“Quinn is trying to scare us into thinking these bondholders are going to come in…”

From the Irish Times… David Drumm, the former chief executive of Anglo Irish Bank, believed Seán Quinn was trying to “scare” the bank into lending him more money as the financial crisis deepened in June 2008. Tape recordings of conversations between bankers inside Anglo reveal the bank believed Mr Quinn was threatening it to keep funding his position in Anglo, which was held using contracts for difference (CFDs), or risk his international bondholders seizing control of his empire. This would … Read more

“That is not a state of affairs they would expect to find in a competently run country.”

Riffing on the row over Garth Brooks’ non-concerts in Croke Park that has consumed local media attention, in the Irish Times John McManus has some pertinent points to make about the long-running saga of who controls the former Quinn Group companies – and the accompanying campaign of attacks and intimidation. In recent weeks one consortium, Quinn Business Retention Company, which includes former Quinn Group senior executives, has teamed up with Endless LLP, a UK private equity house, to become the last bidder standing sole … Read more

Aventas: “These scandalous attacks orchestrated by a small group of criminals and their equally criminal sponsors…”

As the BBC reports, Lagan Cement Group has suffered damage of more than 1m euros (£820,000) in three separate attacks. The attacks followed the announcement that Lagan was buying, subject to approval, Rooftiles in County Fermanagh from the Aventas Group. The arson attacks at Lisburn, County Antrim, Comber, County Down, and Carrigtwohill, County Cork, are reported to have occurred since the Feb 4 announcement of the sale of Rooftiles, which is based in Derrylin, to the Lagan Group. The Aventas … Read more

“The loans were provided as part of the unwinding of an indirect 28 per cent stake in the bank amassed by Mr Quinn…”

Three former executives of Anglo Irish Bank, former chairman Seán FitzPatrick, former finance director Willie McAteer and former managing director of the bank in Ireland Pat Whelan, charged with “giving unlawful financial assistance to buy shares” have been sent forward for trial at the Irish Circuit Criminal Court.  As the Irish Times report notes The charges relate to loans provided by Anglo to a group of investors – ten customers known as the “Maple 10” – and to the five children of … Read more

The real dilemma of the Quinn affair: The invisibility of the Irish state to its own people

Ireland is going through an extraordinary times recently… It finds itself in the midst of a flux and change much greater and scarier than anything wished for in those far off days when Gay Byrne’s prodigious talent used to come at the nation on TV (weekly) and Radio (daily) upbraiding the nation for its illiberality and failure to get outside its own conservative Catholic box. The Celtic bubble (as might now feel free to call it) did float some boats … Read more

“Sean Quinn didn’t invest in Anglo Irish Bank, he bet on it”

As the cost of the adminstration of Quinn Insurance mounts, and to the sound of u-turns from ill-advised supporters of the bankrupt Sean Quinn, BBC NI business editor, Jim Fitzpatrick, sets out the facts in the case of the former billionaire.  Here are a few key points Sean Quinn didn’t invest in Anglo Irish Bank, he bet on it If all he’d done was buy shares, his losses would have been limited. But Sean Quinn chose a dangerous financial instrument … Read more

Sinn Fein turning on a sixpence over the Quinn family affair?

The good lord knows that Sinn Fein did not invent that old Irish political stock in trade of saying one thing to one set of people and saying quite another to another set… but the party’s split voice on the Quinn family debacle (the Independent has some of the personal detail) is striking… So the MP for Fermanagh and South Tyrone gave the Irish government both barrels for its treatment of the Fermanagh businessman: He has been treated disgracefully by … Read more

Sean Quinn: “We felt it was the right thing to do and we still feel it was the right thing to have done…”

The jailing of his son and nephew was supposed to be “a practical way” of procuring compliance with the court orders to reverse the contempt of court in putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC). Instead, the bankrupt Sean “I am not dishonest” Quinn snr has embarked on an unapologetic PR campaign.  Whilst his still ‘on the run’ nephew, Peter Darragh Quinn, has been reportedly photographed with his father at a GAA match in … Read more

“a scheme of mesmeric complexity, reeking of dishonesty and sharp practice”

With Sean Quinn jnr in jail, and Peter Darragh Quinn ‘on the run’, there’s been another development in the long-running battle between the Quinn family and the former Anglo Irish Bank, now state-owned Irish Bank Resolution Corporation [IBRC], over the €2.8billion the IBRC is owed.  From the Irish Times report Mr Justice Peter Kelly said he has presided over the Commercial Court since 2004 and regrettably was having to deal more often with cases involving “national and international fraud, sharp practice, chicanery … Read more

Sean Quinn Junior transfered immediately to “one of the best prisons…”

I know we are well into the silly season (700+ written questions dumped on government ministers in the Dail last week by vacationing TDs as they sped out Dublin’s parliamentary doors), but I really don’t get why Sinn Fein are playing so close to Sean Quinn and family. Closer in fact that Quinn himself is prepared to go. All I can think is that the heat must be on down in Fermanagh… Meanwhile in the Irish Times, Fintan O’Toole has … Read more

Three former Anglo Irish Bank executives charged with “giving unlawful financial assistance to buy shares” – Updated

With Gardai still seeking Peter Darragh Quinn following the jailing of Sean Quinn jnr after the recent contempt of court ruling, two former Anglo Irish Bank senior executives have appeared in Dublin Criminal Court.  From the Irish Times report The bank’s former finance director Willie McAteer and executive Pat Whelan are the first people to be charged in the three-and-a-half-year-old Anglo Irish Bank investigation. Mr McAteer (61), with an address at Auburn Villas, Rathgar, Dublin was charged with 16 counts of giving unlawful … Read more

Sean Quinn son and nephew jailing “a practical way” of procuring compliance

Well, we’ll see.  Having been given three weeks to reverse their contempt of court in putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC), the bankrupt Sean “I am not dishonest” Quinn snr, his son Sean, and his nephew Peter Darragh Quinn have failed to convince the court of their compliance with the court orders.  As a result Sean Quinn jnr and Peter Darragh Quinn have been jailed for three months. Miss Justice Elizabeth Dunne ruled later, … Read more

Quinn Contempt Case: “The judge will look again on 20 July at their co-operation with the Irish Bank Resolution Corporation”

In Dublin High Court, Ms Justice Elizabeth Dunne has delayed the issue of what penalty to impose on bankrupt Sean “I am not dishonest” Quinn snr, his son Sean, and his nephew Peter Darragh Quinn, to give them the opportunity to reverse their contempt of court in putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC).  From the BBC report At the High Court in Dublin on Friday, Ms Justice Elizabeth Dunne warned she … Read more

Sean Quinn: “I am not dishonest.”

Dublin High Court, however, disagrees, finding the bankrupt Sean Quinn snr, his son Sean Quinn, and his nephew Peter Darragh Quinn in contempt of court for putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC).  From the BBC report In her ruling, Judge Elizabeth Dunne described Peter Darragh Quinn’s evidence as “evasive, uncooperative and, at times, untruthful.” She said he gave the impression that he would do anything to put assets beyond … Read more

Sean Quinn Declared Bankrupt in Ireland

Having succeeded in having Sean Quinn’s bankruptcy status in the UK annulled, the Irish Bank Resolution Corporation (IBCR), formerly Anglo Irish Bank, today applied to have Mr Quinn declared bankrupt in Dublin High Court.  Mr Quinn did not oppose the application. On Friday evening there was another attack on Mr Quinn’s former business headquarters.  That occurred just days after the UK bankruptcy annulment and one day after it was reported that Quinn Wind Energy Ltd had also been placed into administration. And the Irish … Read more

Belfast High Court Annuls Sean Quinn Bankruptcy

As the BBC reports, in the latest instalment of the continuing complicated legal battle between Sean Quinn and the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, Belfast High Court has ruled that Mr Quinn is not entitled to declare himself bankrupt in the UK.  He can, however, apply for bankruptcy in Ireland.  From the BBC report At the High Court on Tuesday Mr Justice Deeney found in favour of the bank, annulling the bankruptcy. He found that a lease for an office in … Read more

Sean Quinn’s wife ordered to repay €3million loan

In the latest instalment of the continuing complicated legal battle between Sean Quinn and the Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, Sean Quinn’s wife has been ordered to repay an over €3million loan which she had personally guaranteed. Patricia Quinn’s lawyers had argued that she had been ‘unduly influenced’ by her husband into signing the loan agreement.  Mrs Quinn said it was her habit to sign documents put in front of her by her husband or his colleagues in the … Read more

IBRC: “Today’s Commercial Court judgment gives clear, unambiguous recognition to the legal obligations of Mr Quinn…”

Following last week’s order to repay loans of almost €417 million that Sean Quinn had personally guaranteed, today the Dublin Commercial Court added additional loans worth over €1.6 billion to the bill. The ruling was made at the Commerical Court in Dublin. The total involves 1.52bn euros, $589m and 13 billion Japanese yen. Mr Quinn did not attend the proceedings. The official receiver in charge of Mr Quinn’s bankruptcy in Northern Ireland indicated he would be making no application to challenge the order. … Read more

[Bankrupt] Sean Quinn ordered to repay €417 million

As noted on Monday, the Dublin Commercial Court ruling on on an application by the Irish Bank Resolution Corporation (IBRC) for the repayment of €2billion in loans which had been personally guaranteed by Sean Quinn was due today.  And RTÉ reports the outcome The amount Mr Quinn has been ordered to repay is the largest summary judgment amount ever entered in the courts here against an individual. Mr Justice Peter Kelly granted the order for almost €417m as it relates to sums … Read more

Sean Quinn’s statement of affairs to NI Court ‘appeared to be unsatisfactory’

That’s according to reported comments by lawyers for the Official Receiver in Northern Ireland who, following Sean Quinn’s application for UK bankruptcy, is currently in control of Quinn’s worldwide assets. The comments were made during a Dublin Commercial Court hearing on an application by the Irish Bank Resolution Corporation (IBRC) for the repayment of €2billion in loans which had been personally guaranteed by Sean Quinn.  From the RTÉ report The Irish Bank Resolution Corporation told the Commercial Court the action for judgment should go … Read more