Quinn Insurance in Administration

[orangeman]

What are they afraid of ?



A RENEWED bid has been made to prevent members of bankrupt businessman Sean Quinn's family litigating claims that the former Anglo Irish Bank unlawfully "shovelled" €2.34bn loans into Quinn companies.




The special liquidators of Irish Bank Resolution Corporation (IBRC), formerly Anglo, want the Supreme Court to overturn a High Court decision permitting Patricia Quinn and her five children to litigate claims Anglo advanced the loans for the unlawful purpose of propping up its share price.



They claim Anglo illegally made loans from September 2007 to fund margin calls on contract for difference (CFDs) positions - which requires a seller to pay to a buyer the difference between the current value of an asset and its value at contract time.



The CFDs were built up by Sean Quinn senior in Anglo from 2005 through a Madeira-registered company, Bazzely, owned by the Quinn children.



The High Court also ruled the Quinns may litigate additional claims the loans breached the Market Abuse Regulations.



IBRC had argued the Quinns should not be allowed make those claims in their action denying liability for the €2.34bn loans.  But Mr Justice Peter Charleton, in February 2012, said it would be contrary to public policy to shut out the Quinns from responding to the "flagrant illegality" alleged against Anglo and Sean Quinn.



He ruled the family are entitled to advance claims they can avoid liability for loans if they prove those loans were made for "wholesale" market manipulation in breach of Irish and European law.



He added there may be a portion of "legitimate debt" involved, a reference to the bank's claim that €500m loans are unrelated to the allegedly unlawful loans.  That could result in a proper apportionment of legitimate and illegitimate debt at the end of this case if the Quinns proved their claims, he noted.




He rejected the bank's claims the EC 2003 Market Abuse Directive and other laws "ring-fenced" matters to the extent the courts cannot prevent enforcement of an illegal contract.



The illegality defence rests ultimately on principles of public policy that courts will not assist a plaintiff guilty of illegal or grossly immoral conduct of which the courts should take notice, he said.



The bank had argued, if the family proved the loans were issued in breach of Market Abuse Regulations 2005 and the ban in Section 60 of the Companies Act on a company providing financial assistance to buy its own shares, the loans must stand with the family's only remedy being statutory penalties including a maximum €10m fine and/or 10 year jail term.



Allowing a share transaction to be unwound would "cause chaos" in the marketplace, it argued.



Today, the IBRC special liquidators argued it is entitled to have its appeal against the High Court's ruling heard as a preliminary issue in advance of the full hearing of the family's action. The Quinns contend the Supreme Court should not hear any such appeal until the main action is heard and determined.



At the request of the Director of Public Prosecutions, the main action has been deferred pending the hearing of criminal proceedings against former Anglo Chairman Sean Fitzpatrick and other former senior executives of the bank.



Mr Justice Peter Kelly previously directed there should be a hearing before the Supreme Court on the discrete issue concering whether the bank is entitled to have its appeal determined before the full action.



A three judge Supreme Court yesterday heard arguments on that issue and said it would deliver its ruling at a later date.

[muppet]

The CFDs were built up by Sean Quinn senior in Anglo from 2005 through a Madeira-registered company, Bazzely, owned by the Quinn children.

I never knew that.

I think the best solution would be if the courts found all of the relevant transactions illegal and locked all of the involved parties up for at least 10 years for deliberate manipulation of the markets.

[orangeman]

The CFDs were built up by Sean Quinn senior in Anglo from 2005 through a Madeira-registered company, Bazzely, owned by the Quinn children.

I never knew that.

I think the best solution would be if the courts found all of the relevant transactions illegal and locked all of the involved parties up for at least 10 years for deliberate manipulation of the markets.

[/b]

And give Quinns back their property ?

[muppet]

The CFDs were built up by Sean Quinn senior in Anglo from 2005 through a Madeira-registered company, Bazzely, owned by the Quinn children.

I never knew that.

I think the best solution would be if the courts found all of the relevant transactions illegal and locked all of the involved parties up for at least 10 years for deliberate manipulation of the markets.

[/b]

And give Quinns back their property ?

Nope. SQ lost €3bn on a bet, which has to be paid for one way or another.

[Rossfan]

The CFDs were built up by Sean Quinn senior in Anglo from 2005 through a Madeira-registered company, Bazzely, owned by the Quinn children.

I never knew that.

I think the best solution would be if the courts found all of the relevant transactions illegal and locked all of the involved parties up for at least 10 years for deliberate manipulation of the markets.

+1 - and charge them the market value of the cost of keeping the cnuts locked up.

[EC Unique]

Quinns case seems to be getting stronger by the week

[Rossfan]

I take it you don't expect a United Ireland any time soon because when it comes ye bucks up North will also be paying for the depredations of the Quinns and the like.
and even more so if their "case" gets stronger.
You mightn't be so fond of your smilie face then 

[supersarsfields]

Yeah SQ contributed nothing to Ireland at all did he. 

[Rossfan]

Did his companies ever export anything?
Because if they didn't all he did was redistribute money that was in the country already -- while keeping a good slice of it for him and his family ( which is what he went into businees for no doubt - and fair enough too)

[supersarsfields]

Are you serious? Did the Quinn Group export??? Not only did they export but they had factories in Europe for plastics, packaging, glass, concrete, radiators. All of which had the head office in Ireland.

[Rossfan]

Are you serious? Did the Quinn Group export??? Not only did they export but they had factories in Europe for plastics, packaging, glass, concrete, radiators. All of which had the head office in Ireland.

Hmmmmmm.
Ukraine or Russia   

[EC Unique]

Did his companies ever export anything?
Because if they didn't all he did was redistribute money that was in the country already -- while keeping a good slice of it for him and his family ( which is what he went into businees for no doubt - and fair enough too)

If you are going to get involved in running Quinn down at every opportunity at least educate yourself in some of the facts...

[Rossfan]

Which are.........

[EC Unique]

Which are.........

Well the fact that you did not even know of his international business and major exports would suggest that you know very little about the Quinn group but feel comfortable in slagging an calling for heads.

Are you just a WUM?

[Rossfan]

What were his major exports? I already asked that question  in response to a comment by one of the Quinn backers and only got abuse from you and another Quinn lover.

Not that it makes any difference - if Quinns win their case - to the obvious glee of a lot of ye bucks from North of the Border - we the plain people of the the 26 Cos will have to pay for it and so will ye in the future All Ireland State/Entity.

Only difference between the Quinns and the other cnuts liike Fitzpatrick, Dunne and  dozens of others is that only the Quinns have half the North rooting for them and laughing at the prospect of them getting away with owing €2.8Bn which we in the 26 will have to pay for.
We're already paying 4% levy on our Insurances thanks to the Quinns.