Quinn Insurance in Administration

[Nally Stand]

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

This is just so wrong on so many levels.

Yep. Such is life in the Gombeenocracy. I suppose FF will be creeping towards 25% in the polls by Christmas time too. Pathetic and embarrassing.

[seafoid]

http://www.irishtimes.com/newspaper/breaking/2012/1102/breaking5.html

"The judge found contempt via his involvement in the assignment of multi-million loans and the backdating of documents with a view to showing the assignments occurred prior to the court orders. She also found contempt via his involvement in a €500,000 payment to Larissa Puga, general diredctor of Quin Properties Ukraine on the eve of the bank's takeover of that company"

I think this says it all in very few words :

https://namawinelake.wordpress.com/2012/06/26/quinn-family-held-in-contempt/

The Quinns were basically slow to react to their 'new' reality if they were ahead of the game and planned properly is there any chance they would be nabbed.


The Quinn béal bocht is very impressive but this year's euro 3.1 bn pound of flesh paid by taxpayers in respect of Anglo is entirely due to the Quinns. 

and before anyone says they had a great insurance company

http://www.tca.ie/images/uploaded/documents/2011%20Conference%20-%20Colm%20McCarthy%20slides.pdf

[Hereiam]

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

This is just so wrong on so many levels.

He should have got 9 yrs for the what he and his family have done.

[Tubberman]

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

This is just so wrong on so many levels.

Yep. Such is life in the Gombeenocracy. I suppose FF will be creeping towards 25% in the polls by Christmas time too. Pathetic and embarrassing.

The people out supporting Quinn just because he gave employment to the area, is "down to earth" and his brother was high up in the GAA are the bigger gombeens.

[supersarsfields]

Yeah people supporting SQ is all about the jobs. Nothing to do with the fact that they have a genuine case against the actions of Anglo. It's just easier to try and block that out isn't it. Now that's what I call pathetic and embarrassing. 

But can have no arguments over the sentence. Knew it was coming.

[Maguire01]

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

This is just so wrong on so many levels.

Yep, you'd probably get close to that for not paying your TV licence.

[T Fearon]

If he had got an additional half week, would there have been a biopic starring Mickey Rourke?

[seafoid]

Yeah people supporting SQ is all about the jobs. Nothing to do with the fact that they have a genuine case against the actions of[u] Anglo[/u] the  PAYE taxpayer . It's just easier to try and block that out isn't it. Now that's what I call pathetic and embarrassing. 

[seafoid]

Don't forget that anyone with an insured car is paying for the Quinns via their insurance as well as via general taxation.
 
http://www.irishtimes.com/newspaper/opinion/2012/0806/1224321565868.html

THE PRESIDENT of the High Court was rightly exasperated when presented last week with a revised estimate of the cost of funding Quinn Insurance, which is now in administration following its collapse. The money needed will be paid out of the Insurance Compensation Fund (ICF), and is being raised by a Government levy on motor and home insurance policyholders. The levy is required to meet expected claims on the fund and to cover the losses of Quinn Insurance. However, great uncertainty surrounds both the likely cost of these claims, and the length of time the levy may be in place. Mr Justice Kearns said the court was told initially the company would not need to rely on the ICF. Last October, the court learned that €738 million may be required from the fund. By last week that estimate had soared to €1.65 billion.

The Government has introduced a 2 per cent levy to raise €65 million annually to finance the ICF over a 12-year period. But as the judge pointed out, the levy – if the latest estimate is accurate - will last "in perpetuity". It would take 25 years to pay off that amount.

[supersarsfields]

Yeah people supporting SQ is all about the jobs. Nothing to do with the fact that they have a genuine case against the actions of[u] Anglo[/u] the  PAYE taxpayer . It's just easier to try and block that out isn't it. Now that's what I call pathetic and embarrassing.

You do realise that what you did there makes no sense. Maybe you should stick with the cutting and pasting.

[AQMP]

According to the BBC Quinn will not appeal and will begin jail sentence today.

[supersarsfields]

Is it not a case that he's going to start Jail today but is still appealing? The appeal was to overturn the conditions attached to the appeal. Similarly to the ones which were overturned by the Supreme court for Jr's case.

[arsecandle]

have the riots started in ballyconnel yet?

[Tubberman]

According to the BBC Quinn will not appeal and will begin jail sentence today.

I wonder will that CIC group of "concerned citizens" follow through on their threats to the State?

[Tubberman]

Ex-billionaire Sean Quinn "has only himself to blame" for a nine-week jail sentence over his role in multimillion-euro asset-stripping activities, a High Court judge declared today.

The bankrupt businessman opted to go straight to prison for his "outrageous" contempt and for failing to untangle a scheme that put the family's €500m international property empire beyond the reach of the former Anglo Irish Bank.

The 66-year-old, who could have remained free until his Supreme Court appeal, was flanked by supporters in the High Court in Dublin, which was packed with barristers, onlookers and media.

Ms Justice Elizabeth Dunne told Quinn he had committed a serious contempt of court which had been nothing short of outrageous, he had been evasive and uncooperative during the hearing, and his evidence was not credible.

The judge acknowledged the proceedings had negatively consumed his and his family's life.

"In my view, he has only himself to blame," she added.

The resigned-looking former cement, insurance and property tycoon cried as he held a crumpled tissue in his hand, looking straight ahead with his bloodshot eyes.

Barristers for Quinn, who will be freed on January 4, appealed for compassionate leave to attend a granddaughter's christening on December 23 – but the judge said that was a decision for the Prison Service.

Quinn Snr owes Anglo €2.8bn after running up unprecedented losses through secret stock investments in the bank as its share price collapsed.

The family admit they owe just €455m but have refused the claims on the rest and have taken a counter-case again the bank, rebranded the IBRC (Irish Bank Resolution Corporation), over a loans deal.
http://www.breakingnews.ie/ireland/quinn-has-only-himself-to-blame-as-he-begins-nine-week-jail-term-572722.html