Monday 14 November 2011

The (non) Richest men in Ireland

An area of interest in recent  years has been the fascination with how the (once) richest men in Ireland, have now fallen from grace and have such huge debts, it is hard for the average person to comprehend.

One case in point was the fall of the Quinn Groups founder Sean Quinn, who at one time (er... NOT so long ago!) looked like he was going to take over the country he was getting so rich. But, apart from the set-in of the usual recessionary factors, such as the collapse in property prices, and the banks being exposed, Sean quinn also had the additional financial exposure of having gambled on a failing bank (the Anglo Irish Bank), and compromising his risk portfolio on in his insurance business, which turned out to be a double whammy to him in terms of getting hit by the recession in more than normal. Recent figures published (which of course are not necessarily accurate) quoted Sean Quinn as having debts in the region of 2.5b, against assets in the region of 0.5b (500million). Imagine during the boom times being told you have assets worth €500million, but you are still in serious financial trouble!!.   It seems many people belive that Sean Quinn can still rise from his financial difficuties and regain his position as one of the countries richest men in the future, but eh, is'nt a guy now who is broke (has no money) in a much better position?..  After all, he's only ahead of Sean Quinn by about €2billion, which sure takes some catching up!!..

Just to put this in some sort of perspective: One of Americas richest men Donald Trump boasts having been a multi-millionaire, then gone broke and got back there, and is now worth about $2.7b (€1.9b), hence to put Sean Quinns debt in persective, he now has to make up the total sum of Donald Trumps current worth to be at Zero wealth, and then work from there!... Phew!!..  A tall order by anybodies standards!!..

Wednesday 20 July 2011

Irish Supermarket chain SuperQuinn is Not such a "Super" Quinn to it's suppliers

This has got to be one of the most amazing business stories I've come across in recent years. For those not familar with it, here's how it goes: A successful Supermarket chain called "SuperQuinn", (originally started in Dundalk, but obtained most of it's growth within the Dublin area) named after it's founder Feargal Quinn, is sold to a consortium called "Select Retail Holdings" in 2005. This consortium seemed to be heavily property oriented (as opposed to having a retail bias), and hence, as a result of what could now be called "speculative" property investments round the Dublin area became financially distressed, owing the banks around €400m. So the banks SUDDENLY decide to have the Company brought into receivership, then selling it to Musgraves, who in turn take on little of none of the debt, thereby assurign the banks of a good percentage of their money back, Musgraves are happy to bag a bargain, but many shareholders, and suppliers are heavily stung losing millions in the process!!.. What an easy way to write off substantial debt, and not get punished for it!!..

Saturday 16 July 2011

Microsoft, Bill Gates retirement from active service, and the future of Software development

Being largely a contemporary of Bill Gates, and having grown up in the world of computers and IT as I did, and then having to live alongside the Worlds richest man being my pier, it was quite demanding having to keep up with the worlds richest man!!..

Sunday 26 June 2011

Information management is key to successful living

Information or "data" management is key to successful living simply it influences our decision making processes in pretty much all aspects of our lives (not just our working / professional lives!).. From organizing our diaries, and scheduling our task lists (or to-do lists) we rely on the structure of what we enter to help remind us of our true priorities