Quinn Insurance in Administration

[supersarsfields]

Quinn Radiators sold to RHP Bidco (Barlo's Tony Mullins)

[TabClear]

Quinn Radiators sold to RHP Bidco (Barlo's Tony Mullins)

Any idea of the price? Quinn paid €80m+ 10 years ago and expanded it significantly I presume?

[supersarsfields]

Haven't heard the final price yet. Expanded significantly with the new factory in New port but I'm sure the recession and drop of the building trade wouldn't have helped.
Mullins will be happy considering Quinn out bidded him the last time.
Can't see it being good news for the office staff in Ballyconnell as I'm sure operations will be centralised now, so I'm sure the jobs in Ballyconnell will go.

[orangeman]

€25m

Good enough value seeing as it was bought in 2004 for €87m.

Another part of the empire built by businessman Seán Quinn has been sold in a deal believed to be worth in the region of €25m.

Quinn Radiators, part of the business interests of the once-wealthiest man in Ireland, have been sold to RHP Bidco, chaired by Tony Mullins, the former chief executive of plastics and radiator group Barlo.

Barlo was bought by the Quinn Group in 2004 in a deal worth about £70m (€87m).

RHP Bidco has acquired the business from Aventas Manufacturing Group — the firm in control of the former Quinn manufacturing group.

Aventas chief executive Paul O'Brien said the sale was part of the group's ongoing attempts to realise value for its investors.

"This sale of Quinn Radiators is a first step in realising value for Aventas Group investors. We are pleased to have sold our radiators business to RHP Bidco and we wish Tony Mullins and his team every success in the future development of the business," said Mr O'Brien.

The Quinn Radiators manufacturing plant is based in Newport, Wales, and has a significant market presence in the UK, Ireland, France, Netherlands, and Belgium.

It employs about 290 people in Wales, 20 in Belgium, and 16 in Ireland. The company posted revenues of about £50m (€62m) last year.

RHP Bidco director David Kerr, who will take over as chief executive of Quinn Radiators, said: "We are very pleased to have completed this transaction and look forward to working with staff and suppliers to ensure we continue to provide excellent service to our customers with a top quality product."

[theskull1]

Is there a chance the heavy's that were active a few months ago might carry out some intimatadatory acts in the case of this sale.....and if not why not?

[supersarsfields]

Not great news for Anglo. How do you lose original share pledges? Would these not be classed a pretty important documents.

Family members of businessman Seán Quinn have been told that the former Anglo Irish Bank has been unable to locate 135 original documents, including facility letters for loans of over €1 billion.

In a letter on October 30th to the Quinns, who are suing the bank which is now in liquidation over alleged illegal lending of over €2 billion, lawyers for the former bank McCann FitzGerald say they have "not yet located" 135 documents and that "efforts to locate the documents continue".

Missing documents and copies of original documents are key to the family's proceedings, as they claim that key documents were falsely described, backdated or were not shown to them in full before they borrowed vast sums from Anglo in order to illegally support the bank's own share price.

Among the missing documents identified by McCann FitzGerald are facility letters and share pledges relating to the Holiday Inn Hotel in Nottingham, which was formerly owned by Aoife Quinn. The Quinns contend that the bank should not have been able to seize control of this hotel in 2011 if they did not have the original loan documents. Original documents relating to dozens of loans to various members of the Quinn family have also not been found.

The Quinns have also discovered a memorandum sent by Anglo to the Financial Regulator on February 25th, 2009, called "Information request relating to the Seán Quinn family loans and the unwinding of the CFD [contract for difference]".

This states that Anglo sent the regulator 11 appendices along with its four-page memorandum setting out what went on. The Quinns want these appendices as they believe they will provide an almost real- time version of what occurred that was prepared without being given full legal consideration. The former Anglo says it cannot locate these.

[muppet]

Not great news for Anglo. How do you lose original share pledges? Would these not be classed a pretty important documents.

Family members of businessman Seán Quinn have been told that the former Anglo Irish Bank has been unable to locate 135 original documents, including facility letters for loans of over €1 billion.

In a letter on October 30th to the Quinns, who are suing the bank which is now in liquidation over alleged illegal lending of over €2 billion, lawyers for the former bank McCann FitzGerald say they have "not yet located" 135 documents and that "efforts to locate the documents continue".

Missing documents and copies of original documents are key to the family's proceedings, as they claim that key documents were falsely described, backdated or were not shown to them in full before they borrowed vast sums from Anglo in order to illegally support the bank's own share price.

Among the missing documents identified by McCann FitzGerald are facility letters and share pledges relating to the Holiday Inn Hotel in Nottingham, which was formerly owned by Aoife Quinn. The Quinns contend that the bank should not have been able to seize control of this hotel in 2011 if they did not have the original loan documents. Original documents relating to dozens of loans to various members of the Quinn family have also not been found.

The Quinns have also discovered a memorandum sent by Anglo to the Financial Regulator on February 25th, 2009, called "Information request relating to the Seán Quinn family loans and the unwinding of the CFD [contract for difference]".

This states that Anglo sent the regulator 11 appendices along with its four-page memorandum setting out what went on. The Quinns want these appendices as they believe they will provide an almost real- time version of what occurred that was prepared without being given full legal consideration. The former Anglo says it cannot locate these.

They would I'm sure.

But it also smacks of rolling the discovery dice and hoping something turns up (or not) and then basing your argument on it.

[supersarsfields]

I don't think so Muppet. The Quinns had maintained from Day one that Anglo didn't have the correct paperwork. I've mentioned it a few times on here over the last couple of years. And now when it's coming to the crunch and Anglo are required by law to present it, they can't. Hardly the Quinns chancing their arm. They've been saying this since the start.
And it puts Anglo on a sticky wicket now if they can't provide these.

[haranguerer]

They would I'm sure.

But it also smacks of rolling the discovery dice and hoping something turns up (or not) and then basing your argument on it.

Sure. They based their case on the hope that Anglo may have lost that correspondence with them. And what a stroke of luck!

[muppet]

I don't think so Muppet. The Quinns had maintained from Day one that Anglo didn't have the correct paperwork. I've mentioned it a few times on here over the last couple of years. And now when it's coming to the crunch and Anglo are required by law to present it, they can't. Hardly the Quinns chancing their arm. They've been saying this since the start.
And it puts Anglo on a sticky wicket now if they can't provide these.

Believe it or not, there is a massive volume of missing paperwork with all of the banks dating back to the boom. So far I have yet to hear of anyone walking away scott-free though. I also recall the letter from McCaffrey (?) on behalf of Sean Quinn that is now in the public domain. That would be hard to dispute.

PS I suspect my owner mortgage provider doesn't have the paperwork for my mortgage. I have asked a few questions to explore this and they seem to struggle to answer. But I don't think I will walk away without owing a cent. The courts don't seem work like that.

[supersarsfields]

I don't know bout the south but there are many cases of people taking banks/ credit cards to get debts written of if the lender doesn't have correct Loan agreement on file. They have tighten it lately I believe, but the lender still needs to be able to provide some sort of loan agreement.

[muppet]

http://www.irishtimes.com/business/commercial-property/judge-rules-against-quinns-on-anglo-disclosure-1.2017953

Members of bankrupt businessman Seán Quinn's family are not entitled to better disclosure of documents and materials by a bank they are suing over the alleged unlawful issuing of €2.3 billion in loans to family companies, a High Court judge has ruled.

The Quinns had claimed the system of revealing the material, including the contents of phone calls to the former Anglo Irish Bank, was deficient. This meant they could have no confidence in the overall process of disclosure being provided in advance of their legal action, they said.

Irish Bank Resolution Corporation (IBRC), Anglo's successor, disputed their claims, saying the cost of going through material for the purpose of discovery in advance of the case was already €1.55 million.

Mr Quinn's wife, Patricia, and the couple's five children are suing IBRC and its special liquidator, Kieran Wallace. They allege that Anglo unlawfully issued the loans during 2007 and 2008. Mr Quinn and former senior Quinn Group executives Dara O'Reilly and Liam McCaffrey are third parties in the case.

On Thursday, Ms Justice Caroline Costello ruled that IBRC had made "a conscientious attempt" to comply with a July 2012 High Court order for full discovery of materials.

No wilful refusal
While there were errors and omissions, IBRC had corrected those, Ms Justice Costello said, and it was very far from being the case that the bank was endeavouring to avoid giving discovery or that there was a wilful refusal to provide information.

Karyn Harty, a solicitor for IBRC, stated that it had cost €600,000 alone to retrieve and review 18,000 recordings and that it would not be feasible to review some 2.1 million calls for a two-year period suggested by the Quinns, the judge said.

[orangeman]

He's back.

http://www.bbc.co.uk/news/uk-northern-ireland-30573251

[FermGael]

He is indeed.
What a surprise

[TabClear]

Hopefully the companies can return to some sense of normality for the sake of the majority of the workers.  While I'm sure there will be plenty of debate about  Sean Quinn's role, at least it should give more certainty going forward that can only help to protect employment in the area.