Apparently turn over at Quinn Insurance has fallen by two thirds since it entered administration.
The Regulator (state employee) v Sean Quinn (bankrupt businessman) + Anglo Irish (state bankrupt ban
i saw a fucktard in the letters page of the examiner saying quinn should be nominated for president. Time to let natural selection take its course and remove all warning labels from goods sent to cavan
Art, itâs been long established on this site that anyone who writes into the examiner isnât fully there upstairs
Hope you enjoyed the cigars Runty.
This whole Quinn thing is bizarre, itâs like a cult or something. I donât know much about the operations of the Quinn Group but I assume it was previous management that sowed the seeds of the current losses rather than the current incumbents.
Itâll be interesting to see to what extent Quinn or his family members have personally guaranteed the debts.
28/04/2011 - 12:29:29
Quinn Insurance has reported losses of âŹ706m for 2009.
The insurer, under administration since last year, is blaming the massive losses on problems in the UK market and a write-down in the value of assets there.
The announcement comes as an agreement is signed to sell Quinn Insurance to US insurance giant Liberty Mutual, and Anglo Irish Bank.
The company, to be know as Liberty Mutual Direct Insurance, said it will now be forced to seek a total of âŹ600m from the Insurance Compensation Fund, âŹ180m of which will be needed this year.
Liberty Mutual Direct Insurance said 25% of profits generated in future would be used to pay back the fund, but the immediate shortfall looks likely to be met by taxpayers in the form of a new car and house insurance levy.
In a statement the Central Bank said Quinnâs requirement to access fund is not unexpected.
The bank said it will review the finances of the fund before making a recommendation to Finance Minister Michael Noonan.
It added that any levy imposed will apply to non-life insurance companies.
Read more: http://www.breakingnews.ie/ireland/quinn-posts-706m-losses-for-2009-502993.html#ixzz1Kol33EBu
:o :o
That answers my question of the other day so
Facebook group - Sean Quinn is an Irish legend and I support him.
Some entertaining if utterly deluded views on it
Fuckin Clowns
Car set alight in driveway of Quinn Group CEO
The car which was attacked in an apparent arson attack last night was parked in the driveway of Quinn Group CEO Paul OâBrienâs home in Co Meath, it has emerged.
A BMW jeep was parked close to the entrance of the Foxlodge Woods housing estate in Ratoath when it was set on fire at about 11pm.
Nobody was in the car or the nearby home at the time, but the house was badly damaged, as was the neighbouring property.
It follows a spate of acts of vandalism on property belonging to the Quinn group.
GardaĂ are appealing for anyone with information to contact Ashbourne garda station.
Deluded fools.
They make me mad as hell
Looks like good old, down to earth Sean Quinn, or at least his children, have been up to some seriously dodgy deealings to try and keep their assests out of the reach of Anglo.
RELATIVES OF businessman SeĂĄn Quinn have been accused of stripping $193 million (âŹ142 million) in assets from two Russian companies for the benefit of his family in return for $1,000 and a laptop computer worth $380.
Anglo Irish Bank made the claims in the latest hearing in the complex legal battle between the State-owned bank and Mr Quinnâs wife and children for control of the familyâs international properties.
In a Cyprus court hearing, Anglo claimed that Mr Quinnâs wife and five children used a court injunction as cover for âunlawful and hidden actionsâ to put assets beyond the reach of Anglo, which is owed âŹ2.8 billion by the family. This included transferring the assets of a Russian firm, Finansstroy, which owns the Kutuzoff Tower office block in Moscow, worth $180 million, to their cousin Peter Quinn for about $1,000.
The block is the most valuable asset in the familyâs international property portfolio which stretches to Turkey, Ukraine and India.
The bank also claimed the family transferred assets worth $13.5 million at another Russian company, Red Sector â the owner of a DIY store â to Stephen Kelly, the husband of Mr Quinnâs daughter Aoife, in return for the $380 laptop computer.
The claims are contained in an affidavit sworn by Anglo executive Richard Woodhouse, which was opened in court, despite repeated attempts by the family to block or postpone its admission in the case.
Anglo is seeking to lift the injunction obtained by the family last June which stops the bank seizing control of the properties. The document contained material that was essential to understanding the case, Anglo argued. The Quinns said the claims were âscandalousâ, âirrelevantâ, âvexatiousâ and âfrivolousâ.
The battle for control of the familyâs international properties, worth about âŹ500 million, has been the subject of lawsuits in Ireland, Cyprus, Sweden and Russia, where the firms behind the properties are based.
Just over âŹ2.3 billion of the familyâs debt to Anglo arose from loans to cover Mr Quinnâs losses on Angloâs share price, which collapsed in the 2008 financial crash. The bank claims the family made changes to international firms giving them full control of Russian properties.
This enabled the firms to accept an unsubstantiated claim for $276 million from a company in the Central American country of Belize that was purportedly unconnected with the family but which Anglo believes is owned by them or for their benefit.
A source close to the family said that any suggestions of criminality against Mr Quinn or his family were âbaseless and hardly deserving of commentâ. âSuch spurious allegations will be seen for what they really are; yet another attempt, on the part of Anglo, to blacken the name of SeĂĄn Quinn and his family,â said the source.
Runt 01/01/11 - âwe as a nation allow the banks ,the government & the developers walk all over usâ
Runt 11/10/11 - âsee those crusties protesting outside the central bank- what a bunch of wastersâ
Runt 12/10/11 - âFuck up TASE, you fucking dickheadâ
All truthseekers doff their hats to you TASE for exposing the great lie on this site.
Runt is a cancer on this site.
His overriding hatred of crusties has blindsided him to the justice of their noble campaign. Just like the way Rintintin cannot see the inherent righteousness of the Dale Farm residents.
The Quinn Family owe the Irish state 2.8bn euros, of which 2.3bn was lost by Quinn betting on the Anglo Irish share price.
Fucking hell its actually astounding, damn sure a lot of cola bottles :o
I have a feeling if ACC bank were leading the charge here, everything Quinn has would be liquidated by now.
My company law days are a distant memory but I thought there was something illegal about getting a loan from a company to buy shares in that company?
[quote=âKIB man, post: 457548â]The Quinn Family owe the Irish state 2.8bn euros, of which 2.3bn was lost by Quinn betting on the Anglo Irish share price.
Fucking hell its actually astounding, damn sure a lot of cola bottles :o
I have a feeling if ACC bank were leading the charge here, everything Quinn has would be liquidated by now.
My company law days are a distant memory but I thought there was something illegal about getting a loan from a company to buy shares in that company?[/quote]
He used other assets as security and he technically didnât buy shares as they were through CFDs I think went they? I think itâs def illegal to buy a company using the shares of that co as security alright. But Iâd say breach of company law is least of troubles here.
He should do fucking time for this latest scam. I think Anglo are doing as much as they can here assets are all over europe and they are frustrating everything that Anglo try to do
Great chapter in he Anglo book by Carswell about Quinn and his purchase of the stake in the bank. Anglo appeared to have no prior knowledge of the stake and pleaded with him to stop buying, he promised and kept on adding to it regardless. They went to regulator in a panic who told them that the CFD stake wasnt really shares so nothing to worry about. It appears from book that neither the reg or Quinn had any real understanding of CFDs or the investment.
Absolutely farcical stuff
What an idiot. What did he expect when he crossed the Fairies.
HE was once Ireland[/url]'s richest man, with a fortune of âŹ4.7bn, before his huge gamble on [url=âhttp://searchtopics.independent.ie/topic/Anglo_Irish_Bankâ]Anglo Irish Bank shares toppled him into bankruptcy.
But for some in his heartland on the Cavan/Fermanagh border, the downfall of Sean Quinn has more to do with the wrath of the fairies than risky business moves.
According to these locals, it was the decision to move a megalithic burial tomb 20 years ago which led to the fall of his cement, hotels, and insurance empire.
The Aughrim Wedge Tomb stood for 4,000 years in the townland after which it is named, two miles outside Ballyconnell, Co Cavan.
But when it got in the way of the expansion of a massive quarry for Quinn Concrete in 1992, permission was granted by the Office of Public Works to move it.
Following a full excavation of the site, it was moved â stone by stone â and relocated in the grounds of Mr Quinnâs Slieve Russell Hotel on the other side of the village.
Mr Quinn has since lost the cement works, the hotel, a raft of other businesses and his multi-billion euro fortune. According to bankruptcy documents, he now claims to have just âŹ11,000 in the bank.
Some locals have linked the movement of the tomb to Mr Quinnâs financial woes.
âIâm a big supporter of Sean Quinn because of what he has done for this area but that tomb should never have been moved,â said publican Toirbhealach Lyons, the owner of Molly Maguireâs pub in Ballyconnell.
âThere would be a lot of people who would think you could never have any luck after moving an ancient tombstone.â
Such superstitions are common and widely believed according to University of Ulster folklore expert Seamus MacFlionn.
âCavan is full of ancient sites like these and therefore many people there would be more superstitious about moving any ancient rath, tomb or fairy tree,â he said.
âPeople do genuinely believe that to do so brings bad luck. Itâs part of our ancient Irish history,â he added.
However, not everyone in the area subscribes to the view that the movement of the tomb brought Mr Quinn his bad luck. One sceptic is Ballyconnell butcher Gerard Crowe, âItâs a load of auld rubbish. . . Simple as that,â he said.