Another serious Quinn Industrial Holdings attack

handlemaster

https://www.independent.ie/irish-news/news/horrific-attack-top-executive-of-quinn-industrial-holdings-suffers-serious-injuries-after-being-abducted-and-assaulted-38509949.html


This is looking more and more like criminals are not happy with the out come of the Quinn business collapse

JohnnyFlash

They haven’t gone away you know.

handlemaster

Has there been ever point by point investigation into the Quinn back story ?

From Wiki

https://en.wikipedia.org/wiki/Se%C3%A1n_Quinn


In an interview with Ireland's Sunday Business Post, Seán Quinn attributed his initial success to the contacts he developed through the Gaelic Athletic Association.

Total cowards ........... lots of Quinn's fans seem to be c0cksuckers of the highest order.

Portsalon

JohnnyFlash wrote: »

They haven’t gone away you know.

I think this is known as the "peace dividend" - the unwritten bit that allows SF/IRA scumbags to act with complete impunity in the badlands.

Am I correct to assume that Michelle O'Neill was among the very first to condemn this vile act?

suicide_circus

not sure i quite understand the business context here, anyone care to explain why this is happening?

davo2001

suicide_circus wrote: »

not sure i quite understand the business context here, anyone care to explain why this is happening?

They ****ed over the entire country with dodgy business practises leading up to the recession which cost the country billions, now every insurance policy you take out has a 2% levy because of these arseholes.

They have never really been held accountable for what they did.

kevcos

davo2001 wrote: »

They ****ed over the entire country with dodgy business practises leading up to the recession which cost the country billions, now every insurance policy you take out has a 2% levy because of these arseholes.

They have never really been held accountable for what they did.

Yeah.
Our mission is a 32 county republic and reduction of a 2% tax/levy.

Classic, straight out of the Marx playbook.

the beer revolu

davo2001 wrote: »

They ****ed over the entire country with dodgy business practises leading up to the recession which cost the country billions, now every insurance policy you take out has a 2% levy because of these arseholes.

They have never really been held accountable for what they did.

But they were great local employers, god bless them!

magic_murph

davo2001 wrote: »

They ****ed over the entire country with dodgy business practises leading up to the recession which cost the country billions, now every insurance policy you take out has a 2% levy because of these arseholes.

They have never really been held accountable for what they did.

100% fake news

davo2001

magic_murph wrote: »

100% fake news

How so?

So what you're saying is that I imagine that 2% levy and that the Quinn family are good upstanding people whom have never had any dodgy business dealings?

OK!

jimgoose

the beer revolu wrote: »

But they were great local employers, god bless them!

Start with ten million Euro. Round up a couple of hundred youngfellas and put them in a field for eight hours a day, five days a week scratching the left one, followed by the right one, followed by the left one again, with a lunch-hour. Pay them all thirty grand p.a. Keep this up until you run out of spondulicks. Congratulations, you've created employment for about twelve years, and are now officially a Great Fella Altogether(TM).

suicide_circus

davo2001 wrote: »

They ****ed over the entire country with dodgy business practises leading up to the recession which cost the country billions, now every insurance policy you take out has a 2% levy because of these arseholes.

They have never really been held accountable for what they did.

yeah i know about the levy...didnt think giving the current ceo a beating would solve that...

markpb

davo2001 wrote: »

They ****ed over the entire country with dodgy business practises leading up to the recession which cost the country billions, now every insurance policy you take out has a 2% levy because of these arseholes.

The levy has to raise €65 million a year for 12 years, which totals about 750 million before inflation. The bank bailout was for 65 billion euro. Yes, there were major problems with how QL was run but it's a tiny ripple in the overall economic problems we faced. It didn't bring down the banks, it didn't bring down the economy, it didn't cause massive unemployment or emigration and it didn't leave thousands of ghost estates across the country. It was a poorly run insurance company with no real reserves but those reserves are only needed year to year, not like the bank bailout which was needed almost all at once.

crossman47

suicide_circus wrote: »

not sure i quite understand the business context here, anyone care to explain why this is happening?

Intimidate the new management so the business can be bought back on the cheap would appear to be some of the locals view. Of course Quinn says nothing to do with him.

mikhail

suicide_circus wrote: »

not sure i quite understand the business context here, anyone care to explain why this is happening?

As I understand it, the Quinn insurance business offered insurance at rates low enough that they couldn't cover the payouts, but kept things going because the low rates meant their expanding new business could cover the previous year's payouts. Naturally, that didn't end well, and as someone else wrote, we're all paying for it via a 2% levy on all car (just car?) insurance to cover their ****-up. I don't have the full details, but there were news reports of the Quinns performing some fairly dodgy sounding stuff, moving assets to Russia to keep it from the bankruptcy and the like. However, they have some sort of cult-like following in the midlands as a major local employer, and those people are convinced the Quinns got somehow screwed over and the gov'mint is out to get them. All of that is background to a series of incidents of vandalism (and worse?) on the property of managers of the new post-bankruptcy business. Apparently, they don't get any kudos for providing local employment.

I have not followed this particularly closely, and someone may contradict or clarify some of what I've written above.

lola85

markpb wrote: »

The levy has to raise €65 million a year for 12 years, which totals about 750 million before inflation. The bank bailout was for 65 billion euro. Yes, there were major problems with how QL was run but it's a tiny ripple in the overall economic problems we faced. It didn't bring down the banks, it didn't bring down the economy, it didn't cause massive unemployment or emigration and it didn't leave thousands of ghost estates across the country. It was a poorly run insurance company with no real reserves but those reserves are only needed year to year, not like the bank bailout which was needed almost all at once.

But FG are forgiven so I don’t see why the Quinn group isn’t:)

suicide_circus

ah so the people doing the beating are devotees of the Quinn family (who were ousted from the business during the bankruptcy) and this is "revenge" on the people running the business now?

jimgoose

suicide_circus wrote: »

ah so the people doing the beating are devotees of the Quinn family (who were ousted from the business during the bankruptcy) and this is "revenge" on the people running the business now?

Yes, it's a kind of a Bull McCabe "outsiders" setup. :pac:

biko

magic_murph wrote: »

100% fake news

When you post something like this with no backup, no sources, then it just sounds like you make things up.
Do you have anything to make us think you have something serious to add to the discussion?

tdf7187

This poor bloke has just been up in front of a Central Bank inquiry into the collapse of Quinn Insurance. He must feel he can't get a break. The Americans must rue the day they ever got involved in that region.

Padraig Mor

markpb wrote: »

The levy has to raise €65 million a year for 12 years, which totals about 750 million before inflation. The bank bailout was for 65 billion euro. Yes, there were major problems with how QL was run but it's a tiny ripple in the overall economic problems we faced. It didn't bring down the banks, it didn't bring down the economy, it didn't cause massive unemployment or emigration and it didn't leave thousands of ghost estates across the country. It was a poorly run insurance company with no real reserves but those reserves are only needed year to year, not like the bank bailout which was needed almost all at once.

You forget the bit where Quinn tried to secretly take over Anglo Irish Bank using CFDs because he wanted his own bank but it went disastrously wrong resulting in a run on Anglo......then a run on the rest of the Irish banks......then the bank guarantee (admittedly an abridged timeline). So yes, Quinn did as much as anyone else in bringing down the economy - in fact, if I had to lay the blame at one person's feet, it would be him.

This is, of course, besides his fraudulent activities with his insurance company including (but not limited to) siphoning money to his family, not operating with the required reserves and, my personal favourite, the time the insruance company quite literally locked the doors to prevent the regulator gaining access to investigate the books.

And of course the ongoing farce in the courts where his family are trying to keep their hidden loot while the taxpayer pays for their losses. And is it his son or son-in-law can't technically enter the Republic without running the risk of being arrested on an outstanding warrant?

But shur, he employed lots of fellas and only ever liked to play a hand of cards for a few quid so he's alright!

The gargantuan prick.

tdf7187

Padraig Mor wrote: »

But shur, he employed lots of fellas and only ever liked to play a hand of cards for a few quid so he's alright!

The gargantuan prick.

SURE THE D4 MAFIA HAVE IT IN FOR HIM AND HE A LOCAL MAN

check_six

mikhail wrote: »

As I understand it, the Quinn insurance business offered insurance at rates low enough that they couldn't cover the payouts, but kept things going because the low rates meant their expanding new business could cover the previous year's payouts. Naturally, that didn't end well, and as someone else wrote, we're all paying for it via a 2% levy on all car (just car?) insurance to cover their ****-up. I don't have the full details, but there were news reports of the Quinns performing some fairly dodgy sounding stuff, moving assets to Russia to keep it from the bankruptcy and the like. However, they have some sort of cult-like following in the midlands as a major local employer, and those people are convinced the Quinns got somehow screwed over and the gov'mint is out to get them. All of that is background to a series of incidents of vandalism (and worse?) on the property of managers of the new post-bankruptcy business. Apparently, they don't get any kudos for providing local employment.

I have not followed this particularly closely, and someone may contradict or clarify some of what I've written above.

The insurance business reserves were being used like a personal piggy bank for the Quinn family. At one point Quinn simply raided the reserves and gave somewhere in the region of €200 Million to each of his kids. The reserves insurance companies keep are a legal requirement and are some kind of function of their liabilities. They never had enough in the reserves and were technically, I suppose, not an insurance company at all. They were famous for low premiums and notorious for never paying out.

There were a variety of shenaningans with loans from Anglo Irish Bank too which added up to ~€4Billion! Quinn was using some of these loans to try and buy control of Anglo in secret using the Contracts For Difference system, but then the stock price crashed as the CFDs were about to become active creating a huge loss for Quinn. He went off the idea of paying back any of the loans to Anglo, and then chaos followed.

Less like a local hero and more like the biggest wide impact gambling disaster ever.

Colonel Claptrap

check_six wrote: »

Quinn was using some of these loans to try and buy control of Anglo in secret using the Contracts For Difference system, but then the stock price crashed as the CFDs were about to become active creating a huge loss for Quinn. He went off the idea of paying back any of the loans to Anglo, and then chaos followed.

Worse still, when the share price fell he doubled down and bought more Anglo CFDs. Utter lunacy.

Portsalon

lola85 wrote: »

But FG are forgiven so I don’t see why the Quinn group isn’t:)

I assume that you meant FF! Slip of the typing paw?

facehugger99

mikhail wrote: »

As I understand it, the Quinn insurance business offered insurance at rates low enough that they couldn't cover the payouts, but kept things going because the low rates meant their expanding new business could cover the previous year's payouts. .

Basically a giant ponzi scheme with Paddy taxpayer picking up the tab when it all went tits-up.

All the Quinn children have squirreled away millions of the ill-gotten loot. I'm sure the legal profession will be kept busy (and rich) trying to recover some of it.

Still he was a decent awl skin who'd play a few hand of 25 down the pub for matchsticks and would never skip his round.

Prick.

Portsalon

facehugger99 wrote: »

Basically a giant ponzi scheme with Paddy taxpayer picking up the tab when it all went tits-up.

All the Quinn children have squirreled away millions of the ill-gotten loot. I'm sure the legal profession will be kept busy (and rich) trying to recover some of it.

Still he was a decent awl skin who'd play a few hand of 25 down the pub for matchsticks and would never skip his round.

Prick.

The researchers have literally gone all around the world looking for bits of the Quinn family loot. But the very well-heeled Quinn sprogs still persist in claiming that they're so congenitally feeble minded and gutless that they felt obliged to to sign the documents that "Daddy" was asking them to sign even through they didn't understand the contents.

https://www.irishtimes.com/business/commercial-property/quinn-children-settle-440m-battle-with-ibrc-1.3846751

Brussels Sprout

What I don't understand, and perhaps someone else may be able to answer is this: The people carrying out these cowardly, heinous crimes (burning out people's cars in the dead of night at their family homes is particularly nasty given the likely affect that that would have on young children). Are they:

(a) Being paid by the Quinns
(b) Completely deluded locals who want to terrorise people for no financial gain other than to curry favour with the Quinn family
(c) both of the above

Portsalon

Brussels Sprout wrote: »

What I don't understand, and perhaps someone else may be able to answer is this: The people carrying out these cowardly, heinous crimes (burning out people's cars in the dead of night at their family homes is particularly nasty given the likely affect that that would have on young children). Are they:

(a) Being paid by the Quinns

(b) Completely deluded locals who want to terrorise people for no financial gain other than to curry favour with the Quinn family

(c) both of the above

I suspect that they're from the same gifted border-dwelling demographic as the lads who rob ATMs whenever they feel the need for some spending money.

dirtyden

Portsalon wrote: »

I suspect that they're from the same gifted border-dwelling demographic as the lads who rob ATMs whenever they feel the need for some spending money.

Exactly, I would fancy Quinn was a big contributor to 'ourselves alone' and their fellow travellers. Probably lots of large cash payments.

tdf7187

We find it inexplicable that not a single arrest has been made north or south despite dozens of incidents."

https://www.theguardian.com/world/2019/sep/18/kevin-lunney-sean-quinn-abducted-and-beaten

If it is correct that there has not been a single arrest, I don't blame him for finding this inexplicable. In fact the expression GUBU springs to mind.

maccored

JohnnyFlash wrote: »

They haven’t gone away you know.

Johnny - who are 'they'?

tdf7187

maccored wrote: »

Johnny - who are 'they'?

You know perfectly well what he is implying.

mikhail

tdf7187 wrote: »

You know perfectly well what he is implying.

Listen, strange men in balaclavas distributing car bombs is no basis for a system of government. Supreme executive power derives from a mandate from the masses, not from some farcical pyromaniacal ceremony.

tdf7187

mikhail wrote: »

Listen, strange men in balaclavas distributing car bombs is no basis for a system of government. Supreme executive power derives from a mandate from the masses, not from some farcical pyromaniacal ceremony.

What? Johnny Flash was referencing the old phrase about the IRA. I'm not sure what you're on about, tbf.

Do you approve of 'supreme executive power'?

ToddyDoody

The French do sh*t like this all the time.

Skylinehead

tdf7187 wrote: »

What? Johnny Flash was referencing the old phrase about the IRA. I'm not sure what you're on about, tbf.

Do you approve of 'supreme executive power'?

It's a Monty Python joke.

Roger Hassenforder

Portsalon wrote: »

I suspect that they're from the same gifted border-dwelling demographic as the lads who rob ATMs whenever they feel the need for some spending money.

So am i right in thinking, this has more of a bang of shenanigans by those who might have been given reason to be positively disposed towards the Quinns, or ill disposed towards the new owners, rather than someone aggrieved by what the Quinns have done??

This ****e has been dragging on for years now. Abducting Lunney is just the latest and so far boldest move because absolutely nothing was done about earlier incidents.

Someone is going to end up dead down in Derrylin if it doesn't stop.

dirtyden

Roger Hassenforder wrote: »

So am i right in thinking, this has more of a bang of shenanigans by those who might have been given reason to be positively disposed towards the Quinns, or ill disposed towards the new owners, rather than someone aggrieved by what the Quinns have done??

You would be right.

ted1

davo2001 wrote: »

They ****ed over the entire country with dodgy business practises leading up to the recession which cost the country billions, now every insurance policy you take out has a 2% levy because of these arseholes.

They have never really been held accountable for what they did.

They then tried to hide money in Russia and other Eastern European countries. So they can maintain wealth while after f€€king the country

Mad_maxx

suicide_circus wrote: »

not sure i quite understand the business context here, anyone care to explain why this is happening?

Big dog looses his empire, is not best pleased when new folks take over his businesses

Mad_maxx

suicide_circus wrote: »

ah so the people doing the beating are devotees of the Quinn family (who were ousted from the business during the bankruptcy) and this is "revenge" on the people running the business now?

Your only figuring this out now?

Mad_maxx

Padraig Mor wrote: »

markpb wrote: »

The levy has to raise €65 million a year for 12 years, which totals about 750 million before inflation. The bank bailout was for 65 billion euro. Yes, there were major problems with how QL was run but it's a tiny ripple in the overall economic problems we faced. It didn't bring down the banks, it didn't bring down the economy, it didn't cause massive unemployment or emigration and it didn't leave thousands of ghost estates across the country. It was a poorly run insurance company with no real reserves but those reserves are only needed year to year, not like the bank bailout which was needed almost all at once.

You forget the bit where Quinn tried to secretly take over Anglo Irish Bank using CFDs because he wanted his own bank but it went disastrously wrong resulting in a run on Anglo......then a run on the rest of the Irish banks......then the bank guarantee (admittedly an abridged timeline). So yes, Quinn did as much as anyone else in bringing down the economy - in fact, if I had to lay the blame at one person's feet, it would be him.

This is, of course, besides his fraudulent activities with his insurance company including (but not limited to) siphoning money to his family, not operating with the required reserves and, my personal favourite, the time the insruance company quite literally locked the doors to prevent the regulator gaining access to investigate the books.

And of course the ongoing farce in the courts where his family are trying to keep their hidden loot while the taxpayer pays for their losses. And is it his son or son-in-law can't technically enter the Republic without running the risk of being arrested on an outstanding warrant?

But shur, he employed lots of fellas and only ever liked to play a hand of cards for a few quid so he's alright!

The gargantuan prick.

He's local, that's all that matters

Mad_maxx

Padraig Mor wrote: »

markpb wrote: »

The levy has to raise €65 million a year for 12 years, which totals about 750 million before inflation. The bank bailout was for 65 billion euro. Yes, there were major problems with how QL was run but it's a tiny ripple in the overall economic problems we faced. It didn't bring down the banks, it didn't bring down the economy, it didn't cause massive unemployment or emigration and it didn't leave thousands of ghost estates across the country. It was a poorly run insurance company with no real reserves but those reserves are only needed year to year, not like the bank bailout which was needed almost all at once.

You forget the bit where Quinn tried to secretly take over Anglo Irish Bank using CFDs because he wanted his own bank but it went disastrously wrong resulting in a run on Anglo......then a run on the rest of the Irish banks......then the bank guarantee (admittedly an abridged timeline). So yes, Quinn did as much as anyone else in bringing down the economy - in fact, if I had to lay the blame at one person's feet, it would be him.

This is, of course, besides his fraudulent activities with his insurance company including (but not limited to) siphoning money to his family, not operating with the required reserves and, my personal favourite, the time the insruance company quite literally locked the doors to prevent the regulator gaining access to investigate the books.

And of course the ongoing farce in the courts where his family are trying to keep their hidden loot while the taxpayer pays for their losses. And is it his son or son-in-law can't technically enter the Republic without running the risk of being arrested on an outstanding warrant?

But shur, he employed lots of fellas and only ever liked to play a hand of cards for a few quid so he's alright!

The gargantuan prick.

He's local, that's all that matters

Roger Hassenforder

HTF have CAB not siezed the kids' loot if its proceeds of crime?

mikhail

Roger Hassenforder wrote: »

HTF have CAB not siezed the kids' loot if its proceeds of crime?

Vat loot, godspodin?

The fact there has been no arrests even if there were no prosecutions is odd.

Would it not be some deluded eejit that use to work for Quinn as a small contractor or was owed money by a Quinn group who believes if the Quinns were running it they would get their money or be still working as a contractor, they don't like the new professional way the company has been run they want the old way back also possible a bit thick and bullish.

expectationlost

i read here before that Quinn gave more work to some who others might have reticence giving work too, and they may be seeking for current management to be replaced by somebody who might give them work again like Sean Quinn. Although I don't know why the current Quinn group wouldn't employ any person as long as they were doing their job they were paid to do for a fair amount and they were qualified and licensed.

maccored

tdf7187 wrote: »

You know perfectly well what he is implying.

doesnt really answer my question - but thanks for trying