Quinn Insurance in Administration

[supersarsfields]

My loyality to the Quinns has nothing to do with the fact that you've shown you really don't know squat about the whole Quinn Anglo row, if you think it was only a bet that went wrong. There's a little more to it than that.

[seafoid]

Sars

I admire your perseverance. This reminded me of the Quinns

•   As James Buchan has observed, "lachrymose intransigence" is the Islamic Republic's favored mode. It does not get Iran very far.

[supersarsfields]

Good man. I admire your ignorance (And your cut and paste ability).

[seafoid]

Good man. I admire your ignorance (And your cut and paste ability).

Sars. There is no need to turn ignorant. You don't do your arguments any justice.
And what is the problem with pasting info? Do you have to be from Derrylin to have an opinion?

[Wildweasel74]

the end of the day, greed got the better of him, happens to us all, except we dont gamble the way he did. I bought a house during the boom period, house now £60,000 less when i brought it. I needed to move out, paid the going rate at the time. Who's to blame, the bank for giving me the mortgage, the estate agent for over pricing houses or me who took the gamble and bought the house. Out of all mentioned the blame likely lies with me, no-one forced S Quinn to go down the route he did, he made a choice. It is easy for people in Cavan and fermanagh to blame the state for the current state of affairs (possible loss of jobs etc) but at the end of the day Sean got the ball rolling and its all coming home to roost now. Personally there is a hell of alot bankers out there who should be where he is at now, along with a number of other high profile cases. I think alot of people are picking on the fact that Sean Quinn seems to be the only big name been hounded down,which is partially truth., why the rest aren't receiving the same treatment beats me.

[supersarsfields]

Good man. I admire your ignorance (And your cut and paste ability).

Sars. There is no need to turn ignorant. You don't do your arguments any justice.
And what is the problem with pasting info? Do you have to be from Derrylin to have an opinion?

I wasn't being rude. I'm just making the point that you clearly did know the Quinns cases hadn't even been heard yet, so I'm guessing your lacking in at least some of the details regarding this. And tbh I don't particular like how you insinuating that the only reason I'm supporting the Quinns is because I'm blinded by loyalty.

[seafoid]

My loyality to the Quinns has nothing to do with the fact that you've shown you really don't know squat about the whole Quinn Anglo row, if you think it was only a bet that went wrong. There's a little more to it than that.

That's way off, Sars. There were several bets and there was contempt of court and contempt for the small people who pay tax.  The total amount that the taxpayer/car driving community has been shafted with is 1.6bn for the insurance and 455m owed to Anglo (no question according to the judge)  plus there is another 2.4bn that has to be sorted out in court .

Why doesn't everyone who bought a house in 2007 get compensated like you think Quinn should for making the wrong call on an investment? 

And accusing the court of being political is a joke. None of it is Quinn's fault , of course . And the people can pay for whatever.

[seafoid]

Sars

"Quinn said IBRC had taken all his money, his companies, his reputation and had thrown him in jail, yet it had not proven that any money was owed or that they were right to appoint a receiver to his companies."

Judge Dunne says there is no question that that Quinn owes IBRC 455m with another 2.4bn the subject of a serious dispute

http://www.rte.ie/player/ch/show/10070443/

How much does Quinn owe IBRC in your view?   

[supersarsfields]

They owed 455m undisputed. Of which they have recovered all assets that the 455m were linked to and more. Do you know the value of the Group which they have taken control of? I'll give u a clue, Quinn glass alone is about 400 million.

[supersarsfields]

My loyality to the Quinns has nothing to do with the fact that you've shown you really don't know squat about the whole Quinn Anglo row, if you think it was only a bet that went wrong. There's a little more to it than that.

That's way off, Sars. There were several bets and there was contempt of court and contempt for the small people who pay tax.  The total amount that the taxpayer/car driving community has been shafted with is 1.6bn for the insurance and 455m owed to Anglo (no question according to the judge)  plus there is another 2.4bn that has to be sorted out in court .

Why doesn't everyone who bought a house in 2007 get compensated like you think Quinn should for making the wrong call on an investment? 

And accusing the court of being political is a joke. None of it is Quinn's fault , of course . And the people can pay for whatever.

That's your opinion. Unfortunately due the actions of Judge Dunne that had to be over ruled by the Supreme Court I'd call serious questions over her actions.

[Syferus]

Can't believe the Quinns get any support at this point.  Senior is a nice lad by all accounts but he made wrong choices and won't man up and accept the deserved punishments without excuses or spin. The whiter than white stuff only washes with the few remaining true believers.

The poster children for the failure of the Celtic Tiger.

[seafoid]

They owed 455m undisputed. Of which they have recovered all assets that the 455m were linked to and more. Do you know the value of the Group which they have taken control of? I'll give u a clue, Quinn glass alone is about 400 million.

How much is the group worth in total in your view ?

Forget about the insurance for a minute.   

[supersarsfields]

Not sure what the group would be worth in total when everything is included. But considering it was estimated to make 80m profit this year I would hazard a guess at more than 455 m. And that's before you take into account the hotels like the Hilton Prague and the Russell among others.

[orangeman]

Anglo have spent €80m pursuing the Quinns so far. And we're only part the way through the case.


BANKRUPT businessman Sean Quinn says he is ready for jail as he began his nine-week sentence for "outrageous" contempt of court.

In an exclusive interview with the Irish Independent before being jailed, the former billionaire said: "Whatever happens, I want to move on. I am ready for this day."

Mr Quinn will spend his 67th birthday and Christmas Day as prisoner 82809 in Mountjoy unless he can get release on compassionate grounds.

Proceedings

It's also emerged that the former Anglo Irish Bank has spent €80m in the proceedings against the Quinns.

At the same time, the bank is no closer to recovering the family's massive overseas property empire, once valued at €500m.

The former tycoon was jailed for contempt after breaching court orders not to interfere with the Quinn family's international property portfolio.

Mr Quinn is not due for release until January 4, and unlike his fellow prisoners he will not entitled to early release for good behaviour as there is no remission for those convicted of contempt.

As well as Christmas, he could also miss his granddaughter's christening on December 22.

The Irish Bank Resolution Corporation, formerly Anglo, has revealed it will face further potential losses of up to €50m as it adopts a new strategy to recover the Quinns' foreign properties.

Finance Minister Michael Noonan has given his approval to a new joint venture between the state-owned lender and a Russian asset recovery firm.

The move will require an initial €31m cash boost that could rise to more than €50m as the bank tries to recover $315m (€245m) worth of assets.

The jailing of Mr Quinn followed a dramatic and highly emotional day at the Four Courts where he and his supporters shed tears as he was led into custody.

High Court judge Ms Justice Elizabeth Dunne, who previously sentenced Sean Quinn Jnr to three months in jail for contempt, said she could not ignore the extent and degree of contempt by Mr Quinn.

Taking all matters into account, including mitigating factors such as his health problems, age, previous good character, charitable donations and "a degree" of co-operation by him, she imposed a nine-week jail term.

Ms Justice Dunne said that although Mr Quinn had spoken recently in court papers about how the proceedings had negatively consumed his life and that of his family, he has only himself to blame.

"It is important to ensure that orders of the court are complied with and that the integrity of the court system is not set at naught by an egregious breach of a court order," said Ms Justice Dunne.

Before he was taken into custody, a tearful Mr Quinn said that while he had made some mistakes in recent years, the case against him and his family was "a charade".

As he left court Sean Quinn Jnr, who was recently released from Mountjoy, insisted his father had done nothing wrong.

"It's a very sad day to see dad jailed at the behest of Anglo Irish Bank, the very bank who ruined this country," said Mr Quinn Jnr.

"He is a father, grandfather and husband and he will be dearly missed during this time," he added.

The IBRC and the wider Quinn family did not comment on the dramatic developments in court.

But Taoiseach Enda Kenny waded into the high-profile legal drama when he warned that people have to co-operate fully with the courts.

Mr Kenny said the decision of the High Court spoke for itself.

"Let me repeat again that it's absolutely necessary where court inquiries are taking place about banking issues that people would always and should always co-operate fully in that regard," he said after the conclusion of the North-South ministerial council in Armagh.

When asked if he was personally sympathetic with Mr Quinn for getting a jail sentence, Mr Kenny brought up the 2pc insurance levy imposed on all home, motor and commercial insurance policies to pay for the Quinn Insurance bailout.

"There's no doubt the Quinn family created obviously a great deal of jobs over the years. But you have to bear in mind as well that for instance, the consequences of the insurance levy will hit every driver for the next two decades," he said.

Blame

Speaking at the same event, the North's Deputy First Minister, Sinn Fein's Martin McGuinness, opted to praise Mr Quinn's job creation record and to blame the banks for his predicament -- the standard line for Quinn supporters.

"I don't think anybody that has commented on the career of Sean Quinn has disputed in any way the remarkable contribution that he made towards the employment prospects of people in the border counties, and many people have rightly applauded him for giving those people employment.

"I can't comment on a court case as a minister, I think it would be totally inappropriate other than to say that I think that the banks have an awful lot to answer for," he said.

- Dearbhail McDonald, Breda Heffernan and Michael Brennan

[Hardy]

What a great name for a judge, though - Miss Justice Dunne.