Quinn Insurance in Administration

[supersarsfields]

Have to say he had the other half's attention anyway. Very impressed she was!! 

Be careful now Ted, ye never know who's reading this

Right enough, Jarlath keep ya distance!!

Seafoid, things are changing. Since the developments last week the pressure is building on the State to investigate the validity of the loans now. There was 5-6000 out last night at very little notice. And this is only the start of it. Quinn has great support from his own community, no doubt about that. But now unfortunately for the state, they now have a legal avenue to persue as well. 

[sammymaguire]

The mist is beginning to clear. People can see that the treatment of Quinn has been very unjust. The treatment of him by the Irish government in the shape of the IBRC. Many of these people who turned out yesterday whose government they are.

I don't know what they can achieve but hope these rallies and shows of support end up with some productive action and some tangible results.

[AQMP]

Agree with you Sarsfields, the media is doing all the dirty work for Anglo. If you don't have them on ur side there isnt much hope.

And who's doing the dirty work for Quinns now that Sean Jnr is in chokey and PD is on the run?

[Applesisapples]

Guys, you can not excuse Anglo from culpability here, they basically lent Quinns money to buy shares in Anglo to try and prop up the company. You'd have to ask if they had been told the true state of Anglo's affairs would they have invested. It was this alone which took down his business. There are a lot of guys still wandering about who did worse. At least the Quinns tried to bring industry to the Border counties.

[AQMP]

Guys, you can not excuse Anglo from culpability here, they basically lent Quinns money to buy shares in Anglo to try and prop up the company. You'd have to ask if they had been told the true state of Anglo's affairs would they have invested. It was this alone which took down his business. There are a lot of guys still wandering about who did worse. At least the Quinns tried to bring industry to the Border counties.

Hasn't SQ admitted his due diligence wasn't up to scratch?

I've posted it before but just because all the guilty haven't been brought before the courts (yet) doesn't mean we should let some of the gulity go scot free as well

[johnneycool]

Guys, you can not excuse Anglo from culpability here, they basically lent Quinns money to buy shares in Anglo to try and prop up the company. You'd have to ask if they had been told the true state of Anglo's affairs would they have invested. It was this alone which took down his business. There are a lot of guys still wandering about who did worse. At least the Quinns tried to bring industry to the Border counties.

I presume Quinn used this money to buy the shares in Anglo? He was then in on illegal share trading, not being a expert in the financial world, he's should have the evidence to bring down Anglo's head honcho's then.

[supersarsfields]

AQMP there's no question that SQ will have to take some part of responsibility for his actions in the share support. But the State have just decided that the punishment should be be that he and his family are relieved of all their assets and businesses. That is not right their decision to make.

Guys, you can not excuse Anglo from culpability here, they basically lent Quinns money to buy shares in Anglo to try and prop up the company. You'd have to ask if they had been told the true state of Anglo's affairs would they have invested. It was this alone which took down his business. There are a lot of guys still wandering about who did worse. At least the Quinns tried to bring industry to the Border counties.

I presume Quinn used this money to buy the shares in Anglo? He was then in on illegal share trading, not being a expert in the financial world, he's should have the evidence to bring down Anglo's head honcho's then.

Definitely. That is why they have asked for discovery for 1000,000's of documents of Anglo's with regards to the Share support. Anglo contested the providing of these documents but a Judge ruled earlier this year that they will have to.

[Shamrock Shore]

Anglo did not lend money to Quinn to buy shares.

Quinn exposed himself to huge losses on CFDs on Anglo shares and Anglo stepped in to cover his exposure. Anglo acted after the horse had bolted.

Can anyone explain what Quinn would have done if Anglo told him to swing his hook when they became aware of his exposure?

[supersarsfields]

Anglo did lend money to the Quinn family to support their share price.

You'd can't disregard anglo's actions by saying they reacted after the horse had bolted. They were a financial institution that is regulated by the Irish FR. There is more onus on them than any individual. At no stage are they justified in committing fraud.

Had anglo not loaned SQ the money, he would have lost all his money he had plied into Anglo. He would have been made bankrupted on the back of it. But it would not have touched his family's businesses or assets which is what Anglo have now moved on.

[AQMP]

Anglo did not lend money to Quinn to buy shares.

Quinn exposed himself to huge losses on CFDs on Anglo shares and Anglo stepped in to cover his exposure. Anglo acted after the horse had bolted.

Can anyone explain what Quinn would have done if Anglo told him to swing his hook when they became aware of his exposure?

I'm not an expert here SS, but at the stage Anglo became aware of Quinn's exposure to the CFDs was the bank not fucked too (due to the level of his exposure)??

[Shamrock Shore]

Anglo did lend money to the Quinn family to support their share price

No it didn't.

It lent moeny to the so-called Maple 10 (and this is what will jail the Seanie & Co) to support the share price.

The Board was unaware that Quinn had built up almost 30% as CFD 'purchases' don't get reported to the Stock Exchange.

They did not lend him money to buy Anglo shares. They did cover his exposure when the shit hit the fan.

[Main Street]

Mr Water's take on it

http://www.irishtimes.com/newspaper/opinion/2012/0727/1224320884392.html

The comments on the article speak volumes. It seems Quinn's fate was 'inevitable'. I never realised John Waters was a Calvinist.

Perhaps what Adam Smith famously referred to as the "invisible hand" ( a quasi-religious fairy tale about the providence of God) was what led Quinn to gamble away company assets with a frenzy.

[orangeman]

High profile supporters behind the Quinns.

BUSINESSMAN Sean Quinn last night vowed his family would stand together as he received rapturous applause at a major support rally in his heartland.

Joined on stage in Ballyconnell, Co Cavan, by Tyrone GAA manager Mickey Harte and well-known priest Fr Brian D'Arcy, Mr Quinn warned supporters that he felt emotional and that speaking would be a difficult task.

Mr Quinn once Ireland's richest man referred to his fugitive nephew, Peter Darragh, claiming the nephew's reputation had been damaged.

"I'd like to thank especially young Peter who's getting a bad reputation. Peter has been a huge support to his family and the Quinns will continue to be the Quinns and we will stand by each other."

Mr Quinn thanked his staff for their loyalty and support and said they had been "tremendous".

He left the stage, got into a car and was driven off.

Earlier, his daughter Colette said the family were looking forward to their day in court when they would be vindicated.

Throughout the evening Mr Quinn was feted as the man who brought growth and prosperity to a region allegedly ignored by the northern and southern governments.

And the former businessman was honoured as a man who did not flaunt his wealth, but poured it back into the local community.

The side of a lorry was the stage for the rally in Ballyconnell where supporters lined part of the main street to praise the man whose name adorned buildings throughout the area.

Below a banner demanding "natural justice" for the Quinn family, Fr D'Arcy stated that it should be the regulators, auditors and banks before the courts, not the Quinn family.

"The main reason I'm here is because as Christians and good neighbours we have a right and a duty to stand by our families and neighbours," he said.

"They built an industry the like of which has never been seen in this country.

"When northern governments and southern governments wouldn't give us a penny, when not a single one of them provided a job, it was Sean Quinn and his family who took up the battle."

More than 1,000 people thronged the main street in Ballyconnell, bearing placards alleging that what happened to the Quinn family was an injustice. It was easy to see why the family has such support in the area.

One woman, who did not wish to be named, said the family had brought employment to an area largely forgotten by central government.

"The area would be nothing without that family," she told the Irish Independent. "There would be no employment here if it were not for them."

Empire

On the road from Derrylin, Co Fermanagh, to Ballyconnell, just across the Border in Co Cavan, elements of the Quinn family's former empire peppered the landscape.

Quinnglass, Quinn rooftiles, Quinnpherm and Quinn Packaging were just some of the factory-style buildings bearing the family name, as well as the large, red-brick office complex of the Quinn Group.

Local businessman Padraig Donohoe said Mr Quinn was one of the greatest entrepreneurs the country had ever produced.

"We are here to fight our corner and it's going to be a hard fight," he said.

"We are here to support the Quinn family, a family who stands for everything that is good in Irishness and deep family values."

Former Meath manager Sean Boylan said the Quinn family were "not thieves, not vagabonds, they're not people who don't care"."

They are Irish people who have the guts and ingenuity to create a better life for thousands of people in this country and we owe them a massive favour of thanks and gratitude."

Meath legend Colm O'Rourke also joined the marchers.

Former Armagh manager Joe Kernan and captain Jarlath Burns also spoke, while a handwritten letter of support was read out from Ryanair boss Michael O'Leary.- Colm Kelpie

[johnneycool]

Anglo did not lend money to Quinn to buy shares.

Quinn exposed himself to huge losses on CFDs on Anglo shares and Anglo stepped in to cover his exposure. Anglo acted after the horse had bolted.

Can anyone explain what Quinn would have done if Anglo told him to swing his hook when they became aware of his exposure?

Are these CFD's not really betting slips of sorts, i.e you're betting that a share will rise or fall and can make/lose accordingly?

If Quinn was about to lose big time on CFD's, were they CFD's on Anglo shares? How does someone betting on shares effect the company the shares were in directly?

[Shamrock Shore]

Sorry AQMP

Our posts crossed. Anglo was prob doomed anyway - but that doesn't make an excuse for Quinn. When Anglo became aware it was panic stations but, as I said, the damage was done to Quinn. He was exposed to unknown market men to the tune of over 2 bn. Not to Anglo. The market men had to be paid. Quinn ran to Anglo. Anglo bailed him out.

Hey, I lost 1,500 euro as I was a shareholder. Who do I claim this money back from?