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Thread: Why were the Quinn Companies not put into Examinership

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    Default Why were the Quinn Companies not put into Examinership

    Why were the Quinn Companies not put into Examinership

    If the Quinn group of companies were in debt to whatever figure
    why were they not put in examinership so they could trade their way out of problems
    like so many other companies have done.

    What was the need for the government to take them over and effectively nationalise these companies,
    which then placed the Quinn debts directly onto the shoulders of the Irish people

    Can anyone answer that ?

    seems a bit strange
    given that a lot of Quinn's businesses were and still are very profitable

    have a read of this, incridible stuff
    http://anglothetruth.files.wordpress...nglo-final.pdf



    Larry Goodman went into examinership

    Ten years ago, Larry Goodman, the man who controlled the Irish beef industry, watched as his empire teetered on the brink of collapse. He owed £300m to a consortium of 33 banks. Gradually he clawed his way back. The banks sold their debt to the Morens Waterfall venture fund. In 1997, Mr Goodman was able to replace the fund with a group of Louth businessmen: the McCanns, Frank and John Gleeson, Brendan McDonald and the Monaghans. Last week they sold their stake back to Mr Goodman who now owns 100 per cent of the company, Irish Food Processors.
    Last edited by kkkkkkkkkk; 24th November 2012 at 05:31 PM.

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    Quote Originally Posted by kkkkkkkkkk View Post
    Why were the Quinn Companies not put into Examinership

    If the Quinn group of companies were in debt to whatever figure
    why were they not put in examinership so they could trade their way out of problems
    like so many other companies have done.

    What was the need for the government to take them over and effectively nationalise these companies,
    which then placed the Quinn debts directly onto the shoulders of the Irish people

    Can anyone answer that ?


    No, tis like the Mystery at Fatima, just believe.

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    The shares were pledged as collateral against the borrowings, so a Share Receiver was appointed.

    Examinership was not really an option. Examinership is only used where the owners want to screw the creditors. In this case the owner wasn't trying to screw anyone. The brief from the taxpayer is to recover as much of the missing money as possible (with a secondary brief of keeping as many jobs going as possible).

    The firms are trading their way out of their problems. The only difference is that the ownership now rests with the taxpayer rather than the people who got us into this mess in the first place.
    Last edited by SPN; 22nd November 2012 at 07:07 PM.
    "Always do right. This will gratify some people and astonish the rest." Mark Twain

    “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoléon Bonaparte

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    Quote Originally Posted by SPN View Post
    The shares were pledged as collateral against the borrowings, so a Share Receiver was appointed.

    Examinership was not really an option.

    The firms are trading their way out of their problems. The only difference is that the ownership now rests with the taxpayer rather than the gangsters who got us into this mess in the first place.

    The Quinns placed their debts on the shoulders of the Irish people. Nobody forced them to do what they did.
    Quinn gambled and lost
    but he did not put his debts on the Irish people
    the government at the time did that

    am I wrong ?

    why do you say examinership was not an option ?

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    Quote Originally Posted by kkkkkkkkkk View Post
    Quinn gambled and lost
    but he did not put his debts on the Irish people
    the government at the time did that

    am I wrong ?

    why do you say examinership was not an option ?
    Then why are everyone who needs insurance been levied due to the collapse of the Insurance Group?

    Why didnt they ensure that they had enough reserves to cover potential losses?

    Why was cash taken out of companies to cover some of the losses in other companies?

    Why were they non compliant in just about everything they did, including the squirreling away of millions, despite court judgements?

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    Quote Originally Posted by bob3367 View Post
    Then why are everyone who needs insurance been levied due to the collapse of the Insurance Group?
    Why did they not let Quinn Insurance Fail?
    Then you would have no levy ?

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    Do not worry, there will be an " expert Group " appointed to tell us all. We have expert groups all over the place, only trouble they are always found after the event. We seem to have these experts in abundance, yet we seem to feck everything up.....

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    Quote Originally Posted by kkkkkkkkkk View Post
    The government nationalised Quinn Insurance, why did the government not let it fail ?
    Then you would have no levy
    Why not ask the government....?

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    Quote Originally Posted by bob3367 View Post
    Why not ask the government....?
    The government made a few mistakes
    maybe this is another
    Quinn did not put the levy on the people
    the Government did ?

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    Quote Originally Posted by kkkkkkkkkk View Post
    Quinn gambled and lost
    but he did not put his debts on the Irish people
    the government at the time did that

    am I wrong ?

    why do you say examinership was not an option ?
    Secured creditors are entitled to appoint receivers, especially when they have reason not to trust existing management to run the company and safeguard its assets.

    Irish banks have made a lot of mistakes, but there is a mountain of evidence to vindicate that decision to go with receivership rather than examinership.

    (And yes, I know Quinn has argued that regulated entities should not be the subject of receiverships, but he signed up to the loan agreements providing for the appointment of receivers, and never paid much respect himself to the duties that come with regulation, especially in the conduct of Quinn's insurance business.)

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