Sean Quinn rues "mistakes” across empire

The Irish Independent reports that the comments came at a meeting on 15 April between Mr Quinn and politicians, as the Cavan tycoon got to grips with the implications of Anglo Irish Bank's swoop on his empire.

Last week, a joint venture of Liberty Mutual and Anglo Irish Bank was announced as the preferred bidder for the general insurance business of Quinn Insurance, while the firm closed its Manchester operation.

Mr Quinn lost more than €3bn on a failed bet on Anglo Irish Bank's shares, leaving him €2.88bn in debt to Anglo and triggering the administration of his insurance company.

Mr Quinn is believed to have spent much of yesterday locked in meetings with advisers trying to hammer out a strategy to deal with Anglo's decision to install a receiver across the Quinn Group.

The Quinn family is also believed to be examining its options in relation to the insurance business and their remaining assets, including the Belfry golf course in the UK.

A spokesman last night indicated that "no decision" had yet been reached on the Quinns' strategy to deal with those assets, or the €2.88bn debt owed to Anglo Irish Bank.

In a statement issued in the immediate aftermath of Anglo's decision to take control of the Quinns' manufacturing, property and hotel interests, the family said they were "considering" the bank's action.

Anglo is believed to be keen to secure Mr Quinn's co-operation for any solution to deal with his outstanding debts, as it will make it much easier to identify the Cavan man's assets.

Frank Feighan, a Fine Gael TD politician who attended the meeting, said: "He talked more about the workers than he did about himself; he was glad that the jobs were going to be saved."