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 Post subject: The Quinn Collapse
PostPosted: Fri Apr 02, 2010 9:40 am 
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TYCOON Sean Quinn was last night fighting a rearguard action to keep control of his multi-billion-euro business empire.

Lenders and creditors -- who arrived in Dublin this week -- are insisting the Quinns agree to sell off assets or give them a stake in parts of the group to lower their risk.

Mr Quinn, who built up his business from a quarry on the family farm in 1973, has so far refused to engage in any of these options.

Anglo Irish Bank and other major creditors have upped the ante in recent days in their bid to overhaul the massive €4bn-plus debt mountain that is owed to them.
...
The Quinn Group has been locked in discussions with banks for some months about €780m of bank and bond debt that falls due this year.

The refinancing will be one of the largest of any Irish business in 2010.
...
Sources said last night that it remained engaged in talks to refinance debt facilities, but insisted that there had been no discussion of asset sales yet.

Other sources say Anglo, which is owed about €2.8bn, and other major lenders led by Barclays, held a series of secret meetings over the past two weeks with top management at the Quinn Group.

They had become particularly concerned about the potential fallout from the regulator's move on the highly profitable insurance division.


http://www.independent.ie/national-news ... 22293.html

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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 9:43 am 
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Simply put

Lenihan tries to put a self made accountable man who brought competition to the Irish market,
out of business
on the same day that he gives a blank check from the Irish taxpayer to the Bank's.

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“Give me control of a nation's money and I care not who
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Founder of the Rothschild family international banking dynasty.
Adviser to the Irish government since 2009.


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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 9:45 am 
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HARRY MARKOPOLOS wrote:
Simply put

Lenihan tries to put a self made accountable man who brought competition to the Irish market,
out of business
on the same day that he gives a blank check from the Irish taxpayer to the Bank's.


Lenihan didn't do it, the regulator did because Quinn was taking too many risks.

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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 9:48 am 
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rebelbuttmunch wrote:
HARRY MARKOPOLOS wrote:
Simply put

Lenihan tries to put a self made accountable man who brought competition to the Irish market,
out of business
on the same day that he gives a blank check from the Irish taxpayer to the Bank's.


Lenihan didn't do it, the regulator did because Quinn was taking too many risks.


YES BRIAN.

_________________
“Give me control of a nation's money and I care not who
makes her laws” Mayer Amschel Rothschild
Founder of the Rothschild family international banking dynasty.
Adviser to the Irish government since 2009.


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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 9:53 am 
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rebelbuttmunch wrote:
HARRY MARKOPOLOS wrote:
Simply put

Lenihan tries to put a self made accountable man who brought competition to the Irish market,
out of business
on the same day that he gives a blank check from the Irish taxpayer to the Bank's.


Lenihan didn't do it, the regulator did because Quinn was taking too many risks.


Yes and he stands over any risks that he took putting his and family's reputation on the line.

Unlike the banks and government.

_________________
“Give me control of a nation's money and I care not who
makes her laws” Mayer Amschel Rothschild
Founder of the Rothschild family international banking dynasty.
Adviser to the Irish government since 2009.


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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 9:53 am 
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HARRY MARKOPOLOS wrote:
rebelbuttmunch wrote:
HARRY MARKOPOLOS wrote:
Simply put

Lenihan tries to put a self made accountable man who brought competition to the Irish market,
out of business
on the same day that he gives a blank check from the Irish taxpayer to the Bank's.


Lenihan didn't do it, the regulator did because Quinn was taking too many risks.


YES BRIAN.


Seeing as your dealing in facts how about this nugget

http://www.irishtimes.com/newspaper/finance/2010/0402/1224267551537.html
Guarantees totalling €1.2 billion provided by Quinn Insurance subsidiaries to cover Quinn Group’s debts prompted the Financial Regulator to seek the appointment of provisional administrators in the High Court earlier this week.

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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 10:03 am 
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Quote:
Seeing as your dealing in facts how about this nugget

http://www.irishtimes.com/newspaper/finance/2010/0402/1224267551537.html
Guarantees totalling €1.2 billion provided by Quinn Insurance subsidiaries to cover Quinn Group’s debts prompted the Financial Regulator to seek the appointment of provisional administrators in the High Court earlier this week.


Tell me what you are trying to say in a couple of lines.

I'm sorry I'm talking as a self made man also.

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“Give me control of a nation's money and I care not who
makes her laws” Mayer Amschel Rothschild
Founder of the Rothschild family international banking dynasty.
Adviser to the Irish government since 2009.


Last edited by Kate P on Fri Apr 02, 2010 10:06 am, edited 1 time in total.
Fixed quote


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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 10:04 am 
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Posts: 133
HARRY MARKOPOLOS wrote:

Yes and he stands over any risks that he took putting his and family's reputation on the line.

Unlike the banks and government.


Sean Quinn 'stands over' ? with what ? his OTHER liabilities ?

Thats about as valuable as Cowen stating 'its his way or the highway' - look where that has the Nation.

I wonder for how long prior to this country having a Regulator did the 'Regulators Office' actually realise that Quinns liabilities exceeded his assets? Thats what I want to know

It looks like crony capitalism is exploding badly for Clowen & Co

If someone extended me a 5 billion circuitous Credit Line, I too could create 5000 jobs.

The game is up. We now have a real regulator. If only we could get some real leadership.


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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 10:06 am 
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What's the fact that he is a self made man got to do with anything?

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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 10:13 am 
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grumpy wrote:
What's the fact that he is a self made man got to do with anything?


Agreed. The poster has posted the exact same post in the other Quinn thread

My response was

Renting And Proud! wrote:
HARRY MARKOPOLOS wrote:
a self made accountable man



This bit is irrelevant

The insurance arm has breached solvency rules, that is the only material fact in discussing the Quinn administration. The regulator is 100% correct to act in the manner he did

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Borrowers seeking mortgages have had to resort to saving deposits, forcing many to sit by and watch house prices tumble without being able to do anything about it. Sunday Independent - June 1 2008

I know a lot of them, like [Jimmy] Flynn, [Noel] O’Flaherty and the Baileys. You meet the Baileys at Croke Park every time you go there. You can’t avoid getting a slap on the back going in from them. Most of these guys lost their shirt. I feel sorry for them - Bertie Ahern


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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 10:17 am 
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HARRY MARKOPOLOS wrote:
Quote:
Seeing as your dealing in facts how about this nugget

http://www.irishtimes.com/newspaper/finance/2010/0402/1224267551537.html
Guarantees totalling €1.2 billion provided by Quinn Insurance subsidiaries to cover Quinn Group’s debts prompted the Financial Regulator to seek the appointment of provisional administrators in the High Court earlier this week.


Tell me what you are trying to say in a couple of lines.

I'm sorry I'm talking as a self made man also.



Come on guys! Self-made men don't have time for reading or understanding stuff themselves, that's what minions are for. Sean Quinn doesn't seem to understand how breaching regulatory guidelines is hazardous, so why should this guy? Now get a move on and explain it in three lines or less. :roll:


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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 10:24 am 
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I suppose the regulator is a "begrudger" who is jealous of Quinns wealth?

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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 10:26 am 
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ewd3 wrote:
I suppose the regulator is a "begrudger" who is jealous of Quinns wealth?


This is what I don't get

Piece of shit "runs" (emphasis on the quotation marks) regulator's office for years and allows chaos - people complain

New Regulator brings a company to account for a serious breach of regulation - people complain

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Borrowers seeking mortgages have had to resort to saving deposits, forcing many to sit by and watch house prices tumble without being able to do anything about it. Sunday Independent - June 1 2008

I know a lot of them, like [Jimmy] Flynn, [Noel] O’Flaherty and the Baileys. You meet the Baileys at Croke Park every time you go there. You can’t avoid getting a slap on the back going in from them. Most of these guys lost their shirt. I feel sorry for them - Bertie Ahern


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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 10:35 am 
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Renting And Proud! wrote:
New Regulator brings a company to account for a serious breach of regulation - people complain


I think it's wonderful tbh. I wouldn't have thought the new regulator would actually do anything.

if he's willing to do this, then perhaps he really is willing to try and do his job properly.

Imagine, a financial regulator who fucking does his job?

The mind boggles.


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 Post subject: Re: The Quinn Collapse - Preview
PostPosted: Fri Apr 02, 2010 10:36 am 
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Renting And Proud! wrote:
ewd3 wrote:
I suppose the regulator is a "begrudger" who is jealous of Quinns wealth?


This is what I don't get

Piece of shit "runs" (emphasis on the quotation marks) regulator's office for years and allows chaos - people complain

New Regulator brings a company to account for a serious breach of regulation - people complain


I guess the key difference here is exactly who is doing the complaining. When there was no regulation, people here could foresee the car-crash coming down the road that would impoverish us all. Now that there appears to be some sort of regulation, the complaints are coming instead from those who have been taking the huge liberties and risks that got us into this mess.

It's understandable that the folks working for Quinn will fight for their jobs, but they have to understand that if they lose them, they are the victims of Quinn management and the previous 'regulatory* regime', not the current one.

*I use the term in the loosest possible sense...


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