Anglo Irish clients plan €500m revenge fund
By Shane Ross
Sunday April 27 2008
A GROUP of clients of Anglo Irish Banks, including big builders and entrepreneurs, plan to set up a large investment fund to buy shares in the troubled bank.
A meeting took place in a Dublin hotel recently in which it was decided to buy shares worth up to €500m. Gerry Gannon of Gannon Homes and Sean Quinn are thought to have been targeted to join the consortium. Quinn is already a large shareholder.
Sources close to the group suggest that each member will be asked to put in several million euro. When the fund reaches €500m, it will be leveraged up with borrowings to buy further Anglo shares.
My opinion is that the buy-up clan have their backs to the wall and simply cannot afford to let Anglo drop.
The big question is -- who's going to loan them the leverage?
I hope the old boys' club know what they're doing.
Another thing -- surely you'd want to keep a plan like this a secret?
Why let this information advantage out in to the public?