Quinn Insurance in Administration

[AQMP]

Never mind Jim Fitzpatrick or the Quinns, how the f**k does Sam Smyth get anywhere near hosting a TV show!!  It was he who started the confusion between the tower block in Moscow and the shopping centre in Kiev, which to be fair seemed to throw everyone a bit!

[supersarsfields]

Have to agree. He seemed that keen to try and direct the questions that he was tripping over himself and not really understanding what had just been said before moving on to another question.

He actually reminds me of Leslie Nielsen, the way he kinda bumbles on.

[Tony Baloney]

So much for Jim Fitzpatrick's "Facts". He got a right hole blown in them last night and looked completely stumped into the bargin. (Which I have to say I quite enjoyed  )

What was the deal last night with Fitzpatrick?

[supersarsfields]

He had been focusing on the fact that the Quinns agreed that there was £450M of loans outstanding and that these weren't disputed. And that as these loans weren't in dispute they should had back the assets in Russia Moscow etc. It was then pointed out to him that the £450M loans were actually attached to other properties such as Hilton Prague, Slieve Russell, Ibis Sofia etc etc which Anglo had already taken control of and that none of the £450M dept was every against the properties that have been moved. These properties had been bought by the Quinns previously without any loans from Anglo. And their seizure was based on the personal guarnatees that Anglo got signed retrospectively. That's why the security on them wasn't as strong as other properties. 

[haranguerer]

What was that on Sars? Sounds like it might be worth an iplay... 

[sammymaguire]

What was that on Sars? Sounds like it might be worth an iplay... 

Tonight on TV3 I think

[orangeman]

IBRC, formerly Anglo Irish Bank, has moved to liquidate the Quinn Group Limited which was the holding company for Quinn family's business empire, RTÉ News has learned.


Documents filed in Company Registration Office show that Quinn Group Limited has been wound upThe development is a set back for the family which has taken legal action on the issue, writes Business Editor David Murphy.

They have argued that a share receiver should never have been appointed to the company in the first place by the bank.

Documents have been filed in the Company Registration Office showing the Quinn Group Limited has been wound up by the  receiver Kieran Wallace of KPMG

Mr Wallace replaced Seán Quinn's wife Patricia Quinn and his five adult children as shareholders in the group.

The development means the Quinn Group Limited will cease to exist. It had been used as a vehicle to hold companies engaged in packaging, glass, radiators and building materials.

But it is currently a shell company and the manufacturing companies are owned by IBRC and a consortium of banks.

"The Quinn Group Limited, the former holding company of the Quinn Group, entered into a members' voluntary liquidation on 24 July 2012," a statement from the Quinn Group said.

It said after the restructuring of the group a new legally ring fenced entity called Quinn Group Holdco Limited was created to hold the manufacturing businesses.

[LeoMc]

What is the purpose in winding up the Group? At this point it is only a shell so it looks a bit vindictive.

[boojangles]

http://www.rte.ie/news/2012/0821/attempt-to-have-ivan-yates-made-bankrupt-dismissed.html

Did Sean Quinn not also question the amount owed to Anglo/IBRC?

What was the difference between Yates and Quinn? Need I ask?

[Tony Baloney]

Thought youse had all gone a bit quiet.

[deiseach]

http://www.rte.ie/news/2012/0821/attempt-to-have-ivan-yates-made-bankrupt-dismissed.html

Did Sean Quinn not also question the amount owed to Anglo/IBRC?

What was the difference between Yates and Quinn? Need I ask?

Seán Quinn may question the amount owed. The courts do not. As for the difference with Ivan Yates...

'Vindictive' bank snubs Yates offer to give up family farm
By Donal O'Donovan
Wednesday August 22 2012

FORMER Fine Gael minister and broadcaster Ivan Yates accused AIB of "vindictiveness" after the bank rejected an offer to take his family farm to settle his debts.

Mr Yates made the claim in court papers submitted in an action by the bank to have the former Newstalk presenter declared bankrupt.

The court dismissed AIB's application yesterday, claiming there were questions over how much Mr Yates actually owes.

The decision does not free the former minister from his debts or mean he is no longer under threat of bankruptcy.

But it does buy him time if, as many predict, he decides to take advantage of more lenient bankruptcy laws in the UK, where he is now living.

AIB claims Mr Yates has failed to repay a personal debt of €3.69m.

But Mr Yates claims the bank is pursuing him through the courts -- rather than taking the family farm -- because of his 'Vindictive' bank snubbed Yates offer of family farm public condemnation of its Celtic Tiger lending practices and "unreasonable" attitude to broke borrowers.

Mr Yates has previously spoken about what he calls AIB's "impossible" attitude towards borrowers, including himself, since his Celtic Bookmakers chain of betting shops collapsed at the end of 2010.

In court papers seen by the Irish Independent, Mr Yates said the bank had made no effort to bankrupt people who owed multiples of his €3m debt.

The bank had only gone after him because he had spoken out publicly against the lender on the airwaves, he claimed.

The court papers reveal that Mr Yates offered to hand AIB the proceeds of a sale of his family farm on the outskirts of Enniscorthy, Co Wexford, once worth €25m, plus a share of his future income, if the bank agreed to settle its claim.

The bank turned down the offer, even though it is a better deal than can be recovered if he is made bankrupt, the court papers claim.

Much of the farm cannot be sold during the lifetime of Mr Yates' elderly mother. But local auctioneers say the 160-acre property with two houses would fetch around €2m in the current market.

In the High Court yesterday, Ms Justice Elizabeth Dunne said AIB's bankruptcy summons was invalid, and dismissed the application to have Mr Yates declared bankrupt.

The judge said Mr Yates had raised "real and substantive issues" questioning the total amount he owed.

The question of how much Mr Yates really owes must be settled before any move can be made to bankrupt him, she said.

CHARGES

Lawyers for Mr Yates had argued that the amount being claimed by AIB was excessive, and included massive interest charges but did not take account of fees to receivers and lawyers acting for the bank.

That money should have been used to cut the debts, Mr Yates' lawyers argued.

Yesterday's decision buys Mr Yates valuable time if he wants to be declared bankrupt under the UK's softer insolvency rules.

Irish bankruptcy rules are the toughest in Europe. If he had been declared bankrupt here yesterday, Mr Yates would have faced 12 years working to repay his debts to the bank -- even after handing over everything he owns.

In the UK a bankrupt can be debt-free, and back earning, in little more than a year.

Any Irish person can use the softer UK system as long as they meet a number of conditions. These include convincing a UK court that they are insolvent, a UK resident, and that they have not already been declared bankrupt elsewhere.

Mr Yates is on record as saying that if a bankruptcy is inevitable he wants to go through the UK system. Court papers show he now lives in Swansea, Wales. UK courts look for six months' residency before accepting someone is really living in the UK, but Mr Yates only moved to Swansea in April.

AIB has been given until October to get its case together, for another round with Mr Yates. That may give the former minister enough time to be fully established in Swansea.

AIB declined to comment last night.

- Donal O'Donovan

[supersarsfields]

The courts still have to rule on how much of the dept is legal Deiseach. Just a pity that case hasn't got priority like some others.

The problem with Fintan o Toole challenging the Quinns is that until the discovery of all the files are provided by anglo, which they will have to do for the Quinns cases next year, they don't have a lot to go on. That was the reason behind the military take-over of the premises that ensured they had no access to any computer systems or files. I don't hear Fintan clambering at Anglo's door asking for documents to prove the 455M is in relation to the Assets that the Quinns have moved. It would be as easy to ask Anglo to prove their side as it would be to ask the Quinns to prove their's. But then again O'Toole has always been a bit of a hypocrite. 


Kevin Myers Article

[supThe Media Smuggies are back in charge. The Smuggies are the do-nothing know-all pontificating left, for whom regulation is the answer to everything. And since they are within the state-supported academic-media consensus, it really doesn't matter to them that an over-regulated economy is a cadaver, for Smuggies rather approve of virtuous morgues.

Now, I don't understand NAMA, and I don't understand the bank guarantee, and I don't understand what Sean Quinn is alleged to have done. I really don't. If he has committed a crime, and is duly found guilty, then he should be punished. But I do know that throughout the boom times, if there was one person the Smuggies hated nearly as much as they loathed Michael O'Leary, it was Sean Quinn. All oh, those knowing smirks, when he said "done" instead of "did" -- because one of the characteristics of Smuggies is that they're usually snobs as well.

I interviewed Sean Quinn in his Cavan heartland 20 years ago. He had transformed an economic disaster-zone into a rural boom area. His huge hotel, plonked in the middle of nowhere, made no sense to anyone, save Sean Quinn. And it prospered, just as so much else he did, bringing jobs and hope to local communities. And how the Smuggies despised his successes. But of course, as the economy boomed, thanks to people like him and Michael O'Leary, the incomes of the Smuggies rose too: what impotent, Pharisaic fury that must have caused.

But now we have returned to the realm of righteous failure that is so beloved of the Smuggies, when moral lynch mobs rule, and all economic issues are "discussed" in shrieking headlines. Yet the Great Barrier Reef of the public service that the Celtic Tiger brought into existence remains, its salaries unrelated to any economic reality. The average public sector pay is €29 per hour. In the private sector, it is €19. Instead of the Government reducing pay in the public sector, it is merely cutting jobs, namely services to the very private sector whose taxes pay for those services in the first place. Meanwhile, annually granted incremental pay increases to the 400,000 individual employees in the public service continue, costing the State another €200m this year, easily exceeding the revenue from the household charge.

Lo! Behold, the shambling omnivore of the HSE. In 1998, it had 69,700 employees, with a budget of €4bn. By 2008, this leviathan had 110,000 employees and cost €13.5bn, 80pc in pay and pensions. So what on earth made Sean Quinn get involved in health-insurance, attached by the hip as it is to the HSE? For now, in the abyss of this recession, from Donegal to Limerick, 1,100 of HSE West's employees are off sick EVERY SINGLE DAY. Still, competition being the spice of life, I'm happy to report that the HSE is hosting a quite thrilling sickness contest. And so it's now neck and neck between Louth and Ennis hospitals, with both reporting that 20pc of their general support staff are sick every single day! And 10pc of their nurses are similarly absent, poor dears. However, it looks as if good old Ennis is edging ahead on goal-difference in this bedpan-premiership.

Lucky are the administrators who have to allocate nursing duties in these palaces of healing: and of course, a nurse who is allocated to a different ward from the one originally rostered is paid compensation for the "inconvenience". It's an ill wind. . .

Now, in all of Sean Quinn's empire, was there ever such levels of absenteeism? Of course not. Nowhere in the private sector -- which includes everyone who works in a shop, or in a factory, or a newspaper, or on a farm, or in an airline -- could survive such a thing.

Yet it is this very private sector -- earning on average one-third less than in the public sector -- which is subsidising such nonsense.

Needless to say, the private sector was effectively absent from the Croke Park deal, the great stitch-up that has created a hole in our finances which effortlessly matches the horror story of our bailed-out banks.

Of course, the Smuggies don't ever address the issue of the best-paid public service in the world, with the best-paid politicians, and the best-paid judges presiding over it all, because their preferred targets are, once again, the lazy caricatures of evil capitalists and wicked bankers.

Courage and enterprise -- the willingness to take risks and to invest -- are what made the Celtic Tiger, and Sean Quinn was one of the giants of that period because he exemplified those qualities. Now, I genuinely don't know what he did and he didn't do, but I do know this. To get out of the deep dark hole that we are in, we need more Sean Quinns. But our tragedy is that we have a government that is beholden to the very unions that protect the absentee staff of the HSE as meanwhile it sedulously courts the good opinion of the Media Smuggies.

God help us all.

- Kevin Myers

][/sup]

[trileacman]

When Kevin Meyers is your supporter you are in some rare company.

People in glasshouses . .

[Tony Baloney]

The courts still have to rule on how much of the dept is legal Deiseach. Just a pity that case hasn't got priority like some others.

The problem with Fintan o Toole challenging the Quinns is that until the discovery of all the files are provided by anglo, which they will have to do for the Quinns cases next year, they don't have a lot to go on. That was the reason behind the military take-over of the premises that ensured they had no access to any computer systems or files. I don't hear Fintan clambering at Anglo's door asking for documents to prove the 455M is in relation to the Assets that the Quinns have moved. It would be as easy to ask Anglo to prove their side as it would be to ask the Quinns to prove their's. But then again O'Toole has always been a bit of a hypocrite. 


Kevin Myers Article

[supThe Media Smuggies are back in charge. The Smuggies are the do-nothing know-all pontificating left, for whom regulation is the answer to everything. And since they are within the state-supported academic-media consensus, it really doesn't matter to them that an over-regulated economy is a cadaver, for Smuggies rather approve of virtuous morgues.

Now, I don't understand NAMA, and I don't understand the bank guarantee, and I don't understand what Sean Quinn is alleged to have done. I really don't. If he has committed a crime, and is duly found guilty, then he should be punished. But I do know that throughout the boom times, if there was one person the Smuggies hated nearly as much as they loathed Michael O'Leary, it was Sean Quinn. All oh, those knowing smirks, when he said "done" instead of "did" -- because one of the characteristics of Smuggies is that they're usually snobs as well.

I interviewed Sean Quinn in his Cavan heartland 20 years ago. He had transformed an economic disaster-zone into a rural boom area. His huge hotel, plonked in the middle of nowhere, made no sense to anyone, save Sean Quinn. And it prospered, just as so much else he did, bringing jobs and hope to local communities. And how the Smuggies despised his successes. But of course, as the economy boomed, thanks to people like him and Michael O'Leary, the incomes of the Smuggies rose too: what impotent, Pharisaic fury that must have caused.

But now we have returned to the realm of righteous failure that is so beloved of the Smuggies, when moral lynch mobs rule, and all economic issues are "discussed" in shrieking headlines. Yet the Great Barrier Reef of the public service that the Celtic Tiger brought into existence remains, its salaries unrelated to any economic reality. The average public sector pay is €29 per hour. In the private sector, it is €19. Instead of the Government reducing pay in the public sector, it is merely cutting jobs, namely services to the very private sector whose taxes pay for those services in the first place. Meanwhile, annually granted incremental pay increases to the 400,000 individual employees in the public service continue, costing the State another €200m this year, easily exceeding the revenue from the household charge.

Lo! Behold, the shambling omnivore of the HSE. In 1998, it had 69,700 employees, with a budget of €4bn. By 2008, this leviathan had 110,000 employees and cost €13.5bn, 80pc in pay and pensions. So what on earth made Sean Quinn get involved in health-insurance, attached by the hip as it is to the HSE? For now, in the abyss of this recession, from Donegal to Limerick, 1,100 of HSE West's employees are off sick EVERY SINGLE DAY. Still, competition being the spice of life, I'm happy to report that the HSE is hosting a quite thrilling sickness contest. And so it's now neck and neck between Louth and Ennis hospitals, with both reporting that 20pc of their general support staff are sick every single day! And 10pc of their nurses are similarly absent, poor dears. However, it looks as if good old Ennis is edging ahead on goal-difference in this bedpan-premiership.

Lucky are the administrators who have to allocate nursing duties in these palaces of healing: and of course, a nurse who is allocated to a different ward from the one originally rostered is paid compensation for the "inconvenience". It's an ill wind. . .

Now, in all of Sean Quinn's empire, was there ever such levels of absenteeism? Of course not. Nowhere in the private sector -- which includes everyone who works in a shop, or in a factory, or a newspaper, or on a farm, or in an airline -- could survive such a thing.

Yet it is this very private sector -- earning on average one-third less than in the public sector -- which is subsidising such nonsense.

Needless to say, the private sector was effectively absent from the Croke Park deal, the great stitch-up that has created a hole in our finances which effortlessly matches the horror story of our bailed-out banks.

Of course, the Smuggies don't ever address the issue of the best-paid public service in the world, with the best-paid politicians, and the best-paid judges presiding over it all, because their preferred targets are, once again, the lazy caricatures of evil capitalists and wicked bankers.

Courage and enterprise -- the willingness to take risks and to invest -- are what made the Celtic Tiger, and Sean Quinn was one of the giants of that period because he exemplified those qualities. Now, I genuinely don't know what he did and he didn't do, but I do know this. To get out of the deep dark hole that we are in, we need more Sean Quinns. But our tragedy is that we have a government that is beholden to the very unions that protect the absentee staff of the HSE as meanwhile it sedulously courts the good opinion of the Media Smuggies.

God help us all.

- Kevin Myers

][/sup]

If those figures are genuine then they are shocking. I thought the civil service up here was bad!

[deiseach]

Myers is a cruel, heartless apologist for a villainous plutocracy. After all the carnage wrought on this country by parasitic rent-seeking private individuals who rigged the rules of the game in their favour then dumped the cost of it on the 99%, the lesson he has learned is that we need more of the same. I suppose he owes it to Sir Anthony and Denis the robber baron for paying him to recycle the same half-dozen half-baked articles over and over again