I feel the same about Sean Quinn as I do about a cow or a dog or a horse, he is going to fight and survive like a Sean Quinn, I don't feel positive or negative about him following his nature. He should be dealt with authority, they should just squeeze everything they can from him until he dies, up to the point where they do not threaten his human rights. Like any human though he deserves food shelter and privacy, no need to make a show and dance about him.
I think setting up his own insurance company to insure his trucks was possibly a good move. I'm assuming here that the core company was big enough to spread risk and cover individual claims, and that insurance here was more of a legal requirement than something the company needed. Going beyond a purely internal thing as Quinn did is, of course, a different matter.
Much to the annoyance of the anti SF brigade. No
Didn't know Dublin Jimmy was alleged to be paid up to 1 million euro - that's some paymaster. You read in the papers stories about gangland hits but the money rumoured to be paid in such instances is in the 10's of 1000's not 100,000's
Gardai also examining a range of digital data- texts, emails, phone calls and no doubt GPS data relating to those items where available. Hopefully they're getting close
That doesn't mean all of the businesses were insolvent. Some still operate fine to this day but you make a very valid point in that nobody would dream of lending to him. They shafted themselves.
Did it ever come out what offer was on the table before they hung themselves in the video?
He went down the route of creating a conglomerate of diversified business which was a 1970’s business model which was a relic in the 2000’s - GE excepted. If he had followed the CRH model by building on his core quarry, cement, glass and invested outside Ireland then maybe yes.
How? His insurance company, the supposedly most profitable part of his business empire, was insolvent and woefully underreserved. He didn't even employ an actuary - he seemed to treat premiums as profits and forgot that he has claims to pay out. He asked the state to pump in another €600m to get him back to being properly capitalised - no one in their right mind would give him such an amount of money given his track record. He proved himself not to be fit and proper, or competent for that matter, to run a regulated entity.
Would a good businessman have acted on that advice the way he did? and, it is naive to think Quinn would ever be anyone else’s stooge, he was in absolute, unchallenged control of his business decisions up to his gamble on Anglo, he was no one’s fall guy.
Thanks for your contribution to the thread Sean.
You are right. I had it wrongly in my head he was also on the bookmaking business.
The original question on this thread
"Who thinks Sean Quinn is a great businessman now?"
Well I do, Sean made a lot of enemies, including the unions for not letting them into QuinnDirect etc
He got really really bad advice and probably had too many yes men standing around him. He was the fall guy for a shower of crooks who should still be in jail for what they done.
Not contradicting you but which betting shops were his? Is quinnbet not a recent thing and just online?
Anglo was the nail in his coffin due to greed but I don't think many would have been able to create what he did. We're talking about an area that had nothing.
He made cement at a time when we had a massive housing and road building boom. He ran betting shops during the Celtic tiger when there was lots of disposable income, he ran an insurance company which pretty much went bust (with a levy on all customers to pay for it), and he bet badly on an overvalued bank.
Look at what he created with nothing in a deprived area. Multiple successful businesses and thousands of jobs.
Curious why you think Quinn ‘had one of the best manufacturing business minds this country will possibly ever see’?
It proves that their dishonesty was their downfall so. Any chance of brokering a deal was gone and rightly so.
Did anyone ever state what was on the table?
The video of the two geniuses bragging that they would lie to the Court about ownership of the shopping mall surfaced that day the deal was taken off the table, this was a violation of a Court order preventing them from disposing of any assets. They were trying to sell the mall, Sean Quinn’s deal was immediately taken off the table when it was clear he had lied.
Do I think Quinn could have been trusted after that to act honestly? No.
From the programme did they not say he was agreeing to a deal but was told it's not on the table any more?
Do you think the way it worked out was the most that could have been recouped?
Wasn’t he given the opportunity to make a deal if he came clean, then the next day a video surfaced of his son and nephew trying to sell a shopping centre in Ukraine and saying they would lie to the courts about the fact they owned it?
After all that, why do you think he would act honestly if he was given another chance to make back all the loses?
Who says he has any? Dukes? His comments has had multiple local politicians speaking out due to his stupidity.
I don't know Quinn and I don't like the man for what he did but if he had some form of an agreement it is my opinion that it would have been repaid. Look at all the developers that went bang in 2008 and walked away. One in Cork this week had 170 million written off.
And if he instead siphoned more money off for his detestable spawn, swindled, or gambled again racking up more debt, should we say, at least he tried?
How? He is welcome to repay the debt using the money he allegedly has in Switzerland and India. However, he's had several years to do so!
Or do you mean let him have the companies back just to have another go at gambling away a fortune? Is he allowed play "double or nothing"?
I believe that if he was given the opportunity to repay the debt we wouldn't be paying for it but that doesn't excuse what he did.
Maybe you think Seanie and Fingers should have been given a chance as well to work their way out of the mess.
Very interesting programme but didn't tell me anything I didn't already know. He literally had it all and threw it all away, money and greed were the drug. I have always wondered if he was being poorly advised or ignoring advice. His companies were in the kids names and the fatal mistake was getting them to borrow from Anglo to pump back in.
Lack of regulation allowed him to do what he did but should Anglo have been left to go bang? Had he bought the shares outright he would have got stung but recovered. Sean Quinn had one of the best manufacturing business minds this country will possibly ever see and we'll never know if he could have worked his way out of the mess if given the chance.
In my post I stated a beating of Kevin Lunney and mistakenly Didn’t want to go into the gory details which wouldn’t be inflicted by any sane person and wasn’t downplaying it.
Dukes was a clown for what he said. The main people jumping on it are doing so from a political angle. And the whataboutry folk of course.
It took nothing away from the documentary which was a car crash for Seán Quinn.
Separately, I just noticed that my Boards drafts page had a draft listed which I when I checked was this...
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