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Sean Quinn Back in Business


macedo

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Joined
May 24, 2007
Messages
1,022
I do not believe someone with such good ethics can turn bad overnight, I also believe that his family would not be fighting so hard or so long if they did not believe they had been wronged. Few people would get 10,000 people out on the streets after being found in contempt of court, which leads me to believe the full story has not been told.

When the Court Case runs in April, if I am wrong unlike many other posters I will hold my hands up and say I was wrong. But I firmly believe we are not being told the full story, as no one else has been if I can use the word "scapegoated " like Quinn.
What possible narrative could "the full story" have? That someone held a gun to Quinn's head to buy CFD's. Even those dastardly folk at Anglo were shocked when they found out what he had been up to.

I've no doubt the QUinn family and thousands of people in the border region believe the family has been wronged. But the fact is he brought the situation on of them all by betting the shop on CFD's. Winning the court case (which they well might do) won't change that.
 


SuirView

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Joined
Mar 29, 2012
Messages
12,361
Imagine for a moment, if you will, that the Quinn's gamble had paid off and that they doubled their money, then the loan was subsequently found to have been "somehow illegal" - do you think the Quinnlings would be fighting tooth and nail to hand back the profits?
"Somehow illegal" by who?
 

GDPR

1
Joined
Jul 5, 2008
Messages
222,963
The Quinns are nothing but lying, thieving scum. Their actions clearly indicate this and they should be treated as pariahs.
 

Disillusioned democrat

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Joined
Mar 16, 2010
Messages
15,736
"Somehow illegal" by who?
I believe its related to the fact that the bank can't lend to people to invest in the bank....Quinnlings arguing that because Anglo lads now doing "community service" for that breach of company law that the loans were illegal, so they shouldn't have to pay them back.....if it happened anywhere else you would laugh at the stupidity, but I'm very concerned that, this being the Ireland of spivs and gombeens, that the bank, aka the tax payer WILL be made to pay.
 

Caster

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Sep 29, 2013
Messages
616
I believe its related to the fact that the bank can't lend to people to invest in the bank....Quinnlings arguing that because Anglo lads now doing "community service" for that breach of company law that the loans were illegal, so they shouldn't have to pay them back.....if it happened anywhere else you would laugh at the stupidity, but I'm very concerned that, this being the Ireland of spivs and gombeens, that the bank, aka the tax payer WILL be made to pay.
I don't think that's what they are claiming actually. The Quinn children are claiming that Anglo put money through their companies to support the bank and prevent it from falling. Their father invested / gambled 700 million on the CFDs , they are not claiming for this, it was subsequent to this that Anglo put 2.3 billion in to cover margin calls to save the bank. They are arguing that they do not have to pay this back , as at the time Anglo apparently had a power of attorney over the CFDs and were in control of the CFDs. They are also claiming that Anglo falsified documentation , lied about what the money was for and 2 years later tried to get them to sign documents to say they had received legal advice after the fact. They also testified at the Criminal Trial, that they never met or spoke to anyone from Anglo and never asked for any loans personally or through their companies. Whether they will be able to prove any or all of this will be interesting.
 

Shaneymac33

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Sep 4, 2012
Messages
115
I don't think that's what they are claiming actually. The Quinn children are claiming that Anglo put money through their companies to support the bank and prevent it from falling. Their father invested / gambled 700 million on the CFDs , they are not claiming for this, it was subsequent to this that Anglo put 2.3 billion in to cover margin calls to save the bank. They are arguing that they do not have to pay this back , as at the time Anglo apparently had a power of attorney over the CFDs and were in control of the CFDs. They are also claiming that Anglo falsified documentation , lied about what the money was for and 2 years later tried to get them to sign documents to say they had received legal advice after the fact. They also testified at the Criminal Trial, that they never met or spoke to anyone from Anglo and never asked for any loans personally or through their companies. Whether they will be able to prove any or all of this will be interesting.
There is a lot in that post, and it is undoubtedly taking a quinn view on what happened but on a sat night I don't intend to go through it all but needless to say there is a lot I would disagree with it. The one point I would make was anglo only got power of attorney over the CFDs very late in the game ie most of the 2.3 bn had already been in advanced, and the reason they had it was that SQ had refused to unwind his CFD position despite several promises to do so. Anglo actually withheld a large loan to that was needed to shore up the Quinn group cash reserves until he signed over control over the CFD's. They more than anyone wanted his ridiculous punt/investment gone.
 

Caster

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Sep 29, 2013
Messages
616
There is a lot in that post, and it is undoubtedly taking a quinn view on what happened but on a sat night I don't intend to go through it all but needless to say there is a lot I would disagree with it. The one point I would make was anglo only got power of attorney over the CFDs very late in the game ie most of the 2.3 bn had already been in advanced, and the reason they had it was that SQ had refused to unwind his CFD position despite several promises to do so. Anglo actually withheld a large loan to that was needed to shore up the Quinn group cash reserves until he signed over control over the CFD's. They more than anyone wanted his ridiculous punt/investment gone.
I haven't said any of this is fact or proven. I am simply saying this is what the Quinn children have alleged in their claim .
 

Caster

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Sep 29, 2013
Messages
616
I suppose if Anglo had told Quinn what they knew , ie the bank was insolvent , that they were not lending any more money , that Drumm had shut down lending , that the bank was on red alert, I'd hazard a guess that Quinn would have started selling pretty quick. They didn't do this , they assured him the bank was fine, they were going to post record profits (Citizen Quinn ) .
Simple solution , if they wanted Quinn to offload the shares, don't give him the money to pay the margin calls.
 

Shaneymac33

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Sep 4, 2012
Messages
115
I suppose if Anglo had told Quinn what they knew , ie the bank was insolvent , that they were not lending any more money , that Drumm had shut down lending , that the bank was on red alert, I'd hazard a guess that Quinn would have started selling pretty quick. They didn't do this , they assured him the bank was fine, they were going to post record profits (Citizen Quinn ) .
Simple solution , if they wanted Quinn to offload the shares, don't give him the money to pay the margin calls.
Or how about SQ not asking for the loans and closing out his position himself?
 

Shaneymac33

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Sep 4, 2012
Messages
115
There is also nothing to suggest anglo knew they were insolvent when they were providing quinn loans. Unfortunately for all of us, they like the rest of the other banks were still holding out for that soft landing we used to hear about it. You can spin it anyway you want but SQ was the architect of his downfall.
 

Caster

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Sep 29, 2013
Messages
616
There is also nothing to suggest anglo knew they were insolvent when they were providing quinn loans. Unfortunately for all of us, they like the rest of the other banks were still holding out for that soft landing we used to hear about it. You can spin it anyway you want but SQ was the architect of his downfall.
Yes there is actually . Drumm told Anglo execs in Nov 07 to stop lending and brush up on their f***ing German. Just as Anglo were preparing to announce record profits . ( irish independent 13/07/2013Tom Lyons and Gavin Sheridan Anglo Tapes.) None of the 2.3 billion had been lent at that stage.
 

Shaneymac33

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Sep 4, 2012
Messages
115
Yes there is actually . Drumm told Anglo execs in Nov 07 to stop lending and brush up on their f***ing German. Just as Anglo were preparing to announce record profits . ( irish independent 13/07/2013Tom Lyons and Gavin Sheridan Anglo Tapes.) None of the 2.3 billion had been lent at that stage.
They're talking about the lack of liquidity not insolvency. Not brushing you off but I have to call it quits for this evening. I'll respond properly tomw. Good night.
 

stanley

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Jun 20, 2007
Messages
9,546
Mysterious attacks on Quinn firms fall silent - Independent.ie

"The attacks initially began after Quinn was ousted from his company in 2011 by the former Anglo Irish Bank over debts of more than €2bn. The Quinn Group was later rebranded Aventas. Aventas logged around 70 attacks".


Seems a very good reason to bring Daddy back, no doubt there will be greater co-operation from customers and suppliers.
 

The Field Marshal

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Aug 27, 2009
Messages
44,349
I have always believed that a large percentage of the several hundred debtors you speak of knew the FF Govt would lumber the State with their debts and arranged their finances accordingly, borrowing to the max and beyond but making sure some funds were salted away.
How could they know that?
I think the scenario you outline is preposterous.

What politician if any was giving such verbal/written guarantees?

No.
FF/Greens & FG/Lab perpetuated the policy of transferring private debt onto everybody else to prop up their pensions and keep the pivotal vote of the public service workers sweet.
 

Truth.ie

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Oct 5, 2008
Messages
27,972
Can I have that 700 euros that your company swindled from me back now, Mr Quinn?
If someone from the company is upset at my allegation they can P.M me for my details and complaint.
I've heard enough of Kenny G on your answering machine.
For the record it happened under Daddy Quinn's watch.
 

stanley

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Jun 20, 2007
Messages
9,546
What ATM withdrawals did Jr make prior to being made redundant?

Am almost sure Junior was playing the "how much a day can we get from ATMs" which was a family favourite with his sisters, funnily enough they said it was used to pay the family's legal fees, wonder how they are doing it now.

Am sure they would claim Legal Aid, , if not for the close scrutiny on qualification criteria, after all they want the State for everything else.
 

Timeandagain

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Joined
Feb 6, 2013
Messages
329
If your almost sure you'll point me in the direction of the evidence that Jr was withdrawing money via bank machines prior to being made redundant. Talking sh!te again Stanley.
 

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