Quinn Insurance in Administration

[orangeman]

Truck blocking Quinn HQ entrance 
A dumper truck blocked the entrance to Quinn HQ on Monday morning



A large dumper truck has been placed across the entrance to the headquarters of Quinn Group in County Fermanagh.

The vehicle has prevented cars from going in or out of the Derrylin premises on Monday morning.

It follows the decision by Anglo Irish Bank to remove founder Sean Quinn from his business empire last week.

Mr Quinn's family owes the bank £2.5bn but some people in the border region remain loyal to him, praising him for creating jobs in the area.

Last Thursday, Anglo Irish Bank appointed accountants KPMG to take control of the Quinn family shares in the business.

Anglo Irish Bank chief executive Mike Aynsley said the bank was owed an "enormous" amount of money by the Quinns, which they were not in a position to repay.

Employees have been told that there are no plans for any job losses.

BBC NI District Reporter Julian Fowler said that there has been mixed feelings about Mr Quinn's downfall in the area but some continued to pay tribute to his contribution to the local economy.

The most profitable part of the Quinn empire, Quinn Insurance, is to be sold after being in administration for the past year.

[supersarsfields]

There was a bit of a hiccup on Friday too. Power line cut going to some of the offices. Workers were without computers for large part of the day.

It's very unfortunate.

[Bogball XV]

There was a bit of a hiccup on Friday too. Power line cut going to some of the offices. Workers were without computers for large part of the day.

It's very unfortunate.

why are they doing this?

As far as Anglo having any power over redundancies etc, since the state owns Anglo, surely they can be instructed to do whatever the state wants?

[supersarsfields]

I'd assume it's to disrupt the takeover.

Anglo have no power directly but consultants will be brought in on each sector. And they'll advise job cuts. Especialy since business is going to drop like a stone in certain factorys. You could be looking at a fire sale of the businesses before long just to try and re-group anything from it. Where as if they had continued with SQ in charge they had a chance of paying of the debts. Now not only will they not get the debt repaid there'll be job losses on top of that.

[orangeman]

Whatever the rights and wrongs of this, SQ should have been allowed to carry on with measures put in place to ensure that the state gets their money back over time.


As it is now, and as things are shaping up, this could all go belly up and jobs and all will go.

SQ has a fiercely loyal base in the border counties and some people at least are now prepared to stand up and be counted.

[Bogball XV]

Whatever the rights and wrongs of this, SQ should have been allowed to carry on with measures put in place to ensure that the state gets their money back over time.


As it is now, and as things are shaping up, this could all go belly up and jobs and all will go.

SQ has a fiercely loyal base in the border counties and some people at least are now prepared to stand up and be counted.

What measures did SQ have that would ensure that the state got its money back? 

[supersarsfields]

He had the Quinn proposal that had been drawn up using the administers numbers and projections, that had also been stress tested by PWC that showed that he would have had the majority of the debt paid back within 7 years and that anglo would then still own the business and could sell it at a profit. (SQ was no doubt hoping that he'd be in a position to buy it back at this stage).

Instead they have tried to move on his assets which as they have already said isn't going to cover the majority of the debt.

And the value of some of these assets are going to drop like stones without SQ ie the cement factory. 

[orangeman]

Whatever the rights and wrongs of this, SQ should have been allowed to carry on with measures put in place to ensure that the state gets their money back over time.


As it is now, and as things are shaping up, this could all go belly up and jobs and all will go.

SQ has a fiercely loyal base in the border counties and some people at least are now prepared to stand up and be counted.

What measures did SQ have that would ensure that the state got its money back?

I honestly think that all of that could have been worked out ifg there had been the will. The will wasn't there.

[muppet]

He had the Quinn proposal that had been drawn up using the administers numbers and projections, that had also been stress tested by PWC that showed that he would have had the majority of the debt paid back within 7 years and that anglo would then still own the business and could sell it at a profit. (SQ was no doubt hoping that he'd be in a position to buy it back at this stage).

Instead they have tried to move on his assets which as they have already said isn't going to cover the majority of the debt.

And the value of some of these assets are going to drop like stones without SQ ie the cement factory.

I wouldn't have the same feelings towards Quinn as those from the area but he obviously invokes strong loyalties. I must say though I find it incredibly galling and insulting that anyone anywhere has to dance to the tune of Anglo Irish Bank after what they have done. It disgusts me no end.

[orangeman]

He had the Quinn proposal that had been drawn up using the administers numbers and projections, that had also been stress tested by PWC that showed that he would have had the majority of the debt paid back within 7 years and that anglo would then still own the business and could sell it at a profit. (SQ was no doubt hoping that he'd be in a position to buy it back at this stage).

Instead they have tried to move on his assets which as they have already said isn't going to cover the majority of the debt.

And the value of some of these assets are going to drop like stones without SQ ie the cement factory.

I wouldn't have the same feelings towards Quinn as those from the area but he obviously invokes strong loyalties. I must say though I find it incredibly galling and insulting that anyone anywhere has to dance to the tune of Anglo Irish Bank after what they have done. It disgusts me no end.

Nail on the head.

I think that this is something that most people find greatest difficulty with.

[supersarsfields]

He had the Quinn proposal that had been drawn up using the administers numbers and projections, that had also been stress tested by PWC that showed that he would have had the majority of the debt paid back within 7 years and that anglo would then still own the business and could sell it at a profit. (SQ was no doubt hoping that he'd be in a position to buy it back at this stage).

Instead they have tried to move on his assets which as they have already said isn't going to cover the majority of the debt.

And the value of some of these assets are going to drop like stones without SQ ie the cement factory.

I wouldn't have the same feelings towards Quinn as those from the area but he obviously invokes strong loyalties. I must say though I find it incredibly galling and insulting that anyone anywhere has to dance to the tune of Anglo Irish Bank after what they have done. It disgusts me no end.

Very true Muppet. I've have never hidden the fact that I would be very Pro Quinn. And I accept that in certain areas that would obscure my judgements in some of these matters. And I've never been one to say SQ doesnt have any blame in this whole matter.
But even allowing for someone who might have no loyalities to SQ or to the area in general I still can't understand how someone involved in business could make the decisions that have lead us to where we are now.
How they can make a decision and say ok instead of taking an option that MIGHT repay the dept in full and perhaps even at the end of a few years make a profit, they're going to take one that they KNOW won't pay back the debt and in all likelyhood will reduce the values of all the assets. It just makes no business sense. and at the end of the day it's going to be the tax payers taking the hit.

[AQMP]

He had the Quinn proposal that had been drawn up using the administers numbers and projections, that had also been stress tested by PWC that showed that he would have had the majority of the debt paid back within 7 years and that anglo would then still own the business and could sell it at a profit. (SQ was no doubt hoping that he'd be in a position to buy it back at this stage).

Instead they have tried to move on his assets which as they have already said isn't going to cover the majority of the debt.

And the value of some of these assets are going to drop like stones without SQ ie the cement factory.

I wouldn't have the same feelings towards Quinn as those from the area but he obviously invokes strong loyalties. I must say though I find it incredibly galling and insulting that anyone anywhere has to dance to the tune of Anglo Irish Bank after what they have done. It disgusts me no end.

Absolutely.

Living in Fermanagh, 50% of me thinks "Well if it wasn't for SQ there would be no businesses to take over" and 50% of me thinks "Well he took an almighty punt on people's jobs and lost heavily" but 100% of me thinks that Anglo has some brass neck.

[seafoid]

He had the Quinn proposal that had been drawn up using the administers numbers and projections, that had also been stress tested by PWC that showed that he would have had the majority of the debt paid back within 7 years and that anglo would then still own the business and could sell it at a profit. (SQ was no doubt hoping that he'd be in a position to buy it back at this stage).

Instead they have tried to move on his assets which as they have already said isn't going to cover the majority of the debt.

And the value of some of these assets are going to drop like stones without SQ ie the cement factory.

I wouldn't have the same feelings towards Quinn as those from the area but he obviously invokes strong loyalties. I must say though I find it incredibly galling and insulting that anyone anywhere has to dance to the tune of Anglo Irish Bank after what they have done. It disgusts me no end.

I think it is all rotten. Quinn may have done a lot for local people but what he did with the Anglo shares was utterly corrupt. Anglo brought down the sovereign. There is no honour for either of them. 

[Bogball XV]

http://www.cavanchamber.ie/uploads/Cavan/documents/QIL%20Summary%20Position%20CCC.pdf

The link above takes us to the Quinn proposal - is that the most recent one?  There's no mention of PWC on it, so maybe it's been updated to reflect a more unbiased and realistic plan?

[muppet]

Ignoring all the recent issues surrounding this, can anyone explain in simple terms how Quinn and/or the group came to owe Anglo €2.8bn?

I am aware of the €3bn CFD which took a 25% stake in Anglo. That involved SQ putting up €300m and presumably a CFD house put up the other €2.7bn. I am aware of the 'Golden 10' arrangement whereby Anglo 'helped' Quinn reduce his CFD holding.

But how did Anglo specifically end up being the creditor?