Quinn Insurance in Administration

[supersarsfields]

I ONCE crossed swords (words, actually) with Supreme Court judge Mr Justice Adrian Hardiman. No hard feelings, of course, we just enjoyed some extra judicial, colourful differences on media coverage of the courts in general and the Supreme Court in particular.

I don't always agree with Judge Hardiman's views, on or off the bench, but his role on the Supreme Court -- often as a sole dissentient -- is critical.

Earlier this week, Judge Hardiman issued a potentially game-changing minority report in the Sean Quinn Jnr appeal.

Four of his colleagues dismissed Sean Jnr's appeal against his conviction and three-month sentence for contempt -- for breaking court orders not to interfere with the Quinn family's €500m strong international property group.

Judge Hardiman would have allowed the appeal in its entirety.

Although he did not, on this occasion, carry his colleagues with his legal reasoning, Judge Hardiman's depiction and analysis of the cancerous litigation between the Quinn family and the former Anglo Irish Bank was sublime.

And, along with the jailing of Sean Quinn Jnr -- the threat of even more trips to Mountjoy hang over eight members of the Quinn family -- Judge Hardiman's observations may just accelerate the prospect of an out-of-court deal between the two sides.

In his ruling, Judge Hardiman said that the litigation to date has been fought on both sides with "extraordinary bitterness", each camp believing that the other side has perpetrated "grave injustices" against it.

The Quinns believe the bank duped them into an illegal deal to borrow money to prop up the bank's share price.

The IBRC (formerly Anglo) says the Quinns, largely as a result of their father Sean Quinn Snr's audacious/disastrous €3bn bet on then-Anglo's shares, have defaulted on their debts and therefore have to pay up and hand over all the overseas assets they attempted to put beyond the bank's reach.

If only it were that simple.

Part of the Anglo-Quinn saga may unfold in the forthcoming criminal prosecutions of three former Anglo executives, including its former chairman Sean FitzPatrick.

But the greatest opportunity for a proxy banking inquiry lies in the Quinn family's civil action against the IBRC.

In that action, the Quinns claim that €2.3bn in loans extended to them were made for illegal purposes, to manipulate the bank's share price as those very shares tanked.

The new management team at the IBRC, including chief executive officer Mike Aynsley and head of specialised asset management Richard Woodhouse -- the man trying to undo the overseas asset transfers -- can hardly be faulted for what transpired before the bank was nationalised.

But as successor to Anglo and its liabilities, the IBRC executive is in the tricky position of defending the bank.

Any public airing of all that dirty linen is bound to cause huge discomfort.

It is hard to feel sorry for the Quinn family in light of explosive revelations in recent months, not least that many were drawing huge salaries from the international property group, despite court orders banning any interference with their property empire.

But Judge Hardiman was correct to point out that while the Quinns have questions to answer "in legal proceedings and perhaps otherwise" -- hinting that they may also end up facing criminal charges -- the bank also has questions to answer.

The IBRC is enjoying both a litigious advantage and a publicity advantage at present. As long as the focus is on the Quinn family and the prospect of them going to jail, it does not have to answer, for now, questions about its own conduct.

That is why the prospect of a mediated settlement, aired in the High Court yesterday, is gaining quiet traction.

The IBRC can't be blamed for doubting the Quinn family's good faith and may regard claims that they are at their wits' end as a ploy.

Equally, the Quinn litigation must be highly stressful for the bank, the public purse and whatever reputation remains of Ireland Inc.

A settlement may be a bitter pill for all to swallow -- the alternative doesn't taste too good either.

Irish Independent

[orangeman]

SS

I read that today. Interesting development that appears to be gaining some ground.


Sean Senior won't be heading to Mountjoy for a while yet.

[supersarsfields]

I still think he'll do time. Don't see any way how he couldn't. It would make a farce of the whole thing if he doesn't.

I'm just surprised that an article did more than just focus on the contempt and looked at the big picture with regards to the Anglo- Quinn debate.
 

[orangeman]

I still think he'll do time. Don't see any way how he couldn't. It would make a farce of the whole thing if he doesn't.

I'm just surprised that an article did more than just focus on the contempt and looked at the big picture with regards to the Anglo- Quinn debate.

Coincidence or not ? Rowing back ?

I've always been of the view that there are rights and wrongs on both sides.

Anglo are going for everything. Didn't Donald Trump's divorced wife famously say " dont' get mad, get EVERYTHING !". Anglo hold the same view. They're not going to get everything as they're not without sin. This I think will become more clear as time goes on.

[Declan]

Warning of 'civil unrest' if Quinn is sent to prison

A CAMPAIGN group set up to support Sean Quinn and his family have warned of potential "civil unrest" if he goes to jail or falls ill as a result of ongoing legal battles.

The warning by Concerned Irish Citizens (CIC) comes as the High Court rules later today whether the 66-year-old, who has had two heart operations, should be sent to jail for breaking court orders.

"There is civil unrest, but we don't want it exploding in the wrong way," said Patricia Gilheany, secretary of CIC which says it condemns any acts of violence and vandalism.

Ms Gilheany said CIC has received reports from many people concerned about the "confirmed signs of trauma, exhaustion and heartbreak" experienced by Mr Quinn and his wife Patricia at a recent rally in Ballyconnell, Co Cavan.

"Many have also commented that if Sean Quinn or any of his family drop dead from the sheer pressure and stress that they are being subjected to on a daily basis, there will be very serious consequences for their perpetrators and for those who facilitated this horror," said Ms Gilheany.

The IBRC (formerly Anglo) has a visible security detail surrounding key bank personnel during court appearances but it does not comment on such matters. Last year, a new chief executive appointed to the Quinn Group had his family car completely destroyed by an arson attack at his home in Co Meath.

Paul O'Brien's BMW was completely ruined in the attack, which also caused damage to the front of his home.

CIC said that it has been flooded with calls from people who are "deeply frustrated and outraged" by events surrounding the IBRC whose executives were grilled yesterday by an Oireachtas committee.

Today's court hearing centres on orders not to interfere with the family's €500m-strong international property group.

Earlier this month new lawyers retained by Sean Quinn Snr told the High Court that he wants to purge his contempt, and is willing to co-operate with the former Anglo Irish Bank.

Medical reports are likely to feature strongly in any plea of mitigation should Ms Justice Elizabeth Dunne direct that Mr Quinn be sent to jail. His son Sean Quinn Jnr served a three-month sentence at Dublin's Mountjoy Prison for contempt of court.

[supersarsfields]

Quinns back into Court again today. I would imagine we'll see Sr getting sent to Mountjoy.

[orangeman]

Quinns back into Court again today. I would imagine we'll see Sr getting sent to Mountjoy.

Can't see this happening.

Anglo, the solicitors will kick for touch again.

As soon as Sean Snr goes to jail, it's all over as far as getting any sort of a resolution is concerned.

[LeoMc]

Quinns back into Court again today. I would imagine we'll see Sr getting sent to Mountjoy.

Can't see this happening.

Anglo, the solicitors will kick for touch again.

As soon as Sean Snr goes to jail, it's all over as far as getting any sort of a resolution is concerned.

They need to keep the threat over him to try to claw back some property. If they 'go nuclear' they will get nothing.

[LeoMc]

Warning of 'civil unrest' if Quinn is sent to prison

A CAMPAIGN group set up to support Sean Quinn and his family have warned of potential "civil unrest" if he goes to jail or falls ill as a result of ongoing legal battles.

The warning by Concerned Irish Citizens (CIC) comes as the High Court rules later today whether the 66-year-old, who has had two heart operations, should be sent to jail for breaking court orders.

"There is civil unrest, but we don't want it exploding in the wrong way," said Patricia Gilheany, secretary of CIC which says it condemns any acts of violence and vandalism.

Ms Gilheany said CIC has received reports from many people concerned about the "confirmed signs of trauma, exhaustion and heartbreak" experienced by Mr Quinn and his wife Patricia at a recent rally in Ballyconnell, Co Cavan.

"Many have also commented that if Sean Quinn or any of his family drop dead from the sheer pressure and stress that they are being subjected to on a daily basis, there will be very serious consequences for their perpetrators and for those who facilitated this horror," said Ms Gilheany.

The IBRC (formerly Anglo) has a visible security detail surrounding key bank personnel during court appearances but it does not comment on such matters. Last year, a new chief executive appointed to the Quinn Group had his family car completely destroyed by an arson attack at his home in Co Meath.

Paul O'Brien's BMW was completely ruined in the attack, which also caused damage to the front of his home.

CIC said that it has been flooded with calls from people who are "deeply frustrated and outraged" by events surrounding the IBRC whose executives were grilled yesterday by an Oireachtas committee.

Today's court hearing centres on orders not to interfere with the family's €500m-strong international property group.

Earlier this month new lawyers retained by Sean Quinn Snr told the High Court that he wants to purge his contempt, and is willing to co-operate with the former Anglo Irish Bank.

Medical reports are likely to feature strongly in any plea of mitigation should Ms Justice Elizabeth Dunne direct that Mr Quinn be sent to jail. His son Sean Quinn Jnr served a three-month sentence at Dublin's Mountjoy Prison for contempt of court.

Very Paisleyesque language there.

[supersarsfields]

Quinns back into Court again today. I would imagine we'll see Sr getting sent to Mountjoy.

Can't see this happening.

Anglo, the solicitors will kick for touch again.

As soon as Sean Snr goes to jail, it's all over as far as getting any sort of a resolution is concerned.

They need to keep the threat over him to try to claw back some property. If they 'go nuclear' they will get nothing.

They went nuclear a long time ago. I can't see any way that he'll not end up inside unless because of his health.

[orangeman]

As predicted  -

IBRC has told the High Court steps are still being taken by on behalf of the Quinn family to put assets beyond the reach of the state bank.

The bank disputes the family's claim that they are powerless to unravel an asset stripping scheme and says it needs an expert in asset recovery to move in.

However it appears bankrupt businessman Seann Quinn may once again avoid jail.

The former Anglo Irish Bank is looking for more time to consider issues raised in last week's Supreme Court majority judgment in the appeal of his son Sean Quinn Jnr.

[AQMP]

9 weeks for Sean Snr...(edit) stayed pending a decision by Quinn on a possible appeal

[orangeman]

Ms Justice Elizabeth Dunne said she may grant a stay on the order pending a Supreme Court appeal and will hear submissions on this later today.

Lawyers for Mr Quinn said they needed to consult with him to see if he wants to begin his sentence today or appeal.

[EC Unique]

9 weeks for Sean Snr...(edit) stayed pending a Supreme Court appeal being heard now.

This is just so wrong on so many levels.

[give her dixie]

Will any bankers go to jail?