Quinn Insurance in administration.


#133

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.


#134

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


#135

#136

There was an extract with Mr. Quinn on the radio, something about making a small loss in January/February and a million euro a day in March… this is a little different to 20 mn a month…


#137

The profitability of the Quinn group is completely irrelevant in this situation.
Quinn Insurance didn’t meet its solvency requirements therefore it is game over.


#138

Haven’t seen this (although it’s a long thread!). Apologises if already posted

Later in the article

Who signs Quinn’s SAO these days?

I know who it was up to about 2 years ago but don’t want to name the company in case they no longer do and some people put 2 + 2 together and get 7


#139

Harry, he is also a nice risk adverse fella (by his own account)
When he plays cards, he doesn’t play poker, but a game of 25 with his friends for a fiver.

Then he rings up his broker and punts €3bn on shares!


#140

What I find depresssing, although predictable, is the kneejerk local reaction of “get behind Quinn”! eg *The Cavan GAA County Board has come out in support of the workers at Quinn Insurance.*Read more: irishexaminer.com/breakingne … z0jwkVafXl

When Junket John was forced out the reaction of his constituents interviewed on TV was “he done a lot” or “he brought a lot of money-ah into de constituency”. The banking debacle was supposed to have changed people’s attitudes but obviously not.


#141

Quinn Group owe Anglo €2.8bn.
They also owe €1.2bn in bonds.
Does this €1.2bn in bonds rank after the Anglo debt, is it owed to foreign banks?

For both Anglo debt and the bonds:
Is the debt payments being made on schedule?
Are the convenants on the assets being breached.

If debt was not performing, maybe the €1.2bn bondholders put presure on.

I reckon Anglo wanted an equity stake in Quinn Group. maybe swap the Anglo debt for equity in Quinn and agree a schedule to pay off the €1.2bn bondholders of Quinn.

Quinn would not play ball. A difficult fight for Anglo/Regulator if they try to enforce the debts on Quinn Group.
They have Quinn Direct in administration now and Seanie by short and curlies.


#142

As an outsider I am trying to understand why the regulator was allowed to do his job this time. Did Lenihan actually want to break up Quinn insurance to sell it off and pay back what was owed to Anglo? Had Quinn got too big and wasn’t playing ball with the overlords? Will the 2 Brians still back the regulator if Quinn turns nasty? I got the impression from the RTE interview that Quinn felt that the new foreign regulator did not know how things were done in Ireland and that was the regulator’s big mistake?


#143

Far less chat about how bust the country is, isn’t there?

Wanna bet Quinn’s insurance operations will be rolled into the third force? Nice little earner for them and they get something with book value in return for the loans they have outstanding - a mess ‘cleaned’ up.

Look for the outcome that could reflect best on FF - that’s what’s being aimed for. The FR isn’t about to do anything to rock the boat that seriously. Not saying that he’s a kept man, just that this will be cleared for timing if for nothing else with the DepFin.


#144

Erm, I guess in the same way that IL&P gets away with it? A Bancassure for business?

I’m guessing now :smiley:

And yes, a wink in the right place, wrapped in a nod and insured by a knowing smile is worth so much more than a whole safe full of real assets.


#145

Easy on the emphasis there big sail.


#146

They will spend a day reading financials and will then bugger off and fine tune their marketing campaigns to take the customers they want off Quinn.

None of them will bid for it though, no need. They just get a chance to do market analysis on the cheap.


#147

You gotta love Sean Quinn.

You can’t hold this guy down.

Drops out of school and with the help of an old beat up truck he becomes richer than the Queen.


#148

You seem to anyway.


#149

:laughing:

Well, it looks like he’s now a self-unmade man.


#150

What is that Warren Buffet said?

Only when the tide goes out do you discover who’s been swimming naked.


#151


#152

Yes and I love you too puck.