Quinn Insurance in Administration

[unitedireland]

A protest took place at the quinn offices glad to see the local community supporting him and calling for government change.
http://www.bbc.co.uk/news/uk-northern-ireland-13191624
http://www.rte.ie/news/2011/0426/quinn.html#video

[supersarsfields]

Was at the protest myself yesterday. Was a good turn out considering the short time frame it was organised. I would have said about 1000 at least in the early part of the morning (6.30 - 9.00am) But I think it's a case of pissing in the wind at the minute. Can't see there being a reversal of the decision made but at least a protest was made against Anglo.
A few things did come out yesterday regarding the deal that was struck. (Again this all came out yesterday so I'm taking it at face value. But most of it seemed to come from a signed document from Anglo)

Firstly the promise that no jobs would be lost is a lie. They can let 10% go in the morning if they wish. and if they want to get rid of more than the 10% they just have to apply to the Irish government before letting them go. ( In essence the Irish government through anglo would have to apply to the irish government if they want to cut more than 10% jobs) So there is no promise to keep jobs.
And a similar thing with regards to the selling of the business. We were told orginally that no parts would be sold of within 5 years. Now they are saying that 25% can be sold of without any questions and if they want to sell of more than that they have to apply to the Government again same as the Jobs.

So I think now that these details have come out the local area is extremely scared about the future.

But on a side issue, not really in relevance to SQ anymore, but prob one that is more important to the rest of Ireland and it's tax payers is that the details of the agreement of the Anglo deal with the bondholders has come out. If all the details I heard are true then Anglo are even less competent that I thought!! And that's saying something!! and this is despite them having greater say over the assets than the bondholders.

Firstly despite what had been claimed there was no write of of debt by the bondholders.
The bonds had been trading at less than 50% of their value yet Anglo has agreed to offer a state backed guarantee of 100% recovery of their value plus after full repayment they will still hold a 25% interest in the group.
The interest rate for the bond holders has trebled.
The additional fees for Anglo trying to run the company are 700,000 Euro a week.
Liberty are just taking over the book of QIL not past claims. Therefore no risk or indeed cost on their behalf. Old QIL claims are being paid out of the Compensation fund rather than by Liberty.

It's a very sad time for the people of that area. The GAA clubs were all there in force to show support as well. Indeed Teemore should get the praise for how quickly the rally was organised.

[supersarsfields]

Another protest planned for tomorrow from what I hear.

[unitedireland]

any more word on tomorrows protest???

[hsthompson]

I only have a vague grasp of what's been going on with this fiasco. Would someone give me a brief enough synopsis of what has happened Quinn's empire and what is next for the man himself. I heard this debt is personal debt, surely he won't have to sell the house and everything and end up in a council estate in Enniskillen on the dole?

[Declan]

http://www.irishtimes.com/newspaper/breaking/2011/0428/breaking26.html

Some losses

[Bogball XV]

I only have a vague grasp of what's been going on with this fiasco. Would someone give me a brief enough synopsis of what has happened Quinn's empire and what is next for the man himself. I heard this debt is personal debt, surely he won't have to sell the house and everything and end up in a council estate in Enniskillen on the dole?

The rumour was that all the kids got €50M a few years ago - hopefully it was cash and not shares in the group?

http://www.irishtimes.com/newspaper/breaking/2011/0428/breaking26.html

Some losses

It's time Sean stopped trying to defend the indefensible, it looks like QIL wasn't quite the cash cow he claims it was.
I'd like to see just what the cause of the losses was in 2009 and 2010, but it seems to me that the administrators have substantially more credibility than Sean Quinn at this stage.

[supersarsfields]

I'd be interested in hearing about the losses as well and where it came from. Not saying their not true but I'd like to see a break down of it.

It's personal debt and they could lose everything including the house.

[Cde]

If the Quinn employees around the border want to keep their jobs they would want to start working and stop protesting. It wont take much for the new owners to close the whole plant down and move the jobs to Dublin, they would probably love to have an excuse.

[supersarsfields]

Most think that'll happen anyway so wat have they to lose.

[Lone Shark]

I only have a vague grasp of what's been going on with this fiasco. Would someone give me a brief enough synopsis of what has happened Quinn's empire and what is next for the man himself. I heard this debt is personal debt, surely he won't have to sell the house and everything and end up in a council estate in Enniskillen on the dole?

The rumour was that all the kids got €50M a few years ago - hopefully it was cash and not shares in the group?

?

Why would that be hopefully? Why should we be cheering on the looting of an insolvent company where all the holes have to be plugged by those who had nothing to do with it?

[Cosmo Kramer]

I only have a vague grasp of what's been going on with this fiasco. Would someone give me a brief enough synopsis of what has happened Quinn's empire and what is next for the man himself. I heard this debt is personal debt, surely he won't have to sell the house and everything and end up in a council estate in Enniskillen on the dole?

The rumour was that all the kids got €50M a few years ago - hopefully it was cash and not shares in the group?

?

Why would that be hopefully? Why should we be cheering on the looting of an insolvent company where all the holes have to be plugged by those who had nothing to do with it?

Exactly, hopefully it was shares in the group. Why should the taxpayer pay for them to have lifelong wealth?

They won't take his house off him regardless of what happens so no chance of him ending up in a council estate.

Out of interest, do the Quinn supporters here realise that he has no support whatsoever outside the border areas? Because of this their protests are unlikely to gain any sympathy from those in control of the situation.

[Orangemac]

Sean Quinn seems to be in complete denial about the situation.

If the administrators are only there since last March how can losses from 2009 be their fault?

Also why are accounts for 2009 and 2010 only coming out now?

The insurance business deteriorating seems to be linked to the losses which became apparent in 2008.

It is understandable people are loyal to Sean Quinn but a combination of greed, arrogance and lack of regulation have brought the situation to this point.

Quinn Group should have followed the path of Kerry Group and floated the company and went for steady growth year on year instead of shooting for the stars.

[Dougal]

massive fire on the mountain in ballyconnell behind his cement factory for the second time in 7 days.not sure if its part of a protest or anything but if it is its getting way out of hand.

[orangeman]

massive fire on the mountain in ballyconnell behind his cement factory for the second time in 7 days.not sure if its part of a protest or anything but if it is its getting way out of hand.

hardly coincidence.

not good.