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Downloaded from
YTS.MX

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[suspenseful music]

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[gates squeal]

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Official YIFY movies site:
YTS.MX

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[suspenseful music]

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- There's achievers in life and
there's destructors in life.

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I'm one of the achievers.

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What I want to be remembered
for the man that they tried

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to bury and they weren't
able to bury him.

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[upbeat music]

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[upbeat music continues]

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When you drive up that
mountain road and you see

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all the factories, the
windmills on the skyline,

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everything is down
to the one man.

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You're talking about factories
covering maybe 200 acres.

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- [Ian] They had this one thing
up in Cavan and Fermanagh.

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They had Quinn.

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- He was on the Forbes
list of billionaires.

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- [Reporter] Sean Quinn is
fighting the courts over loans

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of nearly 3 billion Euro.

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- [News Anchor] Businessman
Sean Quinn has been declared

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bankrupt at-

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- [Reporter 2] The former
billionaire Sean Quinn

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has been jailed for nine
weeks for contempt of court.

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- [Reporter] Vandalism,
assaults, bullets in the post.

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- We will not go
quietly into the night.

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Make no mistake about it.

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This is a war.

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- [Reporter] Kevin Lunney
is recovering in hospital,

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the PSNI say his injuries
are life changing.

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- [Sean] What they've
done to me is wrong.

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I have made plenty of mistakes,

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but I think it's
important that the Quinns

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tells the true story.

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[intense music]

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Ah, sure.

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It's hard to believe
that it's your own people

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that you've worked for 20,
25 years is doing it to you.

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It's just hard to believe.

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I mean, it was hard to
believe they'd go and try

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to take the business off
us and put me and my son

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out of the business.

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And it's soul destroying
and it makes no sense.

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- [Reporter] 50-year-old Kevin
Lunney, who is a director

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and chief operating officer
with Quinn Industrial Holdings,

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was abducted, assaulted
and found two hours later.

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- For years now, five
men have been subjected

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to a campaign involving
vandalism, sabotage,

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bullets in the post,
assaults, arson attacks.

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- [Speaker] We will want to
see the security forces act

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and deal with the
paymaster who is paying

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for these activities
and orchestrating

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this ongoing campaign
of intimidation.

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- And then they turnaround
now and blame us

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for being involved
in criminal activity

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and abducting Kevin Lunney.

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I mean, it's beyond
comprehension that
your own friends

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and your own staff
and your own neighbors

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would do it to you.

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- There are a small number
of individuals involved,

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paid to carry out these
tasks and we need to get

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to the crux of it.

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We need to get it dealt with.

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And it is a law
enforcement issue.

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And I am not minded
to be intimidated

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by this sort of activity.

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- [Sean] I would
accept that the fact

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that I have been critical about
them and some of the truths

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that I have told about
them would have created

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a toxic climate.

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If telling the truth is an
incitement to hear truth,

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then I'm guilty.

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[gentle music]

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[gentle music continues]

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[gentle music]

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My father couldn't read
nor write, but he was,

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he was quite clever.

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And he would count
money and he would know

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a good animal from a bad animal.

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He was able to buy a farm
in 1950 for 2,000 pounds

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and paid cash for it.

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There was no telephones,
there was no television.

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There was no running water.

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We didn't have a car, we
didn't have a tractor.

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We didn't have anything
in those early years.

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The four of us
was born in there.

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Myself and Peter, Miriam, and
Bernadette, the two sisters.

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- [Bernie] I was the youngest.

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I was the baby and spoiled.

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He was the second youngest.

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He was the worker, the farmer.

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Wasn't interested in going
on to higher education

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or education of any kind.

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The sooner he got out
and made a few pound

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the better for him.

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He just didn't turn
up for the bus the day

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he was supposed to
go to transfer exam.

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He wasn't going to go that path.

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- I hid in the bushes
until I seen the bus

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leaving the school 'cause
I didn't want to do

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the 11-plus and didn't do it.

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So when I arrived
then the teacher,

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she wasn't very happy
and where was I?

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And when I went home, my
mother wasn't very happy,

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but my father said,
leave him alone.

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He'll be all right.

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He'll help me with the
land, he'll be grand.

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So I was the dunce that stayed
at home milking the cows.

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[gentle music]

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- Maybe that was the
first insight we got,

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that he was his own
person and was going

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to do his own thing.

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The rest of us left home.

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Peter would've gone to college
and would always have been

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a kind of academic.

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Miriam, similarly.

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[gentle music]

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- [Sean] I farmed
for a few years

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along with my father, poorly.

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And then we started to
get involved a wee bit

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in small contracting
as well, making roads

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for the tractor and
trailer and bought a bailer

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and used to bail hay for pay.

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I felt that farming
wasn't for me.

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[gentle music]

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There's an old
saying in farming,

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I think it's a true one.

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In farming, you live
poor and die rich

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because the farms worth
a lot for after your day,

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but you live poor.

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So, I formed that
opinion very early on,

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rightly or wrongly, maybe
as it turned out wrongly.

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I suppose I was too greedy.

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I was just looking
for cash, you know,

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all the time and farming
was too slow for me.

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My father took a massive
heart attack in 1967.

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The week before Christmas,
the 18th of December '67,

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he died.

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It was a serious shock.

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- Before Daddy had died,
he had sold a field of sand

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or gravel, gravel probably.

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And I remember Miriam and I
had been out talking to Sean

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in the front street
when he says, you know,

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I'm going to start this.

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We kinda looked at him, he says,

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"Well, look at it's like this,

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if Pat Quarry could
buy it off my father

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and make money off it," he says,

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"why couldn't I if I've got
my own sand and gravel?"

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- Well then there was McCaffrey
admitting they started

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in the area as well and they
were all quite successful

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and they were all good people

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and they all run
good businesses.

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And what they used to
do is they used to bring

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the gravel to the
water by a road.

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And of course, I decided I'll
bring the water to the gravel

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and sunk wells, maybe
a hundred foot deep.

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[gentle music]

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I acquired a wee Bedford Lorry.

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It cost 1,800 pounds.

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The registration
number is A-I-L 8023

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and that was bought
in the spring of 1973.

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- And it mushroomed after that.

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Mommy would've taken the phone
calls at the end of the table

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and I would've gone home at
weekends and done the books

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of whatever he had done
for that particular week

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and it just started
from that very small,

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from the kitchen table.

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- I think the first year we
made 8,000 pounds in profit

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and then the second year it
doubled and the third year

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it doubled and it kept doubling
every year for a few years.

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While the profits were very low,

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it put in place a mechanism
that was gonna change my life.

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The family were
popular in the area,

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I mean, we played football.

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- If you're looking at the
economy of the border region

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in the 70s and 80s,
it's a wasteland.

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He decided to set up a
business and locate it

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in his own domain.

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Quinn routed his
business in his locality.

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He had a great sense of place.

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He understood the area
and he was loyal to it.

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Whether it was playing
Gaelic football,

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whether it was supporting
local businesses.

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He played that card and
he played it very well.

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[gentle music]

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- The redness of the stone
that would be very high

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in the iron.

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So, it's just a wee
bit of a tricky.

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The whole mountains a wee bit
tricky insofar as you have

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to pick out different
elements from different parts

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of the quarry, you know?

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My competitors, they were
just doing sand and gravel

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and I thought we should
widen out beyond that.

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So we started making blocks
and ready mix concrete.

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The gravel in our region was
very porous and weakened,

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a bit soft.

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So I had to start and
open a quarry then.

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[energetic music]

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We've been quarrying
there now for 40 years.

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I opened that in the late 70s.

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So, there's still material
being drawn from that

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up until this day.

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I remember going to
the bank man in Cavan,

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Bank of Ireland.

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He says, you're overdrawn
in the bank, you know that.

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And I said, "Ah, we are wee
bit, but sure we're going

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the right direction.

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Our profits are
increasing all the time."

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I looked at him and I said,

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00:10:52,686 --> 00:10:54,895
"I bought a farm
of land yesterday."

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00:10:54,930 --> 00:10:56,172
"You what," he says.

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00:10:56,207 --> 00:10:57,898
I said, "I bought a
farm of land yesterday."

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He says, "Who's going
to pay for that?"

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00:11:00,418 --> 00:11:01,868
And I said, "I don't know."

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00:11:01,902 --> 00:11:02,696
So...

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00:11:06,700 --> 00:11:08,529
- [Bernie] I suppose
we were all frightened

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00:11:08,564 --> 00:11:10,290
of the expenditure
that was involved in it

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00:11:10,324 --> 00:11:13,189
because it seemed almost
an impossible dream.

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Mommy's dead 13 years
but if she had seen

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00:11:18,125 --> 00:11:20,472
what was going to happen, she'd
say he's going far too fast.

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00:11:20,507 --> 00:11:21,784
He's doing far too much.

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00:11:21,819 --> 00:11:23,096
It'll never work out.

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Nobody around would
ever have thought

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00:11:27,583 --> 00:11:29,136
that he was making
money, you know

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because he was just
so relaxed about,

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00:11:31,173 --> 00:11:33,209
he was still very much
part of the community.

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He was still out in the
football field every evening.

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[gentle music]

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00:11:47,223 --> 00:11:50,986
- [Bryan] When I was very
small at midnight mass,

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it was the custom that you
would put a candle in the window

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00:11:54,575 --> 00:11:57,233
so that if you looked
up at the mountain side,

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you would see all
the houses lit up.

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00:12:02,135 --> 00:12:04,240
But as the years
went by, one by one,

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00:12:04,275 --> 00:12:06,449
the candles and the
lights went out.

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00:12:07,865 --> 00:12:10,039
That was it and the
mountain was in darkness.

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00:12:12,973 --> 00:12:17,633
There was a constant,
constant drain of immigration.

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A whole generation
that had gone away

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because there was
simply no work at all.

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00:12:25,054 --> 00:12:29,231
And an old man said to me,
when Sean Quinn was going well,

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00:12:29,265 --> 00:12:33,476
he said Quinn put
the lights back on,

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00:12:33,511 --> 00:12:34,857
on the mountain side.

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00:12:41,726 --> 00:12:44,039
- I never saw a mistake
to running a business.

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I never saw, I never
thought it was difficult

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00:12:46,213 --> 00:12:47,180
running a business.

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Always came easy to me.

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[energetic music]

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00:12:57,638 --> 00:12:59,088
'83 we bought the first pub.

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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]