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  1. #1
    Iarmhi Gael Iarmhi Gael is offline

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    May 2007

    Sean Quinn - Fighting his arguments

    In April 2012 - Sean Quinn told the High Court how his Companies were built with "Honesty & Integrity"

    Richard Whish is Professor of Law at Kings College in London and is regarded as one of the world's foremost authorities on Competition Law. Whish speaks openingly on a World Cement cartel second only to Opec. "The first thing for any new competition regulator is to go out and find the cement cartel. My experience of this subject is, it is always there, somewhere,"

    When Sean Quinn sought to break into the cement cartel, 23 years ago - CRH (Des Traynor, CJ`s buddy was Chairman) fought a dirty tricks campaign to stop him. They stopped the banks from providing finance. Quinn cried foul.

    But when Lagan sought to join the industry, 11 years ago - Quinn secretly funded objectors to delay Lagan`s cement factory in Kinnegad. This came out in court and the judge was very critical of Quinn.

    In 2000* - Justice Quirke rejected Sean Quinn Group Action as
    a cynical, calculated and unscrupulous fashion - for the sole purpose of seeking a commercial advantage over its competitor

    I am satisfied that the sole purpose of the proceedings is to inflict damage upon its competitor, Lagan,'' added Mr Justice Quirke. `I am satisfied that that is an improper purpose for the commencement of proceedings and an improper use of the process of the courts.''

    "They (Sean Quinn) built an industry the like of which has never been seen in this country. When northern governments and southern governments wouldn’t give us a penny, when not a single one of them provided a job, it was Sean Quinn and his family who took up the battle.” Father Brian Darcy

    Sean Quinn and his Famaily were not the only ones to take up a battle. To lay claim to the fact no one else did anything is wrong - Cavan has been primarily dependent on indigenous development as its main source of wealth and job creation and much success has been achieved on this front. Some key Irish owned industries located in the County include:

    Lakeland Dairies (dairy products) - Lakeland Dairies - Lakeland Dairies ;
    Glanbia (dairy products) - Glanbia plc -Welcome to Glanbia ;
    Kingspan Group (insulated panels);
    Liffey Meats (Meat Processing) Liffey Meats ;
    Midland International/Flair (bathroom accessories) Flair Showers - shower enclosures ireland, bath screens uk ;
    Gem Plastics (plastic containers) Plastics Containers Packaging solutions Gemplastics ;
    Carton Bros (poultry products)
    Foamalite (PVC foam sheeting) foamalite home page
    Gleneagle woodcrafts (pine furnishings)
    Terra (drinks manufacturer) Terra Ltd - Terra Ltd - Mollys Irish Cream ;
    Univet (Vetinarary pharmaceuticals) Univet Ireland Ltd. - Animal Health is Our Business
    Foreign Direct Investment

    Examples of some of the International companies that have found Cavan to be an effective location:

    Wellman International - manufacture of polyster fibre ( Wellman International ? Market Leader in New Fibre Technologies) ;
    Abbott Laboratories - manufacture of infact nutritional products ( ;
    Gypsum Industries (building materials) Gyproc | Plaster, Plasterboard & Drylining Systems
    Kingscourt Bricks (bricks) Lagan Group
    Compton Greaves (formerly Pauwels) - electrical transformers (CG - Manufacturer of Transformer, Switchgear, Motor, Fan, Lights, Pumps, Kitchen Home Appliances) ; and
    Boxmore Plastics - plastics ( Packaging For Agrochemicals, Fluorinated Containers, HDPE and PET Bottles, Blow Moulded Plastic - Home - Chesapeake Specialty Chemical Packaging)

    as regards Government Help

    Cavan County Enterprise Board - established by the Government in 1993
    Waterways Ireland - Cross Border Tourist iniative - The official opening of the Shannon–Erne Waterway took place at Corraguil Lock, Teemore, County Fermanagh on 23 May 1994. Head office Enniskillen
    Intertrade Ireland - established under the terms of the 1998 Belfast Agreement, as the all-island Trade & Business Development Body, with the remit to 'exchange information and co-ordinate work on trade, business development and related matters, in areas where the two administrations specifically agree it would be in their mutual interest'.

    Sean Quinn Interview with Tommie Gorman March 2009** - "But sure our company makes 400-500 millions profits a year"

    Net Profits Sean Quinn Group -

    2006 : €376
    2007 : - €451.1
    2008 : €69.9

    Sean Quinn Interview with Impartial Reporter Jan 2012 - "Anglo gave the Quinn companies €2.3 billion to support Anglo's own shares, because of their fear that their bank would collapse. I signed personal guarantees on all of Quinn Group borrowings, and that is how I became bankrupt"

    just to confirm the activities undertaken by Sean Quinn as outlined by Vincent Brown show last week - taken off ***

    Vincent Browne: ”In 2007 and 2008, in 2007, it was discovered that Sean Quinn, through a device known as contracts for difference had effectively acquired a shareholding in Anglo Irish Bank to the tune of I think initially 23 per cent and eventually 28 per cent. He then didn’t have the money to finance the purchase of those shares even though he’d contracted to purchase them. And had those shares gone on the market at the time it would have effectively collapsed the Anglo Irish Bank at that stage and therefore that shareprice fixing was undertaken which partly involved this €2.3billion loans given to Sean Quinn to pay for shares that really he had already contracted to buy. That’s essentially it. Do you go along with that, Tom?”

    Tom Lyons: ”Yeah, that’s essentially it, Vincent. I mean Sean Quinn took the most outrageous punt on a banking stock in the history of the world. He built up a 28 and a half per cent stake in secret. Then when things begin to go wrong, he raids the insurance company. That wasn’t his money. That money was there to pay out for people who broke their legs or who got in car accidents. Then, when that, when he gets found out on that, he turns to the bank and he’s very eager to take the loans from the bank in order to fund his position.”

    Patricia Gilheany: ”How do you know that Simon, or Tom?”

    Lyons: ”He took them over, and over, and over.”

    Gilheany: ”How do you know he was very eager to take them? In fact it was the other way around. He wasn’t eager at all.”

    Lyons: ”Well he’d taken from the insurance company, from ordinary people to meet the margin calls. When that was shown to be illegal, he’d no other option but to go to the bank and he took them.”

    Gilheaney: No my, excuse me now, my understanding is that he went to the bank in September 2007, effectively told, or he met Sean Fitzpatrick and David Drumm. (Turns to Simon) A meeting incidentally that has been recorded in books which I think is inappropriate given that all these things are before the courts. But anyway, he effectively told them he didn’t have the money to meet the margin calls and he was prepared to get out at that stage. Now the interesting thing is he was then rang, he was told in fact. There was.

    Browne: ”There was no getting out.”

    Lyons: ”He couldn’t get out.”

    Browne: ”He had already contracted to buy these shares. There was no getting out. He had entered into a contract to buy the shares at a certain price. And then, when the share price collapsed, he would have had to pay a huge amount of money to get the shares even though they were worth a fraction of what he would have been paying for them. That was the difficulty.”

    Gilheaney: ”Well he was prepared to take that hit at that stage. And I would disagree totally with Tom on this, suggesting, he nearly infers that Sean Quinn went asking for the money, nothing could have been further than the truth.”

    Browne: “Sure he couldn’t have supported the purchase of the shares, or what’s called the margin call, without getting money from Anglo Irish Bank. He couldn’t have done so.

    Mairin Martin: “Vincent, Tom said he did all these things in secret. Was there nobody watching the Stock Exchanges or not watching..are there no regulators?”

    Browne: ”There is no-one watching the Stock Exchange with regards to contracts for difference, that’s the point. People can build up a shareholding in a company through contracts for difference which essentially means that they make a deposit and then agree to buy the shares at a particular price at some future time and it’s not disclosed. That’s one of the difficulties.”

    Gilheany: “Well I resent the word, the inference there that there was something untoward about. It’s absolutely…”

    Simon Carswell: But it wasn’t disclosed to the market.

    Gilheany: ”Yeah but that’s the nature of CFDs.”

    Carswell: “Yeah but by their nature he wasn’t coming out and disclosing to the market.”

    Gilheany: ”Which he was perfectly entitled not to do.”

    Carswell: ”The point that I’m making is though that when he got to the point that he owned 28 per cent of the bank, he controlled 28 per cent of the bank, it was such a great shareholding, a large shareholding that at that point he was jeopardising not only the bank but also his own financial position if the bank got into trouble. He didn’t even realise that. That’s the scary thing about the gamble that he took.”

    Quote 11th Nov after being declared bankrupt in NI - "I am certainly not without blame. I am not in the business of pointing fingers or making excuses. However, recent history has shown that I, like thousands of others in Ireland, incorrectly relied upon the persons who guided Anglo and who wrongfully sought to portray a 'blue chip' Irish banking stock,''

    In an Interview with the Mail On Sunday **** Sean Quinn decides to get into the business of pointing fingers anad making excuses -

    ‘I feel my family have been very unfairly criticised by the media in recent years’

    ‘The media were after them like greyhounds. The government is always after popularity. Bertie was gone, Cowen was in, there was a bit of drinking going on,’ he said.
    He also says that ‘the media and public were baying for blood’. The bankrupt businessman insisted that Anglo was pursuing his family for more than they owed.
    ‘The kids owe €77m each to Anglo Irish bank, maximum. It has just been the media that has been saying it’s €2.8bn. But the €2.8bn is owed by Quinn Group, Quinn Group borrowed that money.
    ‘One hundred per cent of this money is owed by the group. We don’t owe it.
    ‘It proves Anglo has a bit of a vendetta against me. They would take SeŠn Quinn, who was capable of creating 7,000 jobs, and bankrupt him in the south even though he has lived all his life in the North.
    ‘Let’s not forget, it was the Government, Department of Finance and Central Bank that decided to unfairly land the taxpayers of this country with unmitigated losses of Anglo and massive legacy issues that would have been expected when nationalising a fraudulent bank,’ said Mr Quinn.

    "When northern governments and southern governments wouldn’t give us a penny" - quote by Brian D'arcy

    Taken from Belfast Telegraph 21st April 2010 ***** - Over £5 million has been paid out in government support for Quinn Insurance, the Northern Ireland Enterprise Minister said.

    Jobs creation body Invest NI has made grants for training, employment and property development dating back to 2003, Arlene Foster (DUP, Fermanagh and South Tyrone) added

    * Judge rejects Sean Quinn Group action - Business -
    Last edited by Iarmhi Gael; 31st July 2012 at 04:13 PM.
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  2. #2
    Phil Maker Phil Maker is offline

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    Apr 2011

    great post
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  3. #3
    simeongrimes simeongrimes is offline

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    Jun 2011

    It's a pity that a well informed and outstanding OP like this may sink down the table because nobody will disagree. Because everybody should get to see it. Well done.
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  4. #4
    Eoin Coir Eoin Coir is offline
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    Jun 2012

    wonderful post. Pity some of main media would not do this. It is cringe time listening to Northern Sound/Shannonside and Joe Finnegan.
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  5. #5
    Mushroom Mushroom is offline
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    Nov 2009

    Quote Originally Posted by Iarmhi Gael View Post

    "They (Sean Quinn) built an industry the like of which has never been seen in this country. When northern governments and southern governments wouldn’t give us a penny, when not a single one of them provided a job, it was Sean Quinn and his family who took up the battle.” Father Brian Darcy
    Doesn't Darcy have to have his sundry thoughts and opinions cleared by a Vatican censor before they are published?

    In which case, can we assume that his views on this vital issue have the explicit blessing of Herr Ratzinger himself?

    The sooner that we re-open that bloody embassy to the Holy See the better!
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  6. #6
    Disillusioned democrat Disillusioned democrat is offline
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    Mar 2010

    Indeed - great post.

    Sadly, inconvenient truth such as this has a way of being ignored by vested interests, so rather than try to refute it, all those present at the Quinn rally will ignore it.

    Quinn is a nasty piece of work, simple as that.
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  7. #7
    grainne whale grainne whale is offline

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    May 2007

    Well done that's a great post - thanks for putting things in perspective.
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  8. #8
    greengoose2 greengoose2 is offline
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    May 2009

    Thing is that these rally cretins think t hat Quinn "created" jobs. The business was/is there and if Quinn doesn't do the business some American or Swiss insurer will do so. The ganf of 5000 are severely deluded and I'm sorry to say that the great disappointment in this is Darcy's stance as well as Harte and the rest of the GAA. A disgusting display of populism gone wrong. Meanwhile, there is the nephew who is evading the law!
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  9. #9
    Eoin Coir Eoin Coir is offline
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    Jun 2012

    Quote Originally Posted by Mushroom View Post
    Doesn't Darcy have to have his sundry thoughts and opinions cleared by a Vatican censor before they are published?

    In which case, can we assume that his views on this vital issue have the explicit blessing of Herr Ratzinger himself?

    The sooner that we re-open that bloody embassy to the Holy Sea (sic) the better!
    No , only when he speaks out about sex or morals does he have to have clearance. Morals in Church only refer to sex too, not morals in business !
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  10. #10
    picador picador is offline
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    Feb 2009

    I doubt that what D'Arcy says about Quinn Group not receiving government assistance is true.
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