583
We didn't have a car, we
didn't have a tractor.
85
00:05:07,617 --> 00:05:09,723
We didn't have anything
in those early years.
86
00:05:10,862 --> 00:05:12,415
The four of us
was born in there.
87
00:05:12,450 --> 00:05:16,074
Myself and Peter, Miriam, and
Bernadette, the two sisters.
88
00:05:17,800 --> 00:05:18,697
- [Bernie] I was the youngest.
89
00:05:18,732 --> 00:05:20,561
I was the baby and spoiled.
90
00:05:20,596 --> 00:05:22,494
He was the second youngest.
91
00:05:22,529 --> 00:05:24,979
He was the worker, the farmer.
92
00:05:25,014 --> 00:05:27,016
Wasn't interested in going
on to higher education
93
00:05:27,050 --> 00:05:28,500
or education of any kind.
94
00:05:28,535 --> 00:05:30,053
The sooner he got out
and made a few pound
95
00:05:30,088 --> 00:05:31,020
the better for him.
96
00:05:32,987 --> 00:05:35,783
He just didn't turn
up for the bus the day
97
00:05:35,818 --> 00:05:37,578
he was supposed to
go to transfer exam.
98
00:05:37,613 --> 00:05:39,649
He wasn't going to go that path.
99
00:05:42,549 --> 00:05:44,827
- I hid in the bushes
until I seen the bus
100
00:05:44,861 --> 00:05:46,518
leaving the school 'cause
I didn't want to do
101
00:05:46,553 --> 00:05:48,520
the 11-plus and didn't do it.
102
00:05:48,555 --> 00:05:50,867
So when I arrived
then the teacher,
103
00:05:50,902 --> 00:05:53,145
she wasn't very happy
and where was I?
104
00:05:53,180 --> 00:05:56,597
And when I went home, my
mother wasn't very happy,
105
00:05:56,632 --> 00:05:57,840
but my father said,
leave him alone.
106
00:05:57,874 --> 00:05:59,186
He'll be all right.
107
00:05:59,220 --> 00:06:00,739
He'll help me with the
land, he'll be grand.
108
00:06:00,774 --> 00:06:02,741
So I was the dunce that stayed
at home milking the cows.
109
00:06:02,776 --> 00:06:06,227
[gentle music]
110
00:06:07,436 --> 00:06:08,747
- Maybe that was the
first insight we got,
111
00:06:08,782 --> 00:06:10,093
that he was his own
person and was going
112
00:06:10,128 --> 00:06:11,888
to do his own thing.
113
00:06:11,923 --> 00:06:13,959
The rest of us left home.
114
00:06:13,994 --> 00:06:16,376
Peter would've gone to college
and would always have been
115
00:06:16,410 --> 00:06:17,687
a kind of academic.
116
00:06:18,861 --> 00:06:20,103
Miriam, similarly.
117
00:06:21,070 --> 00:06:23,866
[gentle music]
118
00:06:23,900 --> 00:06:25,281
- [Sean] I farmed
for a few years
119
00:06:25,315 --> 00:06:27,801
along with my father, poorly.
120
00:06:27,835 --> 00:06:29,837
And then we started to
get involved a wee bit
121
00:06:29,872 --> 00:06:33,393
in small contracting
as well, making roads
122
00:06:33,427 --> 00:06:36,844
for the tractor and
trailer and bought a bailer
123
00:06:36,879 --> 00:06:39,019
and used to bail hay for pay.
124
00:06:40,158 --> 00:06:42,160
I felt that farming
wasn't for me.
125
00:06:43,368 --> 00:06:45,888
[gentle music]
126
00:06:48,477 --> 00:06:49,892
There's an old
saying in farming,
127
00:06:49,926 --> 00:06:51,411
I think it's a true one.
128
00:06:51,445 --> 00:06:54,068
In farming, you live
poor and die rich
129
00:06:54,103 --> 00:06:57,106
because the farms worth
a lot for after your day,
130
00:06:57,140 --> 00:06:58,348
but you live poor.
131
00:06:58,383 --> 00:07:00,834
So, I formed that
opinion very early on,
132
00:07:00,868 --> 00:07:03,457
rightly or wrongly, maybe
as it turned out wrongly.
133
00:07:06,771 --> 00:07:08,082
I suppose I was too greedy.
134
00:07:09,290 --> 00:07:10,464
I was just looking
for cash, you know,
135
00:07:10,499 --> 00:07:12,570
all the time and farming
was too slow for me.
136
00:07:13,950 --> 00:07:18,645
My father took a massive
heart attack in 1967.
137
00:07:18,679 --> 00:07:21,544
The week before Christmas,
the 18th of December '67,
138
00:07:21,579 --> 00:07:22,545
he died.
139
00:07:24,098 --> 00:07:25,410
It was a serious shock.
140
00:07:29,414 --> 00:07:32,728
- Before Daddy had died,
he had sold a field of sand
141
00:07:32,762 --> 00:07:34,454
or gravel, gravel probably.
142
00:07:34,488 --> 00:07:38,492
And I remember Miriam and I
had been out talking to Sean
143
00:07:38,527 --> 00:07:40,460
in the front street
when he says, you know,
144
00:07:40,494 --> 00:07:41,840
I'm going to start this.
145
00:07:41,875 --> 00:07:43,083
We kinda looked at him, he says,
146
00:07:43,117 --> 00:07:44,394
"Well, look at it's like this,
147
00:07:44,429 --> 00:07:45,982
if Pat Quarry could
buy it off my father
148
00:07:46,017 --> 00:07:47,536
and make money off it," he says,
149
00:07:47,570 --> 00:07:50,297
"why couldn't I if I've got
my own sand and gravel?"
150
00:07:52,402 --> 00:07:54,094
- Well then there was McCaffrey
admitting they started
151
00:07:54,128 --> 00:07:57,511
in the area as well and they
were all quite successful
152
00:07:57,546 --> 00:07:58,995
and they were all good people
153
00:07:59,030 --> 00:08:01,135
and they all run
good businesses.
154
00:08:01,170 --> 00:08:03,690
And what they used to
do is they used to bring
155
00:08:04,898 --> 00:08:09,419
the gravel to the
water by a road.
156
00:08:09,454 --> 00:08:12,940
And of course, I decided I'll
bring the water to the gravel
157
00:08:13,941 --> 00:08:16,047
and sunk wells, maybe
a hundred foot deep.
158
00:08:18,601 --> 00:08:20,189
[gentle music]
159
00:08:20,223 --> 00:08:21,708
I acquired a wee Bedford Lorry.
160
00:08:21,742 --> 00:08:24,296
It cost 1,800 pounds.
161
00:08:24,331 --> 00:08:28,197
The registration
number is A-I-L 8023
162
00:08:28,231 --> 00:08:32,615
and that was bought
in the spring of 1973.
163
00:08:35,998 --> 00:08:37,827
- And it mushroomed after that.
164
00:08:37,862 --> 00:08:40,347
Mommy would've taken the phone
calls at the end of the table
165
00:08:40,381 --> 00:08:42,970
and I would've gone home at
weekends and done the books
166
00:08:43,005 --> 00:08:46,042
of whatever he had done
for that particular week
167
00:08:46,077 --> 00:08:49,425
and it just started
from that very small,
168
00:08:49,459 --> 00:08:50,633
from the kitchen table.
169
00:08:54,637 --> 00:08:57,985
- I think the first year we
made 8,000 pounds in profit
170
00:08:58,020 --> 00:09:00,056
and then the second year it
doubled and the third year
171
00:09:00,091 --> 00:09:03,059
it doubled and it kept doubling
every year for a few years.
172
00:09:05,579 --> 00:09:06,960
While the profits were very low,
173
00:09:06,994 --> 00:09:10,757
it put in place a mechanism
that was gonna change my life.
174
00:09:12,172 --> 00:09:13,622
The family were
popular in the area,
175
00:09:13,656 --> 00:09:15,865
I mean, we played football.
176
00:09:15,900 --> 00:09:18,419
- If you're looking at the
economy of the border region
177
00:09:18,454 --> 00:09:21,181
in the 70s and 80s,
it's a wasteland.
178
00:09:21,215 --> 00:09:24,218
He decided to set up a
business and locate it
179
00:09:24,253 --> 00:09:26,082
in his own domain.
180
00:09:26,117 --> 00:09:29,499
Quinn routed his
business in his locality.
181
00:09:29,534 --> 00:09:31,881
He had a great sense of place.
182
00:09:31,916 --> 00:09:34,988
He understood the area
and he was loyal to it.
183
00:09:35,022 --> 00:09:37,024
Whether it was playing
Gaelic football,
184
00:09:37,059 --> 00:09:39,613
whether it was supporting
local businesses.
185
00:09:39,648 --> 00:09:42,064
He played that card and
he played it very well.
186
00:09:44,135 --> 00:09:46,620
[gentle music]
187
00:09:53,662 --> 00:09:56,665
- The redness of the stone
that would be very high
188
00:09:56,699 --> 00:09:57,907
in the iron.
189
00:09:57,942 --> 00:10:00,047
So, it's just a wee
bit of a tricky.
190
00:10:00,082 --> 00:10:02,636
The whole mountains a wee bit
tricky insofar as you have
191
00:10:02,671 --> 00:10:04,880
to pick out different
elements from different parts
192
00:10:04,914 --> 00:10:06,157
of the quarry, you know?
193
00:10:07,537 --> 00:10:09,298
My competitors, they were
just doing sand and gravel
194
00:10:09,332 --> 00:10:12,025
and I thought we should
widen out beyond that.
195
00:10:12,059 --> 00:10:14,786
So we started making blocks
and ready mix concrete.
196
00:10:14,821 --> 00:10:18,100
The gravel in our region was
very porous and weakened,
197
00:10:18,134 --> 00:10:19,722
a bit soft.
198
00:10:19,757 --> 00:10:22,138
So I had to start and
open a quarry then.
199
00:10:22,173 --> 00:10:24,969
[energetic music]
200
00:10:26,971 --> 00:10:29,352
We've been quarrying
there now for 40 years.
201
00:10:29,387 --> 00:10:31,044
I opened that in the late 70s.
202
00:10:32,528 --> 00:10:34,703
So, there's still material
being drawn from that
203
00:10:34,737 --> 00:10:36,566
up until this day.
204
00:10:36,601 --> 00:10:39,086
I remember going to
the bank man in Cavan,
205
00:10:39,121 --> 00:10:40,709
Bank of Ireland.
206
00:10:40,743 --> 00:10:43,573
He says, you're overdrawn
in the bank, you know that.
207
00:10:43,608 --> 00:10:48,164
And I said, "Ah, we are wee
bit, but sure we're going
208
00:10:48,199 --> 00:10:49,476
the right direction.
209
00:10:49,510 --> 00:10:50,891
Our profits are
increasing all the time."
210
00:10:50,926 --> 00:10:52,652
I looked at him and I said,
211
00:10:52,686 --> 00:10:54,895
"I bought a farm
of land yesterday."
212
00:10:54,930 --> 00:10:56,172
"You what," he says.
213
00:10:56,207 --> 00:10:57,898
I said, "I bought a
farm of land yesterday."
214
00:10:57,933 --> 00:11:00,383
He says, "Who's going
to pay for that?"
215
00:11:00,418 --> 00:11:01,868
And I said, "I don't know."
216
00:11:01,902 --> 00:11:02,696
So...
217
00:11:06,700 --> 00:11:08,529
- [Bernie] I suppose
we were all frightened
218
00:11:08,564 --> 00:11:10,290
of the expenditure
that was involved in it
219
00:11:10,324 --> 00:11:13,189
because it seemed almost
an impossible dream.
220
00:11:15,088 --> 00:11:18,091
Mommy's dead 13 years
but if she had seen
221
00:11:18,125 --> 00:11:20,472
what was going to happen, she'd
say he's going far too fast.
222
00:11:20,507 --> 00:11:21,784
He's doing far too much.
223
00:11:21,819 --> 00:11:23,096
It'll never work out.
224
00:11:26,237 --> 00:11:27,548
Nobody around would
ever have thought
225
00:11:27,583 --> 00:11:29,136
that he was making
money, you know
226
00:11:29,171 --> 00:11:31,138
because he was just
so relaxed about,
227
00:11:31,173 --> 00:11:33,209
he was still very much
part of the community.
228
00:11:33,244 --> 00:11:35,418
He was still out in the
football field every evening.
229
00:11:35,453 --> 00:11:38,801
[gentle music]
230
00:11:47,223 --> 00:11:50,986
- [Bryan] When I was very
small at midnight mass,
231
00:11:51,020 --> 00:11:54,541
it was the custom that you
would put a candle in the window
232
00:11:54,575 --> 00:11:57,233
so that if you looked
up at the mountain side,
233
00:11:57,268 --> 00:11:59,201
you would see all
the houses lit up.
234
00:12:02,135 --> 00:12:04,240
But as the years
went by, one by one,
235
00:12:04,275 --> 00:12:06,449
the candles and the
lights went out.
236
00:12:07,865 --> 00:12:10,039
That was it and the
mountain was in darkness.
237
00:12:12,973 --> 00:12:17,633
There was a constant,
constant drain of immigration.
238
00:12:17,667 --> 00:12:20,187
A whole generation
that had gone away
239
00:12:20,222 --> 00:12:22,465
because there was
simply no work at all.
240
00:12:25,054 --> 00:12:29,231
And an old man said to me,
when Sean Quinn was going well,
241
00:12:29,265 --> 00:12:33,476
he said Quinn put
the lights back on,
242
00:12:33,511 --> 00:12:34,857
on the mountain side.
243
00:12:41,726 --> 00:12:44,039
- I never saw a mistake
to running a business.
244
00:12:44,073 --> 00:12:46,179
I never saw, I never
thought it was difficult
245
00:12:46,213 --> 00:12:47,180
running a business.
246
00:12:47,214 --> 00:12:48,215
Always came easy to me.
247
00:12:49,251 --> 00:12:52,219
[energetic music]
248
00:12:57,638 --> 00:12:59,088
'83 we bought the first pub.
249
00:13:04,024 --> 00:13:05,785
With the five children
coming along and that,
250
00:13:05,819 --> 00:13:07,234
I suppose I always
wanted to see that they
251
00:13:07,269 --> 00:13:08,684
would all have their own.
252
00:13:08,718 --> 00:13:12,688
And I know that in
a lot of businesses,
253
00:13:12,722 --> 00:13:16,588
family rows can have a major
effect on the business,
254
00:13:16,623 --> 00:13:18,349
second or third generation.
255
00:13:21,110 --> 00:13:22,836
But having four girls as well,
256
00:13:22,871 --> 00:13:26,322
I thought that pubs might
suit them better than quarries
257
00:13:26,357 --> 00:13:28,359
or cement factories
and stuff like that.
258
00:13:31,327 --> 00:13:34,675
It was never my idea to go
round Ireland or England
259
00:13:34,710 --> 00:13:38,679
or whatever it was and open
20, 30, 40, 50 quarries,
260
00:13:39,888 --> 00:13:41,648
because quarries are
very hard to manage.
261
00:13:46,239 --> 00:13:47,723
We bought the pub in Dublin.
262
00:13:48,897 --> 00:13:50,346
It was the year of
pub, I think in Dublin
263
00:13:50,381 --> 00:13:52,314
at that time in '83.
264
00:13:52,348 --> 00:13:53,902
And then of course we
followed up by more,
265
00:13:53,936 --> 00:13:56,111
I think we had 12 pubs in Dublin
266
00:13:56,145 --> 00:13:58,320
over the following 10 years.
267
00:13:58,354 --> 00:14:00,253
And they turned out
to be a great success.
268
00:14:02,807 --> 00:14:04,050
- [Simon] Here was
the simple businessman
269
00:14:04,084 --> 00:14:07,294
who'd come to Dublin to
go and watch GAA games
270
00:14:07,329 --> 00:14:10,090
in Crow Park and see these
pubs like the Cat and Cage
271
00:14:10,125 --> 00:14:11,505
and Drumcondra throwing off cash
272
00:14:11,540 --> 00:14:13,956
and the amount of people
spending money in these bars.
273
00:14:13,991 --> 00:14:15,233
And he was a very
practical businessman.
274
00:14:15,268 --> 00:14:16,579
He said, I need
to get in on this.
275
00:14:16,614 --> 00:14:18,236
This is obviously a
very good business.
276
00:14:18,271 --> 00:14:21,239
And I think there was
an admiration in Dublin
277
00:14:21,274 --> 00:14:22,965
that he was someone to watch.
278
00:14:25,761 --> 00:14:28,557
[energetic music]
279
00:14:30,076 --> 00:14:33,527
- [Sean] Back in the mid 80s,
cement was very hard to get
280
00:14:33,562 --> 00:14:36,254
and all of the quarries
were on allocation.
281
00:14:36,289 --> 00:14:38,394
So you had to order it a
couple of days in advance
282
00:14:38,429 --> 00:14:40,603
and you make it 50 or
60% of what you want,
283
00:14:40,638 --> 00:14:42,398
what you needed to get.
284
00:14:42,433 --> 00:14:45,401
And we were meeting one
day in the Longford Arms
285
00:14:45,436 --> 00:14:49,474
in Longford, and we
were all talking,
286
00:14:49,509 --> 00:14:50,751
where can we get cement?
287
00:14:50,786 --> 00:14:53,375
And I didn't even know
what cement was made of.
288
00:14:53,409 --> 00:14:55,998
And I said to Bertie Hand
who was sitting beside me
289
00:14:56,033 --> 00:14:59,381
and I said to Bertie, "What
is cement made of Bertie?"
290
00:15:00,347 --> 00:15:02,660
And he says, "It's made
of stone and shite."
291
00:15:03,972 --> 00:15:05,835
And I said, "We have
stone and shite."
292
00:15:07,561 --> 00:15:09,529
- He built his business
through a combination
293
00:15:09,563 --> 00:15:14,154
of guts, gravel,
granite, and genius.
294
00:15:14,189 --> 00:15:15,604
- [Denzil] The reputation
for the business did spread
295
00:15:15,638 --> 00:15:16,708
throughout the
county and it was,
296
00:15:16,743 --> 00:15:17,951
there was very much a presence.
297
00:15:17,986 --> 00:15:19,332
There was very
much an awareness.
298
00:15:19,366 --> 00:15:21,851
And Sean Quinn became Quinn.
299
00:15:23,681 --> 00:15:25,407
- Business creates business.
300
00:15:25,441 --> 00:15:28,962
He created an ecosystem that
allowed people who would
301
00:15:28,997 --> 00:15:31,102
otherwise not have
been able to get a job,
302
00:15:31,137 --> 00:15:34,623
to get a job, to set up
businesses because they knew
303
00:15:34,657 --> 00:15:37,384
that the plants and the
machineries would turn off
304
00:15:37,419 --> 00:15:40,146
business and revenues
to allow them to thrive.
305
00:15:40,180 --> 00:15:42,838
And I think that's why he
had such a level of loyalty
306
00:15:42,872 --> 00:15:44,391
from that area.
307
00:15:44,426 --> 00:15:47,118
They had this one thing
up in Cavan and Fermanagh.
308
00:15:47,153 --> 00:15:48,326
They had Quinn.
309
00:15:48,361 --> 00:15:51,812
[ground explodes]
310
00:15:51,847 --> 00:15:53,642
- [Reporter] There's a
tile factory that produces
311
00:15:53,676 --> 00:15:55,782
5 million tiles per year.
312
00:15:55,816 --> 00:15:57,991
A block making plant
where the output
313
00:15:58,026 --> 00:16:00,166
is 8 million blocks per year.
314
00:16:00,200 --> 00:16:01,891
A new cement plant.
315
00:16:01,926 --> 00:16:05,136
This vast empire is
owned by one man.
316
00:16:05,171 --> 00:16:09,002
♪ Not like anybody
else from here ♪
317
00:16:09,037 --> 00:16:12,592
♪ Not like anybody else
318
00:16:12,626 --> 00:16:17,631
♪ I like you I like
you I like you ♪
319
00:16:18,874 --> 00:16:20,427
- Obviously he'd have a
lot of these moves made
320
00:16:20,462 --> 00:16:22,809
before we would even know that
he was thinking about them.
321
00:16:22,843 --> 00:16:25,191
But I remember he
said that, you know,
322
00:16:25,225 --> 00:16:26,433
people were making
a lot more money.
323
00:16:26,468 --> 00:16:27,987
They were building
better houses,
324
00:16:28,021 --> 00:16:30,748
but there were no leisure
facilities for them in the area.
325
00:16:34,096 --> 00:16:36,202
- I got a lot of
satisfaction outta building
326
00:16:36,236 --> 00:16:39,067
the Slieve Russell and
bringing thousands of people in
327
00:16:39,101 --> 00:16:43,899
every week in and
hospitality in a community
328
00:16:43,933 --> 00:16:45,418
that I was born and reared in.
329
00:16:45,452 --> 00:16:47,730
♪ Like anybody else round here
330
00:16:47,765 --> 00:16:51,182
- Just was a whole new aspect
to life for us in Derrylin.
331
00:16:51,217 --> 00:16:53,529
You could go in the evening
and after work and you could
332
00:16:53,564 --> 00:16:55,393
bring your children,
your families.
333
00:16:55,428 --> 00:16:57,430
It was, it was wonderful.
334
00:16:57,464 --> 00:17:00,053
♪ Like anybody else
335
00:17:00,088 --> 00:17:02,262
- '89, we opened the
first cement factory,
336
00:17:02,297 --> 00:17:03,815
in '99, we opened
the second one.
337
00:17:03,850 --> 00:17:05,334
10 years later.
338
00:17:05,369 --> 00:17:07,474
A new factory made
three times the amount,
339
00:17:07,509 --> 00:17:09,338
so we tripled the size.
340
00:17:10,650 --> 00:17:11,754
- [Reporter] Tonight,
I'm in the border village
341
00:17:11,789 --> 00:17:14,274
of Ballyconnell in county Cavan.
342
00:17:14,309 --> 00:17:17,622
Behind me, the most modern
cement factory in Europe,
343
00:17:17,657 --> 00:17:20,867
which when it goes
into production in
just a few weeks time
344
00:17:20,901 --> 00:17:23,490
from this quiet corner of
Ireland will be capable
345
00:17:23,525 --> 00:17:28,185
of producing almost 40% of the
country's total cement needs.
346
00:17:30,601 --> 00:17:33,224
- I can see the
cement to some extent,
347
00:17:33,259 --> 00:17:36,055
but a glass factory, that
was completely off the radar,
348
00:17:36,089 --> 00:17:36,883
wasn't it?
349
00:17:39,092 --> 00:17:41,232
- We built two glass factories
in the space of five,
350
00:17:41,267 --> 00:17:44,408
six years and they
cost 600 million.
351
00:17:47,618 --> 00:17:49,102
- [Reporter] Do you
put a lot of thought
352
00:17:49,137 --> 00:17:51,863
into your investments before
you make your final decision?
353
00:17:51,898 --> 00:17:53,900
Or do you move by instinct
a lot at the time?
354
00:17:53,934 --> 00:17:55,246
- Mainly by instinct.
355
00:17:55,281 --> 00:17:58,594
If I see something good
and I like it, I buy it.
356
00:17:58,629 --> 00:18:01,563
[ground explodes]
357
00:18:03,289 --> 00:18:07,258
- So he says, "What if we
have to make an urgent claim?"
358
00:18:07,293 --> 00:18:08,535
Quinn Direct.
359
00:18:08,570 --> 00:18:10,330
- [Announcer] Providing
you with the answers.
360
00:18:10,365 --> 00:18:12,781
- [Gavin] He had this massive
fleet of trucks on the road
361
00:18:12,815 --> 00:18:15,818
and he said, "I'm paying
a fortune for insurance
362
00:18:15,853 --> 00:18:18,062
on my trucks, I'm just
gonna do it myself."
363
00:18:18,925 --> 00:18:20,271
Like building the cement plant,
364
00:18:20,306 --> 00:18:21,790
no experience of insurance,
365
00:18:21,824 --> 00:18:24,620
no experience of
financial services.
366
00:18:24,655 --> 00:18:27,485
And he launched
insurance company.
367
00:18:27,520 --> 00:18:29,142
- So she goes-
368
00:18:29,177 --> 00:18:32,594
- Quinn Direct was the best
company ever I started.
369
00:18:32,628 --> 00:18:34,630
Without any shadow of
doubt better than glass,
370
00:18:34,665 --> 00:18:36,701
better than cement,
better than anything.
371
00:18:36,736 --> 00:18:40,429
What made Quinn successful
was my knowledge
372
00:18:40,464 --> 00:18:42,328
of the industry
before I went into it.
373
00:18:42,362 --> 00:18:44,433
I would have three or 400
vehicles around the place
374
00:18:44,468 --> 00:18:46,055
and we were paying
a very high premium,
375
00:18:46,090 --> 00:18:47,885
millions of pounds
a year of premium.
376
00:18:49,611 --> 00:18:51,716
The problem was very simple.
377
00:18:51,751 --> 00:18:55,582
If somebody is injured,
that would go from one desk
378
00:18:55,617 --> 00:18:57,722
to another for
two or three year.
379
00:18:57,757 --> 00:18:59,655
We knew that every
week, every month,
380
00:18:59,690 --> 00:19:00,863
every year that a claim went on
381
00:19:00,898 --> 00:19:02,934
it got more and more expensive.
382
00:19:02,969 --> 00:19:05,868
So the trick was,
you have fast track,
383
00:19:05,903 --> 00:19:07,422
so we call it our fast track,
384
00:19:07,456 --> 00:19:09,458
you would try to get rid
that in the first two weeks.
385
00:19:09,493 --> 00:19:12,461
Give them whatever money
they're entitled to, move on.
386
00:19:12,496 --> 00:19:13,566
People love that.
387
00:19:13,600 --> 00:19:17,156
And we could reduce the
premium significantly.
388
00:19:19,019 --> 00:19:21,160
- When he bought the Cat
and Cage pub in Dublin,
389
00:19:21,194 --> 00:19:25,371
he said you would buy the beer
from Diageo or from Heineken
390
00:19:25,405 --> 00:19:30,410
or from whoever on credit
30 or 60 or 90 days credit.
391
00:19:31,722 --> 00:19:33,241
And then everyone would
come in on Saturday night
392
00:19:33,275 --> 00:19:34,656
and buy their beer and
pay you for it, you know.
393
00:19:34,690 --> 00:19:37,072
So the money came in and
it's in your bank account
394
00:19:37,106 --> 00:19:38,591
and you have it.
395
00:19:38,625 --> 00:19:40,040
It's really incredible,
incredible cash flow business.
396
00:19:40,075 --> 00:19:43,043
Insurance was like
that on steroids.
397
00:19:43,078 --> 00:19:46,392
- I mean that's where
this sort of small fortune
398
00:19:46,426 --> 00:19:47,841
turned into a big fortune.
399
00:19:49,257 --> 00:19:50,361
- Quinn Direct was
making 200 million pounds
400
00:19:50,396 --> 00:19:51,914
a year of profit.
401
00:19:51,949 --> 00:19:56,402
Quinn Direct was making so
much profit that the regulator
402
00:19:56,436 --> 00:19:59,853
in writing would've given us,
allowed us for the five years
403
00:19:59,888 --> 00:20:02,925
prior to the crash to take
out 800 million pounds
404
00:20:02,960 --> 00:20:03,926
of dividends.
405
00:20:03,961 --> 00:20:04,927
It was so profitable.
406
00:20:04,962 --> 00:20:06,412
It was unreal.
407
00:20:06,446 --> 00:20:10,485
- You can see the driving
force here at work
408
00:20:10,519 --> 00:20:12,625
and the driving force is greed.
409
00:20:12,659 --> 00:20:13,936
- So I suppose we were
making a lot of money
410
00:20:13,971 --> 00:20:17,146
and the question
had to be asked was,
411
00:20:17,181 --> 00:20:18,700
"What do we do with this money?"
412
00:20:18,734 --> 00:20:21,461
[gentle music]
413
00:20:24,671 --> 00:20:28,019
- There is a change
in Sean Quinn in 2005.
414
00:20:28,054 --> 00:20:30,090
All of the trappings
of a billionaire
415
00:20:30,125 --> 00:20:31,885
suddenly start to emerge.
416
00:20:31,920 --> 00:20:35,682
The mansion overlooking
the Slieve of Russell,
417
00:20:35,717 --> 00:20:38,582
the private jet,
the trophy assets.
418
00:20:42,379 --> 00:20:46,624
- He bought the Belfry for
a massive, you know, 130,
419
00:20:46,659 --> 00:20:49,109
I think 135, 136 million pounds.
420
00:20:50,973 --> 00:20:53,252
That was where it
started to get a bit,
421
00:20:53,286 --> 00:20:56,047
for me as a business reporter,
it was never really clear.
422
00:20:56,082 --> 00:20:57,186
Did Sean Quinn buy this?
423
00:20:57,221 --> 00:20:58,705
Did the Quinn Group buy this?
424
00:20:58,740 --> 00:21:00,259
Did Quinn Insurance buy this?
425
00:21:02,019 --> 00:21:04,746
- And what he wants to
do is to create something
426
00:21:04,780 --> 00:21:08,336
unparalleled in Irish
business history.
427
00:21:08,370 --> 00:21:10,614
He wants to create a
family of billionaires.
428
00:21:12,340 --> 00:21:15,204
- At this point, the
five children already
owned the group.
429
00:21:15,239 --> 00:21:16,861
They owned the
shares in the group,
430
00:21:16,896 --> 00:21:20,555
but these were
private investment
portfolios that started
431
00:21:20,589 --> 00:21:22,315
to be built up for the children.
432
00:21:22,350 --> 00:21:24,317
There was very little,
if anything, in the names
433
00:21:24,352 --> 00:21:26,112
of Sean Quinn and
his wife Patricia.
434
00:21:27,734 --> 00:21:32,118
- What he wants to do is to
hand over a property portfolio
435
00:21:32,152 --> 00:21:36,364
of a billion Euro, high
returning high yield property
436
00:21:36,398 --> 00:21:38,780
to each of his children.
437
00:21:38,814 --> 00:21:42,784
He wanted a 15% yield and to
get that, you have to go east.
438
00:21:44,855 --> 00:21:47,547
[eclectic music]
439
00:21:48,824 --> 00:21:51,586
- That was just the beginning
of accumulating a really
440
00:21:51,620 --> 00:21:55,417
eclectic portfolio of
really valuable properties.
441
00:22:00,284 --> 00:22:01,803
- [Ian] And it's all been
announced that the Quinn Group
442
00:22:01,837 --> 00:22:03,977
have bought this, the Quinn
group have bought that,
443
00:22:04,012 --> 00:22:06,532
and the Quinn logo, the
Q was put up outside
444
00:22:06,566 --> 00:22:07,740
all of these things.
445
00:22:07,774 --> 00:22:09,328
The Quinn Group didn't
own any of them.
446
00:22:09,362 --> 00:22:12,434
They were all bought
for the family members.
447
00:22:14,298 --> 00:22:17,025
[crowd applauds]
448
00:22:20,408 --> 00:22:22,375
[group chatters]
449
00:22:22,410 --> 00:22:23,963
- Did these boys bring
any whiskey with them?
450
00:22:23,997 --> 00:22:25,136
- They did.
451
00:22:25,171 --> 00:22:28,001
[group chatters]
452
00:22:28,036 --> 00:22:31,384
[group laughs]
453
00:22:31,419 --> 00:22:33,524
- Now, he was game before.
- Was he?
454
00:22:33,559 --> 00:22:36,665
- [Sean] I'd been a card player
for a long number of years
455
00:22:36,700 --> 00:22:38,805
and then I didn't
play any cards maybe
456
00:22:38,840 --> 00:22:41,083
for 20, 25 years there.
457
00:22:41,118 --> 00:22:44,604
And then a couple of neighbors
that I had great time for,
458
00:22:44,639 --> 00:22:47,435
but they invited me
to start to play cards
459
00:22:47,469 --> 00:22:49,885
back about 15 years
ago, whatever.
460
00:22:49,920 --> 00:22:51,680
And we play every Tuesday night.
461
00:22:51,715 --> 00:22:53,441
- Any good ones, Jerry?
462
00:22:53,475 --> 00:22:54,752
- A couple of good ones.
463
00:22:54,787 --> 00:22:56,444
- The value hasn't changed.
464
00:22:56,478 --> 00:23:01,380
We started playing for 50
pence games 15 years ago
465
00:23:02,519 --> 00:23:03,416
and we're still playing
for 50 pence games.
466
00:23:03,451 --> 00:23:04,797
- The sharp one's coming now.
467
00:23:07,696 --> 00:23:08,904
- Hasn't changed Tony, has it?
468
00:23:08,939 --> 00:23:10,389
- No, nothing,
nothing's changed.
469
00:23:12,080 --> 00:23:14,841
- Winning those games
are very important to me.
470
00:23:14,876 --> 00:23:16,084
They have to be won.
471
00:23:16,118 --> 00:23:18,811
We have to, being
second is no good.
472
00:23:18,845 --> 00:23:20,640
You have to win,
you have to win.
473
00:23:20,675 --> 00:23:22,677
You have to win
your 50 pence games.
474
00:23:22,711 --> 00:23:23,505
- Good.
475
00:23:24,817 --> 00:23:29,028
- Quinn is fascinating in
that he's absolutely brilliant
476
00:23:29,062 --> 00:23:32,618
at making money, but
he makes so much money
477
00:23:32,652 --> 00:23:35,241
that I suppose it's what happens
to the ultra, ultra rich,
478
00:23:35,275 --> 00:23:38,037
which is that money ceases
to have a connection
479
00:23:38,071 --> 00:23:40,349
to the real things that
allowed you to make it
480
00:23:40,384 --> 00:23:43,007
in the first place,
the real activities.
481
00:23:43,042 --> 00:23:44,871
And it just becomes
almost abstract.
482
00:23:47,874 --> 00:23:49,807
And then you just start
thinking about how can the money
483
00:23:49,842 --> 00:23:50,843
make money?
484
00:23:53,846 --> 00:23:57,159
- He diverged from his original
thinking in the early years,
485
00:23:57,194 --> 00:24:00,611
which was, you
know, you work hard
486
00:24:00,646 --> 00:24:04,235
and it wasn't massively about
the accumulation of wealth.
487
00:24:04,270 --> 00:24:08,205
It became at some
point more conspicuous.
488
00:24:10,000 --> 00:24:12,796
[gentle music]
489
00:24:14,487 --> 00:24:16,938
He seemed to be
enjoying the wealth.
490
00:24:18,491 --> 00:24:21,943
The house was one example,
this fabulous lakeside house
491
00:24:21,977 --> 00:24:23,496
beside the Slieve Russell.
492
00:24:23,531 --> 00:24:25,671
I think at nearly
15,000 square feet,
493
00:24:25,705 --> 00:24:29,122
seven bedrooms, parking for
nine cars, a swimming pool.
494
00:24:31,124 --> 00:24:33,506
It just didn't seem
very Sean Quinn.
495
00:24:36,095 --> 00:24:39,063
The family, I mean they
didn't live lavish lifestyles.
496
00:24:39,098 --> 00:24:41,514
Kids went to the normal
schools everybody goes to,
497
00:24:41,549 --> 00:24:43,792
but he was certainly
always pushing for more.
498
00:24:49,591 --> 00:24:51,973
- The company was being
run by Liam McCaffrey,
499
00:24:52,836 --> 00:24:54,423
Dara O'Reilly and Kevin Lunney.
500
00:24:54,458 --> 00:24:56,322
And there's no suggestion that
they were going to be usurped
501
00:24:56,356 --> 00:24:57,944
for any top position.
502
00:24:57,979 --> 00:25:01,292
But he was in the background
hatching that plan to ensure
503
00:25:01,327 --> 00:25:04,986
that his children would be
fabulously wealthy on a scale
504
00:25:05,020 --> 00:25:06,470
never seen in Ireland before.
505
00:25:09,922 --> 00:25:12,718
[gentle music]
506
00:25:14,996 --> 00:25:17,757
- Quinn Group was worth 4.3
billion and showed it was making
507
00:25:17,792 --> 00:25:20,760
four, 500 million
pounds a year of profit.
508
00:25:20,795 --> 00:25:23,142
Plus the property, which was 70.
509
00:25:23,176 --> 00:25:25,213
Whereabout India,
Russian, and Ukraine,
510
00:25:25,247 --> 00:25:26,939
we'd have had 20 properties.
511
00:25:26,973 --> 00:25:29,493
So it was near or 600
billion a year of profits.
512
00:25:31,460 --> 00:25:35,050
2005, there was a few new
directors came on board,
513
00:25:35,085 --> 00:25:38,778
you know, when, and they
were absolutely in awe
514
00:25:38,813 --> 00:25:40,193
of the sort of profit
we were making.
515
00:25:40,228 --> 00:25:41,781
They just couldn't believe this,
516
00:25:41,816 --> 00:25:44,612
that a small company in
the middle of nowhere down
517
00:25:44,646 --> 00:25:47,028
in Derrylin could make half
a billion a year of profit.
518
00:25:47,062 --> 00:25:48,857
They just couldn't believe it.
519
00:25:48,892 --> 00:25:51,722
So they started asking
me, "Sean, what do
you intend to do?"
520
00:25:51,757 --> 00:25:53,724
Or what way are you
gonna grow this business?
521
00:25:53,759 --> 00:25:57,797
And I said, "Well, I'm a
little concerned about growing
522
00:25:57,832 --> 00:26:00,213
the manufacturing
business too much
523
00:26:00,248 --> 00:26:02,561
because we could lose control."
524
00:26:02,595 --> 00:26:04,459
If we open too
many more factories
525
00:26:04,493 --> 00:26:07,048
Derrylin gonna lose control
so I want to be careful there.
526
00:26:08,428 --> 00:26:11,328
And I said, property is one we
would like to be involved in.
527
00:26:12,812 --> 00:26:16,022
So what I said was, my thinking
was that we would spend
528
00:26:16,057 --> 00:26:19,854
a third of our surplus
cash on manufacturing,
529
00:26:21,062 --> 00:26:23,133
a third of it on property
outside of Ireland
530
00:26:24,410 --> 00:26:26,826
and a third of it on
blue chip companies
531
00:26:26,861 --> 00:26:27,862
in the stock market.
532
00:26:29,277 --> 00:26:32,004
[gentle music]
533
00:26:36,077 --> 00:26:37,457
- Now, Sean Quinn has been
playing the stock market
534
00:26:37,492 --> 00:26:40,633
for years back from,
you know, the early 80s,
535
00:26:40,668 --> 00:26:42,462
right through the way
he's been buying shares,
536
00:26:42,497 --> 00:26:45,673
be it in futures or
ammonia stocks, whatever.
537
00:26:46,915 --> 00:26:50,125
2005, he learns about a
contract for difference
538
00:26:50,160 --> 00:26:52,162
and something goes,
I really like that
539
00:26:53,681 --> 00:26:56,062
because it allowed him to
keep his investments secret.
540
00:26:59,031 --> 00:27:01,205
- Well a contract for
difference is effectively a bet
541
00:27:01,240 --> 00:27:04,415
on the movement of a share price
without you actually having
542
00:27:04,450 --> 00:27:05,520
to own the share.
543
00:27:07,039 --> 00:27:10,490
You put down a deposit
roughly 20% usually.
544
00:27:10,525 --> 00:27:13,148
If the share price goes up,
I get the full benefit of it.
545
00:27:13,183 --> 00:27:15,910
So you could make a lot
of money very quickly
546
00:27:15,944 --> 00:27:17,877
in what was a rising market.
547
00:27:17,912 --> 00:27:21,018
Irish stocks were
rising and if the market
548
00:27:21,053 --> 00:27:22,848
is constantly rising and
you don't need to put down
549
00:27:22,882 --> 00:27:25,816
the full outlay on the value
of the stock to invest in it
550
00:27:25,851 --> 00:27:28,094
and to bet on it, of course
you're going to do that.
551
00:27:28,129 --> 00:27:30,510
It's a no-brainer while
stocks are rising.
552
00:27:35,792 --> 00:27:38,070
- It's a very complex
financial instrument.
553
00:27:38,104 --> 00:27:42,108
It's a crude form of
speculative gambling.
554
00:27:42,143 --> 00:27:43,178
But Sean Quinn loved it.
555
00:27:48,805 --> 00:27:51,946
- So Sean Quinn was
advised by PwC, you know,
556
00:27:51,980 --> 00:27:54,742
took professional advice
and on foot of that advice,
557
00:27:54,776 --> 00:27:58,193
a company was set up to make
CFD investments on behalf
558
00:27:58,228 --> 00:28:00,161
of Sean Quinn and
the Quinn family.
559
00:28:01,749 --> 00:28:04,268
When he started, you
know, there were multiple
560
00:28:04,303 --> 00:28:06,270
Irish companies that
he was investing in.
561
00:28:06,305 --> 00:28:10,102
Ryanair, Paddy Power and
some of the other banks.
562
00:28:10,136 --> 00:28:13,277
He did CFD trades in FBD,
which was a rival insurer
563
00:28:13,312 --> 00:28:14,209
to Quinn Insurance.
564
00:28:16,142 --> 00:28:19,732
Unusual, but not red flag stuff.
565
00:28:19,767 --> 00:28:23,011
When that started really
to change was within,
566
00:28:24,185 --> 00:28:26,877
certainly within a year,
he began to sell out
567
00:28:26,912 --> 00:28:30,294
of all other CFD positions
and put all of his money
568
00:28:30,329 --> 00:28:31,917
into Anglo Irish bank.
569
00:28:37,163 --> 00:28:38,371
- [Simon] When the
boom hit, it required
570
00:28:38,406 --> 00:28:39,648
a lot of construction.
571
00:28:39,683 --> 00:28:42,203
Anglo was there to be
able to step in and say,
572
00:28:42,237 --> 00:28:43,618
we'll give you a
loan, no problem.
573
00:28:43,652 --> 00:28:47,208
It was all about finding
yes in a loan application.
574
00:28:49,210 --> 00:28:50,901
- You know, I know of one case,
575
00:28:50,936 --> 00:28:54,422
a guy with a business who
wanted to borrow 20 million Euro
576
00:28:54,456 --> 00:28:57,390
and Anglo Irish said,
no, we will give you 50.
577
00:28:57,425 --> 00:28:58,944
And he said, oh,
I don't want 50.
578
00:28:58,978 --> 00:29:00,669
And they said, well then
we don't want the business.
579
00:29:02,671 --> 00:29:04,121
- [Ian] At the time
everyone was happy.
580
00:29:04,156 --> 00:29:07,918
The bank was turning
off massive profits,
581
00:29:07,953 --> 00:29:11,266
its share price was
going stratospheric.
582
00:29:11,301 --> 00:29:13,441
- The profits rose to more
than a billion at peak.
583
00:29:13,475 --> 00:29:17,479
It was a bank that was
firing on all cylinders,
584
00:29:17,514 --> 00:29:19,102
a bank on steroids.
585
00:29:20,620 --> 00:29:23,313
[gentle music]
586
00:29:26,523 --> 00:29:29,215
[crowd cheers]
587
00:29:30,423 --> 00:29:35,049
- So at a point where I
think in 2006 there was,
588
00:29:35,083 --> 00:29:37,189
which is now viewed
with some hilarity,
589
00:29:37,223 --> 00:29:38,673
there was a report
that Anglo Irish Bank
590
00:29:38,707 --> 00:29:40,813
was the best performing
bank in the world.
591
00:29:42,884 --> 00:29:46,715
So a CFD is a bet on a share
price and Sean Quinn invested,
592
00:29:46,750 --> 00:29:49,442
I think when the Anglo share
price was around 11 Euro
593
00:29:49,477 --> 00:29:51,203
in his first investments.
594
00:29:51,237 --> 00:29:53,205
And it went up to 15 euro.
595
00:29:53,239 --> 00:29:55,897
And I think there's a point
where he could have cleared,
596
00:29:55,932 --> 00:30:00,005
I think 200 million
Euro on this investment.
597
00:30:00,039 --> 00:30:01,316
But he continued to bet.
598
00:30:02,904 --> 00:30:05,424
[gentle music]
599
00:30:10,153 --> 00:30:12,258
- Sean Quinn looked at
the Anglo Irish Bank
600
00:30:12,293 --> 00:30:15,917
and saw something that
he recognized in himself.
601
00:30:18,299 --> 00:30:22,303
- I had 33 successive
years in Greece in profits.
602
00:30:22,337 --> 00:30:24,063
So I just hopped
over a great bank.
603
00:30:24,098 --> 00:30:26,686
I thought they were doing
all the right things.
604
00:30:30,311 --> 00:30:34,315
- He saw what started off
as an outlier in business,
605
00:30:34,349 --> 00:30:36,179
taking on the establishment.
606
00:30:38,112 --> 00:30:40,873
- And I suppose there was
a lot in common with myself
607
00:30:40,908 --> 00:30:42,219
as well, you know.
608
00:30:42,254 --> 00:30:44,877
They were ambitious and
they were growing fast.
609
00:30:50,124 --> 00:30:51,366
- He looked at the
share price, and said,
610
00:30:51,401 --> 00:30:53,644
God, that has gone
only in one direction
611
00:30:53,679 --> 00:30:55,163
for the past 10 years.
612
00:30:56,509 --> 00:30:59,374
- Quinn Group at that point
was really at its peak,
613
00:30:59,409 --> 00:31:01,790
you know, peak production,
peak employment.
614
00:31:01,825 --> 00:31:04,103
The economy was
absolutely flying.
615
00:31:04,138 --> 00:31:07,037
And there was an an itch to
be scratched for Sean Quinn
616
00:31:07,072 --> 00:31:11,593
in that there was masses of
money in this, in the business.
617
00:31:11,628 --> 00:31:15,563
And he was looking for
somewhere to put it.
618
00:31:18,014 --> 00:31:20,568
[gentle music]
619
00:31:24,399 --> 00:31:25,814
- [Ian] If you look
at the wonderful logic
620
00:31:25,849 --> 00:31:28,369
to Sean Quinn's business,
you start off with gravel
621
00:31:28,403 --> 00:31:29,957
and you say, I'll wash it.
622
00:31:29,991 --> 00:31:31,130
That's a better product.
623
00:31:31,165 --> 00:31:32,407
What do you do with gravel?
624
00:31:32,442 --> 00:31:34,375
Well, you can make
cement from it.
625
00:31:34,409 --> 00:31:36,066
Great, we're making cement.
626
00:31:36,101 --> 00:31:37,274
What do we do next?
627
00:31:37,309 --> 00:31:38,344
Well, if we're building
all these houses,
628
00:31:38,379 --> 00:31:40,312
why don't we put in
some glass into them?
629
00:31:40,346 --> 00:31:42,003
Once we're making the
glasses for the houses,
630
00:31:42,038 --> 00:31:43,936
why don't we do
bottling factories.
631
00:31:43,971 --> 00:31:46,214
I have all these trucks on
the road costing me a fortune
632
00:31:46,249 --> 00:31:47,008
in insurance.
633
00:31:47,043 --> 00:31:48,285
What'll I do?
634
00:31:48,320 --> 00:31:49,597
I'll set up an
insurance business.
635
00:31:49,631 --> 00:31:53,981
It was making four, 500
million Euro a year in profits.
636
00:31:55,223 --> 00:31:56,915
There is an argument,
and I do believe it,
637
00:31:56,949 --> 00:31:59,538
that the next logical
progression for Quinn's business
638
00:31:59,572 --> 00:32:04,405
empire was to go into banking
and to try and do in banking
639
00:32:04,439 --> 00:32:06,752
what he had done in all of
the other industries to really
640
00:32:06,786 --> 00:32:09,065
try and take on
the establishment.
641
00:32:14,484 --> 00:32:16,313
- [Announcer] But like every
bubble, the bubble ended
642
00:32:16,348 --> 00:32:19,316
and now were seeing the
downside of that bubble.
643
00:32:19,351 --> 00:32:21,594
- [Reporter] Borrowers
saturated the US housing market
644
00:32:21,629 --> 00:32:23,389
taking on enormous
mortgages in spite
645
00:32:23,424 --> 00:32:25,322
of poor credit history.
646
00:32:25,357 --> 00:32:29,878
- By 2007, you know, things
were starting to go wrong
647
00:32:29,913 --> 00:32:32,364
in the global economy.
648
00:32:33,399 --> 00:32:34,883
- [Reporter] The result
was that more Americans
649
00:32:34,918 --> 00:32:37,472
began missing their
monthly mortgage payments.
650
00:32:37,507 --> 00:32:39,681
The implications
could be profound.
651
00:32:40,924 --> 00:32:43,133
- It started with the
mortgages in America,
652
00:32:43,168 --> 00:32:45,239
and I just thought it
was a temporary thing.
653
00:32:45,273 --> 00:32:46,619
- We had the credit crunch.
654
00:32:46,654 --> 00:32:50,002
So the amount of money
available to banks
655
00:32:50,037 --> 00:32:52,073
internationally really
started to contract.
656
00:32:52,108 --> 00:32:55,559
The share price of Anglo
Irish Bank and other banks
657
00:32:55,594 --> 00:32:57,216
started to fall back.
658
00:32:57,251 --> 00:33:01,013
So, Sean Quinn had invested
at 11, 10 or 11 Euro a share
659
00:33:01,048 --> 00:33:05,466
in Anglo Irish Bank had seen
them go up to 15 Euro a share
660
00:33:06,674 --> 00:33:08,676
and then the share price
started to fall back.
661
00:33:12,645 --> 00:33:15,476
- Once the shares in Anglo
started to come down in value,
662
00:33:16,925 --> 00:33:19,411
I thought they were very
cheap because the figures were
663
00:33:19,445 --> 00:33:21,516
still extraordinarily strong.
664
00:33:21,551 --> 00:33:25,106
And even in 2008, they were
showing a 40 odd percent
665
00:33:25,141 --> 00:33:28,489
increase in profits from 2007.
666
00:33:28,523 --> 00:33:31,285
And the shares were going down
to half of what they were.
667
00:33:31,319 --> 00:33:34,081
So I said, this thing
has been overdone.
668
00:33:34,115 --> 00:33:36,497
And we took money
out of good share,
669
00:33:36,531 --> 00:33:39,500
good companies and me
foolishly, I don't,
670
00:33:39,534 --> 00:33:41,398
I'm blaming nobody else.
671
00:33:41,433 --> 00:33:43,607
I took money outta
good companies
672
00:33:43,642 --> 00:33:45,195
and put the money into Anglo.
673
00:33:45,230 --> 00:33:48,060
- [Gavin] He had spent this
35 year career building
674
00:33:48,095 --> 00:33:50,028
this really
diversified business.
675
00:33:50,062 --> 00:33:52,961
And he effectively
took everything that
had been generated
676
00:33:52,996 --> 00:33:56,827
by those companies and
invested it all secretly
677
00:33:56,862 --> 00:33:59,382
into a bet on Anglo Irish Bank.
678
00:34:01,073 --> 00:34:03,524
[gentle music]
679
00:34:11,532 --> 00:34:15,053
[gentle music continues]
680
00:34:22,508 --> 00:34:25,270
- All of the dough was thrown
into Anglo because we thought
681
00:34:25,304 --> 00:34:27,720
that they were going to
have the biggest recovery.
682
00:34:28,997 --> 00:34:31,621
That was the plan at the time.
683
00:34:36,212 --> 00:34:39,180
- There's all these rumors
swirling around town
684
00:34:39,215 --> 00:34:41,527
that Sean Quinn, the
border billionaire,
685
00:34:41,562 --> 00:34:44,358
the 177th richest
man in the world,
686
00:34:44,392 --> 00:34:47,119
has quietly been amassing
a significant stake
687
00:34:47,154 --> 00:34:48,603
in the Anglo Irish bank.
688
00:34:50,122 --> 00:34:51,399
- Nobody is quite
sure of the amount.
689
00:34:51,434 --> 00:34:53,608
There is rumors of 3% of 5%.
690
00:34:53,643 --> 00:34:56,024
And bear in mind that
if an investor owns
691
00:34:56,059 --> 00:34:58,199
a direct shareholding
of 3% in a company,
692
00:34:58,234 --> 00:35:00,615
they must declare it
to the stock market.
693
00:35:00,650 --> 00:35:03,515
They must let the market
know their interest
694
00:35:03,549 --> 00:35:04,619
in that particular stock.
695
00:35:09,590 --> 00:35:11,143
- He used loads of
different brokers
696
00:35:11,178 --> 00:35:12,903
to buy Anglo CFD shares.
697
00:35:12,938 --> 00:35:16,804
So nobody knew, beyond
himself, and one or two people
698
00:35:16,838 --> 00:35:19,979
in Derrylin, Liam
McCaffrey and Kevin Lunney,
699
00:35:20,014 --> 00:35:22,637
just how much of the
bank he actually owned.
700
00:35:24,984 --> 00:35:27,159
- [Sean] I forget whether
we made contact with Anglo
701
00:35:27,194 --> 00:35:28,816
or Anglo made contact with us.
702
00:35:28,850 --> 00:35:31,577
Well, I know we welcomed the
meeting because at the time
703
00:35:31,612 --> 00:35:33,579
Anglo shares had
started to fall.
704
00:35:35,202 --> 00:35:37,997
I wanted to meet the two men
that counted, the chairman
705
00:35:38,032 --> 00:35:39,792
and chief executive
to say, "Look,
706
00:35:39,827 --> 00:35:41,587
we're big shareholders here.
707
00:35:41,622 --> 00:35:43,279
We want to know
what the story is."
708
00:35:44,625 --> 00:35:46,558
- Sean Fitzpatrick and David
Drumm had been in London
709
00:35:46,592 --> 00:35:48,801
the night before in
an investor meeting.
710
00:35:48,836 --> 00:35:51,563
One of these great
corporate gigs that went on
711
00:35:51,597 --> 00:35:53,530
in Celtic Tiger Ireland
where as a guest speaker
712
00:35:53,565 --> 00:35:57,189
they had former Soviet leader,
Mikhail Gorbachev speaking.
713
00:35:57,224 --> 00:36:01,228
And from the Gorbachev meeting,
they went to meet Sean Quinn
714
00:36:01,262 --> 00:36:02,470
at the Ardboyne Hotel.
715
00:36:06,647 --> 00:36:09,477
- Sean Quinn is flanked
by Liam McCaffrey,
716
00:36:09,512 --> 00:36:11,790
his longtime lieutenant
and the chief executive
717
00:36:11,824 --> 00:36:13,412
of the Quinn Group.
718
00:36:13,447 --> 00:36:17,244
David Drumm goes with Sean
Fitzpatrick, chairman and CEO.
719
00:36:18,590 --> 00:36:22,041
- This share price is going,
is falling very, very fast
720
00:36:22,076 --> 00:36:23,698
and we want to
know where we are.
721
00:36:23,733 --> 00:36:25,666
Do we sell the shares
or is the company going
722
00:36:25,700 --> 00:36:27,357
to be profitable or
what's the story?
723
00:36:27,392 --> 00:36:29,221
And they said, Sean, the
company never went better.
724
00:36:29,256 --> 00:36:31,465
The company's actually
flying, but we're showing 30,
725
00:36:31,499 --> 00:36:33,501
40% increase in profits.
726
00:36:34,640 --> 00:36:35,779
- [Ian] Sean Fitzpatrick
and David Drumm
727
00:36:35,814 --> 00:36:37,367
are in salesman mode.
728
00:36:37,402 --> 00:36:38,713
They're not going to go
down and say, actually,
729
00:36:38,748 --> 00:36:40,784
we're really worried about
our potential exposure
730
00:36:40,819 --> 00:36:42,648
to land banks in Mullingar.
731
00:36:44,616 --> 00:36:46,480
In the back of their
mind, they're saying,
732
00:36:46,514 --> 00:36:49,310
we think this guy
owns maybe 10, 11,
733
00:36:49,345 --> 00:36:51,657
12% of the bank through CFDs.
734
00:36:51,692 --> 00:36:54,729
So they had factored into
their head, it's a hefty stake.
735
00:36:54,764 --> 00:36:56,628
It's not declared to the market.
736
00:36:56,662 --> 00:36:58,423
And it puts him on the hook
for an awful lot of money
737
00:36:58,457 --> 00:36:59,941
if the share price goes down.
738
00:36:59,976 --> 00:37:02,668
But it also raises the
not unrealistic prospect
739
00:37:02,703 --> 00:37:05,568
that he might be simply making
a play for the bank itself.
740
00:37:08,778 --> 00:37:10,089
And then the question comes.
741
00:37:12,299 --> 00:37:13,645
"How much do you own?"
742
00:37:15,681 --> 00:37:17,683
"25%."
743
00:37:23,448 --> 00:37:26,485
- Sean Quinn invested everything
that had been generated
744
00:37:26,520 --> 00:37:29,626
into a bet on Anglo Irish Bank.
745
00:37:29,661 --> 00:37:32,871
Only the sort of core
group of Sean Quinn,
746
00:37:32,905 --> 00:37:35,701
Kevin Lunney and Dara
O'Reilly and Liam McCaffrey
747
00:37:35,736 --> 00:37:39,912
I think had the
full picture of what
748
00:37:39,947 --> 00:37:41,742
was being invested and where.
749
00:37:44,331 --> 00:37:45,746
- [Sean] Other people in
the office would've known
750
00:37:45,780 --> 00:37:47,195
we shouldn't have been doing it.
751
00:37:47,230 --> 00:37:50,682
I suppose it just
sort of happened.
752
00:37:50,716 --> 00:37:55,134
And again, maybe our
system was a bit weak
753
00:37:55,169 --> 00:37:58,310
and maybe we didn't
have enough people
754
00:37:58,345 --> 00:37:59,863
just looking over this thing.
755
00:37:59,898 --> 00:38:02,728
And maybe I was too
dominant a factor in this.
756
00:38:02,763 --> 00:38:05,386
And I suppose when I asked
it to be done, it was done.
757
00:38:10,978 --> 00:38:13,394
- When it ultimately
came to light
758
00:38:13,429 --> 00:38:16,224
and when it ultimately
came to, became public,
759
00:38:16,259 --> 00:38:21,264
it was over 25% of Anglo
Irish Bank that was being held
760
00:38:22,748 --> 00:38:24,543
in the CFD products by
Sean Quinn, the equivalent
761
00:38:24,578 --> 00:38:27,926
of more than a quarter of
the trailing of the bank.
762
00:38:27,960 --> 00:38:31,309
To put that in perspective,
if you had owned 29.9%
763
00:38:31,343 --> 00:38:32,758
of the bank, he would've
had to make a bid
764
00:38:32,793 --> 00:38:33,932
to buy the bank outright.
765
00:38:35,382 --> 00:38:39,696
- I don't know if the word
shocked, right but surprised.
766
00:38:39,731 --> 00:38:43,355
They'd say, "Look at Sean,
we're disappointed at the level
767
00:38:43,390 --> 00:38:46,910
of your CFDs and could
we get some agreement
768
00:38:46,945 --> 00:38:48,740
that you might
dispose of those?"
769
00:38:48,774 --> 00:38:51,570
And I said, surely if you just
want me to dispose of those
770
00:38:51,605 --> 00:38:54,366
whenever the share recovers,
I'd be more than happy
771
00:38:54,401 --> 00:38:55,367
to do that.
772
00:38:55,402 --> 00:38:56,713
And they seemed happy with that.
773
00:38:56,748 --> 00:39:01,649
And at the time, they
seemed genuine in the fact
774
00:39:02,581 --> 00:39:06,378
that the company
would grow again
775
00:39:06,413 --> 00:39:08,863
and the share
price will recover.
776
00:39:08,898 --> 00:39:10,244
I don't think they
were telling me lies.
777
00:39:10,278 --> 00:39:11,418
I think they did believe it.
778
00:39:11,452 --> 00:39:12,280
Diamonds.
779
00:39:13,661 --> 00:39:16,354
[group chatters]
780
00:39:17,769 --> 00:39:20,461
- [Ian] I think there was
a feeling from Sean Quinn
781
00:39:20,496 --> 00:39:24,431
that they would be pleased
that he was investing
782
00:39:24,465 --> 00:39:27,399
and supporting the bank and
supporting its share price.
783
00:39:27,434 --> 00:39:29,815
Oh, it's okay, Sean Quinn,
one of the biggest employers
784
00:39:29,850 --> 00:39:32,473
in the country with this
amazing manufacturing business
785
00:39:32,508 --> 00:39:33,888
is on our side.
786
00:39:33,923 --> 00:39:37,685
They immediately identified
this as a massive problem.
787
00:39:37,720 --> 00:39:38,824
- He goes out.
788
00:39:38,859 --> 00:39:40,378
- Yep.
789
00:39:40,412 --> 00:39:43,035
Stay in Mexico
while you still can.
790
00:39:43,070 --> 00:39:45,279
[group laughs]
791
00:39:45,313 --> 00:39:48,420
- But they had to keep him
alive 'cause if Sean Quinn
792
00:39:48,455 --> 00:39:50,733
wasn't alive, Anglo was dead.
793
00:39:54,461 --> 00:39:57,843
They also say, stop buying more.
794
00:39:57,878 --> 00:39:59,120
Don't increase it.
795
00:39:59,155 --> 00:40:03,262
This is a big, big
play on the bank.
796
00:40:03,297 --> 00:40:07,025
So they go back, they
report to the board, say,
797
00:40:07,059 --> 00:40:09,268
"We've told him not
to buy anymore."
798
00:40:09,303 --> 00:40:10,822
What does Sean Quinn do?
799
00:40:10,856 --> 00:40:11,857
He buys more.
800
00:40:14,515 --> 00:40:15,447
- [Sean] That was wrong.
801
00:40:15,482 --> 00:40:16,483
I shouldn't have done that.
802
00:40:18,864 --> 00:40:20,487
There's no, there was
no excuse for that.
803
00:40:20,521 --> 00:40:22,627
It was stupid to increase
it at all, I accept that.
804
00:40:22,661 --> 00:40:24,214
We shouldn't have
bought any more shares.
805
00:40:24,249 --> 00:40:27,286
But we bought some more
shares, but not very many.
806
00:40:28,736 --> 00:40:32,360
- He really believed everything
that had been said and told,
807
00:40:32,395 --> 00:40:34,811
you know, about
Anglo Irish Bank.
808
00:40:34,846 --> 00:40:36,054
So when the shares were falling,
809
00:40:36,088 --> 00:40:38,643
he thought the shares
are cheaper now,
810
00:40:38,677 --> 00:40:40,645
I'm gonna buy some more.
811
00:40:40,679 --> 00:40:42,612
[group laughs]
812
00:40:42,647 --> 00:40:44,234
I'm not a psychologist,
but you know,
813
00:40:44,269 --> 00:40:47,928
classic sort of gambler behavior
that maybe we can recoup
814
00:40:47,962 --> 00:40:48,722
some of this.
815
00:40:51,483 --> 00:40:54,900
- I was confident
going home that yes,
816
00:40:54,935 --> 00:40:57,075
this bank's going to be
successful and this share
817
00:40:57,109 --> 00:40:58,110
is going to recover.
818
00:41:07,361 --> 00:41:09,950
[intense music]
819
00:41:15,231 --> 00:41:16,922
- In the early stages of 2008,
820
00:41:16,957 --> 00:41:18,855
there was this kind of
frenzy in the global
821
00:41:18,890 --> 00:41:20,167
financial markets.
822
00:41:20,201 --> 00:41:22,065
Banks were scrambling
to get money together.
823
00:41:22,100 --> 00:41:23,550
So investors were
looking at, well,
824
00:41:23,584 --> 00:41:26,553
which are the most vulnerable
financial institutions.
825
00:41:26,587 --> 00:41:28,900
And on St. Patrick's Day,
the market starts turning
826
00:41:28,934 --> 00:41:31,040
its attention to Ireland.
827
00:41:32,524 --> 00:41:36,528
- Welcome to a special St.
Patrick's Day 61 News and Sport.
828
00:41:36,563 --> 00:41:39,773
The Irish market was down
with bank shares worst hit.
829
00:41:42,327 --> 00:41:44,674
- St. Patrick's Day
massacre as it's called,
830
00:41:44,709 --> 00:41:48,851
and share prices of banks
all over the world tanked.
831
00:41:52,579 --> 00:41:55,029
[crowd shouts]
832
00:41:56,755 --> 00:42:00,587
- Anglo was in the crosshairs
and the investors turned
833
00:42:00,621 --> 00:42:01,519
on Anglo Irish bank.
834
00:42:03,728 --> 00:42:07,835
- What we didn't know at the
time publicly was how deep
835
00:42:07,870 --> 00:42:10,355
in the hole Sean
Quinn was or how deep
836
00:42:10,389 --> 00:42:11,839
in the hole Anglo was.
837
00:42:11,874 --> 00:42:14,980
That all had yet to play out.
838
00:42:15,015 --> 00:42:17,949
But definitely thought it
was the point of no return.
839
00:42:21,469 --> 00:42:24,818
The issue with CFD investment
party Sean Quinn was using
840
00:42:24,852 --> 00:42:27,821
was as the share
price goes down,
841
00:42:27,855 --> 00:42:30,478
you have to put up money
to cover your losses.
842
00:42:30,513 --> 00:42:34,586
The brokers who had sold
Sean Quinn then began to make
843
00:42:34,621 --> 00:42:36,070
what's called margin calls.
844
00:42:41,420 --> 00:42:43,768
- As the share price falls,
there's an automatic call,
845
00:42:43,802 --> 00:42:45,770
it clocks up on
somebody's screen.
846
00:42:45,804 --> 00:42:47,703
You need to get more
money off this guy.
847
00:42:51,051 --> 00:42:53,432
- A margin call is the
amount that the share price
848
00:42:53,467 --> 00:42:54,882
has gone down.
849
00:42:54,917 --> 00:42:55,987
And because you haven't
bought the share,
850
00:42:56,021 --> 00:42:58,541
you have to fund this
every single day.
851
00:43:00,508 --> 00:43:02,890
- To cover the losses
that you've made,
852
00:43:02,925 --> 00:43:06,791
you need to provide us
50 million, 100 million,
853
00:43:06,825 --> 00:43:07,826
200 million.
854
00:43:15,109 --> 00:43:18,078
- Sean Quinn had money,
yeah, he had lots of money,
855
00:43:18,112 --> 00:43:21,702
but you can only fund margin
calls outta cash for so long
856
00:43:21,737 --> 00:43:23,842
and within a couple of
months he was running shy
857
00:43:23,877 --> 00:43:25,913
of the reservoir of cash.
858
00:43:30,262 --> 00:43:33,093
- One of the most striking
figures for me in all of this
859
00:43:33,127 --> 00:43:35,543
to meet the initial
cash calls, Sean Quinn,
860
00:43:35,578 --> 00:43:40,134
the Quinn family, the Quinn
Group put up 750 million Euro
861
00:43:40,169 --> 00:43:44,622
of actual cash
resources from the group
862
00:43:44,656 --> 00:43:46,037
to meet the initial calls.
863
00:43:50,144 --> 00:43:53,423
- One of the most cash rich
reserves was the equity
864
00:43:53,458 --> 00:43:55,494
that he had in Quinn Insurance.
865
00:43:55,529 --> 00:43:58,877
Insurance companies are
regulated and obliged
866
00:43:58,912 --> 00:44:02,122
to have certain amounts
of equity and cash
867
00:44:02,156 --> 00:44:03,468
on their balance sheet.
868
00:44:03,502 --> 00:44:06,160
And so he saw opportunities
dip into that to cover
869
00:44:06,195 --> 00:44:07,679
some of those margin calls.
870
00:44:09,094 --> 00:44:12,477
- But you can't do that
in a regulated entity.
871
00:44:13,340 --> 00:44:15,376
You can't dip in to the money.
872
00:44:18,103 --> 00:44:21,175
- And all this time,
Sean Quinn felt as,
873
00:44:21,210 --> 00:44:22,590
this will get better soon.
874
00:44:26,111 --> 00:44:27,941
- He had dipped into
the insurance company.
875
00:44:27,975 --> 00:44:30,702
He had used up whatever
personal resources he could,
876
00:44:30,737 --> 00:44:33,118
but at this point he has
to go to Anglo Irish Bank
877
00:44:33,153 --> 00:44:36,501
and ask them for money and the
bank doesn't have a choice.
878
00:44:41,333 --> 00:44:44,198
- They recognized that there
was a major problem here
879
00:44:44,233 --> 00:44:46,580
and the only way to deal with
it was to lend more money
880
00:44:46,614 --> 00:44:48,168
to Sean Quinn.
881
00:44:48,202 --> 00:44:50,308
And they took security in
some of his properties.
882
00:44:54,243 --> 00:44:56,107
- We've lost 60 million today.
883
00:44:56,141 --> 00:44:57,522
We've lost 20 million today.
884
00:44:57,556 --> 00:45:00,698
We've lost 100 million
today and day after day,
885
00:45:00,732 --> 00:45:03,148
Anglo Irish bank would have
to give that money over.
886
00:45:07,118 --> 00:45:09,499
- Talking in the order
of about 400 million
887
00:45:09,534 --> 00:45:10,984
over the course of March.
888
00:45:11,018 --> 00:45:13,641
Extraordinary sums of
money having to be drawn
889
00:45:13,676 --> 00:45:15,160
to make these margin calls.
890
00:45:17,404 --> 00:45:20,200
- Loans began to be made
through various Quinn companies
891
00:45:20,234 --> 00:45:23,168
to Sean Quinn in a number
that would eventually
892
00:45:23,203 --> 00:45:25,964
amount to 2.8 billion Euro.
893
00:45:28,829 --> 00:45:31,659
- Nobody knows this is going on.
894
00:45:31,694 --> 00:45:35,525
Most of the loans are simply
dressed up as working capital
895
00:45:35,560 --> 00:45:38,943
for the Quinn Group or
property related lending.
896
00:45:48,711 --> 00:45:51,300
[gentle music]
897
00:45:52,819 --> 00:45:54,234
- [Interviewer] When you
started to take money out
898
00:45:54,268 --> 00:45:56,443
of the insurance business in
order to to cover the CFDs,
899
00:45:56,477 --> 00:45:58,928
that was the risk that you
took with that business.
900
00:45:58,963 --> 00:46:00,792
- That was wrong, I
shouldn't have done that.
901
00:46:00,827 --> 00:46:02,069
That was wrong.
902
00:46:02,104 --> 00:46:03,830
That was, I put my hands
up completely on that.
903
00:46:05,176 --> 00:46:08,627
- During that period, the bank
was working on possibilities
904
00:46:08,662 --> 00:46:12,770
to try and unwind, as they
say, Sean Quinn's position
905
00:46:12,804 --> 00:46:15,289
to get an investor in to
buy some of the shares.
906
00:46:16,981 --> 00:46:19,259
- The trouble is the news
just keeps on getting
907
00:46:19,293 --> 00:46:21,295
worse and worse.
908
00:46:21,330 --> 00:46:24,367
- [Reporter] Lehman
Brothers, a 158 year old firm
909
00:46:24,402 --> 00:46:25,817
filed for bankruptcy.
910
00:46:25,852 --> 00:46:27,198
- [Reporter 2] The
collapse of Lehman Brothers
911
00:46:27,232 --> 00:46:30,097
triggered turmoil in
markets around the globe.
912
00:46:31,271 --> 00:46:33,273
- Sent the financial
markets across the world
913
00:46:33,307 --> 00:46:34,136
into a tailspin.
914
00:46:35,758 --> 00:46:38,899
And a lot of focus was
on Anglo Irish Bank.
915
00:46:38,934 --> 00:46:40,728
Not so much because
it's funding issues,
916
00:46:40,763 --> 00:46:43,317
but because there were
questions now around
917
00:46:43,352 --> 00:46:46,217
just how heavily they had
lent into the property market.
918
00:46:47,874 --> 00:46:50,911
- The state's looking at
this basket case of a bank
919
00:46:50,946 --> 00:46:53,224
and saying, what are
we going to do with it?
920
00:46:55,329 --> 00:46:58,298
- So in January, 2009, it
was announced the government
921
00:46:58,332 --> 00:46:59,851
was nationalizing Anglo.
922
00:47:02,336 --> 00:47:04,614
- Within the past hour, the
government has announced
923
00:47:04,649 --> 00:47:07,445
that Anglo Irish Bank
is to be nationalized.
924
00:47:07,479 --> 00:47:10,034
The minister, Brian Lenihan
said it would be taken
925
00:47:10,068 --> 00:47:12,036
into full public ownership.
926
00:47:12,070 --> 00:47:14,659
He said unacceptable
practices within the bank
927
00:47:14,693 --> 00:47:16,557
had caused it serious damage.
928
00:47:20,561 --> 00:47:22,218
- The shares of Anglo
would no longer be
929
00:47:22,253 --> 00:47:24,117
on the stock exchange.
930
00:47:24,151 --> 00:47:25,670
They would be worthless.
931
00:47:30,502 --> 00:47:34,955
- And sitting up in Cavan
is Sean Quinn nursing
932
00:47:34,990 --> 00:47:38,372
one of the biggest financial
losses in Irish history.
933
00:47:45,759 --> 00:47:48,279
- Sean Quinn didn't bring
down Anglo Irish Bank.
934
00:47:48,313 --> 00:47:52,110
Anglo Irish Bank
was doomed to fail.
935
00:47:52,145 --> 00:47:55,873
You know, it was a Ponzi
scheme, it was gonna collapse.
936
00:47:57,322 --> 00:48:00,878
However, Sean Quinn's not
blameless either, you know.
937
00:48:00,912 --> 00:48:03,259
- [Alan] He's not the only
businessman who gambled.
938
00:48:03,294 --> 00:48:06,780
A lot of the major property
developers gambled.
939
00:48:06,814 --> 00:48:09,576
But there's a difference
between that kind of gambling,
940
00:48:09,610 --> 00:48:11,578
which is gambling on your
judgment of what's gonna happen
941
00:48:11,612 --> 00:48:15,133
to the market and gambling
on contracts for difference
942
00:48:15,168 --> 00:48:18,171
when the share that you're
gambling on is tanking
943
00:48:18,205 --> 00:48:19,827
when you continue
gambling in it.
944
00:48:23,417 --> 00:48:25,385
It's a mentality that I think
945
00:48:25,419 --> 00:48:27,318
is ultimately self-destructive.
946
00:48:30,252 --> 00:48:34,359
- This gamble on Anglo
through CFDs had just gone
947
00:48:34,394 --> 00:48:36,741
spectacularly, like
incredibly wrong.
948
00:48:40,193 --> 00:48:42,643
The family owed 2.8 billion,
949
00:48:43,851 --> 00:48:45,646
but they now owed
it to the state.
950
00:48:50,962 --> 00:48:53,551
[upbeat music]
951
00:48:55,794 --> 00:48:57,210
- When the government
nationalized
952
00:48:57,244 --> 00:48:59,350
and took controlling
stakes of all of the banks,
953
00:48:59,384 --> 00:49:01,697
they wanted to put their
own people on the boards.
954
00:49:05,080 --> 00:49:07,530
Alan Dukes, a former
Fine Gael leader
955
00:49:07,565 --> 00:49:09,947
and a former minister for
finance, was appointed
956
00:49:09,981 --> 00:49:11,500
to the board of
Anglo Irish Bank.
957
00:49:12,673 --> 00:49:17,506
- One of the things that
we made sure we kept
958
00:49:19,025 --> 00:49:21,372
under the spotlight of the
board was the situation
959
00:49:21,406 --> 00:49:24,996
of the largest
borrowers from the bank.
960
00:49:25,031 --> 00:49:27,585
And you know, Sean Quinn
was one of the big ones.
961
00:49:29,311 --> 00:49:31,589
- And he had done
for the previous 35,
40 years, I suppose,
962
00:49:31,623 --> 00:49:33,142
turned out to be successful.
963
00:49:33,177 --> 00:49:35,489
And any wee hiccups we
had were always ironed out
964
00:49:35,524 --> 00:49:37,457
over a six, 12 month period.
965
00:49:37,491 --> 00:49:39,631
And I didn't see it any
different than that.
966
00:49:39,666 --> 00:49:44,257
I didn't see this
crash of 2007, 2008.
967
00:49:44,291 --> 00:49:46,224
I didn't see it any
different, you know.
968
00:49:48,468 --> 00:49:51,712
- After the management of
Anglo, Sean Fitzpatrick
969
00:49:51,747 --> 00:49:53,991
and David Drumm had
been cleared out.
970
00:49:54,025 --> 00:49:56,476
- Do you have a message for
the taxpayers, Mr. Drumm?
971
00:49:56,510 --> 00:49:58,754
- They needed to bring
in bankers to run it.
972
00:49:59,927 --> 00:50:02,309
Mike Ainsley, he was
Australian, he was tough
973
00:50:02,344 --> 00:50:04,415
and he had done this
sort of work in Australia
974
00:50:04,449 --> 00:50:06,072
and Japan and around the world.
975
00:50:06,106 --> 00:50:08,074
And he came in as the
new chief executive
976
00:50:08,108 --> 00:50:10,800
of Anglo Irish Bank.
977
00:50:10,835 --> 00:50:12,423
He needed people who he trusted
978
00:50:12,457 --> 00:50:14,321
and that means he brought
in people who he knew.
979
00:50:14,356 --> 00:50:16,634
So he brought in
Richard Woodhouse.
980
00:50:16,668 --> 00:50:20,534
The first time Richard
Woodhouse goes up to Cavan,
981
00:50:20,569 --> 00:50:23,399
sits down with Sean Quinn
and the staff canteen,
982
00:50:23,434 --> 00:50:24,676
it's all fine.
983
00:50:24,711 --> 00:50:27,127
They shake hands, they
have a spot of tea,
984
00:50:27,162 --> 00:50:28,301
they have a sandwich.
985
00:50:30,751 --> 00:50:33,754
- I said, "Well what we can
do is we'll pay you back
986
00:50:33,789 --> 00:50:35,308
this money reasonably quickly.
987
00:50:35,342 --> 00:50:37,827
We'll have it all paid back
in less than 10 years."
988
00:50:37,862 --> 00:50:40,865
Sure everybody knows the Quinn
Group's a huge success story.
989
00:50:40,899 --> 00:50:42,832
- And they agree, oh it'll be
great, we'll work together.
990
00:50:42,867 --> 00:50:44,179
We'll sort all of this out.
991
00:50:45,525 --> 00:50:47,561
- Oh, he wanted to do a
deal, but he wanted to do it
992
00:50:47,596 --> 00:50:51,220
on his terms and he wanted
to do it on the basis
993
00:50:51,255 --> 00:50:53,947
of a financial plan that said,
994
00:50:53,981 --> 00:50:58,538
if we would just lend a
further 600 million Euro
995
00:50:58,572 --> 00:51:01,265
with him still in control,
that the companies
996
00:51:01,299 --> 00:51:03,336
would work themselves
out of the problem.
997
00:51:05,683 --> 00:51:08,513
- They weren't very
impressed with my attitude.
998
00:51:08,548 --> 00:51:11,551
I certainly wasn't overly
impressed with their attitude.
999
00:51:11,585 --> 00:51:14,623
So we didn't gel
that well together.
1000
00:51:16,383 --> 00:51:18,592
- This was a person
who had achieved
1001
00:51:18,627 --> 00:51:23,010
some very significant things,
but there was a piece of him
1002
00:51:23,045 --> 00:51:26,083
that just didn't understand
the ramifications
1003
00:51:26,117 --> 00:51:27,532
of what he had done.
1004
00:51:29,362 --> 00:51:33,918
- It never occurred to
us that anybody wrongly,
1005
00:51:33,952 --> 00:51:36,990
it never occurred to us that
anybody was going to take this
1006
00:51:37,024 --> 00:51:40,614
draconian action to try to
break up the Quinn Group,
1007
00:51:40,649 --> 00:51:43,617
take it away, and destroy it
and take it out of my control.
1008
00:51:45,447 --> 00:51:47,932
- 2009, the financial
regulator are becoming
1009
00:51:47,966 --> 00:51:50,452
increasingly worried
about Quinn Insurance.
1010
00:51:52,178 --> 00:51:54,628
They were worried about
the companies reserving,
1011
00:51:54,663 --> 00:51:57,493
policies, how much it was
putting aside for claims.
1012
00:51:57,528 --> 00:52:00,738
But they were also very
worried that assets that sat
1013
00:52:00,772 --> 00:52:02,843
on the Quinn balance
sheet of Quinn Insurance
1014
00:52:02,878 --> 00:52:06,226
had been pledged to the Quinn
group so that they could
1015
00:52:06,261 --> 00:52:08,746
in turn be pledged
to Anglo Irish Bank.
1016
00:52:08,780 --> 00:52:09,850
'Cause Anglo needed
security for all the money
1017
00:52:09,885 --> 00:52:11,093
it was handing over.
1018
00:52:15,028 --> 00:52:18,583
- We were saying there
is no guarantees given.
1019
00:52:18,618 --> 00:52:20,447
Guarantees are not given.
1020
00:52:20,482 --> 00:52:22,139
Then some, Liam McCaffrey
or somebody says,
1021
00:52:22,173 --> 00:52:23,174
"Oh, there is guarantees given.
1022
00:52:24,210 --> 00:52:25,038
Who gives them?"
1023
00:52:26,626 --> 00:52:28,662
"Meself and Kevin
Lunney give them.
1024
00:52:30,285 --> 00:52:31,527
"How does that happen?"
1025
00:52:31,562 --> 00:52:32,563
Mistake.
1026
00:52:32,597 --> 00:52:33,736
We know that it was illegal.
1027
00:52:33,771 --> 00:52:35,048
He can't be given a guarantee.
1028
00:52:35,082 --> 00:52:36,601
He can't be given
on a [indistinct].
1029
00:52:37,602 --> 00:52:38,672
I said, yeah, we'll
have to check that out
1030
00:52:38,707 --> 00:52:40,087
we'll have to blah, blah, blah.
1031
00:52:42,435 --> 00:52:46,404
- So he says, "What if we
have to make an urgent claim?"
1032
00:52:46,439 --> 00:52:47,233
"Quinn direct."
1033
00:52:50,236 --> 00:52:51,789
- Sean Quinn has
a different view,
1034
00:52:51,823 --> 00:52:54,378
but certainly the actuaries,
1035
00:52:54,412 --> 00:52:56,380
the government,
the central bank,
1036
00:52:56,414 --> 00:52:58,071
the joint administrators
have all come
1037
00:52:58,105 --> 00:53:01,902
to a very singular view that
the company was chronically
1038
00:53:01,937 --> 00:53:05,423
under reserving and as a
result was throwing off
1039
00:53:05,458 --> 00:53:06,666
massive profits.
1040
00:53:06,700 --> 00:53:08,185
But those profits weren't real.
1041
00:53:09,910 --> 00:53:12,499
- In 2008, at the height of
the crash and at the height
1042
00:53:12,534 --> 00:53:14,984
of the share dealings in Anglo,
1043
00:53:15,019 --> 00:53:19,610
we'd have 580 million of cash
and reserves in Quinn Direct.
1044
00:53:19,644 --> 00:53:24,235
Two years later, we had 1.1
billion of cash reserve.
1045
00:53:25,719 --> 00:53:30,690
- The regulator came to the
conclusion that Quinn Insurance
1046
00:53:31,518 --> 00:53:32,623
was not being properly managed.
1047
00:53:35,039 --> 00:53:36,627
- Sean Quinn had
to be taken out.
1048
00:53:38,870 --> 00:53:40,493
- As soon as they put
in the administrator,
1049
00:53:40,527 --> 00:53:42,943
and we were losing Quinn
Direct that did lead
1050
00:53:42,978 --> 00:53:45,532
to Quinn Group in trouble
because Quinn Direct
1051
00:53:45,567 --> 00:53:46,740
was the biggest
single contributor
1052
00:53:46,775 --> 00:53:48,225
to the profitability of it.
1053
00:53:49,433 --> 00:53:52,159
- The administration
of Quinn Insurance
1054
00:53:52,194 --> 00:53:55,715
affected the resources of
the rest of the Quinn Group
1055
00:53:55,749 --> 00:53:59,684
and therefore affected
the capacity the bank had
1056
00:53:59,719 --> 00:54:01,824
to make sure it got
repaid what it was owed
1057
00:54:01,859 --> 00:54:03,412
from the rest of
the Quinn group.
1058
00:54:03,447 --> 00:54:07,692
So, the two things, you know
were indissolubly linked.
1059
00:54:09,522 --> 00:54:10,902
- When you take a
brick out of the wall,
1060
00:54:10,937 --> 00:54:12,594
the wall becomes very unstable.
1061
00:54:15,735 --> 00:54:18,220
[gentle music]
1062
00:54:22,362 --> 00:54:24,709
- They took Quinn Insurance
from underneath him.
1063
00:54:26,573 --> 00:54:29,300
There was this assumption
that Quinn will buy his way
1064
00:54:29,335 --> 00:54:30,128
out of trouble.
1065
00:54:31,613 --> 00:54:33,373
Everyone thought Sean Quinn
is going to regain control
1066
00:54:33,408 --> 00:54:35,962
of the company until he didn't.
1067
00:54:38,378 --> 00:54:41,105
He had his opportunity to
go into court and to try
1068
00:54:41,139 --> 00:54:44,626
and seek the removal of
the joint administrators.
1069
00:54:45,627 --> 00:54:46,421
He didn't.
1070
00:54:48,733 --> 00:54:50,287
He had the option to put
his hand in his pocket
1071
00:54:50,321 --> 00:54:52,703
and write a check for a
couple hundred million Euro
1072
00:54:52,737 --> 00:54:53,807
to shore it up.
1073
00:54:53,842 --> 00:54:55,361
He didn't.
1074
00:54:55,395 --> 00:54:58,398
So gradually then people began
to realize that Sean Quinn
1075
00:54:58,433 --> 00:55:01,746
didn't have as much money
as one assumed he had.
1076
00:55:03,161 --> 00:55:07,545
- He proved to be absolutely
opposed to any kind
1077
00:55:07,580 --> 00:55:11,031
of restructuring that didn't
have him as the center of it.
1078
00:55:11,066 --> 00:55:14,241
So it came to the point
where we just took the view
1079
00:55:14,276 --> 00:55:16,796
that he couldn't be involved.
1080
00:55:20,834 --> 00:55:23,354
The reason for the meeting
on the 14th of April
1081
00:55:23,389 --> 00:55:27,600
was to talk to Sean Quinn
about a last chance agreement
1082
00:55:27,634 --> 00:55:28,739
we can make.
1083
00:55:30,844 --> 00:55:33,916
We had put a proposal to
him sometime before that,
1084
00:55:33,951 --> 00:55:38,714
which would've left him and
his family with a measure
1085
00:55:38,749 --> 00:55:42,787
of provision, but it required
him definitively to step away
1086
00:55:42,822 --> 00:55:45,721
from connection with the
company and just let the rest
1087
00:55:45,756 --> 00:55:47,551
of us get on with it.
1088
00:55:47,585 --> 00:55:50,968
- Oh, he, this is the peculiar
part about the whole thing,
1089
00:55:51,002 --> 00:55:54,523
is they were saying
that, while negotiating
1090
00:55:54,558 --> 00:55:58,941
that maybe get back Quinn
Direct and Alan Dukes cost,
1091
00:55:58,976 --> 00:56:01,530
asked me when I go up
to Dublin to meet him
1092
00:56:01,565 --> 00:56:03,221
in Anglo's office.
1093
00:56:03,256 --> 00:56:05,431
Kevin Lunney and Dara
O'Reilly came with me.
1094
00:56:05,465 --> 00:56:07,743
- We had no expectation
that he was going to agree,
1095
00:56:07,778 --> 00:56:10,228
with what we were going
to do, but it was agreed
1096
00:56:10,263 --> 00:56:13,991
I would put the proposal
to him and we will see
1097
00:56:14,025 --> 00:56:15,648
what his reaction would be.
1098
00:56:19,652 --> 00:56:22,793
- Duke said, "Look, we're
taking over the company."
1099
00:56:26,486 --> 00:56:27,970
- He's not a very
demonstrative man,
1100
00:56:28,005 --> 00:56:29,903
but he was obviously shocked.
1101
00:56:31,422 --> 00:56:36,151
He didn't say a whole lot very
quickly but he then asked,
1102
00:56:37,255 --> 00:56:38,774
what were the
implications of this?
1103
00:56:38,809 --> 00:56:40,880
Were we going to take
all of the businesses?
1104
00:56:40,914 --> 00:56:43,917
Were we going to take
all of the units,
1105
00:56:43,952 --> 00:56:45,850
all of the property assets?
1106
00:56:45,885 --> 00:56:47,645
To which the answer was yes.
1107
00:56:48,888 --> 00:56:50,268
- Duke said they we're
taken over the company
1108
00:56:50,303 --> 00:56:52,512
and there was people who had
gone to Derrylin this morning
1109
00:56:52,547 --> 00:56:55,515
as we speak, there's people
taking over, Slieve Russell
1110
00:56:55,550 --> 00:56:58,691
and Quinn Group, and
they're in your head office
1111
00:56:58,725 --> 00:57:00,900
and you two men are
gone along with,
1112
00:57:00,934 --> 00:57:03,109
Sean's gone and you two
boys are gone as well.
1113
00:57:03,143 --> 00:57:03,937
You're sacked.
1114
00:57:05,180 --> 00:57:06,043
Everybody's gone.
1115
00:57:07,907 --> 00:57:08,873
- [Interviewer] And what
did you do immediately
1116
00:57:08,908 --> 00:57:10,254
after that meeting?
1117
00:57:10,288 --> 00:57:13,809
- There was a decision made
there and then that we would try
1118
00:57:13,844 --> 00:57:16,916
to secure the assets that
they hadn't loaned money to.
1119
00:57:16,950 --> 00:57:19,712
We didn't touch anything
they had loaned money to.
1120
00:57:19,746 --> 00:57:22,646
Now it was a bad decision,
but that's what we decided.
1121
00:57:25,303 --> 00:57:30,032
It wasn't my idea to, it
wasn't that I wouldn't do it,
1122
00:57:30,067 --> 00:57:32,759
I would do it, but I hadn't
thought of moving the assets
1123
00:57:32,794 --> 00:57:34,761
that were, that they
hadn't financed.
1124
00:57:34,796 --> 00:57:36,832
Other people who
were smarter than I,
1125
00:57:36,867 --> 00:57:39,697
they thought of it and I
said, "That's a good idea."
1126
00:57:39,732 --> 00:57:40,836
So I supported it.
1127
00:57:40,871 --> 00:57:42,286
So I'm not trying
to blame anybody.
1128
00:57:42,320 --> 00:57:43,943
And if I'd thought of it myself,
1129
00:57:43,977 --> 00:57:48,430
I'd probably have proposed it,
you know, but people were on,
1130
00:57:49,914 --> 00:57:54,125
were on the airplanes that
evening trying to agree,
1131
00:57:54,160 --> 00:57:56,127
individuals that we
could move to assets
1132
00:57:56,162 --> 00:57:58,095
into different names
to keep them safe.
1133
00:58:00,960 --> 00:58:03,065
- On the 14th of April,
2011, the receivers
1134
00:58:03,100 --> 00:58:05,343
went into the buildings
and secured the buildings
1135
00:58:05,378 --> 00:58:07,656
of the Quinn
businesses in Ireland,
1136
00:58:07,691 --> 00:58:09,451
and they weren't coming back.
1137
00:58:11,039 --> 00:58:13,766
But, you know, an office block
in Russia takes a bit longer
1138
00:58:13,800 --> 00:58:16,700
and the ownership
is in a particular
company and maybe only
1139
00:58:16,734 --> 00:58:19,737
Sean Quinn and a handful of
people know where exactly
1140
00:58:19,772 --> 00:58:21,049
the ownership of that sits.
1141
00:58:24,224 --> 00:58:27,434
- [Alan] For us, this was the
beginning of the next stage
1142
00:58:27,469 --> 00:58:28,953
of the process.
1143
00:58:28,988 --> 00:58:31,128
We had finally got to a position
we thought where we could
1144
00:58:31,162 --> 00:58:32,957
actually control what
was going to happen
1145
00:58:32,992 --> 00:58:34,511
to the group of companies.
1146
00:58:34,545 --> 00:58:37,030
As time went by, we
found that that was more
1147
00:58:37,065 --> 00:58:38,411
and more problematic.
1148
00:58:38,445 --> 00:58:42,380
Particularly for the property
assets outside of Ireland.
1149
00:58:42,415 --> 00:58:44,521
We knew we were entering the
beginning of something new,
1150
00:58:44,555 --> 00:58:47,558
but we didn't realize at that
stage quite how difficult
1151
00:58:47,593 --> 00:58:48,525
it was going to be.
1152
00:58:50,043 --> 00:58:51,320
- I mean, it was
this whole sequence
1153
00:58:51,355 --> 00:58:53,391
of completely
unprecedented events.
1154
00:58:53,426 --> 00:58:56,049
But that was a really
stunning turn of events
1155
00:58:56,084 --> 00:58:57,188
for Sean Quinn.
1156
00:58:57,223 --> 00:58:59,743
The court cases played
out about the ownership
1157
00:58:59,777 --> 00:59:01,538
of the Quinn International
property group,
1158
00:59:01,572 --> 00:59:05,024
and the court came down
on the side of IBRC
1159
00:59:05,058 --> 00:59:08,234
and decided that yes, the
Quinn's had proactively
1160
00:59:08,268 --> 00:59:09,925
put a scheme in place
to put these properties
1161
00:59:09,960 --> 00:59:11,133
beyond the bank.
1162
00:59:11,168 --> 00:59:13,550
- [Reporter] Sean
Quinn, his son, Sean Jr.
1163
00:59:13,584 --> 00:59:17,381
and Peter Darragh Quinn,
were subject to court orders.
1164
00:59:17,415 --> 00:59:20,936
The bank tried to seize
valuable foreign assets.
1165
00:59:20,971 --> 00:59:24,250
It found they'd been put
beyond the reach of the bank.
1166
00:59:26,045 --> 00:59:27,287
- Sean Quinn's a very smart man.
1167
00:59:27,322 --> 00:59:28,806
He understood exactly
what he was doing.
1168
00:59:28,841 --> 00:59:30,567
He chose not to understand.
1169
00:59:30,601 --> 00:59:34,087
And there was also an
inescapable view from Sean Quinn
1170
00:59:34,122 --> 00:59:37,953
that he owned it all, that it
was all his, and as a result,
1171
00:59:37,988 --> 00:59:39,783
he could do whatever
he wanted with it.
1172
00:59:39,817 --> 00:59:43,200
So if it meant transferring
assets from here to there,
1173
00:59:43,234 --> 00:59:44,995
he was happy to do that.
1174
00:59:45,029 --> 00:59:47,584
- I think the lengths
to which they went to,
1175
00:59:47,618 --> 00:59:50,587
to put the property beyond
the reach of the banks
1176
00:59:50,621 --> 00:59:51,795
were extraordinary.
1177
00:59:51,829 --> 00:59:54,418
They were plotting
it for quite a while.
1178
00:59:54,452 --> 00:59:55,971
Now, it's interesting, you know,
1179
00:59:56,006 --> 00:59:57,801
it wasn't particularly
well thought out strategy.
1180
00:59:57,835 --> 01:00:01,114
It wasn't one that
was entirely foolproof
1181
01:00:01,149 --> 01:00:05,049
and in terms of the people
that they hired to assist him
1182
01:00:05,084 --> 01:00:07,638
in that strategy certainly
wouldn't have been seen
1183
01:00:07,673 --> 01:00:11,124
as being blue chip and
the right type of advisors
1184
01:00:11,159 --> 01:00:12,643
to do that kind of work.
1185
01:00:12,678 --> 01:00:14,507
- [Reporter] Sean Quinn
Jr. and his cousin,
1186
01:00:14,541 --> 01:00:17,027
Peter Darragh Quinn,
were sentenced yesterday
1187
01:00:17,061 --> 01:00:18,131
at the high court in Dublin
1188
01:00:18,166 --> 01:00:21,100
to three months in jail
after being found to be
1189
01:00:21,134 --> 01:00:22,584
in contempt of court.
1190
01:00:24,103 --> 01:00:27,313
- Contempt of court is used,
usually to focus the mind
1191
01:00:27,347 --> 01:00:30,316
and it's a threat that
doesn't often get invoked.
1192
01:00:30,350 --> 01:00:33,664
Sean Quinn Jr. got three months
and his cousin Petie Quinn
1193
01:00:33,699 --> 01:00:36,322
has never resurfaced in
the Republic of Ireland.
1194
01:00:36,356 --> 01:00:37,737
Got three months in prison.
1195
01:00:39,049 --> 01:00:40,706
And that was a big day.
1196
01:00:40,740 --> 01:00:44,675
But the day in November
when Sean Quinn Sr was found
1197
01:00:44,710 --> 01:00:46,159
also in contempt of court,
1198
01:00:46,194 --> 01:00:48,921
was just absolutely
extraordinary.
1199
01:00:50,163 --> 01:00:52,752
- The former billionaire
businessman Sean Quinn
1200
01:00:52,787 --> 01:00:55,859
has been jailed for nine
weeks for contempt of court.
1201
01:01:00,864 --> 01:01:03,487
- We would not have wanted
any of that to happen,
1202
01:01:04,971 --> 01:01:07,698
but it happened because
they set out deliberately
1203
01:01:07,733 --> 01:01:10,114
to put assets beyond
the reach of the bank,
1204
01:01:10,149 --> 01:01:13,704
to which the bank had a
perfectly good legal entitlement
1205
01:01:13,739 --> 01:01:16,776
as determined time and
time again by the courts.
1206
01:01:21,505 --> 01:01:24,163
- Look around the border if
they felt those guys in Dublin
1207
01:01:24,197 --> 01:01:26,096
have wrecked it all for us,
and then they're putting
1208
01:01:26,130 --> 01:01:27,649
our guy out of business.
1209
01:01:29,755 --> 01:01:32,205
It's the financial
regulator in Dublin.
1210
01:01:32,240 --> 01:01:37,141
It's the media in Dublin,
it's the government in Dublin,
1211
01:01:37,176 --> 01:01:39,109
and they don't understand
what it's like to live
1212
01:01:39,143 --> 01:01:40,110
in the country.
1213
01:01:41,559 --> 01:01:43,009
- When Elizabeth Dunne said,
1214
01:01:44,217 --> 01:01:46,392
we're giving him nine
weeks and he has a week
1215
01:01:46,426 --> 01:01:47,565
or whatever time he
needs to consider it,
1216
01:01:47,600 --> 01:01:49,809
what he wants to say or do.
1217
01:01:49,844 --> 01:01:51,155
I just stood up in
the court, I said,
1218
01:01:51,190 --> 01:01:53,261
"I'm going this evening."
1219
01:01:54,676 --> 01:01:57,023
I went to the bar along with
a couple of friends of mine,
1220
01:01:57,058 --> 01:02:00,199
local locals here, and
I had two pints of beer
1221
01:02:00,233 --> 01:02:02,719
and two or three double brandies
1222
01:02:02,753 --> 01:02:07,689
and headed straight for the
white van into Mountjoy.
1223
01:02:09,933 --> 01:02:11,141
- [Interviewer] What was it like
1224
01:02:11,175 --> 01:02:13,005
when that door
closed behind you?
1225
01:02:13,039 --> 01:02:14,247
- I was drunk.
1226
01:02:22,152 --> 01:02:23,187
- [Rodney] You know, you've
got this incredible image
1227
01:02:23,222 --> 01:02:25,983
of that man sitting
in that amazing house
1228
01:02:26,018 --> 01:02:30,160
and then that night was
sitting in a prison cell.
1229
01:02:30,194 --> 01:02:32,783
There was a lot of
shock in the area.
1230
01:02:32,818 --> 01:02:35,924
A lot of people were wondering
what this meant overall
1231
01:02:35,959 --> 01:02:39,134
for everything and there
was certainly a lot of anger
1232
01:02:39,169 --> 01:02:40,860
in the area from his supporters.
1233
01:02:45,175 --> 01:02:46,452
So this is Dune Mountain.
1234
01:02:46,486 --> 01:02:48,247
This is where over
a two year period,
1235
01:02:48,281 --> 01:02:50,180
a huge number of
attacks took place.
1236
01:02:50,214 --> 01:02:52,216
The electoral substations
were targeted,
1237
01:02:52,251 --> 01:02:53,666
the wind farms were targeted,
1238
01:02:53,700 --> 01:02:56,980
and dozens of telegraph poles
were cut down and it was all
1239
01:02:57,014 --> 01:02:59,361
to cause disruption to
all of the factories
1240
01:02:59,396 --> 01:03:01,191
on the other side
of that mountain.
1241
01:03:04,850 --> 01:03:07,197
There were two distinct
period of attacks.
1242
01:03:07,231 --> 01:03:10,269
They began in the days after
the business was taken over,
1243
01:03:10,303 --> 01:03:12,823
but developed over
the following years.
1244
01:03:12,858 --> 01:03:14,963
They were all about
preventing the administrators
1245
01:03:14,998 --> 01:03:17,207
from selling off the
Quinn businesses.
1246
01:03:19,312 --> 01:03:20,658
- [Reporter] Quinn
Group has new owners
1247
01:03:20,693 --> 01:03:23,040
under new name Aventas.
1248
01:03:23,075 --> 01:03:26,526
More than 1,100 people are
employed by the Aventas Group.
1249
01:03:26,561 --> 01:03:29,357
Jobs put at risk by a
campaign of attacks.
1250
01:03:32,084 --> 01:03:34,707
[intense music]
1251
01:03:35,881 --> 01:03:37,227
- [Rodney] The attacks
started quite low scale
1252
01:03:37,261 --> 01:03:41,093
and then they soon
intensified from cutting
1253
01:03:41,127 --> 01:03:44,890
electricity wires to
setting fire to vehicles,
1254
01:03:44,924 --> 01:03:48,514
to crashing cars into
sides of buildings.
1255
01:03:48,548 --> 01:03:51,448
Part of an ongoing
campaign of intimidation
1256
01:03:51,482 --> 01:03:54,520
and threats to try to
warn off people who are
1257
01:03:54,554 --> 01:03:57,834
maybe attempting to buy
parts of the business.
1258
01:03:57,868 --> 01:03:59,663
- Fundamentally, this
community and its employees
1259
01:03:59,697 --> 01:04:00,940
are one in the same thing.
1260
01:04:00,975 --> 01:04:03,046
I think there's a very
narrow minded minority
1261
01:04:03,080 --> 01:04:04,702
who are actually
conducting these campaigns
1262
01:04:04,737 --> 01:04:07,291
of violence and sabotage
and intimidation.
1263
01:04:10,916 --> 01:04:15,265
- Certainly the heavy-handed
approach by an Irish government
1264
01:04:15,299 --> 01:04:19,856
selected by the people to
win with that heavy hand
1265
01:04:19,890 --> 01:04:24,101
into a rural area who had done
nothing but good in that area
1266
01:04:24,136 --> 01:04:26,172
and take it over and destroy it.
1267
01:04:26,207 --> 01:04:29,348
I mean, it was criminal
and of course it was going
1268
01:04:29,382 --> 01:04:31,591
to raise tensions and of course
things were going to happen
1269
01:04:31,626 --> 01:04:32,730
and did happen.
1270
01:04:32,765 --> 01:04:33,524
Was I part of it?
1271
01:04:33,559 --> 01:04:34,905
Absolutely not.
1272
01:04:34,940 --> 01:04:37,666
Was I anger, was it done
because of my anger?
1273
01:04:37,701 --> 01:04:39,461
Was it done because I
was telling the truth
1274
01:04:39,496 --> 01:04:41,567
about what the position was?
1275
01:04:41,601 --> 01:04:43,120
Maybe.
1276
01:04:43,155 --> 01:04:45,364
But was I involved in
planning it and involved?
1277
01:04:45,398 --> 01:04:46,503
Absolutely not.
1278
01:04:52,543 --> 01:04:56,168
- The Irish cement
market started to
liberalize in the 1990s
1279
01:04:56,202 --> 01:04:59,826
and as a result both Sean
Quinn and Kevin Lagan
1280
01:04:59,861 --> 01:05:02,415
looked at building large plants.
1281
01:05:02,450 --> 01:05:04,003
There was a bitterness there,
1282
01:05:04,038 --> 01:05:06,557
there was a rivalry there
that kind of spilled out
1283
01:05:06,592 --> 01:05:09,146
when they both
started to plant flags
1284
01:05:09,181 --> 01:05:10,458
into their public market.
1285
01:05:11,804 --> 01:05:15,394
When Quinn got into distress
and the business was in peril,
1286
01:05:15,428 --> 01:05:17,637
Kevin Lagan was
an obvious buyer.
1287
01:05:17,672 --> 01:05:20,330
The difficulty obviously was
that there was this emnity
1288
01:05:20,364 --> 01:05:21,918
in the past.
1289
01:05:21,952 --> 01:05:24,368
Lagan was quite determined to
try and rescue the business
1290
01:05:24,403 --> 01:05:26,198
and rescue the
jobs and, you know,
1291
01:05:26,232 --> 01:05:28,614
he would've had a lot of
good standing with the banks,
1292
01:05:28,648 --> 01:05:30,167
good standing.
1293
01:05:30,202 --> 01:05:32,238
He was somebody who could,
who could easily have stepped
1294
01:05:32,273 --> 01:05:35,034
into a lot of those businesses
and just changed the name
1295
01:05:35,069 --> 01:05:36,380
over the door.
1296
01:05:36,415 --> 01:05:37,795
But obviously that was
the problem for Quinn.
1297
01:05:37,830 --> 01:05:40,488
He didn't want to see
anybody's name over the door.
1298
01:05:44,561 --> 01:05:47,460
- Kevin Lagan got a parcel
in the post and inside
1299
01:05:47,495 --> 01:05:50,256
that parcel was a cigar box.
1300
01:05:50,291 --> 01:05:55,054
Inside the cigar box was a
bullet and a message that said,
1301
01:05:55,089 --> 01:05:57,401
"Quinn, is this what you want?"
1302
01:05:58,713 --> 01:06:00,991
- If you read between the lines,
1303
01:06:01,026 --> 01:06:03,994
do you want to be coming
into the lions den
1304
01:06:04,029 --> 01:06:06,410
to run the business
and to contribute
1305
01:06:06,445 --> 01:06:11,415
to making our
community non-friendly.
1306
01:06:12,589 --> 01:06:15,868
Let's use that word,
non-friendly or hostile.
1307
01:06:18,526 --> 01:06:21,253
- Really, it was a case
that Quinn's supporters
1308
01:06:21,287 --> 01:06:23,462
didn't want anybody taking
over the business, obviously.
1309
01:06:23,496 --> 01:06:27,190
But I'd say Kevin Lagan
probably would've been towards
1310
01:06:27,224 --> 01:06:29,606
the top of people not to
take the business over.
1311
01:06:30,883 --> 01:06:32,057
- The whole thing was a mess.
1312
01:06:32,091 --> 01:06:34,404
I mean, the whole
attacks that happened,
1313
01:06:35,853 --> 01:06:37,372
people were pointing
the finger at me.
1314
01:06:37,407 --> 01:06:40,617
I had no hand, act or
part in any attack.
1315
01:06:40,651 --> 01:06:44,483
I suppose I played a bit of
football and you get a box
1316
01:06:44,517 --> 01:06:47,382
in the mouth or you give
one or get one and you have
1317
01:06:47,417 --> 01:06:48,625
to get on with life.
1318
01:06:48,659 --> 01:06:49,522
There's no point
in crying about it.
1319
01:06:49,557 --> 01:06:50,765
You just get on and move on.
1320
01:06:53,940 --> 01:06:55,735
- The intimidation
and the violence
1321
01:06:55,770 --> 01:06:57,392
basically scared everybody off.
1322
01:06:57,427 --> 01:07:02,328
So I think there was a feeling
that you weren't gonna get
1323
01:07:03,053 --> 01:07:04,537
an outside buyer.
1324
01:07:04,572 --> 01:07:05,607
That the buyer for the business
would probably have to come
1325
01:07:05,642 --> 01:07:06,643
from the inside.
1326
01:07:11,475 --> 01:07:12,718
- Something had to be done.
1327
01:07:12,752 --> 01:07:16,515
We weren't able to continue
to keep the business
1328
01:07:16,549 --> 01:07:19,552
and be sold but we had
to have an alternative.
1329
01:07:19,587 --> 01:07:21,968
We had to have a
management buyout.
1330
01:07:24,454 --> 01:07:27,698
- There were lots of rumors at
the time that there was work
1331
01:07:27,733 --> 01:07:30,701
underway to try to come up
with a plan that would see
1332
01:07:30,736 --> 01:07:32,496
the return of Quinn.
1333
01:07:32,531 --> 01:07:35,775
Essentially what was happening
was there was a consortium,
1334
01:07:35,810 --> 01:07:38,433
a local consortium that
were meeting regularly,
1335
01:07:38,468 --> 01:07:42,575
trying to thrash out a plan
that would see them take control
1336
01:07:42,610 --> 01:07:46,096
of the Quinn business and
then return Sean Quinn
1337
01:07:46,131 --> 01:07:47,166
to that business.
1338
01:07:49,134 --> 01:07:54,139
- So John McCartin came
to me in 2014, early 2014,
1339
01:07:55,519 --> 01:07:58,867
and said that there could be a
deal done and that there will
1340
01:07:58,902 --> 01:08:02,871
a position to buy the
manufacturing business.
1341
01:08:02,906 --> 01:08:05,564
And of course that was
sweet music to my ears
1342
01:08:06,944 --> 01:08:11,777
that this company should go
back to where it belonged
1343
01:08:11,811 --> 01:08:14,814
and it should come back into
the family and the community.
1344
01:08:16,644 --> 01:08:18,956
- John McCartin is a Fine
Gael councillor at the time
1345
01:08:18,991 --> 01:08:20,475
and a businessman.
1346
01:08:20,510 --> 01:08:24,376
And he was very well
regarded in the border region
1347
01:08:24,410 --> 01:08:26,964
but also in business
and he was someone
1348
01:08:26,999 --> 01:08:29,174
that got on very
well with Sean Quinn.
1349
01:08:29,208 --> 01:08:31,590
Their families went back years.
1350
01:08:33,005 --> 01:08:35,663
John McCartin and Sean
Quinn were very close.
1351
01:08:39,011 --> 01:08:42,704
- So, I rang Liam McCaffrey
and I asked to meet him.
1352
01:08:42,739 --> 01:08:45,121
Liam said he would and
he arranged to meet
1353
01:08:45,155 --> 01:08:47,847
all the directors, past
directors of Quinn Group,
1354
01:08:47,882 --> 01:08:51,161
and they all met the following
night and every single one
1355
01:08:51,196 --> 01:08:54,164
of them agreed, you know,
that they would throw
1356
01:08:54,199 --> 01:08:56,960
their shoulder to the wheel
and they would get on board.
1357
01:08:59,652 --> 01:09:04,381
- They called it Q-B-R-C, Quinn
Business Retention Company.
1358
01:09:08,074 --> 01:09:11,837
- Our group between signs
and protests and anything
1359
01:09:11,871 --> 01:09:14,598
we could do that could
deter Paul O'Brien,
1360
01:09:14,633 --> 01:09:17,532
who was the receiver,
from selling off,
1361
01:09:17,567 --> 01:09:19,879
breaking up the businesses
and selling them off
1362
01:09:19,914 --> 01:09:22,537
to interested parties and
Lagan was one of those.
1363
01:09:22,572 --> 01:09:25,540
And then there was a company
from England interested
1364
01:09:25,575 --> 01:09:28,992
in the packaging or pc,
a packaging company.
1365
01:09:30,407 --> 01:09:33,755
We got word probably from
internally, naturally in Quinns.
1366
01:09:33,790 --> 01:09:36,586
And they rang me up to say
that this was happening
1367
01:09:36,620 --> 01:09:39,175
and Paul was going to
sell that business.
1368
01:09:39,209 --> 01:09:40,693
And that was important.
1369
01:09:40,728 --> 01:09:44,249
That was crucial, you know,
to the Q-B-R-C package.
1370
01:09:44,283 --> 01:09:46,389
And that would have to
stay within the group.
1371
01:09:46,423 --> 01:09:48,045
It wasn't valuable without that.
1372
01:09:50,738 --> 01:09:54,500
And then said that we would
have to write them a letter
1373
01:09:54,535 --> 01:09:57,848
to persuade them not to
pursue their interest.
1374
01:10:04,752 --> 01:10:07,651
- The letter worked, the
English Packaging Company
1375
01:10:07,686 --> 01:10:09,688
immediately pulled
out of the deal.
1376
01:10:09,722 --> 01:10:12,208
The administrators and
the American bondholders
1377
01:10:12,242 --> 01:10:15,003
that were still owed
over 1 billion Euros
1378
01:10:15,038 --> 01:10:17,316
were being frustrated
at every attempt
1379
01:10:17,351 --> 01:10:18,697
to sell off the business.
1380
01:10:20,043 --> 01:10:22,701
But in the spring of 2014,
despite the previous threat
1381
01:10:22,735 --> 01:10:24,737
to his life, Kevin Lagan
come back to the table
1382
01:10:24,772 --> 01:10:27,153
to make a bid for
Quinn Rooftiles.
1383
01:10:27,188 --> 01:10:30,605
But that only made him a target
for Quinn supporters again.
1384
01:10:30,640 --> 01:10:32,642
And over the course
of one weekend,
1385
01:10:32,676 --> 01:10:35,679
his businesses north
and south were attacked,
1386
01:10:35,714 --> 01:10:37,957
causing over a million
Euros worth of damage.
1387
01:10:39,511 --> 01:10:41,029
Kevin Lagan was initially
determined to go through
1388
01:10:41,064 --> 01:10:43,722
with the deal for the
roof tile factory,
1389
01:10:43,756 --> 01:10:46,449
but then another death
threat arrived this time
1390
01:10:46,483 --> 01:10:48,520
on the morning of
his wife's death.
1391
01:10:48,554 --> 01:10:50,280
He'd had enough
and he pulled out.
1392
01:10:53,594 --> 01:10:55,941
For the American bond holders,
it was the last straw.
1393
01:10:55,975 --> 01:10:59,945
They were still owed
over 1.1 billion Euros.
1394
01:10:59,979 --> 01:11:03,742
And it was at this point they
began to enter negotiations
1395
01:11:03,776 --> 01:11:06,917
with Quinn's business allies
and former management team,
1396
01:11:06,952 --> 01:11:07,746
Q-B-R-C.
1397
01:11:09,299 --> 01:11:12,129
So this is the 140 page
agreement between Q-B-R-C
1398
01:11:12,164 --> 01:11:14,477
and the three
American bondholders,
1399
01:11:14,511 --> 01:11:18,757
which effectively
saw an agreement to
set up a new company
1400
01:11:18,791 --> 01:11:21,173
which would manage the cement
business in this package
1401
01:11:21,207 --> 01:11:23,727
of business but what
it didn't include
1402
01:11:23,762 --> 01:11:25,108
was the glass factory.
1403
01:11:25,142 --> 01:11:27,731
The factory, the business
that Sean Quinn really wanted
1404
01:11:27,766 --> 01:11:28,767
to get his hands on.
1405
01:11:30,182 --> 01:11:33,772
What the bondholders and
Q-B-R-C agreed in this document
1406
01:11:33,806 --> 01:11:34,945
was that if there was no,
1407
01:11:34,980 --> 01:11:36,982
what they called
community interference,
1408
01:11:37,016 --> 01:11:39,812
defined as sabotage,
threats and intimidation,
1409
01:11:39,847 --> 01:11:42,159
there's a specific
clause in the deal,
1410
01:11:42,194 --> 01:11:45,301
Q-B-R-C would get a higher
percentage from the sale
1411
01:11:45,335 --> 01:11:46,716
of the glass business.
1412
01:11:54,827 --> 01:11:56,795
You know, there's
huge amount of detail
1413
01:11:56,829 --> 01:11:59,798
throughout this document
and who it never names
1414
01:11:59,832 --> 01:12:01,109
is Sean Quinn.
1415
01:12:01,144 --> 01:12:04,147
Sean Quinn's name is
not in this agreement.
1416
01:12:05,666 --> 01:12:08,703
- I suppose the one element
that would've been surprise
1417
01:12:08,738 --> 01:12:11,223
would've been whether Sean
Quinn was involved or not
1418
01:12:11,257 --> 01:12:12,845
and how far he would've got.
1419
01:12:12,880 --> 01:12:15,607
But that seems to have been
slapped down pretty quickly
1420
01:12:15,641 --> 01:12:17,194
by the three hedge funds.
1421
01:12:17,229 --> 01:12:20,543
They didn't really want to
be seen to have Sean Quinn
1422
01:12:20,577 --> 01:12:25,444
in direct control and in terms
of what that reputationally
1423
01:12:25,479 --> 01:12:26,825
would mean for them.
1424
01:12:26,859 --> 01:12:29,172
And I think there would've
been a lot of questions asked
1425
01:12:29,206 --> 01:12:31,485
of them if, because
of the whole history.
1426
01:12:32,693 --> 01:12:34,384
His retention then
as a consultant,
1427
01:12:34,419 --> 01:12:36,144
almost like a presidential role,
1428
01:12:36,179 --> 01:12:38,146
it would've sat well
'cause that would've meant
1429
01:12:38,181 --> 01:12:40,390
that he wasn't in
control of the business,
1430
01:12:40,425 --> 01:12:44,843
but locally he would've still
seemed to have been involved.
1431
01:12:50,849 --> 01:12:52,402
- [Reporter] The site
has been purchased
1432
01:12:52,437 --> 01:12:55,025
by the Quinn Business
Retention Company,
1433
01:12:55,060 --> 01:12:58,581
which is run by local
business owners and supporters
1434
01:12:58,615 --> 01:13:00,099
of the former billionaire.
1435
01:13:01,307 --> 01:13:03,448
Mr. Quinn was greeted
by cheering and clapping
1436
01:13:03,482 --> 01:13:05,622
when he visited the
premises this morning.
1437
01:13:09,523 --> 01:13:12,836
[dramatic music]
1438
01:13:12,871 --> 01:13:15,425
- Pictures are on the television
of the boys all back in
1439
01:13:15,460 --> 01:13:17,772
and Sean Quinn going about
with a tray of drinks.
1440
01:13:17,807 --> 01:13:20,982
So, we were all delighted
and we were all chuffed
1441
01:13:21,017 --> 01:13:24,158
and sure it was what
we had campaigned for.
1442
01:13:25,884 --> 01:13:28,887
- I was there watching
a cherry picker go up
1443
01:13:28,921 --> 01:13:32,477
onto the side of the building
to remove the Aventas sign
1444
01:13:32,511 --> 01:13:34,893
and they took it down
and they set fire to it.
1445
01:13:39,173 --> 01:13:41,831
- We thought at that stage,
mission accomplished,
1446
01:13:41,865 --> 01:13:43,384
we can take a breather.
1447
01:13:46,145 --> 01:13:48,907
But naturally, because
of what had happened,
1448
01:13:48,941 --> 01:13:52,876
he couldn't be seen to
be back in there as boss.
1449
01:13:52,911 --> 01:13:54,671
He wasn't CEO.
1450
01:13:54,706 --> 01:13:56,052
The CEO was Liam McCaffrey.
1451
01:14:03,887 --> 01:14:06,959
- As far as I was concerned,
I was completely in control.
1452
01:14:06,994 --> 01:14:09,099
I rang Liam and said,
"Liam, could I meet you
1453
01:14:09,134 --> 01:14:10,307
and have a bit of a chat?"
1454
01:14:11,792 --> 01:14:14,898
So I said to him,
"Am I the boss here?"
1455
01:14:14,933 --> 01:14:17,901
So I had my suspicions,
but even after that,
1456
01:14:17,936 --> 01:14:20,352
day by day, week by
week, you could see
1457
01:14:20,386 --> 01:14:21,871
that there was something wrong.
1458
01:14:25,391 --> 01:14:26,634
- I don't want to blame him.
1459
01:14:26,669 --> 01:14:27,532
- And I feel like
all of a sudden
1460
01:14:27,566 --> 01:14:29,603
there's nobody reporting to me.
1461
01:14:30,880 --> 01:14:33,503
- Sean Quinn has been totally
ignored and humiliated.
1462
01:14:35,436 --> 01:14:36,886
- I felt I had no choice.
1463
01:14:36,920 --> 01:14:38,922
I knew the game was up.
1464
01:14:38,957 --> 01:14:41,338
So I said, okay, bye-bye.
1465
01:14:42,339 --> 01:14:43,858
Not a penny from Allen Dukes.
1466
01:14:43,893 --> 01:14:46,965
Not a penny of redundancy,
not a penny from anybody
1467
01:14:46,999 --> 01:14:48,898
for anything, nothing.
1468
01:14:48,932 --> 01:14:51,210
Just everybody tried
to bleed us dry
1469
01:14:51,245 --> 01:14:52,695
so we couldn't pursue them.
1470
01:14:54,973 --> 01:14:56,940
- When the news came through
that he'd left the business,
1471
01:14:56,975 --> 01:14:59,011
there was a state of disbelief.
1472
01:14:59,046 --> 01:15:02,290
It really was a case of him
almost overplaying his hand
1473
01:15:02,325 --> 01:15:04,879
once he'd left the business and
once he'd left the building,
1474
01:15:04,914 --> 01:15:09,435
and it was very hard to see of
anyway he could get back in.
1475
01:15:09,470 --> 01:15:10,540
- I built that company.
1476
01:15:10,575 --> 01:15:11,921
They didn't build that company,
1477
01:15:11,955 --> 01:15:13,785
I built that company.
1478
01:15:13,819 --> 01:15:16,201
- There was allegations
being made all over the place
1479
01:15:16,235 --> 01:15:17,927
on both sides.
1480
01:15:17,961 --> 01:15:21,378
One saying one thing, the
other saying a different thing.
1481
01:15:21,413 --> 01:15:24,002
But this time there was
something a wee bit more hostile
1482
01:15:24,036 --> 01:15:26,832
about it that was
very hot and heavy.
1483
01:15:28,247 --> 01:15:30,180
- They were trying to
give an excuse of why
1484
01:15:30,215 --> 01:15:31,975
they would push Sean Quinn out.
1485
01:15:33,494 --> 01:15:36,462
That doesn't lead to good
relations and people can get
1486
01:15:36,497 --> 01:15:37,947
wrong ideas in their head.
1487
01:15:39,983 --> 01:15:42,468
- Sean Quinn was out
of the business again.
1488
01:15:42,503 --> 01:15:44,643
The wind farms and
the plastics business
1489
01:15:44,678 --> 01:15:47,059
and the glass plant,
they were all gone.
1490
01:15:47,094 --> 01:15:49,061
For a period of time,
there were discussions
1491
01:15:49,096 --> 01:15:51,581
between Q-B-R-C and
the Quinn family,
1492
01:15:51,616 --> 01:15:53,618
but a deal proved impossible.
1493
01:15:54,791 --> 01:15:57,138
Violence returned to
the border and this time
1494
01:15:57,173 --> 01:15:59,934
the very executive team
that Sean Quinn had built
1495
01:15:59,969 --> 01:16:01,004
became the targets.
1496
01:16:04,456 --> 01:16:09,047
- The second phase of attacks
began towards the end of 2015.
1497
01:16:11,808 --> 01:16:14,086
[dog barks]
1498
01:16:14,121 --> 01:16:16,951
This time the targets were
the management of the company,
1499
01:16:16,986 --> 01:16:20,403
Kevin Lunney, Dara O'Reilly
and Liam McCaffrey.
1500
01:16:21,887 --> 01:16:24,303
Posters calling them money
grabbers and making threats
1501
01:16:24,338 --> 01:16:26,133
began to appear on the border.
1502
01:16:29,032 --> 01:16:31,034
Here we have the incident
of the pig's head
1503
01:16:31,069 --> 01:16:34,279
that caused massive
controversy here at the time.
1504
01:16:34,313 --> 01:16:37,316
A pig's head was left at
the home of Kevin Lunney.
1505
01:16:37,351 --> 01:16:40,216
It was found by one
of his daughters.
1506
01:16:40,250 --> 01:16:42,632
It was seen as a
very sinister move
1507
01:16:42,667 --> 01:16:46,222
and caused much
revulsion in the area.
1508
01:16:51,952 --> 01:16:53,678
- They have annoyed
a lot of people,
1509
01:16:55,024 --> 01:16:57,474
the number of farmers across
the side of that mountain,
1510
01:16:57,509 --> 01:17:01,099
and the number of customers
and the number of people
1511
01:17:01,133 --> 01:17:03,446
that have issued legal
proceedings against
1512
01:17:03,480 --> 01:17:06,242
and went to reneging on
the deal with the Quinns,
1513
01:17:06,276 --> 01:17:07,864
so they have a lot of enemies.
1514
01:17:11,178 --> 01:17:13,801
- [Reporter] Father of six,
Kevin Lunney was abducted
1515
01:17:13,836 --> 01:17:16,424
close to his home in Derrylin
in County Fermanaugh.
1516
01:17:16,459 --> 01:17:19,289
He was badly beaten before
being dumped on the side
1517
01:17:19,324 --> 01:17:21,015
of the road in county Cavan.
1518
01:17:21,050 --> 01:17:24,225
His attack represented an
escalation in the campaign
1519
01:17:24,260 --> 01:17:27,504
of intimidation and violence
against the executive team
1520
01:17:27,539 --> 01:17:28,851
in recent years.
1521
01:17:31,094 --> 01:17:34,270
- It was a Tuesday evening,
September 17th, 2019.
1522
01:17:35,720 --> 01:17:38,067
Mr. Lunney left work
sometime after six o'clock
1523
01:17:38,101 --> 01:17:40,310
and he was driving up this
narrow little country lane
1524
01:17:40,345 --> 01:17:43,072
that leads to his home in
Derrylin in county Fermanagh.
1525
01:17:45,108 --> 01:17:48,180
When he saw the white BMW
parked in the lane way
1526
01:17:48,215 --> 01:17:52,150
in front of him, and he said
immediately as he stopped
1527
01:17:52,184 --> 01:17:53,738
this BMW reversed.
1528
01:17:56,948 --> 01:17:59,709
Immediately two men
emerged from that BMW.
1529
01:17:59,744 --> 01:18:01,193
They were both
wearing face masks,
1530
01:18:01,228 --> 01:18:02,919
their faces were
completely covered and they
1531
01:18:02,954 --> 01:18:04,231
were wearing black clothing.
1532
01:18:07,199 --> 01:18:09,305
These two men approached
Mr. Lunney's car and tried
1533
01:18:09,339 --> 01:18:10,202
to drag him out of it.
1534
01:18:10,237 --> 01:18:11,514
And he said there was a scuffle.
1535
01:18:11,548 --> 01:18:13,619
He kicked at them from
inside the vehicle.
1536
01:18:15,967 --> 01:18:17,623
So it took some time
for them to get him out
1537
01:18:17,658 --> 01:18:19,177
of the Land Cruiser.
1538
01:18:19,211 --> 01:18:20,903
When they got him outside,
he realized that there
1539
01:18:20,937 --> 01:18:24,458
was another man had
arrived in an Audi A4.
1540
01:18:26,184 --> 01:18:27,564
Described him as being bigger,
1541
01:18:27,599 --> 01:18:29,325
heavier set than the other two.
1542
01:18:29,359 --> 01:18:32,293
So this man had a Stanley knife
in his hand and he held it
1543
01:18:32,328 --> 01:18:33,432
to Mr. Lunney's face.
1544
01:18:35,227 --> 01:18:36,919
- Get in there!
1545
01:18:36,953 --> 01:18:37,747
Get in!
1546
01:18:44,996 --> 01:18:48,240
- [Eoin] He felt the Audi
startup and move at speed.
1547
01:18:48,275 --> 01:18:52,072
This journey continued for
about 40 to 50 minutes.
1548
01:18:53,556 --> 01:18:56,041
The boot opened up again
and he noticed that he was
1549
01:18:56,076 --> 01:18:57,525
in a very overgrown area.
1550
01:18:57,560 --> 01:19:01,771
He figured it was a farm yard
of some kind, pretty unkempt.
1551
01:19:01,806 --> 01:19:04,636
And there were a number of
trailers, in particular,
1552
01:19:04,670 --> 01:19:06,569
a blue trailer.
1553
01:19:06,603 --> 01:19:09,123
Once he was in there,
this is when really,
1554
01:19:09,158 --> 01:19:11,988
I suppose the abduction has
turned into a false imprisonment
1555
01:19:12,023 --> 01:19:15,543
now and the assault on
Mr. Lunney would begin
1556
01:19:15,578 --> 01:19:16,959
inside that trailer.
1557
01:19:22,067 --> 01:19:26,175
At that point, his attacker
then held him up and told him
1558
01:19:26,209 --> 01:19:28,211
so that you'll remember
why you're here.
1559
01:19:30,524 --> 01:19:32,284
We need to mark you so
that you'll remember
1560
01:19:32,319 --> 01:19:33,320
why this happened.
1561
01:19:35,046 --> 01:19:38,083
They then took bleach and
they used a rag to rub bleach
1562
01:19:38,118 --> 01:19:39,982
into his legs, into his torso.
1563
01:19:40,016 --> 01:19:42,260
That caused an immense
amount of pain, he said.
1564
01:19:42,294 --> 01:19:44,227
And then they used the
bag to rub the bleach
1565
01:19:44,262 --> 01:19:45,746
all over his face and head.
1566
01:19:48,266 --> 01:19:52,132
They then used a wooden bat
to strike Mr. Lunney's shin.
1567
01:19:53,650 --> 01:19:55,514
He said that after
the first strike,
1568
01:19:55,549 --> 01:19:58,034
he knew that his
shin had broken,
1569
01:19:58,069 --> 01:19:59,864
but then he was struck
again almost immediately
1570
01:19:59,898 --> 01:20:01,313
in exactly the same place.
1571
01:20:05,041 --> 01:20:06,802
They told him that they were
gonna leave him at the side
1572
01:20:06,836 --> 01:20:09,252
of a road but he was
warned, do not look back.
1573
01:20:12,152 --> 01:20:13,843
And he was pushed out
of the van with his face
1574
01:20:13,878 --> 01:20:15,880
facing towards the ditch.
1575
01:20:23,370 --> 01:20:25,510
- [Reporter] A board member
of Quinn Industrial Holdings
1576
01:20:25,544 --> 01:20:28,651
claimed today the attack
was carried out by people
1577
01:20:28,685 --> 01:20:31,309
who were contracted
and paid to do it.
1578
01:20:33,587 --> 01:20:36,555
This morning, as part of
an ongoing investigation,
1579
01:20:36,590 --> 01:20:39,213
Garda made three arrests.
1580
01:20:39,248 --> 01:20:41,422
Amid high security,
the men were brought
1581
01:20:41,457 --> 01:20:43,700
to Virginia Courthouse
this morning.
1582
01:20:43,735 --> 01:20:46,358
The details of the
allegations against the men
1583
01:20:46,393 --> 01:20:49,085
cannot be reported
at this stage.
1584
01:20:49,120 --> 01:20:52,744
Garda here say their
investigation is continuing.
1585
01:20:54,297 --> 01:20:56,955
- The attack on Kevin
changed everything.
1586
01:20:56,990 --> 01:21:00,234
It changed people's
perception that this attack
1587
01:21:00,269 --> 01:21:03,099
they believed at the
time was carried out
1588
01:21:03,134 --> 01:21:05,067
in support of Quinn.
1589
01:21:05,101 --> 01:21:08,346
And I think he has lost a
lot of respect in the area
1590
01:21:08,380 --> 01:21:11,383
from people who would've
previously supported him.
1591
01:21:15,491 --> 01:21:18,459
- [Interviewer] Did you have
anything to do with the attack
1592
01:21:18,494 --> 01:21:19,253
on Kevin Lunney?
1593
01:21:19,288 --> 01:21:21,531
- Absolutely nothing.
1594
01:21:21,566 --> 01:21:23,257
Absolutely nothing.
1595
01:21:23,292 --> 01:21:26,605
Where would I, why
would I bother me head
with Kevin Lunney?
1596
01:21:26,640 --> 01:21:28,676
Just think about why
would I bother my head
1597
01:21:28,711 --> 01:21:29,574
with Kevin Lunney?
1598
01:21:30,955 --> 01:21:35,614
One thing I think that somebody
should ask Kevin Lunney,
1599
01:21:38,307 --> 01:21:39,653
why was he attacked?
1600
01:21:41,413 --> 01:21:44,416
What they have done over
the last six, seven years
1601
01:21:44,451 --> 01:21:47,316
and the level of betrayal
is probably unprecedented
1602
01:21:47,350 --> 01:21:48,869
in the history of this state.
1603
01:21:50,940 --> 01:21:53,460
Now I have nothing good
to say about Kevin Lunney.
1604
01:21:55,669 --> 01:21:58,189
I'd like to make a
presentation to somebody
1605
01:21:58,223 --> 01:22:00,570
who had a major influence on
the success of Quinn Direct
1606
01:22:00,605 --> 01:22:01,986
over the past 10 years.
1607
01:22:04,333 --> 01:22:07,163
Somebody has to have the
respect of their colleagues
1608
01:22:08,337 --> 01:22:11,236
and that's the
important thing in life.
1609
01:22:11,271 --> 01:22:13,411
Kevin Lunney always
had the respect.
1610
01:22:13,445 --> 01:22:16,172
[crowd cheers]
1611
01:22:22,247 --> 01:22:24,767
[gentle music]
1612
01:22:32,809 --> 01:22:36,261
[gentle music continues]
1613
01:22:45,270 --> 01:22:47,790
I don't think that
anybody, regardless of what
1614
01:22:47,824 --> 01:22:49,757
whether denied, they should
have stooped to the level
1615
01:22:49,792 --> 01:22:50,827
of what they've done
to Kevin Lunney,
1616
01:22:50,862 --> 01:22:53,037
that should never have happened.
1617
01:22:53,071 --> 01:22:55,901
Human beings don't do
that to each other.
1618
01:22:55,936 --> 01:22:58,766
But there'll be doubts in
people's minds, you know, Jesus,
1619
01:22:58,801 --> 01:23:01,045
how come the television
crews from all over Ireland
1620
01:23:01,079 --> 01:23:02,494
promoting this thing
about Sean Quinn,
1621
01:23:02,529 --> 01:23:06,395
and he was responsible for
the abduction of Kevin Lunney.
1622
01:23:06,429 --> 01:23:07,396
People do believe that.
1623
01:23:11,883 --> 01:23:13,989
- [Father] I now believe
that there has been
1624
01:23:14,023 --> 01:23:17,785
a mafia style group,
with it's own Godfather
1625
01:23:17,820 --> 01:23:22,514
operating in our region for
some time and it's serious.
1626
01:23:27,554 --> 01:23:30,522
This well planned and
well organized abduction
1627
01:23:30,557 --> 01:23:33,801
could only have
happened if some person
1628
01:23:33,836 --> 01:23:38,047
with ulterior motives agreed
to pay these criminals
1629
01:23:38,082 --> 01:23:41,602
a sum of money and gave
instruction of what he required
1630
01:23:41,637 --> 01:23:44,329
be to done to an
unsuspecting victim.
1631
01:23:50,542 --> 01:23:55,306
Some devious people are so
consumed with hatred and emnity
1632
01:23:55,340 --> 01:23:59,241
that they lose their moral
compass and are prepared
1633
01:23:59,275 --> 01:24:01,277
to hire the most
ruthless of criminals
1634
01:24:01,312 --> 01:24:03,935
to achieve their sinister goals.
1635
01:24:05,109 --> 01:24:08,284
They also become
compulsive liars.
1636
01:24:12,185 --> 01:24:15,291
This region deserves better.
1637
01:24:15,326 --> 01:24:18,536
This region and its
resources belong to all
1638
01:24:18,570 --> 01:24:20,676
its hardworking citizens.
1639
01:24:21,746 --> 01:24:24,473
[crowd applauds]
1640
01:24:30,755 --> 01:24:32,757
- Every morning you get
up, it's no different
1641
01:24:32,791 --> 01:24:35,622
and it's just this
heavy load every morning
1642
01:24:37,141 --> 01:24:40,109
and enormous pressure, yeah.
1643
01:24:41,317 --> 01:24:43,733
And it translate on
to children, I think,
1644
01:24:43,768 --> 01:24:48,359
and everybody in the house
because everyone is in bad form.
1645
01:24:53,157 --> 01:24:55,400
- You know, what they've
done to us is unbelievable.
1646
01:24:55,435 --> 01:24:57,264
It was hard to believe
they'd go and try to take
1647
01:24:57,299 --> 01:24:58,679
the business off us.
1648
01:24:58,714 --> 01:25:00,750
But now to try to make us
criminals being involved
1649
01:25:00,785 --> 01:25:02,304
in Kevin Lunney's attack.
1650
01:25:06,584 --> 01:25:08,206
Don't worry about the
boys that done it.
1651
01:25:08,241 --> 01:25:09,518
Get Sean Quinn.
1652
01:25:09,552 --> 01:25:11,589
Get the big, get to
whoever's paying the money.
1653
01:25:13,073 --> 01:25:15,558
[gentle music]
1654
01:25:17,422 --> 01:25:18,837
The people have to believe it.
1655
01:25:20,391 --> 01:25:22,496
They have to believe that
there's something in this.
1656
01:25:22,531 --> 01:25:24,326
Surely the priest wouldn't
be getting up on the altar
1657
01:25:24,360 --> 01:25:27,260
and blaming Sean Quinn if he
wasn't involved somewhere.
1658
01:25:31,988 --> 01:25:34,646
[gentle music]
1659
01:25:42,654 --> 01:25:45,968
[gentle music continues]
1660
01:25:51,007 --> 01:25:53,320
- [Gavin] The further
distance you take from it,
1661
01:25:53,355 --> 01:25:56,565
it becomes this kind of
clear cut case of a guy
1662
01:25:56,599 --> 01:26:01,017
who over borrowed,
made this crazy bet
1663
01:26:01,052 --> 01:26:04,607
on a single share
of a single bank
1664
01:26:04,642 --> 01:26:07,645
and then had to be bailed
out by that same bank.
1665
01:26:07,679 --> 01:26:10,786
And that's just
seen as so toxic.
1666
01:26:12,236 --> 01:26:14,238
It's not black and white.
1667
01:26:14,272 --> 01:26:16,619
The legacy of the businesses
will always be there
1668
01:26:16,654 --> 01:26:18,552
for the people who work in
them and for their families
1669
01:26:18,587 --> 01:26:21,072
and for the local area.
1670
01:26:21,106 --> 01:26:24,593
But there's some pretty
big missteps that can,
1671
01:26:24,627 --> 01:26:26,664
couldn't, can't
ever be forgotten.
1672
01:26:30,668 --> 01:26:33,222
- [Fintan] For all my
criticisms of Sean Quinn,
1673
01:26:33,257 --> 01:26:35,466
I think the thing you
can't take away from him
1674
01:26:35,500 --> 01:26:40,505
is that he put a lot of
backbone into communities
1675
01:26:42,542 --> 01:26:47,029
that had been
abandoned and abused.
1676
01:26:47,063 --> 01:26:48,755
Made them feel
that they mattered.
1677
01:26:49,928 --> 01:26:54,726
And I think the
strengths of purpose
1678
01:26:54,761 --> 01:26:56,038
that we've been getting
1679
01:26:56,072 --> 01:26:59,006
from those border communities
over the Brexit crisis
1680
01:26:59,041 --> 01:27:01,906
has at least something to do
with the legacy of Sean Quinn.
1681
01:27:11,156 --> 01:27:14,021
- The words that come to mind
when I think of Sean Quinn
1682
01:27:14,056 --> 01:27:16,645
are delusion and defiance.
1683
01:27:16,679 --> 01:27:20,407
I often felt looking at those
children at the beginning
1684
01:27:20,442 --> 01:27:22,409
of their adult lives when
they were getting married,
1685
01:27:22,444 --> 01:27:26,689
having their first babies,
for them to have to go through
1686
01:27:26,724 --> 01:27:29,968
close to a decade of
living under that pressure
1687
01:27:30,866 --> 01:27:32,108
in those circumstances.
1688
01:27:32,143 --> 01:27:36,527
And for a father to have
put them through that
1689
01:27:36,561 --> 01:27:40,531
because of his own determination
and his own delusion.
1690
01:27:40,565 --> 01:27:44,914
And because of some
misguided concept of
1691
01:27:44,949 --> 01:27:46,916
mafia-like family loyalty,
1692
01:27:48,401 --> 01:27:50,299
that to me just strikes
me as being sad.
1693
01:27:50,334 --> 01:27:52,888
I mean, this at the end of
the day is a tragedy, really.
1694
01:27:52,922 --> 01:27:56,305
And I don't think
there are any winners,
1695
01:27:56,340 --> 01:27:57,720
certainly not among the Quinns.
1696
01:27:59,343 --> 01:28:02,207
- I think he deserves to be
remembered as somebody who
1697
01:28:02,242 --> 01:28:06,729
achieved a remarkable
economic revitalization
1698
01:28:06,764 --> 01:28:09,732
of a very depressed
area of the country.
1699
01:28:09,767 --> 01:28:12,010
And the footnote
will have to be that
1700
01:28:12,045 --> 01:28:15,151
the great pity is that
he gambled it all away.
1701
01:28:16,912 --> 01:28:20,122
- I'm delighted to unveil
Mannok as a new brand
1702
01:28:20,156 --> 01:28:22,297
of the business moving forward.
1703
01:28:22,331 --> 01:28:24,816
This marks a significant step.
1704
01:28:24,851 --> 01:28:27,785
It's the roots of where
this business has come from
1705
01:28:27,819 --> 01:28:31,133
and it's to reflect
that in the new name.
1706
01:28:55,847 --> 01:28:58,574
[gentle music]
1707
01:29:06,410 --> 01:29:09,758
[gentle music continues]
1708
01:29:17,904 --> 01:29:20,596
[gentle music]
1709
01:29:25,843 --> 01:29:30,606
- All I can say is
that in my 75 years,
1710
01:29:31,607 --> 01:29:33,126
I never knowingly,
1711
01:29:36,094 --> 01:29:39,097
[Sean sobs quietly]
1712
01:29:45,241 --> 01:29:48,452
I never knowingly took anything
that didn't belong to me.
1713
01:29:49,798 --> 01:29:50,592
Never.
1714
01:29:55,873 --> 01:29:58,669
[gentle music]
1715
01:30:00,498 --> 01:30:03,915
I think my legacy
will be that, uh--
1716
01:30:05,503 --> 01:30:07,229
I built up a great company.
1717
01:30:07,263 --> 01:30:10,681
I employed a lot of people
in a very poor area.
1718
01:30:12,924 --> 01:30:14,443
I was an honest man
1719
01:30:16,238 --> 01:30:18,447
and that the area
1720
01:30:18,482 --> 01:30:22,796
would be more successful
because of Sean Quinn
1721
01:30:22,831 --> 01:30:24,764
than it would be without him.
1722
01:30:25,972 --> 01:30:27,870
And that he got rough justice.
1723
01:30:33,876 --> 01:30:36,500
- Okay?
- [Interviewer] Yep we're done.
1724
01:30:41,090 --> 01:30:43,748
[gentle music]
1725
01:30:51,929 --> 01:30:55,208
[gentle music continues]
1726
01:31:03,285 --> 01:31:05,943
[gentle music]
1727
01:31:13,985 --> 01:31:17,472
[gentle music continues]
1728
01:31:25,514 --> 01:31:27,965
[gentle music]
1729
01:31:36,456 --> 01:31:39,977
[gentle music continues]
1730
01:31:47,916 --> 01:31:50,953
[gentle music ends]
131477
Can't find what you're looking for?
Get subtitles in any language from opensubtitles.com, and translate them here.