Quinn Insurance in Administration

[Denn Forever]

Poacher becoming gamekeeper?

http://www.irishtimes.com/newspaper/finance/2011/0412/1224294481758.html

A joint venture proposal from State-owned Anglo Irish Bank and US insurer Liberty Mutual (whose interest was first reported in these pages last year) seems to be in pole position. Insurer Zurich is also in the mix.

[supersarsfields]

There's alot going on behind the scenes here at the minute. The Liberty Mutual deal definitely looks like the most likely outcome at this stage unfortunately (IMO).

Was glad to see that the high court rejected the Administators request to have a private hearing on the sale.

There'll be alot left to run on this saga after the sale process is finished.

[orangeman]

Is Quinn definitely out of the bidding process SS ?

[supersarsfields]

Hard to say OM. There's still alot of work going on behind the scenes from what I hear and I think there might be a few meetings this week in fact. They are still trying to push the SQ proposal but to be honest I would be surprised if they managed to pull things around at this stage.

But at the end of the day until someone else buys it he's still got a chance all be it a small one.

There could be some pretty big fall out from this whole thing once the sales aspect is sorted.

[supersarsfields]

From the Anglo Celt. 

^{Quinn Group proposal was submitted just last week
by Tom Carron Comments (0) |  Print |  Email
A fully costed Quinn Group proposal for the acquisition of Quinn Insurance is on the table of the joint administrators since last week and has been forwarded to the bankers selecting a buyer.
This was revealed at Monday's meeting of Cavan County Council when Quinn Group executives, Kevin Lunney and Dara O'Reilly, presented the Quinn proposal, which they claim will reimburse the state with the €2.8bn owing to Anglo Irish Bank by the Quinn family within seven years; exploit the company's profitability and guarantee jobs.
Predicated on government backing, the submission seeks €500m cash from an Irish bank to cover the solvency requirements of the financial regulator, although Mr Lunney and Mr O'Reilly said there was €1bn in funds at Quinn Insurance and the €500m was not required to meet claims or running costs. They said a meeting was likely with the Minister for Finance, Michael Noonan, tomorrow Thursday. Responding to a question from Cllr Peter McVitty, Mr Lunney said they had sought meetings with the previous minister, Brian Lenihan, without success. In a response to Cllr John Paul Feeley, Mr Lunney revealed that the Quinn proposal had only gone to the table of the joint administrators last week. He conceded that up until then their proposal had not been submitted in the formal sense.
Cllr Andrew Boylan called on Taoiseach Enda Kenny, Minister Michael Noonan and Minister Richard Bruton "to use their offices to ensure that... the business stays in Cavan. We will not contemplate somebody... relocating it to Dublin or outside the country".
Mr Lunney said they were seeking the support of Cavan County Council for the proposal. He pointed out that the Quinn Group contributed €1.3bn in taxes to both the Republic and the North and under their proposal the company could quickly return to the point when it could make €100m in a tax contribution annually. He said the Quinn Group wage roll in the Republic was €90m and in the North €50m annually. Contractors supplying the Quinn Group contributed €200m in taxes.
"It is proven that the business in Northern Ireland and the UK is profitable. It is regrettable that business is lost to competitors - we want to make sure that it is not lost to the community," he said.
The Quinn executives pointed out that the proposal was now in exactly the same position as the Liberty Mutual/Anglo proposal.
Council chairman, Cllr Des Boylan, said: "I sincerely hope it will be thoroughly examined and will be successful" and the council decided to email forthwith a resolution to that affect to the government.}

I just hope FG have bigger balls than FF had.  But I wouldn't hold my breath! At least it seems that the Quinn proposal has now been allowed to reach the table.

[Declan]

Quinn Insurance has announced Liberty Mutual and Anglo Irish Bank as the preferred bidder for the company.

In a separate announcement, Anglo Irish Bank has announced that Kieran Wallace of KPMG will take control of the Quinn family's shares in Quinn Group.

He will oversee the appointment of a new board of directors to the group.

It is proposed that Liberty Mutual will provide the management and insurance expertise to Quinn Insurance.

Anglo Irish Bank will retain a minority shareholding in the new firm but will have no dealings in the day-to-day management of the new company.

It is hoped a deal will be finalised within the next four to six weeks.

The High Court heard that all 1,570 jobs in the Republic and in Northern Ireland will transfer to the joint venture. Cavan will remain the head office of the business.

As part of the plan, the Navan office is to close and the 100 staff will relocate to either Blanchardstown or Cavan.

30 staff employed in Manchester are to be offered redundancy.

In a statement, the Central Bank said it noted the announcement from Quinn Insurance.

A petition signed by 90,581 people was also presented to Minister for Finance Michael Noonan asking that any plan for Quinn Insurance's future be fully examined before a decision is made.

[supersarsfields]

Gutted when I got the news this morning.

Anyone looking experienced Claims investigator? Free to good home.

[FermGael]

Quinn Insurance has announced Liberty Mutual and Anglo Irish Bank as the preferred bidder for the company.

In a separate announcement, Anglo Irish Bank has announced that Kieran Wallace of KPMG will take control of the Quinn family's shares  in Quinn Group.
He will oversee the appointment of a new board of directors to the group.


It is proposed that Liberty Mutual will provide the management and insurance expertise to Quinn Insurance.

Anglo Irish Bank will retain a minority shareholding in the new firm but will have no dealings in the day-to-day management of the new company.

It is hoped a deal will be finalised within the next four to six weeks.

The High Court heard that all 1,570 jobs in the Republic and in Northern Ireland will transfer to the joint venture. Cavan will remain the head office of the business.

As part of the plan, the Navan office is to close and the 100 staff will relocate to either Blanchardstown or Cavan.

30 staff employed in Manchester are to be offered redundancy.

In a statement, the Central Bank said it noted the announcement from Quinn Insurance.

A petition signed by 90,581 people was also presented to Minister for Finance Michael Noonan asking that any plan for Quinn Insurance's future be fully examined before a decision is made.

Does the bit in bold mean that Sean has also lost the Quinn group as well as Quinn insurance??

[armaghniac]

Does the bit in bold mean that Sean has also lost the Quinn group as well as Quinn insurance??

I  think so. Instead of waiting for Quinn to pay back the loot, they now have the company.

I wouldn't think Seanie Fitzpatrick is on Quinn's Xmas  card list. 

[supersarsfields]

From what I've heard that's the just of it FG. Not only the group but also the hotels, overseas properties etc.

I'm sure it will see the start of a huge legal fight on behalf of Quinn and I hope to feck he wins it.

[FermGael]

Thats a shocker. 
Did not see that comming.

[lynchbhoy]

Gutted when I got the news this morning.

Anyone looking experienced Claims investigator? Free to good home.

best of luck to you and all the other Quinn group workers.

[supersarsfields]

Thanks LB. Couldn't have happened at a worse time. Got my wedding coming up now in the summer and just finished buyin a site!! Doubt that'll be put on hold for the time being!!

[muppet]

Thanks LB. Couldn't have happened at a worse time. Got my wedding coming up now in the summer and just finished buyin a site!! Doubt that'll be put on hold for the time being!!

Yea best of luck SS.

Don't know much about this but how can a bank that is being wound down, announced the biggest corporate losses in our history - losses bigger than the entire income tax take for the year, is considered an international pariah and is the subject of a promise by the new Government not to receive any new funding....win a bidding contest?

Surely the idea is to put Quinn into better management.

[supersarsfields]

The idea is that Anglo won't have any input in the day to day management of QIL. That's why liberty are there for their insurance expertise. They've been more or less handed a free pass into insurance in Ireland and the UK with anglo stumping up the cash and taking the risk.