Quinn Insurance in Administration

[orangeman]

The Quinns appear to be making small but significant inroads into their case.

[muppet]

The Quinns appear to be making small but significant inroads into their case.

No they don't.

They are simply trying to sue someone with money, i.e. the taxpayer.

[EC Unique]

The Quinns appear to be making small but significant inroads into their case.

Hopefully. They have been screwed big time but bit by bit the truth is coming out.

[trileacman]

The Quinns appear to be making small but significant inroads into their case.

No they don't.

They are simply trying to sue someone with money, i.e. the taxpayer.

Jesus Muppet for someone who is usually reasonable and open-minded that is a unbelievable piece of denial.

The Shinners would be proud of it.

[muppet]

The Quinns appear to be making small but significant inroads into their case.

No they don't.

They are simply trying to sue someone with money, i.e. the taxpayer.

Jesus Muppet for someone who is usually reasonable and open-minded that is a unbelievable piece of denial.

The Shinners would be proud of it.

Ah come on. An unfair dismissal tribunal into a £75,000 a year job isn't going to do much to a €2.4bn court case is it?

[Rossfan]

The Quinns appear to be making small but significant inroads into their case.

No they don't.

They are simply trying to sue someone with money, i.e. the taxpayer.

And their Judgeships just press the compo button when the Taxpayer ( us poor cnuts) is being sued.

[trileacman]

The Quinns appear to be making small but significant inroads into their case.

No they don't.

They are simply trying to sue someone with money, i.e. the taxpayer.

Jesus Muppet for someone who is usually reasonable and open-minded that is a unbelievable piece of denial.

The Shinners would be proud of it.

Ah come on. An unfair dismissal tribunal into a £75,000 a year job isn't going to do much to a €2.4bn court case is it?

Maybe not but that wasn't the point you made first and you haven't addressed the other recent aspects of the case.

Your reaction was not to identify faults with the suggestions/opinions presented by others but to go "NO!! YOU'RE WRONG" and so play the man and not the ball. The action of someone who is unable to counter the suggestions or is unable to fathom them.

[muppet]

On the contrary. I have quoted word for word Simon Carswell earlier on this thread. This forum already made it into the national arena on this issue and I choose my words carefully on this one.

I have seen nothing new recently that I didn't already know and that isn't already in the public arena so I see no turning point. But I might be wrong of course.

[supersarsfields]

The Quinns appear to be making small but significant inroads into their case.

No they don't.

They are simply trying to sue someone with money, i.e. the taxpayer.

Jesus Muppet for someone who is usually reasonable and open-minded that is a unbelievable piece of denial.

The Shinners would be proud of it.

Ah come on. An unfair dismissal tribunal into a £75,000 a year job isn't going to do much to a €2.4bn court case is it?

The unfair dismissal is completely separate from the other on-going dispute over the share support (Althought it's given an insight on the so called impartial administrators)
But the bigger news in the last week, and more relevant to the Irish taxpayers is the joining of the Department of Finance. I see the Business post lead with the news that the D.O.F knew about the share support from at least 2009.  The Government's attempt at killing of the cases with their crazy midnight passing of the Anglo legitisation and then liquidation shows how keen they were to bury this and stop the cases running to court. I would imagine most people would be glad to hear the full story coming out now, especially if the government were involved.

[muppet]

SS I would love to hear the full story presented truthfully.

Remember this: http://thestory.ie/2011/01/13/cowens-golf-trip/ and this: http://www.rte.ie/news/2011/0109/296256-anglo/

Talk of Anglo's problems being known at a high level is not new.

[supersarsfields]

True, but if they are joined to the Case in relation to the Share support, in the words of Judge Ryan, "it Changes the whole landscape of the claim". When they decided to liquidise IBRC they were hoping that would mean the Quinns would not be able to continue with their claim. So if the DOF is joined I'm sure the Quinns will see that as progress. And if for no other reason, it should mean the full story coming out in the courts rather than conveniently placed leaks to the press.

[orangeman]

Am I right in saying that the courts have told the Quinns that their case cannot be heard until after all the Anglo executives that have been charged are dealt with ?


This could be years surely ?

[supersarsfields]

Yeah the Quinns case has been postponed due to overlaps with the criminal prosecutions against Anglo staff. But they have the start of next year pencilled in. Whether that comes about or not is another matter.

[orangeman]

Yeah the Quinns case has been postponed due to overlaps with the criminal prosecutions against Anglo staff. But they have the start of next year pencilled in. Whether that comes about or not is another matter.

It'll be years before they get all this sorted.

[supersarsfields]

Handy that the auld regulator has headed of into the sunset already so now he'll never have to answer to the reasons why he put QIL into administration.

He'd have an awful lot to answer for if he would face up to the questions that had been asked of him over the last two years but he was happy to run from. And unfortunately the politicians were happy enough not to rock the boat even when it was obvious that he was avoiding dialogue over his decision. 

PWC Backs Quinns Claims

A series of reports sent by PWC – the former auditor of Quinn Insurance Limited (QIL) – to the Financial Regulator strongly disputes whether the State was right to place the insurance group into administration.

The Financial Regulator made the decision to take control of QIL from the family of former billionaire Sean Quinn based on its belief the insurance company was insolvent.

This was, it said, because of the existence of intercompany guarantees relating to assets included in the insurance group's reserves, worth €448m for the financial years 2005-2008.

Copies of the PWC reports, however, submitted to the Financial Regulator in 2010 state that the accountants believe its audit opinions on the insurance group's accounts were "appropriate".

PWC also claims it had "no reason to believe that the existence of cross-company guarantees of any type would have any financial impact".

PWC states that it "does not agree" with the Financial Regulator's assessment that the guaranteed assets should have been excluded from QIL's reserves.

The PWC reports also show that the disputed assets were only removed from QIL's reserves "on the instruction of the Financial Regulator."

Removing the cross-guaranteed assets from the insurance company's reserves overnight made QIL insolvent, according to the Quinn family's advisers, Moore Stephens.

The London accountancy firm has produced a report for the family which backs PWC and concludes the Financial Regulator was wrong to conclude QIL was insolvent.

The Quinn family has bitterly disputed the Regulator's decision, which they believe made it impossible for them to ever repay their debts to Anglo Irish Bank.

The Financial Regulator maintains that it was correct to place the insurance business into administration. In an affidavit at the time of the administration, the Regulator described the emergence of the cross-guarantees as a "matter of gravest concern".

Grant Thornton, the insurance's firm's administrators, meanwhile, has lodged court papers against PWC in preparation for taking a legal action against it alleging misconduct.

The Quinn family has requested a copy of the professional or legal advice underpinning the Financial Regulator's decision to place the biggest cash cow of their empire into administration but have been unable to obtain it to date.

Irish Independent