Quinn Insurance in Administration

[INDIANA]

The gamble can be forgiven.Egotism and avarice are sadly all too common traits.The ongoing deliberate concealment of assets ,the effective robbery of the Irish state and people is the crime (we'll not mention on the run nephews).Until Mr Quinn puts this right, which he can do at any time,he will not recover his reputation.

The Irish state may well have to pay compensation to the Quinn family regarding their actions over the assets. Ownership of the assets is still disputed. Both sides were playing dirty and there's a case against the State starting now in Feb 2015. Regarding his reputation, that's your opinion and your entitled to it. But it's not shared by everyone.

The Quinns are entitled to take as many cases at they can afford. But until a court finds in their favour, it means nothing.

Where I sit he made a spectacularly stupid bet, compounded it when even Anglo officials told him to unwind it, and like anyone who loses a bet he should pay it off. He is trying to escape the consequences of his bet by desperately seeking a technicality in court and thus is trying to have the taxpayer pick up the tab.

Losing a bet is something we all can do, but trying to get every other Irish person to pay for it, and thus keep himself in wealth, is hubris behind my comprehension.

Fair enough, but I don't agree that the Quinn's  should just drop a case against Anglo just because the State decided to nationalise it. If they think that both Anglo and the Irish state acted wrongly and it adversely affected them then they are entitled to sue. Anglo and the state were very quick to act against Them so it works both ways.

How exactly did they act wrongly? He never told them he was building up a huge position in the Bank using CFD notes. It was only when they found out that they tried to use other investor's monies to shore up the share price. The bottom line is  he built that position up nobody else did and he should accept the consequences of that.

I've backed five horse today at Leopardstown I'm not going to get a rebate if they lose.

[supersarsfields]

Loaning money to allow the Quinn's to convert the CFDs to shares was illegal. It was to protect the share price. And it was done with the knowledge of the Regulator and the DOF.

[INDIANA]

Loaning money to allow the Quinn's to convert the CFDs to shares was illegal. It was to protect the share price. And it was done with the knowledge of the Regulator and the DOF.

And to protect Quinn's own interests. And he knew all about it. He kept buying shares like there was no tomorrow even when the share price was going south

[supersarsfields]

It wasn't to protect the Quinn's, it was to protect their share price.

[INDIANA]

It wasn't to protect the Quinn's, it was to protect their share price.

And his interests which he had already declared to them prior to them shoring up the share price.

[supersarsfields]

Let's not try and pretend that Anglo were acting for anyone's benefit other than their own.

[INDIANA]

Let's not try and pretend that Anglo were acting for anyone's benefit other than their own.

I'm not- but it was his interests too and they wouldn't have had to do it had he unwound the position. He made the decision to take such a large stake in the company and it backfired. They didn't buy the shares for him

[supersarsfields]

Actually they did. They loaned the money to change the CFDs to shares. By doing so they broke the law. Anglo could have tried to work with Quinn but they decided the best bet was to take it over. That's fine, but The problem with that option was that They hadn't done everything by the book themselves. Which leaves them in the position they're in at the minute as the Quinn's owe them no favours.

[INDIANA]

Actually they did. They loaned the money to change the CFDs to shares. By doing so they broke the law. Anglo could have tried to work with Quinn but they decided the best bet was to take it over. That's fine, but The problem with that option was that They hadn't done everything by the book themselves. Which leaves them in the position they're in at the minute as the Quinn's owe them no favours.

HIt's all his own fault. If you're expecting me to have sympathy for a billionaire who made a poor bet and compounded it by purchasing more shares in a falling share price you're kidding yourself. He hasn't a hope of winning that case in court

[supersarsfields]

I don't really give a sh!te if you have sympathy for him or not. I never asks you to. He's not running any cases in court so it would be hard for him to lose one.

[muppet]

Actually they did. They loaned the money to change the CFDs to shares. By doing so they broke the law. Anglo could have tried to work with Quinn but they decided the best bet was to take it over. That's fine, but The problem with that option was that They hadn't done everything by the book themselves. Which leaves them in the position they're in at the minute as the Quinn's owe them no favours.

All of this was because Quinn had built up such an exposure that it threatened to take Anglo down the drain, along with the already committed Quinn Group. Quinn was already screwed when this happened.

I wish by all means to see Anglo people punished in the courts for any misdeeds, but I also want to see Quinn have to pay in full for his monumentally stupid bet.

[supersarsfields]

Anglo was going down the drain regardless. It was because of they're plummeting share price that started the problems. We don't know what SQ had committed to the CFDs and because anglo loaned him the money we'll never find out what would have happened. But that's an aside, my point is that Anglo drew first blood with their midnight military take over of the group, so if the Quinn's believe they have a case against Anglo they why wouldn't they take it to court. He owes them no favours.

[INDIANA]

Anglo was going down the drain regardless. It was because of they're plummeting share price that started the problems. We don't know what SQ had committed to the CFDs and because anglo loaned him the money we'll never find out what would have happened. But that's an aside, my point is that Anglo drew first blood with their midnight military take over of the group, so if the Quinn's believe they have a case against Anglo they why wouldn't they take it to court. He owes them no favours.

We  do know. It's  1.5 billion. Lets keep to the facts. Thats on public record

[supersarsfields]

If Anglo hadn't loaned the money he would have had to close out earlier than he did. He would have missed the St paddys day massacre. He could have been in a position to service the debt at that stage. Of course that meant dropping a load of Anglo shares on the market which would have hit their share price. And that's when Anglo stepped in.

[muppet]

Anglo was going down the drain regardless. It was because of they're plummeting share price that started the problems. We don't know what SQ had committed to the CFDs and because anglo loaned him the money we'll never find out what would have happened. But that's an aside, my point is that Anglo drew first blood with their midnight military take over of the group, so if the Quinn's believe they have a case against Anglo they why wouldn't they take it to court. He owes them no favours.

Anglo lent him the money because he couldn't make his margin calls. Not making his margin calls would have triggered his bankruptcy and the sale of the shares held in the CFD, thus collapsing the price. If Anglo had done nothing, Quinn would most likely have been liquidated by the CFD house. This is why, imho, Quinn didn't stop Anglo, he had no leverage.