Sean Quinn Back in Business

stanley

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People are saying things here that I might be thinking but wouldn’t be writing, like. Strange times. I just can’t understand how this campaign of terror was allowed to continue so long. It‘s a shameful episode for the country.

The "stories" you are hearing must be stranger than fiction, PSNI/Gardai must be staring very hard at the root of Republican orgs and their financing.
 


stanley

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"To expect PwC to bear the risk of having to meet estimated costs of €30m seemed intrinsically unfair, the judge added. PwC and its individual partners would be liable for these enormous costs should Quinn win, she said"


Looks like the State is on the hook for the potential 30m legal costs but will PWC's insurers cover 900m + if the State/QI wins.
 

Jack Walsh

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"To expect PwC to bear the risk of having to meet estimated costs of €30m seemed intrinsically unfair, the judge added. PwC and its individual partners would be liable for these enormous costs should Quinn win, she said"


Looks like the State is on the hook for the potential 30m legal costs but will PWC's insurers cover 900m + if the State/QI wins.
Big setback for the Quinns
I would say this may well be warning shot for Quinns to drop their action.
Will be interesting to see if Quinns have the stomach for it and risk 30 million
I'd guess they neither have it not will risk it if they do
Of course if they do have €30 million to punt on what for me looks a really long shot, one has to question how?

They have some neck though
 

paulp

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Big setback for the Quinns
I would say this may well be warning shot for Quinns to drop their action.
Will be interesting to see if Quinns have the stomach for it and risk 30 million
I'd guess they neither have it not will risk it if they do
Of course if they do have €30 million to punt on what for me looks a really long shot, one has to question how?

They have some neck though
well, they have the money to cover their own costs, and it's not determined yet how much security they'd have to put up.

I'd say they'll keep going
 

Jack Walsh

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well, they have the money to cover their own costs, and it's not determined yet how much security they'd have to put up.

I'd say they'll keep going

Genuine question, how?

How could Sean Quinn legitimately write a cheque for €30 million?
Apropos his old pals in Anglo explaining where they got their funding "we just pulled it out of our arses"
 

Buchaill Dana

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well, they have the money to cover their own costs, and it's not determined yet how much security they'd have to put up.

I'd say they'll keep going
How have they the money to cover costs?

The downside is huge if they lose. €30m plus a finding they misled auditors and that its all their own fault.
 

paulp

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The article is stating that he has the backing to cover his own costs.
She was satisfied that because of unusual factors, including that Quinn has financial backing for its own costs, the litigation is likely to continue even if security has to be provided.
and that the amount of security is still to be determined. I would assume that it will be a percentage of the 30 million rather than the full amount.
She allowed the appeal and said that the amount and mode of security must go back to the High Court for determination.
 

Jack Walsh

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The article is stating that he has the backing to cover his own costs.


and that the amount of security is still to be determined. I would assume that it will be a percentage of the 30 million rather than the full amount.
Ah jeez paul, are you serious?

Of course you say you have the ability to cover your costs, everyone says that

It's not up to the Judge to say "ffs how can you guys write a cheque for 30 million, you're meant to be broke", she must accept their word
A very dangerous game with the Quinns, but it is not in her remit to question it or try to call their bluff at this juncture
 

stanley

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Big setback for the Quinns
I would say this may well be warning shot for Quinns to drop their action.
Will be interesting to see if Quinns have the stomach for it and risk 30 million
I'd guess they neither have it not will risk it if they do
Of course if they do have €30 million to punt on what for me looks a really long shot, one has to question how?

They have some neck though

My reading of this is the State now effectively own QIL and it is the Administrator who is taking the action for recovery of funds from PWC that the State put up for via 2% levy.

A successful action would thereon repay the State.

Sean Quinn essentially not involved, it is the company, QIL.
 

stanley

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well, they have the money to cover their own costs, and it's not determined yet how much security they'd have to put up.

I'd say they'll keep going

Quinn said he would sue Anglo, which became State owned, for all his losses and also get compo, 5bn would have covered, within 10 days of his delayed Court case standing it fell apart and he had to take the deal the State offered.

The man is a shyster and borders on criminal behaviour, he is also a proven bluffer and not a good gambler, more of the very heavy losing type, he gambled and lost the entire Quinn Group which he did not own but effectively controlled through his children.
 
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Old Mr Grouser

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My reading of this is the State now effectively own QIL and it is the Administrator who is taking the action for recovery of funds from PWC that the State put up for via 2% levy.

A successful action would thereon repay the State.

Sean Quinn essentially not involved, it is the company, QIL.
Yes. There are people here too ready to pontificate. (The curse of universal Primary Education.)
 

paulp

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Quinn said he would sue Anglo, which became State owned, for all his losses and also get compo, 5bn would have covered, within 10 days of his delayed Court case standing it fell apart and he had to take the deal the State offered.

The man is a shyster and borders on criminal behaviour, he is also a proven bluffer and not a good gambler, more of the very heavy losing type, he gambled and lost the entire Quinn Group which he did not own but effectively controlled through his children.
fully agree with you
 

paulp

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Ah jeez paul, are you serious?

Of course you say you have the ability to cover your costs, everyone says that

It's not up to the Judge to say "ffs how can you guys write a cheque for 30 million, you're meant to be broke", she must accept their word
A very dangerous game with the Quinns, but it is not in her remit to question it or try to call their bluff at this juncture
Well, I guess his lawyers have to be comfortable that he can pay them if they're telling the judge that?
And won't the high court now determine how much security Quinn needs to put up in order for the case to proceed?
 

stanley

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Well, I guess his lawyers have to be comfortable that he can pay them if they're telling the judge that?
And won't the high court now determine how much security Quinn needs to put up in order for the case to proceed?

It's not Sean Quinn personally taking this case rather it is the Administrator of QIL on behalf of the owner - the State.
 

stanley

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Quite unbelievable, the kids claim the Quinn Business Retention Company that owns 22% of the manufacturing businesses and brought in US funds to save such businesses, save 800 jobs, were only acting on behalf of Daddy and the kids.

QBRC own 22% and the Yanks 78%, naturally enough the kids want the 22% handed over to them and thereon they will run the company for the benefit of the Quinn family and effectively control the 78% of the 3 US funds who invested

Kevin Lunney is one of the 6 original investors involved in the 22% holding.

The kids took on a collective Judgement of 440m to settle the court case with IBRC, as a sideline it is of course a given that the kids are not capable to run these manufacturing businesses.
 

stanley

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a lot of people made money with the IRA and vice versa

i think what really went on with QIH will be revealed soon
Yes, people like the IRA are bang in the middle of this, lads are owed and thought they had an income for life, business is still going but they ain't earning.
 


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