Anglo seeks jailing of Quinn for contempt

[Sam Lord]

I don't know is the honest answer. But conspiracy will be the Quinn version.

Well from what we are being told it seems that the Bank was not exactly comfortable with the case being brought by the Quinns regarding the appointment of a liquidator (not confident of winning?) so instead of letting it be judged by the courts they have liquidated the company and moved all the assets to another they have set up.

So now instead of the Quinns moving asets we have the bank moving assets.

Perhaps I'm not getting the right picture.... ?

[Stanley 2]

That really doesn't explain anything to me. Neither does the podcast which someone else linked.

The Quinn's liabilities exceed their assets, SQ is not a fit and proper person to run QI and was removed, the Courts have decided upon application from their main debtor to place the various businesses under the umbrella of Quinn Group into receivership to ascertain if these should be liquidated or sold.

The start of this process is to take control of the holding company, Quinn Group.which is what is occuring today.

[Baron von Biffo]

Well from what we are being told it seems that the Bank was not exactly comfortable with the case being brought by the Quinns regarding the appointment of a liquidator (not confident of winning?) so instead of letting it be judged by the courts they have liquidated the company and moved all the assets to another they have set up.

So now instead of the Quinns moving asets we have the bank moving assets.

Perhaps I'm not getting the right picture.... ?

Not 100% sure but I think RTE reported earlier that the courts had approved the liquidation.

[Sam Lord]

The Quinn's liabilities exceed their assets, SQ is not a fit and proper person to run QI and was removed, the Courts have decided upon application from their main debtor to place the various businesses under the umbrella of Quinn Group into receivership to ascertain if these should be liquidated or sold.

The start of this process is to take control of the holding company, Quinn Group.which is what is occuring today.

The receiver already controlled the holding company, to my knowledge. What they did today was liquidate it and move the assets to another company which they established. The only purpose of this, from what I understand from the press reports, was to preclude the family getting Quinn Group back through a successful legal case.

But if there is another explanation please feel free to share it.

[Stanley 2]

The Quinns are in contempt of Court and continue to defy, IBRC are of the opinion they cannot be trusted, probably have a fair idea whats coming against them in Court and are taking legal steps to protect their/our position.

It is possible there could be unusual conditions in the set-up of the Quinn companies but IBRC are doing it legally and above board, do not have to declare strategy to Quinns, who could oppose/object if they wish.

[Sam Lord]

The Quinns are in contempt of Court and continue to defy, IBRC are of the opinion they cannot be trusted, probably have a fair idea whats coming against them in Court and are taking legal steps to protect their/our position.

It is possible there could be unusual conditions in the set-up of the Quinn companies but IBRC are doing it legally and above board, do not have to declare strategy to Quinns, who could oppose/object if they wish.

It's a bit wiffy I have to say .... but then it is the IBRC.

[Stanley 2]

The receiver already controlled the holding company, to my knowledge. What they did today was liquidate it and move the assets to another company which they established. The only purpose of this, from what I understand from the press reports, was to preclude the family getting Quinn Group back through a successful legal case.

But if there is another explanation please feel free to share it.

The expected strategy of the Quinns, is that collectively they will say Daddy did everything without their knowledge, just like his missus did, and they cannot be held responsible for the debts he created and gambled with, without their knowledge or permission.

[Sam Lord]

The expected strategy of the Quinns, is that collectively they will say Daddy did everything without their knowledge, just like his missus did, and they cannot be held responsible for the debts he created and gambled with, without their knowledge or permission.

I didn't think the court case was about whether the daughters were responsible for debts or not. It was my impression that it centered on whether it was correct to put the company into receivership.

[PaddyJoe]

The receiver already controlled the holding company, to my knowledge. What they did today was liquidate it and move the assets to another company which they established. The only purpose of this, from what I understand from the press reports, was to preclude the family getting Quinn Group back through a successful legal case.

But if there is another explanation please feel free to share it.

That's what I understand. IRBC are staying one step ahead.

[C. Flower]

It's a bit wiffy I have to say .... but then it is the IBRC.

Yes. They will do anything they can to stop the Quinns' cases being decided by judges. They aren't 100% sure of the judiciary. A pre-emptive strike.

[PaddyJoe]

Again, the problem for the IRBC and the government is that the whole Quinn/Maple 10 arrangement that led to so much of this may be found to be an illegal share support operation.
In that case there's still plenty to play for.

[C. Flower]

Again, the problem for the IRBC and the government is that the whole Quinn/Maple 10 arrangement that led to so much of this may be found to be an illegal share support operation.
In that case there's still plenty to play for.

There is.

I would say they are very anxious to keep the whole can of worms tightly shut.

They wrapped up Ansbacher into Anglo, rather than have it properly mopped up, after eight years of investigation.

[PaddyJoe]

There is.

I would say they are very anxious to keep the whole can of worms tightly shut.

They wrapped up Ansbacher into Anglo, rather than have it properly mopped up, after eight years of investigation.

I doubt that it can be kept shut for much longer. Fitzpatrick and McAteer in October will certainly claim that their legal advisers and the Regulator/DOF/Central Bank gave the all clear.
I suspect though that the cases will keep getting pushed back for various 'technical' reasons. It could be well into 2013 before there's anything substantive.

[Stanley 2]

I didn't think the court case was about whether the daughters were responsible for debts or not. It was my impression that it centered on whether it was correct to put the company into receivership.

A battle within a war, the Browne case in Oct will have a huge bearing on Quinn defence

http://www.irishtimes.com/newspaper/...314822136.html

The Regulator placed QI into receivership based on the evidence before him on reserves for claims and how funds were moved away from QI to Quinn Group.

[DCon]

Sean jnr's wife is having it tough while Petey enjoys the odd bit of GAA

Bless

Ms Woods yesterday revealed that she was struggling to come to terms with her husband's jail term.

She said: "It's not getting any easier. To be honest it's the fifth week now and it's not getting any easier.

"Sean is doing the best he can do.

"He's doing as good as can be expected.

"It's not a nice time. It's tough and I miss him, I miss him awfully, awfully."

http://www.independent.ie/national-n...s-3203884.html