Staff breathe massive sigh of relief at news
How the mighty have fallen. Sean Quinn was once the doyen of the business world both in Northern Ireland and in the Republic.Now he looks to have finally lost grip on the once-mighty Quinn Group from which he made his fortune, once reputed to be worth €4.4bn.
The deal to save Quinn's manufacturing arm is great news for its 2,600 employees and it looks like a deal will be struck in the very near future which will take care of the Quinn Insurance workers after a preferred bidder was found for it.
Let's hope so.
Sean Quinn's business is not the first, nor will it be the last to experience such boom and bust in such a short space of time but the gambles he took with the companies cash should be a lesson to us all.
Quinn used profit from the business to trade in opaque financial instruments called Contracts for Difference in Anglo-Irish Bank shares. He was set to gain millions if the market moved in the right direction but as Anglo's shares tumbled, so did Quinn's worth.
Ironic then that part of the deal to save Quinn Manufacturing is being funded by that very bank.