Quinn Insurance

Sizzler

Why hasnt this been sold yet? From what I remember a few months back it was touted the insurance business was making €1m a DAY but yet here we are months later and despite lots of apparent interest its still trading away under administration

Cookie_Monster

I'd say it's likely the companies looking into are finding issues they are not happy with despite the money. Nowhere near everything going on with Quinn has been made public

absolutebum

Cookie_Monster wrote: »

I'd say it's likely the companies looking into are finding issues they are not happy with despite the money. Nowhere near everything going on with Quinn has been made public

I doubt you are right... I read this today.

http://administrationconcerns.blogspot.com/

Cookie_Monster

absolutebum wrote: »

I doubt you are right... I read this today.

http://administrationconcerns.blogspot.com/

seems to confirm I am right

me wrote:

Nowhere near everything going on with Quinn has been made public

some of it has now with those questions (8 months after my point was made)

godtabh

The Indo reports that Anglo and an american company are in JV talks to buy it over.

Why is Anglo getting involved in this? How can they finance it?

Scofflaw

godtabh wrote: »

The Indo reports that Anglo and an american company are in JV talks to buy it over.

Why is Anglo getting involved in this? How can they finance it?

Anglo do have money (admittedly our money) - the reason they're getting involved is because they believe it's the best way for them to pursue the money owed to them by the Quinn family:

Anglo is pursuing QIL because it believes taking control of the insurer is the best way of recouping a €2.8bn debt owed by QIL founder Sean Quinn and his family.

cordially,
Scofflaw

androose

If I were advising Sean Quinn& family, I'd advise them to reclassify their debts to Anglo as "senior bondholder debt" as a cunning plan to avoid having to repay their enormous debts. :pac::pac:

godtabh

Scofflaw wrote: »

Anglo do have money (admittedly our money) - the reason they're getting involved is because they believe it's the best way for them to pursue the money owed to them by the Quinn family:



cordially,
Scofflaw

but if Anglo is been shut down what happens then? It seems a bit near sided if you buy an asset even though the parent company might not be here in 12 months time

Scofflaw

godtabh wrote: »

but if Anglo is been shut down what happens then? It seems a bit near sided if you buy an asset even though the parent company might not be here in 12 months time

Winding Anglo down will take a good deal longer than 12 months - but I agree in general that the deal seems bizarre. Presumably Anglo's stake would be sold on.

cordially,
Scofflaw

PCPhoto

announced in court today

Angle and american peoples take Quinn Insurance....wont bore people with details.

godtabh

Scofflaw wrote: »

Winding Anglo down will take a good deal longer than 12 months - but I agree in general that the deal seems bizarre. Presumably Anglo's stake would be sold on.

cordially,
Scofflaw

The 12 months was a shot in the dark but realistically buying an asset while knowing that in the short/medium term you wont be around is bizarre.

If they do sell it off what will the get for it? Why would any one pay full value for an assets that will be got for liquidated value very soon.

Maybe the american people will buy it but again why would they do at a market value from a company in a bad position