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Pat De Baker
30-03-2010, 11:54 AM
The High Court has appointed two joint provisional administrators to the Quinn Insurance Group.

Mr Justice John Cooke made the order following an application by lawyers on behalf of the financial regulator. The application was made under the 1983 Insurance Act.

The court heard the Financial Regulator took this action following serious concerns about the way the group was managing its affairs.




http://www.rte.ie/business/2010/0330/quinn.html

mutley
30-03-2010, 12:02 PM
I have not really been follwing Quinn, was this expected?

Xray
30-03-2010, 12:04 PM
My heart goes out to the ordinary people working in it, I hope jobs and incomes are secured.

mutley
30-03-2010, 12:05 PM
My heart goes out to the ordinary people working in it, I hope jobs and incomes are secured.

Judging from the article, it is going to be run as a going concern

Cassandra Syndrome
30-03-2010, 12:05 PM
It is unexpected. As we havn't enough balls to jungle this week.

mutley
30-03-2010, 12:06 PM
It is unexpected. As we havn't enough balls to jungle this week.

A good day to dump bad news?

ang
30-03-2010, 12:15 PM
This is another part of the Anglo scenario:-


The simple truth is that it has been decided by the Government that Anglo will be kept going, and that is pretty much the end of the matter. The reasons for this dogmatism, however, are becoming a little clearer.

A clue lies in the answer to the question: if Anglo Irish Bank is going to be a business bank once it has dumped its €36 billion worth of toxic loans into the National Asset Management Agency (Nama), then who will be its biggest customer?

The answer is the Quinn Group. Once the bank has been “cleansed” of its land and development loans, its loan book will shrink to €36 billion. A good portion of this – perhaps up to €10 billion – will be hived off into a run-off vehicle, and the remainder will form the basis of the new business bank.

Quinn Group – which owes Anglo about €2.8 billion – will account for well over 10 per cent of the new bank’s loan book.

Anglo’s single biggest activity under Aynsley’s plan will be to provide finance to the Quinn Group, and its loans to Quinn will exceed the bank’s capital base.


http://www.irishtimes.com/newspaper/finance/2010/0329/1224267276470.html

ZANU-FF
30-03-2010, 12:15 PM
Elderfield will take no prisoners

the begining of the end of crony capitalism

in the good old days Quinns sponsorship of The Lite Lite Show would have bought him discretion from RTE FFTV

The internet will destroy FF and their crooked ways

Has Dukes ever mentioned Quinns obligations to the taxpayer owned Anglo?

ZANU-FF
30-03-2010, 12:22 PM
paying the bills with premiums

treating the premium pool as personal cash

Hang Neary Now, Elderfield uncovered this and he is only how long in the job?

I want FIRINGS from the Regulators Office. NOW

Pat De Baker
30-03-2010, 12:26 PM
Hang Neary Now,

Questions need to be asked as to what this guy was fecking doing and who put in there

MPB
30-03-2010, 12:30 PM
It is unexpected. As we havn't enough balls to jungle this week.

Yeh, this will be a nice distraction from the NAMA rip off.

With regard to Quinn, it seems the high court action was brought by clients.

Anglo is owed something in the region of 2.8 billion from Quinn, so not hard to imagine who contacted the regulator.

It looks like everything this country did in the last 10 years was connected to Anglo. Imagine, we now have to pay the debts of what amounted to a private members club of well connected chosen ones.

Great little country.

Cassandra Syndrome
30-03-2010, 12:31 PM
paying the bills with premiums

treating the premium pool as personal cash

Hang Neary Now, Elderfield uncovered this and he is only how long in the job?

I want FIRINGS from the Regulators Office. NOW

Don't mean to be fussy here, but Paris is my favourite city. Can me please, please use guillotines as well?

ZANU-FF
30-03-2010, 12:33 PM
Don't mean to be fussy here, but Paris is my favourite city. Can me please, please use guillotines as well?

Absolutely

Call Sarkozy

ZANU-FF
30-03-2010, 12:37 PM
Elderfield deserves an Irish Passport


INSURERS will only get "pass marks" if they have done their homework right, under Ireland's new approach to financial regulation.

Speaking at the European Insurance Forum 2010 yesterday, Matthew Elderfield, Head of Financial Regulation in Ireland, said the country had "started a process of overhauling (its) approach to financial regulation" to bring in a more effective mix of both rules-based and principles-based regulation.

Mr Elderfield said, in relation to regulating insurance companies, his office was "prepared to hand out pass marks, but only if insurers have done their homework properly".

He was "cautious about over-learning the lessons of the banking crisis for the insurance industry" as insurance was "inherently different".

But he stressed that insurers should learn, from the banks' experiences, to "take a sceptical and challenging view" of risk management practices.

http://www.independent.ie/national-news/do-your-homework-regulator-warns-insurers-2116742.html

DCon
30-03-2010, 12:41 PM
Quinn Insurance has Liabiliities over assets of 200M

MPB
30-03-2010, 12:45 PM
Quinn Insurance has Liabiliities over assets of 200M

Regulator has just announced an investigation to take place.

Looks like, everything was not as it seemed in Quinn.

C. Flower
30-03-2010, 12:47 PM
This is another part of the Anglo scenario:-



http://www.irishtimes.com/newspaper/finance/2010/0329/1224267276470.html

The Quinn Group was also I assume the major beneficiary of the share-price support provided by the "Golden Circle 10" "investment.

Who are the shareholders? This is not unexpected to me, as Quinn appeared to be undercutting the market to an alarming extent.

C. Flower
30-03-2010, 12:50 PM
Yeh, this will be a nice distraction from the NAMA rip off.

With regard to Quinn, it seems the high court action was brought by clients.

Anglo is owed something in the region of 2.8 billion from Quinn, so not hard to imagine who contacted the regulator.

It looks like everything this country did in the last 10 years was connected to Anglo. Imagine, we now have to pay the debts of what amounted to a private members club of well connected chosen ones.

Great little country.

Yes, but keep the eye on the Quinn ball too. Quinn bought a very major shareholding in Anglo Irish, and when he needed to sell out, the share price was deliberately propped up to "allow him" to sell.

Quinn and Anglo seem to have had an extraordinarily close relationship.

MPB
30-03-2010, 12:53 PM
Yes, but keep the eye on the Quinn ball too. Quinn bought a very major shareholding in Anglo Irish, and when he needed to sell out, the share price was deliberately propped up to "allow him" to sell.

Quinn and Anglo seem to have had an extraordinarily close relationship.

Absolutely. Keep your eye on everything going on at the moment.

Blink and it might cost us 50 billion.

Xray
30-03-2010, 12:58 PM
Absolutely. Keep your eye on everything going on at the moment.

Blink and it might cost us 50 billion.

I have been watching like a hawk for 18 months at it still cost me 50 billion + :confused:

MPB
30-03-2010, 01:01 PM
I have been watching like a hawk for 18 months at it still cost me 50 billion + :confused:

Jesus, me too.

This Lenihan bloke is good, I never even felt a hand in my pocket.

C. Flower
30-03-2010, 01:03 PM
Absolutely. Keep your eye on everything going on at the moment.

Blink and it might cost us 50 billion.


Only 50 ?

Andrew49
30-03-2010, 01:05 PM
A good day to dump bad news?

You said it!

Andrew49
30-03-2010, 01:11 PM
BACKGROUND
Sean Quinn's five children shared a €200 million payout from the main Quinn Group holding company in 2008. The group also made a provision for a €126 million write-off of money forwarded to the family by the group and lost in its disastrous investment in the now nationalised Anglo Irish Bank. This figure brings the total write-off over the past two years to €888 million.

The Quinn family and its businesses are understood to be the largest single customer of Anglo Irish Bank. Accounts for the Quinn holding company, Quinn Group (ROI) Ltd, filed in Belfast in 2009, show it made a pre-tax profit of €83 million in 2008, compared with a loss of €425 million the previous year, when it wrote off loans to the family totalling €762 million. Leaving aside these exceptional items, the group made a pre-tax profit of €466 million 2008, and €530 million in 2007.

The group is one of the largest Irish-owned businesses in the State with interests in insurance, glass, cement and the leisure sector.

Source (http://www.irishtimes.com/newspaper/frontpage/2009/1102/1224257903340.html)

ang
30-03-2010, 01:12 PM
Following an application by the Financial Regulator, the High Court has today appointed joint provisional administrators to Quinn Insurance Limited. The Financial Regulator has taken this action in the interests of the firm’s policyholders.

Quinn Insurance Limited

Irish policyholders of Quinn Insurance Limited can continue to renew policies, carry out new business and make claims in the normal way.

The appointment of joint provisional administrators will better protect policyholders. It will allow the firm to remain open for business, to continue to be run as a going concern under different management and to put the business on a sound commercial and financial footing.

The Financial Regulator has an onsite presence in the firm to oversee its actions and to work with the new management. At the same time the Financial Regulator has commenced an investigation into certain matters within Quinn Insurance Limited that have very recently come to light.

Quinn Insurance Limited (UK)

In addition, the Financial Regulator has separately directed Quinn Insurance Limited to cease writing new business in the UK. Existing UK policyholders will not be affected by this decision as existing policies will remain valid. Customers can make claims in the normal way.

The effect of this action is to prevent Quinn Insurance Limited suffering further financial losses from its currently unprofitable UK business.

Quinn Life

These actions do not apply to the Quinn Life business, which is a separate entity. It is unaffected by these measures.


Financial Regulators statement.

http://www.financialregulator.ie/press-area/press-releases/Pages/StatementonQuinnInsurance.aspx

Lapsedmethodist
30-03-2010, 01:18 PM
At last there's a real regulator ! This was coming according to an article in the Sunday Tribune. Another cute border hoor caught out !!

Digout
30-03-2010, 01:22 PM
There is no such thing as administration in Irish company law? Examinership, yet, but not administration.

johnfás
30-03-2010, 01:43 PM
There is no such thing as administration in Irish company law? Examinership, yet, but not administration.

Examinership is a form of insolvency proceedings, in the UK it is referred to as administration, essentially the same thing.

What is happening here is technically neither. It is not an insolvency proceeding or indeed a proceedings under the Companies Acts. What has happened is that the Financial Regulator has appointed an administrator under a reserve power owing to an infringement of a specific piece of insurance regulation.

However, it has been suggested that this piece of regulation concerned capital reserves in the insurance industry. When companies engage in this sort of thing, it is often to manipulate against losses in other aspects of a business. On that basis, we should not be surprised if it progresses towards insolvency proceedings - but that is not what is at issue presently.

Basically what has happened is that they have breached an insurance regulation to such a degree that the regulator has taken control of their affairs for the time being.

Hope that makes sense.

Xray
30-03-2010, 01:46 PM
Examinership is a form of insolvency proceedings, in the UK it is referred to as administration, essentially the same thing.

What is happening here is technically neither. It is not an insolvency proceeding or indeed a proceedings under the Companies Acts. What has happened is that the Financial Regulator has appointed an administrator under a reserve power owing to an infringement of a specific piece of insurance regulation.

However, it has been suggested that this piece of regulation concerned capital reserves in the insurance industry. When companies engage in this sort of thing, it is often to manipulate against losses in other aspects of a business. On that basis, we should not be surprised if it progresses towards insolvency proceedings - but that is not what is at issue presently.

Basically what has happened is that they have breached an insurance regulation to such a degree that the regulator has taken control of their affairs for the time being.

Hope that makes sense.


why is there not some complex procedure for me when i don't pay up?

Digout
30-03-2010, 01:46 PM
Examinership is a form of insolvency proceedings, in the UK it is referred to as administration, essentially the same thing.

What is happening here is technically neither. It is not an insolvency proceeding or indeed a proceedings under the Companies Acts. What has happened is that the Financial Regulator has appointed an administrator under a reserve power owing to an infringement of a specific piece of insurance regulation.

However, it has been suggested that this piece of regulation concerned capital reserves in the insurance industry. When companies engage in this sort of thing, it is often to manipulate against losses in other aspects of a business. On that basis, we should not be surprised if it progresses towards insolvency proceedings - but that is not what is at issue presently.

Basically what has happened is that they have breached an insurance regulation to such a degree that the regulator has taken control of their affairs for the time being.

Hope that makes sense.

But, there is no position of "Administrator" under Irish company law? Or is there an exemption for insurance?

johnfás
30-03-2010, 01:48 PM
But, there is no position of "Administrator" under Irish company law? Or is there an exemption for insurance?

Not under company law - there obviously is under parts of the Financial Regulation Acts and the Insurance Acts. They would have mechanisms which are outside the ambit of ordinary company law. Alot of it originates in European Directives. That is why we never hear of it, one suspects it is the first time the power has been used.

ZANU-FF
30-03-2010, 01:48 PM
I will call Joe DuFFy on the Whineline and find out

Digout
30-03-2010, 01:49 PM
why is there not some complex procedure for me when i don't pay up?

Because u = small fish. You get sent to the Joy. But a big FFish can do as it pleases.

johnfás
30-03-2010, 01:49 PM
why is there not some complex procedure for me when i don't pay up?

I'm not sure the issue is, yet, their not paying up. More like using the money from one part of their business to pay off another and in doing so breaching various reserve requirements. They got a fine from the regulator last year for doing this so it would be unsurprising if it was the same issue but a repeat/more serious offence (see here (http://www.belfasttelegraph.co.uk/news/local-national/record-fine-for-billionaire-quinn-14016057.html)). One thing leads to another though because it would be a strange piece of business to do if your business weren't in trouble. Its the kind of thread which you find unravelling companies.

Digout
30-03-2010, 01:51 PM
Not under company law - there obviously is under parts of the Financial Regulation Acts and the Insurance Acts. They would have mechanisms which are outside the ambit of ordinary company law. Alot of it originates in European Directives. That is why we never hear of it, one suspects it is the first time the power has been used.

This is interesting, I have had some dealing with the regulator and they were very thorough with me.

Xray
30-03-2010, 01:54 PM
Be that as it may, in general terms AIB owe me 8% on the 3.5 billion loan I gave them. Then cant do it, its ok though. Many others with massive loans to my bank Anglo will not be paying and will continue to live in castles on a nice income.

If I did not pay my credit card or any loans they would turn me inside out, if I missed any little bit of tax they would come for me. Its one rule for one it seems to me. You are either out of money or not, you either owe money or you don't. Everything else is smartarsey.
How about I live by the same code and take a rake of money, break a load of financial rules, but an Audi TT and live in a nice house and refuse to pay, will that be OK?

johnfás
30-03-2010, 01:55 PM
Digout, I suspect the term administration is used in the relevant legislation which grants these powers to the financial regulator specifically in order that a clear delineation is made between it and examinership (and other insolvency proceeding). It becomes confused because the UK system uses the term administrator in respect of our examinership mechanism.

Digout
30-03-2010, 02:00 PM
Its one rule for one it seems to me.

One rule for FF, one for everybody outside the gang.

C. Flower
30-03-2010, 02:09 PM
This is interesting, I have had some dealing with the regulator and they were very thorough with me.

Yes, there was a report last year that the Financial Regulator's office was using most of its highly-paid staff chasing small firms for minor matters at the time that other people were playing roulette with billions of investors money.

Xray
30-03-2010, 02:10 PM
how did you get on with that tax letter in the end Digout?

Digout
30-03-2010, 02:13 PM
how did you get on with that tax letter in the end Digout?

Have not heard a thing.

Digout
30-03-2010, 02:15 PM
Yes, there was a report last year that the Financial Regulator's office was using most of its highly-paid staff chasing small firms for minor matters at the time that other people were playing roulette with billions of investors money.

They tend to come down hard on small brokers over minor items. I know of one broker that was shut down over an innocent dispute over a sum less than €10k.

johnfás
30-03-2010, 02:16 PM
Yes, there was a report last year that the Financial Regulator's office was using most of its highly-paid staff chasing small firms for minor matters at the time that other people were playing roulette with billions of investors money.

I think it is well established at this stage that the financial regulator was not fit for purpose. This is of course unsurprising on a numerous fronts - the size and closeness of the business community for example.

But most particularly, the politicisation of these offices. Regulation, of any form (talking broadly, not in terms of light touch regulation of financial markets pe se), is meant to be someone treading softly whilst carrying a very large stick. One you politicise the regulator, the stick ceases to exist because it becomes political... it is replaced with just treading softly, or in our case, not treading at all.

Xray
30-03-2010, 02:20 PM
I think it is well established at this stage that the financial regulator was not fit for purpose. This is of course unsurprising on a numerous fronts - the size and closeness of the business community for example.

But most particularly, the politicisation of these offices. Regulation, of any form (talking broadly, not in terms of light touch regulation of financial markets pe se), is meant to be someone treading softly whilst carrying a very large stick. One you politicise the regulator, the stick ceases to exist because it becomes political... it is replaced with just treading softly, or in our case, not treading at all.



That depends what his purpose was, I suspect he did a sterling job myself.

Digout
30-03-2010, 02:25 PM
That depends what his purpose was, I suspect he did a sterling job myself.

http://www.herald.ie/national-news/euro630000-golden--handshake-for-the-bungling-banks-watchdog-pat-neary-1635637.html

DCon
30-03-2010, 04:02 PM
Quinn group are out fighting, running to FF.


The board of the Quinn Group, which owns Quinn Insurance Ltd, has sent a letter to all Government ministers warning that the regulator's move would put 5,500 jobs in Ireland at risk unless it were 'immediately reversed'.

The letter describes the regulator's action as 'highly aggressive and unnecessary', adding that it would make the repayment of its outstanding debt extremely difficult.

It says Quinn Group is on target to make profits of up to €1.2 billion over the next three years. It adds that the group is 'on schedule' to pay back all money borrowed from financial institutions.

The letter asked why the regulator was taking this action now when it and its insurance subsidiary were in a position to meet all their obligations from a cash perspective?

http://www.rte.ie/business/2010/0330/quinn.html

truth.ie
30-03-2010, 10:39 PM
Quinn also owes me 600euros going back to 2002. When he's sorted out his financial mess he can P.M me here. Karma's a *****, Sean.

C. Flower
14-04-2011, 12:12 PM
Quinn also owes me 600euros going back to 2002. When he's sorted out his financial mess he can P.M me here. Karma's a *****, Sean.


Looks like he's off the hook. Quinn family will no longer have anything to do with running the group.

http://www.rte.ie/news/2011/0414/quinn.html?utm_source=twitterfeed&utm_medium=twitter

DCon
14-04-2011, 12:44 PM
Looks like he's off the hook. Quinn family will no longer have anything to do with running the group.

http://www.rte.ie/news/2011/0414/quinn.html?utm_source=twitterfeed&utm_medium=twitter

Of course he's off the hook.

I wish I could run up gambling debts of 2,500,000,000 and walk away a millionaire...

C. Flower
14-04-2011, 03:02 PM
Anglo Irish to take over Quinn - it's like watching bodies fall from a high building. The same horror, the same inevitability.

:(

Dr. FIVE
14-04-2011, 03:06 PM
Looks like some staff are blaming everyone but Quinn still.
Wonder will we see Caroline Forde at some stage.

Andrew49
14-04-2011, 09:14 PM
Anglo Irish to take over Quinn - it's like watching bodies fall from a high building. The same horror, the same inevitability. :(

What becomes of the €200 million, Sean Quinn’s five children (Colette, Seán Jr, Ciara, Aoife and Brenda), shared in a payout from the main Quinn Group holding company in 2008. The same year the group also made a provision for a €126 million write-off of money forwarded to the family by the group and lost in its disastrous investment in Anglo Irish Bank. A spokesman for the company said at the time that the payment was made “to facilitate the development of their independent wealth portfolios”.

Source (http://www.irishtimes.com/newspaper/frontpage/2009/1102/1224257903340.html)

C. Flower
14-04-2011, 10:31 PM
Omg :(

PaddyJoe
14-04-2011, 10:44 PM
Looks like some staff are blaming everyone but Quinn still.
Wonder will we see Caroline Forde at some stage.
She was on the RTE News at One and was fairly agitated. The QI employees on the evening news were relieved that it seemed their jobs are safe.
For how long is another question.

PaddyJoe
15-04-2011, 01:51 AM
It seems that Anglo were able to take control of the Quinn companies because their shares were pledged as collateral against his loans from Anglo.
The only assets that Anglo can't reach are the Belfry in Scotland and a wind farm in Cavan.
There are major write offs for lenders and bankholders to Quinn's operations but they are being given a stake in the business:

As part of a five-year investment plan, lenders and bondholders to Quinn’s manufacturing operations have agreed to relieve it of €500 million worth of debt from a total of €1.28 billion.

The 60 lenders and bondholders will receive a one-quarter share in the business, €80 million in cash and an additional €125 million from the sale of certain property assets, including the Quinn’s hotels in Krakow, Sofia and Cambridge.The deal was made public shortly after a morning meeting between Anglo and Quinn representatives.

This deal, one of the biggest and most complex in Irish corporate history, was hatched after months of negotiations.

It is understood that Anglo told Mr Quinn of its intentions at a meeting in the bank’s head office in Dublin yesterday morning.

The meeting, which lasted about 30 minutes, was attended by Anglo’s chairman Alan Dukes, chief executive Mike Aynsley, and senior executive Richard Woodhouse, who is leading the restructuring for the bank.

Anglo declined to comment on the details of the meeting, which took place at 9.30am, or Mr Quinn’s reaction.

Mr Quinn was accompanied by two of key senior executives, Kevin Lunney and Dara O’Reilly.http://www.irishtimes.com/newspaper/frontpage/2011/0415/1224294729777.html

Baron von Biffo
15-04-2011, 10:40 AM
Looks like some staff are blaming everyone but Quinn still.
Wonder will we see Caroline Forde at some stage.

To be fair to the staff, in these precarious economic times if the boss provides a coach for 'volunteers' to travel to Dublin to protest, it would take a brave person to decline a seat.

DCon
16-04-2011, 12:35 PM
What becomes of the €200 million, Sean Quinn’s five children (Colette, Seán Jr, Ciara, Aoife and Brenda), shared in a payout from the main Quinn Group holding company in 2008. The same year the group also made a provision for a €126 million write-off of money forwarded to the family by the group and lost in its disastrous investment in Anglo Irish Bank. A spokesman for the company said at the time that the payment was made “to facilitate the development of their independent wealth portfolios”.

Source (http://www.irishtimes.com/newspaper/frontpage/2009/1102/1224257903340.html)

Seems they get to keep the dividend, and keep their jobs..


Sean Quinn's four daughters and son are to keep their jobs in the Quinn empire in the wake of the takeover of the group by Anglo Irish Bank.

Anglo has indicated that it wants to retain their expertise in the group and believes that keeping them in their positions will help to build bridges with staff.

The news comes as Anglo prepares to gather further information on Mr Quinn's remaining assets after seizing control of his Quinn Group conglomerate earlier in the week.

All of Mr Quinn's children are employed in the Quinn Group and Quinn Insurance Limited (QIL), which is to be owned by Anglo and US insurance giant Liberty Mutual.

Several other family members, including a nephew of Sean Quinn and the husband of one of his daughters are also involved in day-to-day running of the businesses.


http://www.independent.ie/national-news/daughters-and-son-to-keep-jobs-in-wake-of-takeover-2621312.html

Baron von Biffo
16-04-2011, 05:27 PM
Seems they get to keep the dividend, and keep their jobs..

http://www.independent.ie/national-news/daughters-and-son-to-keep-jobs-in-wake-of-takeover-2621312.html

Now if they were Special Needs Assistants or Home Helps they would have got the chop in an instant.

DCon
16-04-2011, 06:00 PM
Now if they were Special Needs Assistants or Home Helps they would have got the chop in an instant.

There are advantages to being part of the establishment

Baron von Biffo
16-04-2011, 10:25 PM
There are advantages to being part of the establishment

Interesting that the government wants to 'build bridges' to the Quinn staff while at the same time burning bridges to PS workers.

DCon
17-04-2011, 10:19 AM
Any news on the "potential" legal challenge? This one could drag on for quite some time..I am sure the kids liked getting 40,000,000 dividends each to build their personal wealth portfolio's



Businessman Seán Quinn and his family were last night said to be considering taking legal action in a bid to retain control of their multi-million euro business empire after Anglo Irish Bank moved yesterday to secure control of these assets.

It is understood that the Quinn family is consulting with their law firm Eversheds in Dublin to review their options.

In a short statement, the Quinns said they were “considering” their position following Anglo’s surprise move in what was a dramatic day for the family and their various businesses.

An alternative restructuring plan proposed by the Quinns was rejected by the State-owned bank.

http://www.irishtimes.com/newspaper/breaking/2011/0415/breaking1.html

Baron von Biffo
18-04-2011, 09:14 PM
RTE News has just made sketchy reference to some statement made by Quinn today. Everybody's fault but his apparently.

C. Flower
18-04-2011, 09:17 PM
Why so little comment on the Anglo takeover ? The bank was meant to be wound up...

Dr. FIVE
18-04-2011, 09:20 PM
RTE News has just made sketchy reference to some statement made by Quinn today. Everybody's fault but his apparently.

Statement on NWL now http://namawinelake.wordpress.com/2011/04/15/what-now-for-the-sean-quinn-property-empire/

Baron von Biffo
18-04-2011, 09:34 PM
Statement on NWL now http://namawinelake.wordpress.com/2011/04/15/what-now-for-the-sean-quinn-property-empire/

Wouldn't your heart go out to him? He could be left with only €600M of assets out of all this. Maybe we're all a bit too hasty with out complaints about paying more tax to the bills of poor Sean and other badly advised unfortunates.

Captain Con O'Sullivan
18-04-2011, 11:19 PM
And the money he quickly shoved into his children's 'individual wealth portfolios' last year.

Captain Con O'Sullivan
18-04-2011, 11:29 PM
Sean Quinn is blaming the banking sector and financial experts in Ireland. No mention of his playing with company money in CDFs which ended with him facing the horror of owning large tranches of Anglo stock which was heading south at a rate of knots.

Leading of course to the infamous share support operation at Anglo for Maple 10. Seanie Quinn has already convinced himself he is a victim.

Something similar happened to a wealthy gambler in Germany two years ago where he was shorting Volkswagen shares on CDF warrants. Unbeknownst to him Porsche were just putting the finishing touches to a bid for Volkswagen. Come the announcement the Volkswagen announcement by Porsche the V shares rocketted leaving the wealthy German investor starting at a multiple loss on his short CDFs (obliged to buy V shares at a price way higher than his predicted margin).

The German wealthy investor realising he'd just blown hundreds of millions and was in the red by as many more and facing ruin threw himself under a train.

If he'd been in Ireland he could have squirrelled away as much cash as he could get his hands on through his kids' accounts and started bleating about life being unfair.

By the way the corollary to all this was the German investor was betting on ruining Volkswagen's share price along with some other big hitters. History doesn't record whether he ever considered the workers at Volkswagen or their families under redundancies if Volkswagen had gone the way he gambled.

DCon
19-04-2011, 09:49 AM
And the money he quickly shoved into his children's 'individual wealth portfolios' last year.

No doubt some of this will be used to buy Quinn's mansion from Anglo at a firesale price..

C. Flower
19-04-2011, 12:44 PM
http://www.independent.ie/business/irish/quinn-breaks-silence-on-crisis-as-dump-truck-blocks-his-hq-2622883.html

I missed this yesterday - dump truck abandoned at the entrance of Quinn's Fermanagh headquarters all day.

http://www.independent.ie/multimedia/archive/00882/quinntruck_i_882110t.jpghttp://www.independent.ie/business/irish/quinn-breaks-silence-on-crisis-as-dump-truck-blocks-his-hq-2622883.html

Summerday Sands
19-04-2011, 01:53 PM
You have either got to laugh or despair:(:mad::(:mad:
http://www.facebook.com/pages/Sean-Quinn-is-an-irish-legend-we-support-him/110325058985239

ang
26-04-2011, 12:39 PM
The Consumers Association of Ireland are not happy with the proposal of introducing a levy on new car and home insurance to cover shortfalls within the Quinn Insurance Group:-


The Consumers Association of Ireland has criticised proposals to introduce a new car and house insurance levy.

Struggling consumers look set to be hit with new levy, in a bid to make up a €620m shortfall from the collapse of Quinn Insurance.

Anglo Irish Bank and Liberty Mutual, who have agreed to buy the insurance company, are not willing to take on all the losses on its books.

CEO of the Consumers Association of Ireland Dermot Jewell says that does not mean that consumers should pay the price:

"Nobody who would take on this levy would have played any part in bringing about the necessity for it," he said. "The reality is that every single one of those consumers is already struggling."

Read more: http://www.breakingnews.ie/ireland/consumers-group-criticises-plan-for-new-car-and-home-levies-502731.html#ixzz1Kd1k06jC

barrym
26-04-2011, 01:30 PM
The Consumers Association of Ireland are not happy with the proposal of introducing a levy on new car and home insurance to cover shortfalls within the Quinn Insurance Group:-

Not only the CoI I'd say. I misheard it earlier and assumed it was an increase in premiums for Quinn customers. I got out of Q as soon as I heard the first rumours, it smacked of the old PMPA story. How is that we end up paying for his greed? If I recall the customers of Equitable Life and others in UK didn't get bailed out, why is our law so far behind??

In general terms what is the legal basis for the taxpayers supporting failed insurers? I know we've had PMPA, Irish Life, etc., but is there a general law which says we have to cough up? If there is general cover doesn't it mean that anyonwe with a few bob can open an insurance business, as Quinn did as a cash generator and then welsh on the deal??

As if the banks weren't bad enough....

B

Baron von Biffo
26-04-2011, 02:18 PM
Not only the CoI I'd say. I misheard it earlier and assumed it was an increase in premiums for Quinn customers. I got out of Q as soon as I heard the first rumours, it smacked of the old PMPA story. How is that we end up paying for his greed? If I recall the customers of Equitable Life and others in UK didn't get bailed out, why is our law so far behind??

In general terms what is the legal basis for the taxpayers supporting failed insurers? I know we've had PMPA, Irish Life, etc., but is there a general law which says we have to cough up? If there is general cover doesn't it mean that anyonwe with a few bob can open an insurance business, as Quinn did as a cash generator and then welsh on the deal??

As if the banks weren't bad enough....

B

If we don't cough up then the Quinn family will have to and you're not such a cad as to suggest that now are you?

Captain Con O'Sullivan
26-04-2011, 03:28 PM
Hang on- There is one obvious question. Insurance companies are required to reinsure risk with other second line insurers and eventually all risk tracks back to the reinisurance market.

If Quinn has a shortfall of 620million on insurance losses that means they weren't reinsuring adequately. It is too big a figure to be a pure loss of premiums one year to the next. Is this an admission that Quinn Group was taking a flyer on carrying too much risk on its own books and why is the taxpayer liable for that?

This happened with the Lloyds insurance syndicates in the late 80's and early 90's and people who were Lloyds names actually lost their houses over it. No public money was used and despite calls for assistance from the losers in the syndicates they were refused.

This is another blatant con.

Secondly, why are Anglo Irish Bank who are supposed to be shut down entering a new market? Third- why are they being allowed to pick and choose what they will accept from Quinn Group as if they were a viable ongoing customer?

I've got a horrible feeling this is just a blatant fraud to enable the hole in Quinn Group's balance sheet to be filled by the Irish taxpayer.

Where did Sean Quinn get the money to put untold millions in his family's individual wealth portfolios about 18 months ago except from Quinn Group?

This transaction smells massively of long dead fish. If Sinn Fein are on the ball they will ask the above questions in the Dail as quickly as possible.

Captain Con O'Sullivan
26-04-2011, 03:45 PM
This is definitely another bailout and the handing of a clean asset to Anglo-Irish Bank. This looks like PR-led fraud to me.

If Sean Quinn was using company money for his gambling on the Anglo CDFs it is CAB who should be challenging the money he passed to his family after the balloon went up because it is illegal to embezzle money from a company. He definitely didn't have hundreds of millions of euros to spend after his CDF gambles on Anglo shares went wrong.

There's never been a clearer case for CAB to seize whatever funds he claims to have owned after the Maple 10 transaction at Anglo.

This 620million has to be the resulting hole in Quinn Group's accounts after he took liquid assets in the form of cash out of the business.

There is no way this should be levied on nationwide insurance polices. The company should liquidated as it is NOT a going concern and Sean Quinn and family should lose everything as what they have now is not their money.

eskerman
26-04-2011, 09:03 PM
This is definitely another bailout and the handing of a clean asset to Anglo-Irish Bank. This looks like PR-led fraud to me.

If Sean Quinn was using company money for his gambling on the Anglo CDFs it is CAB who should be challenging the money he passed to his family after the balloon went up because it is illegal to embezzle money from a company. He definitely didn't have hundreds of millions of euros to spend after his CDF gambles on Anglo shares went wrong.

There's never been a clearer case for CAB to seize whatever funds he claims to have owned after the Maple 10 transaction at Anglo.

This 620million has to be the resulting hole in Quinn Group's accounts after he took liquid assets in the form of cash out of the business.

There is no way this should be levied on nationwide insurance polices. The company should liquidated as it is NOT a going concern and Sean Quinn and family should lose everything as what they have now is not their money.

I would reluctantly suggest that this movement of millions should have had plenty of optics and alarm bells ringing on the balance and most recent set of accounts and any due diligence that would have been undertaken before any deals were done behind closed doors of the black hole of Anglo Irish .?

We are been taken for a bunch of fools when you boil all this crap down... many godforsaken ordinary honest working business men and women bursting themselves to keep the doors open and this ***** going on... its immoral and its criminal.. I wish i was younger to get the hell out of this kip..

My daughter gets her decree this year and she is on a flight out of here to Canada.. next will be my son.. and then most likely my last 2 sons.. all emigrated sadly encouraged by their parents

Unbelievable stuff..

ang
26-04-2011, 09:21 PM
Mr Quinn has commented on the latest news that taxpayers will have to cough up for the incompetence at Quinn Insurance. He firmly lays the blame for this levy on the taxpayer at the feet of the administrators. No mention of his gambling jaunt in Anglo nor the millions taken out of the company for his childrens wealth portfolio:-


Businessman Sean Quinn has claimed it is “truly appalling” that taxpayers may be forced to pay over €600 million for the takeover of his insurance wing.


“It is a truly appalling admission by the administrators of enormous damage they have caused to one of Ireland’s most successful companies in just 13 months,” he said in a statement.

http://www.irishtimes.com/newspaper/breaking/2011/0426/breaking65.html

eskerman
26-04-2011, 09:29 PM
The protesters are wasting their time... don't understand what they expected to get out of the invasion in Quinn's offices today..

Quinn is gone, he wont be gracing those offices again... too little too late, the stable door bolted a long time ago on this one.. money is well salted off now and it will take years of investigations to uncover the real truth...

ang
30-04-2011, 10:36 AM
The Quinn family are to seek damages from Anglo. Sean Quinn is not directly involved as he was not a Quinn shareholder when the companies difficulties with Anglo and the FR.

I wonder what sort of affect this will have on the Anglo investigation.


The case is to look at the validity of Anglo’s decision to lend the family €2.3 billion to buy shares in the bank, which is owned by the State. The family owe Anglo €2.88 billion.

The action will also focus on the legality of the share charges dating back to 2008, which have been used by Anglo’s new management team to effectively take control of the Quinn business empire. The bank was given a charge over the ownership of the group to cover losses on Mr Quinn’s investment in Anglo arising from the bank’s collapsing share price during the financial crisis of 2008.

http://www.irishtimes.com/newspaper/frontpage/2011/0430/1224295766657.html

Captain Con O'Sullivan
30-04-2011, 12:30 PM
Maybe his family should realise that the money that was put into their indvidual wealth portfolios by Quinn when he had debts of 3billion euros can and should be seized as he had no right to distribute any money to them.

Where did that money come from? If it came from Quinn's own pocket then he shouldn't have been distributing it as it belongs to his creditors.

if it came out of the Quinn Group it is embezzlement surely?

Time for proper seizure procedures here. It would also bring a halt to the gallop of Quinn and his family trying to pull a Lowry in that region.

Dr. FIVE
30-04-2011, 01:00 PM
Stockholm syndrome shall now be known as Cavan syndrome

Baron von Biffo
30-04-2011, 01:45 PM
Stockholm syndrome shall now be known as Cavan syndrome

It's astonishing and embarrassing isn't it? They're like 19th century peasants grovelling before the Lord of the manor.

DCon
01-05-2011, 01:07 AM
Dukes claims Anglo will get some money back. I will believe it when I see it.

And the Quinn family will stay extremely wealthy while Anglo loses money on behalf of the State. Just who made these rules??


THE chairman of Anglo Irish Bank Alan Dukes said he expects the bank to get back less than half of the €2.8 billion it is owed by the Quinn family.

He expects the arrangement with Liberty to be in place for five years, by which time he hopes Anglo will have recovered about 50% of the money owed by the Quinn family.

Securing the joint venture with Liberty Mutual made sense because it has no commercial involvement in the Irish market at this time, Mr Dukes told RTÉ radio



http://www.examiner.ie/business/dukes-anglo-will-recover-less-than-half-of-quinn-loans-153023.html#ixzz1L3S0hs74

C. Flower
01-05-2011, 01:10 AM
[QUOTE=DCon;142984]Dukes claims Anglo will get some money back. I will believe it when I see it.

And the Quinn family will stay extremely wealthy while Anglo loses money on behalf of the State. Just who made these rules??




Did you see the report today that Anglo Irish is going to apply to become a rating agency ?

It should apply to become a mint too, and print a couple of hundred billion extra euro. :D

DCon
01-05-2011, 01:20 AM
[quote]




Did you see the report today that Anglo Irish is going to apply to become a rating agency ?

It should apply to become a mint too, and print a couple of hundred billion extra euro. :D

A rating agency? After their success at rating the potential of borrowers to repay billions in loans?

Got to be a late April fool

DCon
01-05-2011, 09:41 AM
[quote=C. Flower;142985]

A rating agency? After their success at rating the potential of borrowers to repay billions in loans?

Got to be a late April fool

Speaking of April Fool's


Anglo 'will force Quinn family to reveal assets'


ANGLO Irish Bank will go to court to force broken tycoon Sean Quinn and his wife and family to deliver a statement of their assets and liabilities if they refuse to provide it voluntarily.

The Sunday Independent understands from informed sources that while the information has already been requested from Mr Quinn, he has so far failed to provide it, or commit to providing it in the future.

A spokesman for the Quinn family last night denied that Anglo Irish Bank had made the request.

http://www.independent.ie/national-news/anglo-will-force-quinn-family-to-reveal-assets-2634518.html

Captain Con O'Sullivan
01-05-2011, 04:31 PM
At what point in time though? Its a bit like the catholic church's statement of assets (did that ever turn up?).

By that I mean Sean Quinn owes creditors 3billion euros. He owed 3billion as well at the time he was able to magic up a few million for his children's individual wealth portfolios. How can it be legal for him to distribute cash like that to his family while ignoring creditors including Anglo Irish?

His pisstaking continues as well with the statement about Anglo causing a 600million loss at Quinn Group.

It would be interesting to get a breakdown of how that 600million euro appeared and whether it relates back to dividends paid out to certain shareholders last year?

DCon
01-05-2011, 04:55 PM
At what point in time though? Its a bit like the catholic church's statement of assets (did that ever turn up?).

By that I mean Sean Quinn owes creditors 3billion euros. He owed 3billion as well at the time he was able to magic up a few million for his children's individual wealth portfolios. How can it be legal for him to distribute cash like that to his family while ignoring creditors including Anglo Irish?

His pisstaking continues as well with the statement about Anglo causing a 600million loss at Quinn Group.

It would be interesting to get a breakdown of how that 600million euro appeared and whether it relates back to dividends paid out to certain shareholders last year?

Normal rules clearly do not apply with Quinn, or Anglo.

The taxpayer just pays the losses

DCon
02-05-2011, 08:34 PM
The Quinn offspring are sueing everyone's favourite bank


The Quinn children, who are believed to owe the bank more than €500m stemming from their purchase of 15pc of Anglo's shares, are to seek damages for their recent loss of the Quinn Group.

The group was seized because it had been used as security when the children acquired their stake in Anglo in 2008.

Mr Quinn, who owes the bank more than €2bn, will not be party to that action, but has not ruled out taking a separate action of his own, it is understood.

The Quinns are considering an appeal to the sale of Quinn Insurance Limited (QIL) and have gotten legal opinion claiming the decision to put QIL into administration was not valid.

http://www.independent.ie/business/irish/court-showdown-looms-as-anglo-and-quinn-row-heats-up-2634842.html

Dr. FIVE
17-05-2011, 06:14 PM
@Drivetime

Sean Quinn preparing legal action against Financial Regulator and Anglo over losing control of Quinn Group

Baron von Biffo
17-05-2011, 09:15 PM
@Drivetime

Sean Quinn preparing legal action against Financial Regulator and Anglo over losing control of Quinn Group

Damn! Another sleepless night worrying about that poor man.

PaddyJoe
17-05-2011, 11:15 PM
@Drivetime

Sean Quinn preparing legal action against Financial Regulator and Anglo over losing control of Quinn Group
This is good news. If it goes ahead It will force the discovery of relevant documentation from the FR and Anglo and just maybe the real inside stories will start coming out.

ang
18-05-2011, 09:13 AM
I wonder if it is Sean Quinn or the children that are taking the action,could make a big difference to the legal approach taken.

I think we would get a lot more info if it was Sean Quinn himself but I had thought he was not in a position to proceed legally as he was not a board member when administrators took over ?

DCon
18-05-2011, 09:38 AM
Damn! Another sleepless night worrying about that poor man.

Try not to worry too much. I am sure the Irish State will find a way to avoid Quinn and his family becoming destitute.

Baron von Biffo
18-05-2011, 11:17 AM
Try not to worry too much. I am sure the Irish State will find a way to avoid Quinn and his family becoming destitute.

It would worth paying an extra 5% tax to avoid that appalling vista.

PaddyJoe
19-05-2011, 01:21 AM
I wonder if it is Sean Quinn or the children that are taking the action,could make a big difference to the legal approach taken.

I think we would get a lot more info if it was Sean Quinn himself but I had thought he was not in a position to proceed legally as he was not a board member when administrators took over ?
You're right, Ang, it is the family that are taking the action:

THE WIFE and five children of businessman Seán Quinn have lodged a High Court action seeking massive damages against Anglo Irish Bank over alleged negligence, breach of duty and intentional and/or negligent infliction of economic damage.
The damages claim arises from events of the past two years that led to the family losing control of the Quinn group of businesses and is believed to seek hundreds of million of euros.


In proceedings against Anglo and receiver Kieran Wallace, the family are seeking to overturn the appointment of Mr Wallace by Anglo as receiver over shares held by them in the Quinn Group and various related companies.
They claim that charges made in favour of Anglo from late 2003 up to 2009 over shares held in Quinn Group (RoI) Ltd, Quinn Quarries Ltd, Slieve Russell Hotel Ltd, Quinn Finance Holding, Quinn Group Hotels Ltd and Quinn Group Properties Ltd are invalid, unenforceable and of no legal effect.
The appointment of Mr Wallace on April 14th last as receiver over those shareholdings on foot of the disputed charges is also invalid and unenforceable, the family claim.
They want orders restraining him acting as receiver and setting aside his appointment.
They also want declarations that undated guarantees provided by them to Anglo over the liabilities of several Cyprus-registered companies are invalid and unenforceable.

http://www.irishtimes.com/newspaper/finance/2011/0519/1224297286334.html

Dr. FIVE
27-05-2011, 01:46 PM
Quinn Group reports €888m loss for 2009


This compares to profits of €239m in 2008.

Quinn Insurance, which is currently under administration, incurred operating losses of €644m in 2009.

Turnover at Quinn Group - including its insurance operations - amounted to €1.6bn in 2009, down from €2.2bn the previous year.

However, the group's manufacturing operations continued to trade profitably, with earnings from continuing operations coming in at €104m.

Quinn Group chief executive Paul O'Brien said the 2009 results show the full effects of the losses incurred by QIL during the period, which are 'hugely disappointing'.

He said the future of the group now lies in its manufacturing business, which are involved in glass, construction products, plastics and packaging, and radiators.

http://www.rte.ie/news/2011/0527/quinn.html

DCon
30-05-2011, 10:11 PM
I see the offspring are now suing Anglo/the State. Lovely, just lovely.

Apparently their Dad's gamble on the Anglo share price was not his fault.

I wonder would he have shared the proceeds with teh State if his bet had paid off and he had made 3 Billion?


A legal action being taken by the wife and five children of Sean Quinn against Anglo Irish Bank and the receiver appointed over the family's shares in some of the Quinn Group companies, is being described as one of the largest cases to ever come before the Irish courts, in terms of its value.

Lawyers for the Quinns told the court that the lending by Anglo of more than €2.3bn to the Quinn Companies and to a number of Cypriot companies owned by the Quinn children was done in support of an illegal objective of market manipulation - to maintain Anglo's share price.


The Quinns are also seeking damages for the effect the appointment of a receiver has had on the businesses in the group. The claim for damages is expected to be at least several hundred million euro.

The action was transferred to the Commercial section of the High Court.

Mr Justice Peter Kelly said it would be his intention to hear a full trial of the action early next year.

Sean Quinn's five children, Ciara, Colette, Brenda, Aoife and Sean Junior and their mother, Patricia, said they were taking this action in their capacity as owners of shares in Quinn companies


The Quinns want the receiver's appointment to be overturned. They also want declarations that undated personal guarantees entered into by them guaranteeing the liabilities of certain Cypriot companies owned by them, are invalid, unenforceable and of no legal effect.

http://www.rte.ie/news/2011/0530/quinn.html

Apparently, the poor dears did not understand what they were signing when they signed it. How unfortunate. And all that legal advice they had available.

DCon
31-05-2011, 07:29 AM
I get the feeling Anglo is going to continue costing us..


Aoife Quinn said in an affidavit that the family signed personal guarantees in late 2008 over certain loans by Anglo to Cypriot-registered companies owned by them, without being told of the “precarious” financial position of Anglo.

The nature of the loan documents was never discussed with them, she said. On these and other grounds, the family claims Anglo was not entitled to appoint Kieran Wallace receiver last month over shares in Quinn Group companies.

They allege negligence, breach of duty and intentional and/or negligent infliction of economic damage. While unable at this point to give the precise value of the damages claim, Aoife Quinn said the gross sales of Quinn Group (ROI) – the overall ownership company in the group – were €2.116 billion in 2007, with profits of €453 million, and the business was “a substantial going concern”.

The net assets of that company were reported at €753 million in December 2007, she added.

The judge noted that none of the guarantees provided for the Anglo loans were dated, while copy documents of two personal guarantees in the names of Aoife Quinn and Seán Quinn jnr over loans by Anglo to companies registered in Cyprus were unsigned.

When he asked Paul Gallagher, for Anglo, whether the original guarantee documents were signed, Mr Gallagher said he understood the documents were in order, but would make inquiries.

http://www.irishtimes.com/newspaper/finance/2011/0531/1224298145933.html

DCon
31-05-2011, 07:34 AM
More on this from young Carswell


The action is a subplot of a bigger narrative about the collapse of the State’s third-largest bank and the demise of the country’s richest man, Quinn. The case centres on his investment in Anglo through contracts for difference (CFDs), a heavily borrowed play based on the bank’s share price.

Sean Quinn and his family owe the bank almost €2.9 billion. Of this, some €2.344 billion was advanced to meet losses relating to his CFDs in Anglo, covering almost 30 per cent of the bank, and to fund a direct shareholding, which has been wiped out.

This is the first time the family have disclosed the scale of the loans relating to Quinn’s gamble.

The family say they invested €750 million in the CFDs from “Quinn resources” before the end of 2007 but, from September 2007 on, as the share price fell, Anglo provided the loans of €2.34 billion.

They are contesting the legality of the loans and seeking to overturn the appointment of a receiver by Anglo last month – an action that led to the family’s loss of Quinn’s 38-year-old business.

Loans were advanced to seven companies in the Quinn Group after September 2007.

Aoife Quinn, the only plaintiff to file an affidavit, said the bank gave the loans “in the full knowledge” that they were to be used “to support CFD positions [in Anglo]”.

She claimed the loans were “in support of an illegal objective of market manipulation” prohibited by EU market abuse rules.

Anglo’s lending was “tainted with illegality or was intended to support an illegal purpose”, she said. For that reason, the bank’s loans to the family were unlawful, invalid and unenforceable.

In or around October 2008, loans totalling €385 million were channelled to the family through five Cypriot companies and €102 million to a Cypriot firm owned by Quinn’s wife, Patricia, to buy shares directly in the bank.

The family unwound the CFDs in July 2008 and took a direct shareholding of almost 15 per cent. Ten long-standing customers took another 10 per cent stake in the CFD unwinding in a deal put together by the bank supported with loans from the bank.

Strangely, Quinn himself does not feature in the family’s action, despite his central role. It is like Hamlet without the prince.


The full details of what the Quinns are seeking is not fully clear as they have yet to file a statement of claim. This must be filed by next week. But the scale of the damages sought were hinted at. O’Moore said Quinn Group (ROI) – the shareholder company behind the group – had net assets of about €750 million in 2007.

http://www.irishtimes.com/newspaper/finance/2011/0531/1224298145918.html

Dr. FIVE
14-06-2011, 09:50 PM
On primetime now.


So if the Quinn's win on their reasoning. Does that mean every single mortgage holder in the country can walk into court and tell the judge the bank where giving us money, we didn't understand, we didn't know what to do with it?

jpc
14-06-2011, 10:03 PM
On primetime now.


So if the Quinn's win on their reasoning. Does that mean every single mortgage holder in the country can walk into court and tell the judge the bank where giving us money, we didn't understand, we didn't know what to do with it?
Are they for real?
Or is it just another insight into the arrogance, stupidity and sheer lack of understanding of the realities of finance of so many of the top borrowers and their lenders?

Dr. FIVE
15-06-2011, 05:24 PM
Links on the blog


http://www.rte.ie/news/2011/0615/blog-15june2011_primetime.html



Last night's Prime Time report by Ian Kehoe brought news of the latest chapter in the saga of one of Ireland's wealthiest families. The Quinns' commercial action against Anglo Irish, the bank which has cost them billions, is potentially the largest in the history of the State, and one which for which the Irish citizen may end up footing the bill. We've put together our previous reports and interviews here in one post.

The first signs of something being awry within the company came in 2008, when it emerged that Seán Quinn transferred €288 million from Quinn Insurance to other Quinn Group companies. Last spring the Financial Regulator sent two provisional administrators into Quinn Insurance, amid concerns about the company's solvency. It was an accusation that Seán Quinn firmly rejected, outlining his position on Prime Time to RTÉ's Economics Editor, Sean Whelan. Just a week later, following Katie Hannon's report on Anglo's plan to take over the insurance company, Seán Quinn would again speak on Prime Time; this time taking the unorthodox approach of ringing the studio control room toward the end of the programme and speaking to presenter, Richard Crowley.
The crisis at Quinn Insurance only deepened and last June, with his empire hanging by a thread, Seán Quinn spoke at length to Prime Time's Paul Murphy. You can see the report here or watch the full interview with Seán Quinn here.
Prime Time returned again to the story in April of this year, following the news that Anglo Irish Bank was to assume joint charge of Quinn Insurance, essentially taking control of the company away from the Quinn family.

Dr. FIVE
20-06-2011, 03:05 PM
Crazy

http://www.sbpost.ie/news-features/the-strange-tale-of-quinn-family-values-56971.html

ang
20-06-2011, 03:50 PM
Crazy

http://www.sbpost.ie/news-features/the-strange-tale-of-quinn-family-values-56971.html

Indeed and the children didn't understand any of it.


In their statement, the Quinns claim that Anglo ‘‘supported and encouraged’’ the CFD investment in a bid to boost its share price. They say the bank paid ‘‘no heed to the requirements of corporate governance or the interests of its shareholders’’, citing the hiding of loans to executives and a back-to-back deposit arrangement with Irish Life & Permanent as examples. As a result, they allege all of Anglo’s dealings with Bazzely were ‘‘tainted by illegality’’ and constituted illegal ‘‘market manipulation’’. In that case, they argue, the charges and guarantees they signed should not have been enforced. The Quinns claim they never knew they could face ‘‘significant personal financial liabilities’’ from the CFD affair. ‘‘If they had been made aware of the potentially dire personal circumstances in which they could have found (and do find) themselves as a consequence of executing the documentation, they would not have signed it," the Quinn claim says. It will be up to the Commercial Court to consider the merits of that argument when it comes to court next year.

http://www.sbpost.ie/news-features/the-strange-tale-of-quinn-family-values-56971.html

DCon
20-06-2011, 04:13 PM
Indeed and the children didn't understand any of it.



http://www.sbpost.ie/news-features/the-strange-tale-of-quinn-family-values-56971.html

If the Quinn's get away with this, who from Anglo will be jailed?

The only way the Quinn's will not pay should be if laws were broken. If laws were broken, someone needs to be locked up.

PaddyJoe
20-06-2011, 11:00 PM
Crazy

http://www.sbpost.ie/news-features/the-strange-tale-of-quinn-family-values-56971.html

These details are new and haven't been in the public domain up until now:

t was September 2005 when Sean Quinn decided to invest in publicly-quoted firms, including Anglo, using contracts for difference (CFDs).These financial instruments allow investors to bet on the price of shares without owning the shares - but if the bet goes the wrong way, the investor has to cover the difference.

Senior executives in the Quinn Group ‘‘understood the need to maximise tax efficiencies in connection with these investments’’ and brought in PricewaterhouseCoopers to provide tax advice.

The outcome was the establishment of a company in Madeira, BazzelyV Consultadoria Economica E Participacoes, Sociedade Unipessoal LDA, or Bazzely for short.

PWC advised that, in order ‘‘to achieve maximum tax efficiencies’’, the company should be owned by the five Quinn children, Ciara, Colette, Brenda, Aoife and Sean junior. But while they owned Bazzely, they claim they were ‘‘unaware of the details of the investments being made and took no part in the decision-making process or in the actual making of investments’’

n October 2005, Bazzely did its first deals, using CFDs to take positions in Anglo, AIB, Bank of Ireland, Ryanair, Paddy Power and Tullow Oil.

It also invested in international firms, buying into Royal Bank of Scotland, BP, chemicals firm BASF, financial services firm BBVA, Deutsche Telecom, Nestlé, and pharma firm Sanofi Aventis. By early 2006, Bazzely was doing CFD deals through four brokers - Davy stockbrokers, Bear Stearns, IG Index and Credit Suisse - and using any profits it made to fund more CFD investments.

But by late 2006, the firm started disposing of its non-Anglo stakes and using the profits ‘‘to support the continued funding of the overall Anglo CFD position’’.

Quinn was clearly impressed by what he saw at Anglo, which had grown dramatically. In Quinn Group, which was also experiencing sharp growth, he had ready access to hundreds of mill ions of euro in funds.
It's worth remembering that the Dept of Finance wanted to introduce a 1% tax on CFDs in 2006 when Cowen was Minister for Finance but were lobbied by Davy and PWC and decided not to go ahead with it.
I'd imagine that Quinn wasn't the only 'High Net Worth Individual' that was betting on CFDs. PWC and Davy's must have had plenty of other clients looking to get a piece of the action.

C. Flower
20-06-2011, 11:30 PM
These details are new and haven't been in the public domain up until now:


It's worth remembering that the Dept of Finance wanted to introduce a 1% tax on CFDs in 2006 when Cowen was Minister for Finance but were lobbied by Davy and PWC and decided not to go ahead with it.
I'd imagine that Quinn wasn't the only 'High Net Worth Individual' that was betting on CFDs. PWC and Davy's must have had plenty of other clients looking to get a piece of the action.

Surprising that Quinn is not more angry with Anglo Irish, considering that according to Honohan, they knew they faced bankruptcy from 2004.

http://www.thejournal.ie/anglo-may-have-known-it-faced-bankruptcy-from-2004-says-high-court-chief-141387-May2011/

PaddyJoe
20-06-2011, 11:49 PM
Surprising that Quinn is not more angry with Anglo Irish, considering that according to Honohan, they knew they faced bankruptcy from 2004.

http://www.thejournal.ie/anglo-may-have-known-it-faced-bankruptcy-from-2004-says-high-court-chief-141387-May2011/

Isn't it amazing that in 2006 Quinn abandoned his CFD punts on what were seen as blue chip companies in order to put the lot on Anglo?
I suppose its possible that he was considering a take over. After all, he already had the insurance companies.

C. Flower
21-06-2011, 12:10 AM
Isn't it amazing that in 2006 Quinn abandoned his CFD punts on what were seen as blue chip companies in order to put the lot on Anglo?
I suppose its possible that he was considering a take over. After all, he already had the insurance companies.

Making it the family bank ? Might there have been very big advantages to the Quinn Group ?

I'm still feeling there is more to this than is meeting my eye.

PaddyJoe
21-06-2011, 12:21 AM
Making it the family bank ? Might there have been very big advantages to the Quinn Group ?

I'm still feeling there is more to this than is meeting my eye.
If you're planning on conquering the world it would be handy to have your own bank. Why not lend yourself the cash for all those investments in Russian and the Ukraine? Loads of creative accounting skills to be found in a bank like Anglo.

Dr. FIVE
21-06-2011, 12:27 PM
So far there has been little advantage in owning the place..

DCon
23-06-2011, 09:56 AM
They seem to know what they are doing now. Funny that


THE FAMILY of Seán Quinn have moved to protect their international property empire from Anglo Irish Bank by issuing new shares in seven subsidiaries in Sweden to a company controlled by them.

Seven subsidiaries of Quinn Investments Sweden, the holding company behind the family’s properties in Russia, Turkey, Ukraine and India, have issued new shares to a company called Indian Trust AB, which they also control.

Peter Quinn, a nephew of Mr Quinn who was responsible for the family’s international properties before Anglo appointed a receiver to the Quinn Group last April, has been appointed a director of the seven Swedish subsidiaries.

The aim of issuing new shares is to circumvent the bank’s application in the Stockholm District Court to appoint a bankruptcy receiver to take control of Quinn Investments Sweden. The court will make its decision on July 5th.


The court ruled in favour of the Quinn family on May 25th that the decision to remove the board of directors of Quinn Investments Sweden by the receiver appointed by Anglo was invalid and would hinder the rights of shareholders.

The bank appealed the decision but the court rejected the appeal last Friday. Anglo is proceeding with its application to appoint a receiver to the Swedish company.

The Quinn family decided to issue new shares in the company’s subsidiaries to another firm to protect the subsidiaries from further action from Anglo, according to a source close to the family.

The Quinn family owe Anglo close to €2.9 billion. The bank claims that a receiver should be appointed to Quinn Investments Sweden to sell properties worth about €500 million for the repayment of some of the loans.

http://www.irishtimes.com/newspaper/finance/2011/0623/1224299454744.html

Dr. FIVE
27-06-2011, 01:31 PM
http://www.thepost.ie/themarket/quinn-sale-to-go-ahead-without-ilp-involvement-57069.html


The sale of Quinn Health is to go ahead, despite the fact that the sale of the business to Irish Life & Permanent now looks in disarray.

Uncertainty over the future of Irish Life & Permanent, and the fact that a flotation of its insurance business now looks sunk, has been a major setback to the disposal of the Quinn private health insurance operation.

The sale process is expected to go ahead rather than be shelved entirely. Sources close to the process said they would now examine the expressions of interest from other prospective buyers which include a number of industry players.

The other interested bidders are believed to include the Irish operations of a small number of international insurance groups.

However, it may prove difficult to sell the business in the short term, given the uncertainty that hangs over the future regulatory framework for health insurance and the government’s stated plans to gradually move towards a universal health insurance system.

The business, which was bought by Quinn from Bupa, is the second largest health insurer in the market after VHI.

Aviva is the third player in the market, and it is understood not to have thrown its hat in the ring for Quinn Health.

The sale process will be handled by the board of the Quinn Group.

Unlike the general insurance business, the health insurance operation is not in administration.

Therefore, the ultimate beneficiaries from any sale would be Anglo Irish Bank.

No set timetable for a sale has been decided, but sources said the setback regarding Irish Life will not deter the process continuing.

ang
27-06-2011, 01:49 PM
So Anglo could well expect to receive more that a euro on this sale !

PaddyJoe
28-06-2011, 02:16 AM
More legal handbags as Anglo get an injunction preventing the Quinn family moving their property assets into a new corporate structure.

THE LEGAL battle between Anglo Irish Bank and Seán Quinn took a further twist as the bank secured a temporary injunction stopping him and his family moving assets out of their international property empire.

The State-owned bank claimed in an application to the High Court yesterday that Mr Quinn and various family members were engaged in a conspiracy to commit unlawful acts to damage the bank’s ability to recover its loans from the family.

Anglo took similar court actions in Sweden and Russia yesterday to prevent the family moving international assets into what it claimed was a new corporate structure under the name, The Cranaghan Foundation, mirroring the Quinn companies.

The bank has claimed that the transfers were being made for the benefit of the family, in particular the grandchildren of Mr Quinn.
http://www.irishtimes.com/newspaper/frontpage/2011/0628/1224299680746.html

Captain Con O'Sullivan
28-06-2011, 07:00 AM
This is interesting ... this injunction is what should have happened with the religious orders when they did exactly the same thing over the last year or two.

Our erstwhile Presidential candidate Mr Cat Pox would know a thing or two about such maneouvers.

PaddyJoe
29-06-2011, 12:51 AM
More details today from Simon Carswell on the Quinn family's attempts to outrun Anglo:

ANGLO IRISH Bank has claimed that a member of Seán Quinn’s family moved €4.5 million from a Russian bank account into which rental income on a Moscow office block was paid to meet loan repayments to the Irish bank.

The allegation was made in the bank’s legal challenge against family members preventing them from transferring assets from Swedish companies which hold the family’s properties in Russia, Turkey, Ukraine and India.

Anglo has claimed that Peter Quinn, Mr Quinn’s nephew who managed the family’s international property interests, moved the funds from the Russian bank of a company called Finansstroy.

The company holds property assets in Russia including the Kutuzoff office block in Moscow which produces the largest amount of rent among any of the family’s international properties.

Anglo reached an agreement with Quinn Finance, one of Mr Quinn’s main companies, in February 2008, that all rental income from the Kutuzoff building would be paid into a designated account.

The bank claims that Peter Quinn presented a new signature card to Finansstroy’s Russian bank on June 2nd, making him the sole signatory on the account until 2016 and that the following day he instructed the bank to transfer the €4.5 million, withdrawing almost all of the funds in the account.
Illuminating to see what a death grip Anglo and Quinn had on each other as early as February 2008:(
http://www.irishtimes.com/newspaper/frontpage/2011/0629/1224299731516.html

ang
29-06-2011, 06:57 AM
If Peter was able to change/move account without Anglo permission well then Anglo had not tied up it's position securely in the first place.

Obviously no-one at Anglo had realised what due diligence meant at the time.

PaddyJoe
30-06-2011, 02:05 AM
Good work again by Simon Carswell in this analysis on the legal battles being waged between Quinn and Anglo:

Anglo alleges that the family has taken actions in several countries to change shareholdings and management of various companies, rendering the bank’s security on loans worthless and arguably defrauding the State-owned bank.

In one instance, the bank claims the shareholdings in a company behind the family’s shopping centre in the Russian city of Ufa have been replaced. The previous owner, Quinn Park Sweden, was replaced by a Russian company called Saturn and a man named Gabdrakhimov Alexander Mukhamatschevich, according to Anglo.

The family owes the bank €2.9 billion and the properties at issue are worth about €500 million.

At the top of the international group is Quinn Investments Sweden. Below that are Swedish subsidiaries which in turn own Cypriot companies. They, in turn, own shares in Russian companies that hold the actual properties.

This structure was chosen for legal and tax reasons, Anglo says.

An Irish company, Quinn Finance, borrowed money from the bank and then fed to it down through the Swedish companies to the property-holding companies.

Anglo secured its loans by taking pledges on shares at each level and took guarantees and mortgages over the properties.

The injunction in Nicosia stops Anglo interfering with the family’s properties in Cyprus or Russia, but Anglo’s injunction in Dublin freezes the corporate structure worldwide as it covers Quinn Investment Sweden, the property group’s ultimate parent company, and the various family members.

The Quinns won a court ruling in Stockholm last month that found the removal of the Swedish firm’s directors by Anglo’s Irish receiver was invalid. The bank is trying to appoint a bankruptcy receiver to that company in a case to be determined next Tuesday.

The issue of which court has jurisdiction is still up for debate in this complex dispute.
http://www.irishtimes.com/newspaper/finance/2011/0630/1224299792769.html

Dr. FIVE
04-07-2011, 01:27 PM
Gloves come off in Anglo-Quinn battle

plenty more wtfs

http://www.thepost.ie/news-features/gloves-come-off-in-angloquinn-battle-57235.html

DCon
04-07-2011, 01:40 PM
Gloves come off in Anglo-Quinn battle

plenty more wtfs

http://www.thepost.ie/news-features/gloves-come-off-in-angloquinn-battle-57235.html

just lovely


In Sean Quinn’s case, it seems highly likely that the bank will end up taking bankruptcy proceedings against the Fermanagh-born businessman.

However, legal experts say that, if Quinn faces that fate, he may consider applying for personal bankruptcy in Northern Ireland, under British law.

Captain Con O'Sullivan
04-07-2011, 01:58 PM
I expect the British authorities wouldn't mind receiving a file on his legal maneouverings if he intends to go bankrupt there. If he does have any money stashed away and I'd be surprised if he didn't he might find a bit more difficulty in putzing the British authorities around.

Dr. FIVE
09-07-2011, 10:51 PM
http://www.independent.ie/business/irish/quinns-could-take-stand-next-week-in-anglo-battle-2817172.html


MEMBERS of Sean Quinn's family could take to the stand as early as Wednesday after the High Court yesterday set the first hearing date for the legal showdown between the Quinns and Anglo Irish Bank.

The news comes less than a fortnight after the nationalised bank began legal moves to stop the Quinns from transferring any value out of an international property portfolio -- worth an estimated €500m -- that Anglo wants to use against the family's €2.9bn debts.

The hearing date was set as the Quinn family argued for more time, with counsel Paul Shipsey saying the family might not be ready to proceed as they would have to deal with new affidavits from Anglo that would arrive on Monday.

Paul Gallagher, for Anglo, said the bank was anxious to proceed on Wednesday.

The first stages of hearings are typically confined to statements from lawyers, but anomalies in this case mean executives from the bank and Quinn family members may be asked to give evidence this week.

Mr Justice Frank Clarke is the presiding judge. The judge was told that the top company in the Quinns' international property portfolio -- Quinn Investments Sweden AB -- had been declared bankrupt by the Swedish courts. The Quinns have vowed to appeal against the bankruptcy proceedings.

Mr Justice Clarke said he hoped to be updated on Tuesday on the state of readiness of the proceedings.

The judge has continued interim orders aimed at restraining the transfer of assets from Swedish companies holding Quinn family assets in Russia, Turkey, Ukraine and India.

Dr. FIVE
11-07-2011, 12:57 PM
http://www.thepost.ie/themarket/cement-firms-to-net-850m-carbon-windfall-57332.html


The Irish cement industry stands to make windfall profits of up to €850 million at taxpayers’ expense, according to sources familiar with the EU’s emissions trading scheme.

The sources estimate that companies such as CRH, Quinn Cement and Lagan Cement have made €226 million over the last five years from the over-allocation of carbon credits by the government.

The sources estimate the cement industry stands to make a further €625 million when the next round of carbon credits is allocated under the scheme.

Dr. FIVE
20-07-2011, 01:10 AM
http://www.irishtimes.com/newspaper/breaking/2011/0719/breaking61.html



Members of the Quinn family allegedly engaged in a ‘pattern of dispossession’ in a bid to strip assets from an archipelago of companies to leave Anglo Irish Bank with provision over essentially worthless entities, it was claimed in court today.

Proceedings for a High court application for an interlocutory injunction preventing the Quinn family from transferring assets opened today, after a bid to adjourn proceedings by lawyers for the Quinn family was turned down.

Senior Counsel for the Quinn family Bill Shipsey had appealed for an adjournment until September to allow for a decision on whether the court has jurisdiction over the issue. He said his client had not had time to deal with a fourth affidavit submitted by Richard Woodhouse on behalf of Anglo Irish Bank, late on Sunday.

Mr Shipsey represents Mr Quinn; his children Ciara, Colette, Seán jnr, Brenda and Aoife; his nephew, Peter; and sons-in-law, Stephen Kelly and Niall McPartland; as well as two companies, Quinn Investments Sweden AB and Indian Trust AB.

Mr Justice Frank Clarke ordered the hearing to open shortly before lunchtime after he decided to rule on the jurisdiction issue and the injunction together.

The Judge said that on balance, to proceed was the preferred option because of a range of delays that could arise from one or other side seeking an appeal on the jurisdiction issue.

“It is not hard to envisage the complications that might arise,” Mr Justice Clarke said.

Presenting the core case for Anglo, Shane Murphy, SC, claimed that members of the Quinn family had engaged in wrongful conduct in taking steps to establish a corporate group representing a ‘mirror structure.‘

“The defendants are moving in a way designed to remove assets from the IPG (the archipelago of Quinn companies.) If that continues the plaintiff would find itself effectively dealing with a skeleton,” Mr Murphy said.

Mr Murphy said the process amounted to a conspiracy because there was more than one person involved and said there was an absence of clarity surrounding ‘a pattern of dispossession’ connected to shares in the Quinn family's property portfolio.

The details of the fourth affidavit submitted by Mr Woodhouse, the executive in charge of the Quinn loans, were not admitted in court.

Mr Justice Clarke refused to admit the affidavit in question to proceedings today but did not rule out its future use.

Mr Shipsey had argued that his client had not had time to deal with an affidavit submitted by Richard Woodhouse, late on Sunday.

He argued that members of the Quinn family were not happy with the manner and contents of Mr Woodhouse’s fourth affidavit.

Mr Murphy introduced a series of detailed affidavits claiming further alleged attempts were made by members of the Quinn family to transfer international property assets out of Anglo’s reach through shares in the formation of new companies built into a hierarchy of existing companies located in Russia, Turkey, Ukraine and India.

He claimed the transfer of a shareholding in a Russian based company that pledged 100 per cent of its interests to Anglo in 2008 over to Peter Quinn last month formed part of a pattern of dispossession but Mr Justice Clarke pointed out the incident concerned only half of 1 per cent of one of the shares.

Mr Murphy also introduced an affidavit from Aoife Quinn in which she asserts that loans from Anglo subsequently invested into various Quinn companies were unenforceable because they were intended to support an illegal purpose.

He is expected to continue to outline the case on behalf of Anglo tomorrow while Mr Shipsey will be given an opportunity to answer these claims on Thursday.

Dr. FIVE
25-07-2011, 02:49 PM
http://www.thepost.ie/news/ireland/anglo-to-petition-russian-court-over-quinn-firm-57680.html


Anglo Irish Bank is to petition a Russian court to reverse the transfer of ownership of a Russian company to a nephew of entrepreneur Sean Quinn.

The Russian company, Finanstroy, owns an office block in Moscow valued at around €125 million. Peter Quinn became the 100 per cent owner of Finansstroy on July 8 according to Companies Office filings in Russia.

Anglo Irish Bank will argue in court that the transfer should be disallowed, not only because it did not take account of share pledges granted to Anglo on foot of Quinn family loans, but because it actually took place after the state-owned bank got an interlocutory injunction in the High Court in Dublin, preventing the transfer of any assets from a group of Quinn property companies to any third parties.

Peter Quinn instructed the bank, which holds the accounts for rental income on the office block attributed to Finanstroy, to allow him withdraw €4.5 million in June. Quinn also submitted an application to the Russian courts to have Finanstroy declared bankrupt.

The bankruptcy petition has been contested by Anglo Irish Bank, and a full hearing was due to b e heard last week.

However, the judge in the Russian court has now postponed the hearing until August.

Meanwhile, Anglo Irish Bank will be represented in a court action in Cyprus, which also relates to the control and ownership of a number of Cyprus-registered subsidiaries of the Swedish company that is the ultimate owner of a raft of Quinn family properties around the world.

The Swedish company has now gone into bankruptcy, along with a number of its Swedish subsidiaries.

Anglo Irish Bank secured an order from the High Court last week, which prohibits certain members of the Quinn family from transferring any assets out of companies ultimately owned by the Swedish group.

It also prevents the family setting up any mirror corporate structure to the Swedish group of companies, as alleged by Anglo Irish Bank in court.

The Quinns set up a family trust structure entitled the Cranaghan Foundation, whose beneficiaries would include grandchildren of Sean Quinn.

They are not covered by personal guarantees given by Quinn and his children on the €2.8 billion they owe Anglo Irish Bank.

The trust documents behind Cranaghan showed that it would remain in existence until the 40th birthday of the youngest of Sean Quinn’s grandchildren.

C. Flower
25-07-2011, 02:55 PM
I wonder if Quinn's employees would like to start marching to defend this transaction ?

PaddyJoe
25-07-2011, 11:01 PM
I wonder if Quinn's employees would like to start marching to defend this transaction ?

Looks like some of them may be taking more direct action:

Gardai are investigating whether a suspected arson attack at a Quinn company is connected to a series of rogue actions against the group since the departure of its founder Sean Quinn.

Yesterday's fire at Quinn Tarmac in Ballyconnell, Co Cavan followed a separate incident on Friday night when power lines supplying Quinn Glass in Derrylin, Co Fermanagh, were cut.

The attacks are the latest in a series of incidents since Mr Quinn's removal from the company last April.

Mr Quinn is deeply admired in the region having been a major employer and his removal by Anglo Irish Bank was very unpopular.

But there is considerable concern that the destructive acts may put more jobs under threat
http://www.independent.ie/national-news/quinn-plants-attacked-to-get-back-at-anglo-irish-2830211.html

Dr. FIVE
25-07-2011, 11:22 PM
jaysus, this is the issue people go after Anglo for.

Dr. FIVE
26-07-2011, 06:35 PM
Quinn family upset at 'de-Quinning' :)

The Quinn family has issued a statement claiming that family members are being targeted in 'a most unjust and discriminatory manner' by the court-appointed administrators, Grant Thornton, and Anglo Irish Bank.

The statement said that, in recent weeks, four members of the family had been either sacked, made redundant or constructively dismissed: The administrators are not commenting on the statement.

The family said what it described as the 'de-Quinning' of the Quinn business had not been isolated to Quinn Insurance and was now evident throughout the Quinn Group.

'The Quinn family believe these actions are intimidatory, unfair, illegal and an abuse of power by court-appointed officials and Anglo Irish Bank,' the statement said.


http://www.rte.ie/news/2011/0726/quinn-business.html?utm_source=twitterfeed&utm_medium=twitter

DCon
26-07-2011, 07:43 PM
.

'The Quinn family believe these actions are intimidatory, unfair, illegal and an abuse of power by court-appointed officials and Anglo Irish Bank,' the statement said.


While the same family member's have been trying to loot the company for the last year

Dr. FIVE
09-08-2011, 12:18 AM
http://www.sbpost.ie/news/ireland/government-faces-problems-over-quinn-insurance-shortfall-57933.html


The government has run into legal difficulty setting up the Insurance Compensation Fund, which is due to raise almost €700 million to plug the shortfall at Quinn Insurance.

The Sunday Business Post has learned that the legislation underpinning the fund needs to be updated before the fund can come into operation.

The difficulty has arisen because the existing legislation, which is part of the Insurance Act 1964, refers to raising the fund from a levy on insurance policies ‘‘issued in the state’’.

However, several international insurers are now based in Ireland and issue billions of euro worth of policies from Ireland to customers overseas each year.

If the current law was applied rigidly, based on the value of policies issued, those insurers would be end up shouldering most of the cost of bailing out Quinn Insurance.

‘‘The legislation predates the IFSC [International Financial Services Centre] and multinational insurers setting up in Ireland," said a source close to the issue.

‘‘It was never intended that the levy would apply to a policy issued to someone in France or Germany. Clarification is needed and it may need legislative change."

The difficulties with the fund are not expected to delay the takeover of Quinn Insurance by US firm Liberty Mutual and Anglo Irish Bank.

The deal is due to be completed by October 7, more than 18 months after Quinn Insurance was put into administration by the Financial Regulator amid concerns about the insurer’s solvency.

Lawyers for the administrators told the High Court recently that an estimated €693 million would be required from the Insurance Compensation Fund, up From an estimate of €600million last May.

However, they said Quinn Insurance had returned to profitability and the demands on the compensation fund could be offset by the payment of dividends from the sale of Quinn Health.

PaddyJoe
10-08-2011, 12:15 AM
Its getting increasingly nasty in Quinn country:

Tuesday August 09 2011
An arson attack at the home of the new chief executive of the Quinn Group has been condemned as a sinister act by terrorists.
Paul O'Brien and his family were not in the property in Ratoath, Co Meath, when his car, home and a neighbour's house were damaged in a blaze.
The Quinn Group - formerly owned by Sean Quinn, once Ireland's richest man - condemned what it described as a terrorist attack.
"The perpetrators of this attack have been behind a series of incidents aimed at damaging Quinn Group property and machinery," a spokesman said in a statement.
"The incidents began almost immediately after the appointment of a share receiver to the group last April and the removal of Sean Quinn as chairman. The personal nature of this cowardly attack represents a serious crossing of the line."
http://www.herald.ie/breaking-news/national-news/quinn-chief-arson-attack-condemned-2844004.html

Dr. FIVE
10-08-2011, 05:31 PM
Quinn Group boss condemns attacks, says someone could be killed

http://www.breakingnews.ie/archives/2011/0810/ireland/quinn-group-boss-condemns-attacks-says-someone-could-be-killed-516074.html#ixzz1Ue0r3Lyw

jmcc
10-08-2011, 05:55 PM
Quinn Group boss condemns attacks, says someone could be killedNot exactly quick on the uptake, is he?

Regards...jmcc

TotalMayhem
10-08-2011, 06:35 PM
Ad placement fail

http://i.imgur.com/3bBgk.jpg

From the Irish Times website this morning. :D

C. Flower
11-08-2011, 03:04 PM
The Quinn - O'Brien battle (verbal) goes on.

This whole thing somehow makes me think of Taliban war lord territory...

http://www.breakingnews.ie/ireland/quinn-in-bitter-clash-with-new-group-boss-obrien-after-attacks-516089.html

Quinn was not really in the oligarch mode of the likes of Desmond and O'Brien - more of a tribal chief.

Dr. FIVE
12-08-2011, 03:19 PM
http://www.independent.ie/business/irish/quinns-say-mirror-firms-in-place-long-before-anglo-bid-on-assets-2846439.html


THE "mirror structure" companies that Anglo Irish Bank says were designed to frustrate efforts to seize the Quinn family's international property assets were already in train almost a year before Anglo swooped on their fortune, a family spokesman has claimed.

The spokesman also insisted that there was no connection between the so-called Cranag-han Foundation and a separate Irish company that was renamed as the Cranaghan Trust in late 2009.

The comments come as Anglo Irish Bank and the Quinns prepare to square off in five separate legal battles over the ownership and control of the €500m property empire built up by businessman Sean Quinn and his family.

Anglo is asking the courts to prevent the Quinn family from appropriating assets away from the companies that the bank has taken control of, and claims the Cranaghan Foundation was set up "to wrest ownership and control" from the bank.

Documents

In documents lodged with the Irish courts, Anglo says computer files at the Quinn Group reveal that a file on the Cranaghan Foundation was created on March 31, 2011, about two weeks before Anglo sent a share receiver into most of the Quinn empire.

A family spokesman yesterday said that the Quinns had begun work on the foundation "in July 2010" and that the foundation was established before Anglo's receivership action.

The spokesman also insisted the structure of Cranaghan was "starkly" different to the Quinns' international property group.

Cranaghan has four Swedish entities, two Irish and one Russian, he said, while the international property group spans 87 separate companies, including 40 in Sweden, 14 in Russia, eight in Cyprus, eight in India, six in Ireland, three in the Czech Republic, two in Jersey, two in the Ukraine, one in the British Virgin Isles, one in England, one in Turkey and one in the North.

In affidavits lodged in Dublin, Anglo claimed "five umbrella entities" called Family Branch I-V sat above the Cranaghan structure. The bank believes these are for the benefit of Sean Quinn's grandchildren.

The case will return to the Irish courts in early September, when a judge will rule on the Quinn family's claim that the dispute should be heard in Cyrpus, where a number of the international property companies are located.

Separate actions are also under way in Sweden, Russia and the Ukraine.

PaddyJoe
18-08-2011, 02:47 AM
Disgruntled contractors of the Quinn group, who have links to republican paramilitaries and smugglers are the prime suspects for a series of attacks on the company and its management team. The suspects are believed to have used their role with the Quinn Group as a cover for illegal smuggling, say Gardai
Security sources believe the attacks are not directly linked to the group's takeover by a receiver or the appointment of a new board, but to decisions made about their contracts
'Working as contractors for the Quinn Group gave these people cover to travel on both sides of the border and further afield', said one security source........./snip/ 'this gang have connections with the IRA and the smuggling networks', added the sourceJohn Mooney on page 5 of the ST 14/8/11.
H/T Five for pointing it out:)

DCon
18-08-2011, 07:53 AM
John Mooney on page 5 of the ST 14/8/11.
H/T Five for pointing it out:)

And Quinn Management and ownership had no "connections" of course..



I have no doubt that every penny Sean Quinn ever made was legit.

Dr. FIVE
22-08-2011, 10:32 AM
http://www.sbpost.ie/news/quinn-documents-reveal-half-a-billion-punt-on-anglo-shares-in-just-one-day-58197.html



Sean Quinn’s disastrous €3 billion punt on Anglo Irish Bank shares saw the Cavan entrepreneur buy over half a billion worth of shares in the failed bank on a single day, on two separate occasions.

Documents filed with the High Court, as part of the Quinn family’s action against the failed bank, give a detailed breakdown of Quinn’s extraordinary gamble.

The documents show that he bought more than €400 million worth of Anglo shares in a single day through contracts for difference (CFDs) on no fewer than five occasions. On some of these occasions he was effectively renewing his existing position in the market, while in others he was buying new shares.

It also shows that, for the first 18 months of his Anglo misadventure, which began in October 2005, he was well ahead on his investment and probably could have cashed in a large profit.

The documents also reveal how Quinn made a last-ditch attempt to get back some of his losses through a massive €506 million renewal of his Anglo bet on July 4, 2008, just a few weeks before throwing in the towel and closing down the CFD position. The Quinn family argue they were pressured into doing so by the bank.

The July 4 purchase saw the entrepreneur decide to acquire €506 million in Anglo stock through CFDs at €5.45 per share. A year earlier he had been buying them at €15.50 per share.

A detailed analysis of the transactions also shows how the Anglo Irish Bank share price was temporarily bolstered in the market for a period every time Quinn made a big purchase of stock, funded by the bank itself.

By the end of September Quinn had spent €750 million of his own money buying Anglo CFDs, and the bank’s loans to Quinn to cover losses ended up at over €2.3 billion.

The real turning point began in June 2007 when Quinn bought CFDs at €17.22 per share, the highest price he would pay for them. In his first month of buying – October 2005 – he invested €95 million.

Dr. FIVE
24-08-2011, 01:22 PM
http://www.independent.ie/national-news/courts/court-rejects-quinn-family-bid-to-prevent-property-firms-bankruptcy-2856085.html


THE Quinn family yesterday lost an appeal against the forced bankruptcy of a Swedish company central to the family's €500m international property empire.

The decision by the court in Stockholm comes almost two months after Anglo Irish Bank successfully petitioned for the appointment of a bankruptcy receiver to Quinn Investments Sweden (QIS).

The Quinns fiercely opposed the receiver's appointment, rejecting Anglo's arguments that the investment vehicle was insolvent and should be liquidated for failing to pay a €2.3bn debt call.

The family swiftly lodged an appeal with the Stockholm courts, prompting yesterday's judgment. The family has another chance to appeal by September 19, the Irish Independent understands.

The family could not be reached for comment last night.

The bank said it "welcomed" the court's decision which "should enable the Swedish group of companies to now be protected so their value can remain intact".

While a Swedish insolvency practitioner now has control of QIS, Anglo is likely to be able to have some of its nominated directors put on the board of QIS companies since Anglo controls QIS's parent.

The re-affirmation of the bankruptcy may also have an impact on legal proceedings that are being taken by QIS companies, particularly a case in the Ukraine.

There are no plans to immediately sell any parts of QIS, which owns a host of international property assets through 31 companies across Sweden, Russia, Cyprus, Ireland and the Ukraine.

The Quinns and Anglo are locked in legal battles in Russia, Cyprus, the Ukraine and Ireland over control of the property empire, which is effectively frozen pending the outcome of those cases.

The Irish case will return to court in early September, when a judge will rule on whether the matter should be heard in Dublin or Nicosia. The Cyprus case is returnable in mid September.

Dr. FIVE
29-08-2011, 11:01 PM
Might be a tad more difficult to keep an eye on all those offshore companies now.

http://www.independent.ie/business/irish/quinn-group-to-sell-10seat-jet-as-cuts-gather-pace-2860186.html


The Quinn Group is selling its 10-seat private jet, describing the asset as "non-core'' as the firm cuts costs.

The 2005 Dassault Falcon 2000 is being sold by a Florida-based private jet dealership.

It is understood the jet could fetch about €12m, compared to the €16m it cost originally.

It is understood the plane is currently in Florida undergoing repairs and will then be sold, the 'Sunday Times' reported yesterday.

Quinn Group has already initiated plans to sell an Agusta 109 helicopter, which was often used by the company's founder Sean Quinn.

Mr Quinn was one of the pioneers of Ireland's helicopter class

Baron von Biffo
29-08-2011, 11:03 PM
Might be a tad more difficult to keep an eye on all those offshore companies now.

http://www.independent.ie/business/irish/quinn-group-to-sell-10seat-jet-as-cuts-gather-pace-2860186.html

The new owner will have to re-register it or some Cavan chav from the Sean for God fan club will torch it on the runway.

Dr. FIVE
29-08-2011, 11:49 PM
Fly it into Anglo

Dr. FIVE
31-08-2011, 03:06 PM
Bloomberg covering this now.

Battle for Richest Irishman’s Empire Turns Violent (http://www.bloomberg.com/news/2011-08-30/battle-for-richest-irishman-s-empire-turns-violent.html)

Dr. FIVE
04-09-2011, 06:44 PM
Anglo's covert op to oust Quinn

http://www.independent.ie/national-news/anglos-covert-op-to-oust-quinn-2866226.html

ang
04-09-2011, 07:51 PM
Anglo's covert op to oust Quinn

http://www.independent.ie/national-news/anglos-covert-op-to-oust-quinn-2866226.html

AIB used similar tactics when ousting the other Quinn family from their Grocery store business in Carrickmacross.

Dr. FIVE
09-09-2011, 07:25 PM
http://www.rte.ie/news/2011/0909/quinn-business.html


Senior executives of the Quinn Group held a meeting with the company's bondholders in London yesterday.

It is understood the meeting centred on discussions to finalise the terms of the refinancing of the group.

Bondholders were told by chief executive Paul O'Brien that trading conditions for the group were challenging in the face of difficult economic circumstances. It is understood that bond prices for Quinn Group debt have fallen in recent days.

Neither the Quinn Group nor its biggest creditor, Anglo Irish Bank, had any comment.

Dr. FIVE
09-09-2011, 09:31 PM
Mr Justice Frank Clarke is to give judgment on Tuesday next at 2pm on whether to grant further orders restraining members of Seán Quinn's family from making changes to their international businesses.

http://www.rte.ie/news/2011/0909/quinn.html


Kick in the face for us either way but which way is it going to go?

PaddyJoe
12-09-2011, 06:13 PM
Quinn is complaining that there's a vendetta against his family:

Businessman Sean Quinn has today accused nationalised Anglo Irish Bank of having a vendetta against his family.

Mr Quinn and his family owe Anglo over €2bn mainly through a failed investment in the bank which the institution is now chasing.

"It is absolutely apparent that Anglo’s priority is to pursue a vendetta against me and my children," he said.

He also said the deal between Anglo and bondholders has increased Quinn Group's interest payments by over 300pc to about €100m a year.

In a statement, he said that prior to the April deal the interest figure payable on the €1.27bn of Quinn Group's borrowings was about €30m a year.

The former chairman of the Quinn Group also warned that thousands of jobs are at risk at his former companies, following a fall-off in trade.

In a statement, he alleges that 38 years of hard work have been destroyed by the bank in less than five months..

He also said that Minister for Finance Michael Noonan "appears to have been seriously misled last April when he stated that the 'deal' Anglo agreed with international banks and bondholders for the Quinn Group involved a substantial write-down of the Group's €1.27bn debt".


http://www.independent.ie/business/irish/quinn-accuses-anglo-of-having-lsquovendettarsquo-against-his-family-2874087.html

Dr. FIVE
12-09-2011, 06:25 PM
None so blind...

Wonder is there anything juicy in Carswell's book?

Baron von Biffo
13-09-2011, 01:41 PM
And now we're all going to have to pay a 2% tax on our insurance policies to pay for Quinn's acting the ********.

http://www.irishtimes.com/newspaper/breaking/2011/0913/breaking29.html

Dr. FIVE
13-09-2011, 01:43 PM
The late late isn't going to sponsor itself baron.

Dr. FIVE
13-09-2011, 05:31 PM
http://www.rte.ie/news/2011/0913/quinn-business.html

The European Court of Justice has been asked to rule on a dispute between Anglo Irish Bank and Seán Quinn and his family.



This action by Anglo against the Quinns is the third set of proceedings. The Quinns say the courts here should not hear the issue because there are related proceedings in the courts in Cyprus. Lawyers for Anglo have asked the court in Cyprus to refuse jurisdiction to hear the matters there.

Mr Justice Frank Clarke said EU regulations did not provide guidance as to which court should decide who should have jurisdiction to hear the matter.

He said he was referring the matter to the ECJ. Both parties will now attempt to agree on the questions that should be put to the ECJ. The matter will come back before the High Court in Dublin on October 3.

DCon
19-09-2011, 08:04 AM
The generosity of our State knows no bounds. To certain people


ANGLO Irish Bank offered to let Sean Quinn's wife and children walk away from debts of close to €2.8bn if the family agreed to co-operate with the bank's takeover of their crumbling empire.

Under the deal, which was rejected, the Quinns could have gone on to earn millions from future business ventures without having to pay any of it to the bank to cover the unpaid debts.

A settlement offered by Anglo in April would also have given Mr Quinn and his wife €500,000 from the sale of their palatial family home, where they could have stayed for up to 10 years.

http://www.independent.ie/national-news/anglo-offered-to-wipe-out-quinns-family-debt-2880454.html

DCon
28-09-2011, 08:22 AM
Poor kids. Their "personal wealth portfolio's" may have to take a hit..


SEAN Quinn's five children are personally on the hook for less than €400m of the €2.8bn their companies owe to Anglo Irish Bank, the Irish Independent has learnt.

The extent of the Quinn children's personal guarantees is revealed in court documents where the Quinns also claim that Anglo bosses asked them to obtain "retrospective" legal advice to belatedly legitimise the guarantees.

The extent of guarantees is significant in light of recent revelations that Anglo offered to let the children and Mr Quinn's wife Patricia walk away from their debts if they handed over all their assets and adhered to a range of other conditions.

The court documents show that while the Quinn children's companies owe Anglo €2.8bn, the children had each advanced personal guarantees worth just €77m.

The guarantees were given through five Cypriot companies, each of which is wholly owned by one of the Quinn children.


In court filings, the Quinns say they got no independent advice on the share pledges and guarantees and had "no appreciation of the practical meaning or effect of the complex nature of the documentation".

http://www.independent.ie/business/irish/quinn-children-are-on-the-hook-for-under-euro400m-of-anglo-loans-2889133.html

Dr. FIVE
04-10-2011, 01:17 PM
http://www.rte.ie/news/2011/1004/quinn-business.html


Senior Counsel Denis McDonald said the administrators were conscious that €738m was a very significant imposition on taxpayers. But he said the payment was necessary to allow policy holders transferring to Liberty to be protected and to allow remaining policy holders and the employees to be protected also.

He said Quinn Insurance currently had a deficit of €851.5m while operating as a going concern. If the business were to be liquidated, he said, the total cost to the tax payer could be €500-600m more.

Mr Justice Kearns approved the payment after lawyers for the Minister for Finance said they were consenting to it. He said he was very conscious of implications for taxpayers but the sum of €738m had to be balanced against a possible pay out of €1,300m if the business went into liquidation.

Tomorrow the High Court president will hear an application by the administrators of the Quinn Insurance group to transfer the business to Liberty Mutual.

PaddyJoe
11-10-2011, 06:09 PM
Story by David Murphy on RTE 6.1 news that it was alleged in court in Cyprus this morning that Anglo have accused Quinn of using phoney transactions to hide assets.
Allegedly a company worth 180 million was sold to a cousin, Peter Quinn for one thousand euro and that another company worth 13.5 million was transferred to Aoife Quinn's husband in exchange for a laptop:eek:

Dr. FIVE
11-10-2011, 06:24 PM
There was this Sunday



http://www.independent.ie/national-news/anglo-tries-to-link-quinn-to-euro500m-action-2900582.html

FALLEN billionaire Sean Quinn will be accused of "deceit" in the High Court tomorrow when Anglo Irish Bank will attempt to "join" him in a €500m dispute between his wife and children and the bank.

In what is expected to be one of the longest and most expensive cases in Irish legal history, Mr Quinn's wife and children are claiming that the half-a-billion-euro guarantees they pledged on behalf of their father to Anglo cannot be enforced because they didn't know what they were doing and were not given proper legal advice.

and this (http://www.independent.ie/business/irish/anglo-adds-trio-to-euro23bn-legal-battle-against-quinn-family-2901539.html) today

Dr. FIVE
31-10-2011, 10:01 PM
Prime Time doing Quinn Thursday. Doc on the Cowen govt coming up too.

Dr. FIVE
03-11-2011, 07:48 PM
Prime Time doing Quinn Thursday.

Tonight

http://www.rte.ie/news/2011/1101/blog-angloquinnpromo_primetime.html

Dr. FIVE
03-11-2011, 09:58 PM
Fitting that RTE are using a "Shaft" theme for this piece

Dr. FIVE
03-11-2011, 10:10 PM
New Quinn management are in talks with revenue to settle tax liabilities.
Apparently Seanie was moving profit all over the place, I am truly amazed

PaddyJoe
03-11-2011, 10:26 PM
Fitting that RTE are using a "Shaft" theme for this piece

Nice piece of work there by Ian Kehoe. He managed to get most of the pieces of the jigsaw together.
The only really new info though was the fact that there's a Revenue investigation going on and the present Quinn management are trying for an overall settlement.

Dr. FIVE
03-11-2011, 10:34 PM
Could really have done with a whole show rather then having FG/IFSC John Bruton on to say nothing. Share price bit could do with 20 minutes alone

PaddyJoe
03-11-2011, 10:51 PM
Could really have done with a whole show rather then having FG/IFSC John Bruton on to say nothing. Share price bit could do with 20 minutes alone

True. I'd like to have seen more focus on how the family took huge sums out of the businesses at the end of 2007. At that stage the writing was on the wall because Anglo had found out about his contracts for difference.
Quinn would have known at that stage that he was quite possibly on the way to bankruptcy and that it was time to start getting assets out of his companies.

DCon
03-11-2011, 11:00 PM
Could really have done with a whole show rather then having FG/IFSC John Bruton on to say nothing. Share price bit could do with 20 minutes alone

ah, we need to get the view of one of our resident Bildebergers.

Dr. FIVE
03-11-2011, 11:21 PM
It would just be Miriam standing there going join the dots, look at the web etc etc

ang
04-11-2011, 02:29 AM
Could really have done with a whole show rather then having FG/IFSC John Bruton on to say nothing. Share price bit could do with 20 minutes alone

IMO this is the main reason we are paying out on Anglo unsecured bonds.

Finance petrified of court action on share price but it will come and no amount of bond paying will stop it.

It's gonna cost us a FORTUNE

Baron von Biffo
11-11-2011, 11:41 AM
Richard Crowley just said on TodayPK that Sean Quinn has been declared bankrupt in a Belfast court.

PaddyJoe
11-11-2011, 01:26 PM
Text of Sean Quinn statement here:

It is with great sadness and regret that I have applied for voluntary bankruptcy in the High Court in Belfast today.

I was born, reared and worked all my life in County Fermanagh. It is for this reason that my bankruptcy application was made today in Northern Ireland.

I have done absolutely everything in my power to avoid taking this drastic decision.

The vast majority of debt that Anglo maintains is owed is strenuously disputed.

However, I cannot now pay those loans which are due, following Anglo taking control of the Quinn Group of companies, which I and a loyal team spent a lifetime building, I find myself left with no other alternative.

I worked tirelessly to find a solution to the problems, which arose from the ill-fated investments in Anglo. Anglo, and more recently the Irish Government, are intent on making scapegoats of my family and I.
http://www.irishtimes.com/newspaper/breaking/2011/1111/breaking29.html

Captain Con O'Sullivan
11-11-2011, 02:00 PM
It is with great sadness and regret that I have applied for voluntary bankruptcy in the High Court in Belfast today.

I was born, reared and worked all my life in County Fermanagh. It is for this reason that my bankruptcy application was made today in Northern Ireland.

I have done absolutely everything in my power to avoid taking this drastic decision.

The vast majority of debt that Anglo maintains is owed is strenuously disputed.

However, I cannot now pay those loans which are due, following Anglo taking control of the Quinn Group of companies, which I and a loyal team spent a lifetime building, I find myself left with no other alternative.

I worked tirelessly to find a solution to the problems, which arose from the ill-fated investments in Anglo. Anglo, and more recently the Irish Government, are intent on making scapegoats of my family and I.

There it is again. The passive voice which implies some problems arose way over there somewhere almost out of sight and I battled against them so hard...

The truth is that the 'problems which arose' were all down to Sean Quinn's gambling and didn't happen way over there at the other end of the field.

Bullshyte statement from a bullshytter.

C. Flower
11-11-2011, 06:41 PM
Only the (erstwhile) rich can afford bankruptcy.

C. Flower
11-11-2011, 06:44 PM
Mathematically challenged: RTE describes Quinn as "Ireland's richest man."

Owing more than 2 billion surely makes him Ireland's poorest ?

Baron von Biffo
11-11-2011, 07:56 PM
Mathematically challenged: RTE describes Quinn as "Ireland's richest man."

Owing more than 2 billion surely makes him Ireland's poorest ?

Not quite. Those he owes it too are much poorer.

PaddyJoe
12-11-2011, 02:21 AM
Colm Keena has an excellent analysis of the Quinn bankruptcy in today's IT. The first point of dispute will be over the validity of Quinn's application for UK bankruptcy given that he lives in Ballyconnell which is in the ROI.
The second question is whether IBRC(formerly Anglo) will lose out because of the UK bankruptcy claim?

The big question is the effect, if any, of the bankruptcy on the IBRC’s ongoing efforts to get as much as it can back from Anglo’s disastrous loans to the formerly mighty Quinn.

The IBRC, in essence Quinn’s sole creditor, should not in theory be disadvantaged. As a result of the bankruptcy declaration, all Quinn’s assets are now held by the official receiver of Northern Ireland, and creditors can make their applications to him.

Quinn and his family once had assets that included the Quinn Group’s manufacturing and insurance businesses, and its extensive property holdings. The bank, by way of share pledges and personal guarantees, and other forms of security, believes it has a right to these assets as its loans have not been repaid.

The insurance and manufacturing businesses have already been seized but are of little value relative to the massive amounts due to the State (by way of the IBRC).

The properties, many of them in places such as Russia and India, are the IBRC’s best bet for getting back at least some of the money. They are believed to be worth hundreds of millions of euro.

The Quinn family is involved in a huge, multijurisdictional battle with the State agency over these assets. In an affidavit to a court in Nicosia, Cyprus, in October, IBRC executive Richard Woodhouse set out aspects of this battle.

The family was moving ownership of assets, the courts was told. It also heard claims the assets were in fact held in trust for the Quinn children by companies that Anglo thought owned them when it was issuing loans for which it received, in return, the company shares as security.

Woodhouse said the family was involved in a “conspiracy” aimed at putting the assets beyond the bank’s reach but the family argued that it initiated the moves that are being described by Anglo as a conspiracy, as an effort to protect family property assets from the improper attempts of the bank to seize them.

Unless someone somewhere can argue and show that Seán Quinn should in fact be linked to assets over and above those outlined in his statement of claim, then it would seem the State has not lost anything by Quinn’s unexpected move.

If matters run smoothly for him, Quinn will be out of his bankruptcy within a year. And back in business?
http://www.irishtimes.com/newspaper/finance/2011/1112/1224307462111.html

ang
12-11-2011, 04:36 AM
Creditors here should have had Sean Quinn in bankruptcy here.

It is that simple.

DCon
12-11-2011, 01:54 PM
surprise, surprise..the kids own everything


SEÁN QUINN, at one time thought to be Ireland’s richest businessman with personal wealth of more than €4 billion, yesterday told a Belfast court that he had assets of less than £50,000.

Mr Quinn made a successful bankruptcy application to the Belfast High Court and his worldwide assets are now under the control of the Official Receiver in Northern Ireland.

His solicitor, John Gordon, told The Irish Time s the statement of affairs filed with the court said Mr Quinn had assets of less than £50,000 and no income, did not own property, and had a pension that would pay him less than £10,000 a year once it was drawn down.

Mr Gordon said his client did not own the house he lived in, which, Mr Gordon said, had been built and paid for by his children and belonged to them. Mr Quinn’s wife, Patricia, also had no assets.

Except Daddy's debt of course.

http://www.irishtimes.com/newspaper/frontpage/2011/1112/1224307462263.html

ang
14-11-2011, 08:46 AM
Back to court today - I wonder will Anglo try to overturn the Bankruptcy declaration:-


A €2bn claim against businessman Sean Quinn by the Irish Bank Resolution Corporation (IBRC) is due back in court today.

The IBRC - formerly Anglo Irish Bank - is looking to fast-track its claim against Mr Quinn in the Commercial Court.

Read more: http://www.breakingnews.ie/ireland/ibrc-claim-against-quinn-due-in-court-528225.html#ixzz1dfSC5ZnZ

Baron von Biffo
14-11-2011, 01:08 PM
IBRC, formerly Anglo is contesting Quinn's NI bankruptcy on the basis that his centre of interests is Cavan.

http://www.breakingnews.ie/ireland/ibrc-will-seek-to-have-quinn-bankruptcy-annulled-528274.html

DCon
15-11-2011, 08:28 AM
Anyone else sick of the Quinn's by now??


ANGLO Irish Bank is to investigate why bankrupt businessman Sean Quinn sold land to his five children just weeks before he filed for bankruptcy in Belfast.

The Irish Independent has learned that the property, which shares the same address as Mr Quinn's family home at Greaghrahan, Ballyconnell, Co Cavan, was sold to the Quinn children for €100,000 in early October.

Mr Quinn was declared a bankrupt last Friday, days after Anglo -- now known as the Irish Bank Resolution Corporation (IBRC) -- initiated a staggering €2.8bn debt case against him.

The relatively small purchase price indicates that the land, which is understood to come with planning permission, is not the palatial family home where Mr and Mrs Quinn live.

http://www.independent.ie/national-news/anglo-probing-sale-of-land-to-quinn-children-2934308.html


THE wife of bankrupt businessman Sean Quinn has claimed that she "never knew" she had a €3m personal loan from Anglo Irish Bank and had never met a member of staff from the now state-owned lender.

Patricia Quinn, who is being sued by Anglo, has claimed that she is a housewife and "has always been a housewife" despite serving as a director of numerous companies within the Quinn Group formerly led by her husband.

Mr Quinn was declared bankrupt by the High Court in Belfast last Friday.

His wife has been given two weeks by the Commercial Court in Dublin to file a defence in which she will seek to escape her liability from the joint and several personal loans obtained by the couple in December 2006.

Mrs Quinn will attempt to escape repayment of the €3m loan on the grounds that she signed the document by mistake, without knowledge of its meaning.

http://www.independent.ie/national-news/courts/wife-never-knew-she-had-euro3m-personal-bank-loan-2934199.html

Captain Con O'Sullivan
15-11-2011, 01:09 PM
Half the country could escape their legal liabilities on personal loans on that basis- considering that the official policy was that everyone should party and that the houseprices would continue to soar then people could argue that the meaning of 'loan' had been obscured and that they were signing something of which they had little or no warning.

Maybe Mrs Quinn would like to hand back any director's fees she might have received while being a confused housewife and wondering why all those cheques addressed to her kept arriving on the doormat.

Anglo-Irish should also be chasing up the subject of many millions paid out to the Quinn kids' individual wealth portfolios when Daddy was in the hole for playing with company money to the tune of over 2billion euros.

If that money came out of Quinn Group's accounts then it wasn't his to distribute and he should at least go to jail for embezzlement as per Madoff- and by the way his kids should be receiving large tax bills for their sudden increase in wealth by way of a taxable benefit or gift.

The only way that tax wouldn't be payable would be if Quinn took the money out of Quinn Group and put it in a trust arrangement for the family which means the transactions should be traceable.

If Quinn Group had 400million withdrawn from it and the trusts concerned had a credit of the same amounts then Quinn should be heading jailward and the trusts concerned should have to repay the money to the administrators.

Quinn didn't have that kind of money lying around- thats why he was in trouble.

Dr. FIVE
15-11-2011, 10:59 PM
Tomorrow's indo says Quinn has less then 12k in his bank account.


They don't say which account though

Dr. FIVE
20-11-2011, 04:47 PM
Biz post: The break up and asset stripping of Quinn group begins in deal between Anglo, a syndicate of banks and bondholders which are owed 1.3bn.

Baron von Biffo
22-11-2011, 01:14 PM
It was the faeries wot did it.

http://www.independent.ie/national-news/sean-quinnrsquos-downfall-is-fairiesrsquo-revenge-say-locals-in-cavan-2941144.html

DCon
23-11-2011, 11:07 PM
Quinn is on the hook for a few quid


BUSINESSMAN Seán Quinn must repay €417m to the the Irish Bank Resolution Corporation, formerly Anglo Irish Bank, the Commercial Court ordered today.

A summary judgment against Mr Quinn was granted to IBRC by Mr Justice Peter Kelly.

The bank's claim for a further €1.6bn has been adjourned until next Monday to give the official receiver in charge of Mr Quinn's bankruptcy in Northern Ireland a further chance to tell the court if he wants to challenge that claim.

http://www.independent.ie/national-news/courts/sean-quinn-must-repay-over-euro400m-to-anglo-irish-bank-court-2944062.html

PaddyJoe
25-11-2011, 01:09 AM
Sean Quinn has given an exclusive interview to his local Fermanagh newspaper:

FERMANAGH businessman Sean Quinn - formerly Ireland's richest man - says he is determined to repair the family name, two weeks after filing for bankruptcy at the High Court in Belfast.

Speaking exclusively to today's Impartial Reporter, the 65-year-old described the last two years - which saw him lose control of his multibillion-euro insurance, manufacturing and property businesses - as "very difficult" and "very hurtful" but he remains resilient and focused on moving on, despite a number of legal proceedings hanging over him.

In a deeply personal exchange, the notoriously private man, opened up to this newspaper. Asked to describe the real Sean Quinn, he replied: "I was always a bit of a home bird, I wasn't interested in going off to Dublin, Belfast or London with black ties on. I just stayed around home; took it easy with the local lads, went to the local pub and put the wellington boots on to walk around the mountains. That's the way I operated and I have no regrets on that but I am paying the price for it now," he said..

This is only part of the story. Read the full exclusive report in today's Impartial Reporter
http://www.impartialreporter.com/news/roundup/articles/2011/11/24/395027-quinn-determined-to-repair-family-name/

Dr. FIVE
25-11-2011, 01:32 AM
impartial reporter lol
I can imagine

PaddyJoe
25-11-2011, 01:42 AM
impartial reporter lol
I can imagine

Now, now;) I'll hear nothing said against the neighbours up in Enniskillen..

The Impartial Reporter was founded in 1825 by William Trimble.[2] Trimble took over from the original owner, printer John Gregsten.[3] William Trimble was called the "Father of the Irish Press"[4] During its early decades, coverage of the Great Famine was one of the top stories.[5] The newspaper emerged the survivor of intense competition by rival newspapers in its early years.[6]
http://en.wikipedia.org/wiki/The_Impartial_Reporter

Dr. FIVE
25-11-2011, 01:59 AM
begod that's some history.

Has dinny or indeed Sean every tried a take over?

PaddyJoe
25-11-2011, 02:10 AM
begod that's some history.

Has dinny or indeed Sean every tried a take over?

You don't need to buy the papers when you're playing cards with them in the local every Thursday night:)

musashi
28-11-2011, 05:05 PM
Looks like Quinn needs to get his credit card out.


Bankrupt businessman Seán Quinn has been ordered to repay more than €2 billion (http://www.irishtimes.com/newspaper/breaking/2011/1128/breaking36.html) to the Irish Bank Resolution Corporation (IBRC), the largest summary judgment amount ever entered in the Irish courts.

Baron von Biffo
29-11-2011, 12:33 PM
Looks like Quinn needs to get his credit card out.

Don't fret for poor Seanie, that €2bn will eventually wind up on your credit card and mine.

DCon
29-11-2011, 12:37 PM
Don't fret for poor Seanie, that €2bn will eventually wind up on your credit card and mine.

Just like the kids personal wealth portfolio cash ended up in higher insurance premia..

musashi
29-11-2011, 07:03 PM
Don't fret for poor Seanie, that €2bn will eventually wind up on your credit card and mine.

What happens if he can't stump up the money to the defunct bank?

DCon
29-11-2011, 08:51 PM
What happens if he can't stump up the money to the defunct bank?

when he can't you mean..

Baron von Biffo
30-11-2011, 12:22 AM
What happens if he can't stump up the money to the defunct bank?

A few more SNAs will go on the dole, another hospital will get the Roscommon treatment, children's allowance might take another hit. Take your pick.

Dr. FIVE
30-11-2011, 12:33 AM
Fingers crossed he wins big in the cards

Dr. FIVE
16-12-2011, 11:48 AM
High Court:

Mrs Quinn ordered to pay 3m to anglo

Baron von Biffo
16-12-2011, 11:57 AM
High Court:

Mrs Quinn ordered to pay 3m to anglo

A director of more than 30 companies and company secretary to several yet she claimed she was just the naive pawn of her husband. Nauseating.

Baron von Biffo
16-12-2011, 01:20 PM
Judge Kelly savaged the Quinn defence :-

"He said there was no evidence that Mrs Quinn suffered from an intellectual disability, a mental illness or cognitive impairment and there was no evidence at all of threats or bullying by her husband.

In relation to Mrs Quinn's argument that she did not receive the money, the judge said whether it was used to complete the decoration of the Quinn home or for something else was a matter for the borrowers.

The loan was drawn down at the direction of Mr Quinn, and was used.

He said if Mrs Quinn did not consider that she got value from the borrowing, then that was a complaint against Mr Quinn, not against the bank."

http://www.rte.ie/news/2011/1216/quinn.html

TotalMayhem
17-12-2011, 12:09 PM
Nauseating.

Indeed


Further details of how Mr Quinn ran his family business emerged in court papers filed in the family’s separate legal action against Irish Bank Resolution Corporation.

The family has said the Slieve Russell Hotel in Co Cavan has been owned by Mr Quinn’s daughter Brenda since it was built in 1990 but that it was held in trust for her by her mother, Patricia, until she turned 18.

In response to queries raised by the bank about their claims, the family said that it was difficult to say when Brenda Quinn became aware of her ownership of the Slieve Russell as she was about three years old when it was built.

Baron von Biffo
19-12-2011, 11:28 AM
Anglo is today attempting to overturn Quinn's UK bankruptcy.

http://www.independent.ie/business/irish/sean-quinn-anglo-bids-to-have-bankruptcy-overturned-today-2967397.html

Poor Sean is not happy that the people he owes money to have the effrontery to look for it to be repaid.

TotalMayhem
20-12-2011, 11:11 PM
Anglo is today attempting to overturn Quinn's UK bankruptcy.

A "vindictive face saving exercise"... according to the man himself.

bmitie
20-12-2011, 11:20 PM
just think if Mrs Quinn had got away with her ruse!!

PaddyJoe
21-12-2011, 01:31 AM
There's an interesting little snippet at the end of a Colm Keena piece in the IT:

When he applied for bankruptcy in November, Quinn believed he had one creditor, IBRC.

He may soon have two. According to his affidavit, his and his family’s affairs were always run out of the Quinn Group headquarters on the old family farm in Derrylin. Family utility bills were paid in Derrylin with Quinn Group money.

The UK Revenue and Customs have written to him recently, “indicating they wish to check the content of my personal annual tax return for the last number of years, relating to benefits in kind”.

The UK Revenue wrote to him in Ballyconnell.
http://www.irishtimes.com/newspaper/finance/2011/1221/1224309340179.html

Baron von Biffo
21-12-2011, 03:17 PM
There was a clip of Quinn on telly last night saying that he shouldn't have listened to the brokers and he shouldn't have listened to the regulator. It ended with him saying that he takes 'full responsibility'.

It was a claim that rang hollow coming from a man who declared bankruptcy in the jurisdiction whose bankruptcy laws are most favourable to those who don't want to repay their debts.

Dr. FIVE
21-12-2011, 03:29 PM
Ireland's richest victim, or Northern Ireland's if you believe him.
Quite interesting him saying he should never have listened to Anglo given they supposedly were not aware of half his dealings with them.


They mentioned an IMF report on Liveline saying Anglo was (ironically) at the heart of Europe's woes. Was that released or posted here? I remember one a week or two back blaming the two Brian's for everything.

musashi
21-12-2011, 03:30 PM
http://www.independent.ie/multimedia/archive/00996/sean-quinn_996626t.jpg


He claims that some 80pc of his tax is paid to the UK government (http://www.independent.ie/national-news/courts/former-billionaire-quinn-gets-modest-10000-state-pension-from-uk-court-told-2969480.html) and he holds a British national insurance number.

But it emerged yesterday that Mr Quinn, who lives in Ballyconnell, Co Cavan, is resident for tax purposes in the Republic of Ireland, according to a certificate supplied by the UK's Revenue & Customs.

Nice try Mr. Quinn but no dice.

Dr. FIVE
21-12-2011, 11:55 PM
@rodneyedwards

Breaking news. Hearing reports that a lorry has been driven into the canteen at Quinn HQ in #Derrylin and set on fire. #SeanQuinn #Fermanagh

PaddyJoe
26-12-2011, 12:53 AM
Quinn's shopping centre in the Ukraine:

Security guards today threatened the use of force against Rostyslav Levinzon, the newly appointed acting director of the $50 million Ukraina shopping mall, he told the Kyiv Post.

Levinzon’s lawyers at Magisters law firm said Levinzon was finally registered as the acting director of the shopping center by a government agency following months of legal wrangling that started in April for control over the lucrative commercial property.

Yet when he produced the important legal document, security denied him entry and threatened the use of force if he proceeded to enter the management office at Ukraina, said Levinzon.

“The situation is very flammable,” said Levinzon.

Levinzon was appointed Ukraina’s acting director at successive general shareholders meetings held in recent weeks initiated by Quinn Holdings Sweden, the 92.75 percent shareholder in Ukraina.

Read more: http://www.kyivpost.com/news/business/bus_general/detail/119320/#ixzz1hb7COfxO


H/T Namawinelake

C. Flower
26-12-2011, 12:59 AM
Almost as difficult as serving a writ on Quinn.

Dr. FIVE
02-01-2012, 03:29 PM
THE UKRAINIAN courts have granted a $45.2 million (€34.6 million) judgment to an obscure British Virgin Islands company that threatens to frustrate Irish Bank Resolution Corporation efforts to secure a shopping mall in Kiev that has a rent roll of approximately $10 million per annum.

Following the ruling, a senior executive with the State-owned Irish Bank Resolution Corporation (formerly Anglo Irish Bank) described the Kiev courts as “a tool of legalised robbery of foreign investors”

http://www.irishtimes.com/newspaper/finance/2012/0102/1224309715727.html

TotalMayhem
02-01-2012, 03:33 PM
a senior executive with the State-owned Irish Bank Resolution Corporation (formerly Anglo Irish Bank) described the Kiev courts as “a tool of legalised robbery of foreign investors”

One robber is complaing that he just got pwned by another robber... filarious. :mad:

Dr. FIVE
02-01-2012, 03:35 PM
lol

Baron von Biffo
02-01-2012, 03:38 PM
THE UKRAINIAN courts have granted a $45.2 million (€34.6 million) judgment to an obscure British Virgin Islands company that threatens to frustrate Irish Bank Resolution Corporation efforts to secure a shopping mall in Kiev that has a rent roll of approximately $10 million per annum.

Following the ruling, a senior executive with the State-owned Irish Bank Resolution Corporation (formerly Anglo Irish Bank) described the Kiev courts as “a tool of legalised robbery of foreign investors”

http://www.irishtimes.com/newspaper/finance/2012/0102/1224309715727.html

Those who would have us believe that ours is a corrupt country should look at stories like this to get a glimpse at what happens in countries that really are corrupt.

TotalMayhem
02-01-2012, 04:29 PM
Those who would have us believe that ours is a corrupt country should look at stories like this to get a glimpse at what happens in countries that really are corrupt.

I'm a bit surprised that you give any credit to the judgement of a senior Anglo exec. Or is it maybe because of the fact that this shlthole is now state-owned, you consider this guy a fellow civil servant who deserves nothing but our deepest heartfelt respect and indeed "special protection"?

Baron von Biffo
02-01-2012, 04:49 PM
I'm a bit surprised that you give any credit to the judgement of a senior Anglo exec.

I was commenting on the court decision as reported in the article, not on the remarks of the Anglo exec.


Or is it maybe because of the fact that this shlthole is now state-owned, you consider this guy a fellow civil servant

I'm retired from the private sector so regardless of his status we couldn't be fellow civil servants.


who deserves nothing but our deepest heartfelt respect and indeed "special protection"?

Who says civil servants should enjoy special protection?

TotalMayhem
02-01-2012, 05:06 PM
I'm retired from the private sector so regardless of his status we couldn't be fellow civil servants.

My aplogies then.


Who says civil servants should enjoy special protection?

Well, you have earned yourself a reputation as the resident champion of the Irish public sector workers. ;)

Baron von Biffo
02-01-2012, 05:12 PM
Well, you have earned yourself a reputation as the resident champion of the Irish public sector workers. ;)

Does that get me a share in your winnings? :)

DCon
05-01-2012, 09:07 PM
RTE reporting that Quinn may have committed fraud

You could knock me over with a feather

PaddyJoe
07-01-2012, 12:34 AM
Sean Quinn makes the front of Saturday's International Herald Tribune:

http://i40.tinypic.com/sq2ul1.jpg

PaddyJoe
07-01-2012, 08:14 PM
There's our Sean in the New York Times complete with leprauchan graphic and every possible rags to riches cliche imaginable;)

IN the green borderlands of County Fermanagh, there was nothing like the Mighty Quinn.
That is what they called Sean Quinn — canny conglomerateur to his friends, wily rogue to his enemies and, until recently, the richest man in Ireland (http://topics.nytimes.com/top/news/international/countriesandterritories/ireland/index.html?inline=nyt-geo).
Even now, with times so hard in this country, his up-by-the-bootstraps story is the stuff of legend, a Celtic fairy tale for strivers and climbers. This, after all, is the farmer’s son who became a quarry man and then, with gravel and grit and yes, a bit of old-fashioned greed, became a billionaire.
Until, that is, it all came crashing down.
http://www.nytimes.com/2012/01/08/business/sean-quinn-and-irelands-boom-and-bust.html

Dr. FIVE
07-01-2012, 08:32 PM
Was just groaning through it

PaddyJoe
07-01-2012, 08:34 PM
Was just groaning through it
It's actually quite good on the details once you get past the silly stuff.

TotalMayhem
07-01-2012, 08:49 PM
Was just groaning through it


In November, Enda Kenny, the Irish prime minister, brought up the issue with Ukraine’s president, Viktor Yanukovych.

Isn't that the fella who's riding around in a Mercedes limo stolen in Germany? :D

TotalMayhem
07-01-2012, 08:53 PM
Isn't that the fella who's riding around in a Mercedes limo stolen in Germany? :D

Sorry, my bad, that would be his Minister for Justice (http://www.politicalworld.org/showpost.php?p=210431&postcount=32).

Baron von Biffo
07-01-2012, 08:54 PM
Isn't that the fella who's riding around in a Mercedes limo stolen in Germany? :D

No, Gump got Cowen's merc. ;)

ang
10-01-2012, 12:21 PM
Update:-


TV3 News
TV3 Breaking News: Sean Quinn Northern Ireland bankruptcy annulled.

DCon
10-01-2012, 12:22 PM
Update:-

In the Times too!


A judge in Belfast has ruled that businessman Sean Quinn was not entitled to file for bankruptcy in the North.

Mr Quinn declared himself bankrupt in November over a multi-million euro debt owed to the former Anglo Irish Bank.

Read more: http://www.breakingnews.ie/ireland/ojmhojmhaucw/#ixzz1j3cQPJe0

ang
10-01-2012, 12:35 PM
In the Times too!


I wonder will NAMA be watching and thinking...........

Baron von Biffo
10-01-2012, 12:40 PM
I wonder will NAMA be watching and thinking...........

And will the government be watching and thinking. It wouldn't surprise me if this development didn't spur them to expedite legislation to to modify our bankruptcy laws. After all, where would we be if bankruptcy tourism was no longer an option and people actually had to pay their debts?

Dr. FIVE
10-01-2012, 02:57 PM
Sean didn’t disclose in his bankruptcy application that he had an Irish passport and didn’t have a UK passport, didn’t disclose that he is registered to vote in the Republic and that 20% of his tax is paid to the Revenue Commissioners in the Republic.


http://namawinelake.wordpress.com/2012/01/10/sean-quinn-northern-ireland-bankruptcy-order-annulled-by-belfast-judge/

Dr. FIVE
13-01-2012, 10:44 PM
This weeks Quinn group fire story

http://www.bbc.co.uk/news/uk-northern-ireland-16557141?utm_term=BBC&utm_content=Newsline&utm_source=twitterfeed&utm_medium=twitter

Kid Ryder
13-01-2012, 11:00 PM
This weeks Quinn group fire story

http://www.bbc.co.uk/news/uk-northern-ireland-16557141?utm_term=BBC&utm_content=Newsline&utm_source=twitterfeed&utm_medium=twitter

Are all the Quinn Group premises built from firelighters and touch paper with gardens containing decorative 'petrol features'?:confused:

PaddyJoe
14-01-2012, 12:30 AM
This weeks Quinn group fire story

http://www.bbc.co.uk/news/uk-northern-ireland-16557141?utm_term=BBC&utm_content=Newsline&utm_source=twitterfeed&utm_medium=twitter

Them lads will find it hard enough to get insurance if these accidents keep happening;)

Baron von Biffo
16-01-2012, 01:02 PM
RTE reporting that Quinn has been declared bankrupt in the High Court.

antiestablishmentarian
16-01-2012, 01:07 PM
Good. Although given he's 'sold' plenty of assets to different family members there's probably little enough to seize.

Baron von Biffo
16-01-2012, 01:09 PM
Good. Although given he's 'sold' plenty of assets to different family members there's probably little enough to seize.

At least his bankruptcy will be governed by our robust legislation rather than the crooks charter that applies in the UK.

DCon
16-01-2012, 04:55 PM
Poor Sean is actually the victim

http://www.rte.ie/news/2012/0116/quinns.html



In a statement this afternoon, Mr Quinn said: ''Today Anglo achieved their goal of ensuring that I will never create another job.''

Baron von Biffo
16-01-2012, 07:12 PM
Poor Sean is actually the victim

http://www.rte.ie/news/2012/0116/quinns.html

The detachment from reality is truly extraordinary. Not even a hint of remorse at sticking the taxpayer with such a huge burden.

Dr. FIVE
18-01-2012, 05:11 PM
In tomorrow's Impartial Reporter, Sean Quinn speaks of his "devastation"

Dr. FIVE
18-01-2012, 05:54 PM
"Because I haven't owned any companies or businesses since 2002, the assets that can be taken from me are minimal, however, I feel that the fact that I am now bankrupt has ruined my reputation which I built up over many years through a lot of hard work. I am now heading into retirement penniless, and I'm very sad that it has come to this,"


http://www.smileyvault.com/albums/character/thumb_smiley-vault-character-260.gif

PaddyJoe
13-02-2012, 11:49 PM
Anglo takes contempt of court action against Quinn. Seeks to jail Sean Quinn as well as his son and his nephew for defying court orders, according to the IT and Indo tomorrow.

Dr. FIVE
18-02-2012, 08:57 AM
Quinn will be questioned in court next month as part of a bid by Anglo to jail him for contempt for the rest of us of court.

http://www.independent.ie/national-news/quinn-faces-contempt-grilling-3023885.html?


broke court orders, issued last July, preventing members of the Quinn family from dissipating foreign property assets. The contempt motion comes ahead of alleged conspiracy proceedings against members of the Quinn family in the Irish courts. Proceedings have been fixed for the High Court on March 21. Yesterday the court heard there was a major dispute between both sides about the alleged asset stripping that had occurred of several key properties in the Quinns' group.

Dr. FIVE
23-02-2012, 01:38 PM
Seán Quinn's wife and children are entitled to make arguments that Anglo breached Market Abuse Regulations and company legislation in its loans to the family in their action against the bank, a court has ruled.

http://www.rte.ie/news/2012/0223/quinns.html

Andrew49
23-02-2012, 04:50 PM
http://content.screencast.com/users/theknitter/folders/Jing/media/fbf0f46a-c91d-46e9-92b2-149150bb2859/judge.png

What the judge said - LINK (http://t.co/VTW6Chpb)

DCon
29-02-2012, 08:17 AM
curiouser and curiouser


But in the High Court in Belfast it emerged the former head of the Quinn family's foreign property empire says he never authorised any debt transfer -- which could massively boost the bank's bid to claim the property in Kiev.

Peter Quinn now says that his signature was forged on the agreement and says he will not stand in the bank's way to try and regain control of the asset.


The climbdown comes weeks ahead of a bid by Anglo to jail Sean Quinn Snr, his son Sean Quinn Jnr and Peter Quinn.

The three men stand accused of breaking court orders not to interfere in any way with their foreign property assets, including the shopping centre in the Ukraine.

http://www.independent.ie/national-news/courts/quinn-nephew-tells-court-signature-forged-3034525.html