Sean Quinn - NI Bankruptcy FAIL

padraig47 · 10-01-2012 05:47PM

CardBordWindow wrote: »

Poor Sean.

Poor Adolf while you are at it

padraig47 · 10-01-2012 05:50PM

gigino wrote: »

Sean Quinn was bork in the UK and started his business in Fermanagh, which for tax reasons is part of the UK , like it or not. His business grew from Fermanagh. If he had stayed in Fermanagh and never stuck his snot south of the border , he'd be better off now. He fell in to the trap of invested in Anglo Irish bank in Dublin. Thats what he gets for mixing with high nobs in Dublin like Seanie Fitzpatrick. If he did not get involved in Seanies deal he would still be solvent. If our regulator has regulated Anglo Irish bank properly he would still be solvent.
Moral of the lesson ; if he ever recovers from bankruptcy, Sean Quinn should stick to his home turf of N. Ireland and create jobs there. At least banks are properly regulated there.

What about the border and cross-border commerce. Would you not feel that was a factor in the Quinn groups "success"?

Tayla · 10-01-2012 05:54PM

admiralofthefleet wrote: »

will it actually make any difference?

Probably not a huge difference in the grand scheme of things but it is only right that he loses these assets that should not belong to him. This sense of entitlement that he and his family have is sickening.

Wudyaquit · 10-01-2012 05:59PM

admiralofthefleet wrote: »

will it actually make any difference?

Absolutely none, other than IBRC can pat themselves on the back despite being now out an additional half million from the legal fees in pursuing the case. There was no possible scenario this case would have resulted in the taxpayer being better off.

Tayla wrote: »

Probably not a huge difference in the grand scheme of things but it is only right that he loses these assets that should not belong to him.

His assets were gone when he was declared bankrupt - when he's bankrupted in the south it will be exactly the same situation.

hollypink · 10-01-2012 06:06PM

pazza wrote: »

Anyone know what the difference with Sean Quinn and David Drumm is i.e. why is he allowed to have bankruptcy in the US, I would have though his " centre of main interest was in the Republic of Ireland and not " in the US?

If it's any consolation, in David Drumm's case, it's been agreed that his Malahide home will be sold to pay off his debts even though he had transferred it into his wife's name http://www.rte.ie/news/2011/1202/drummd-business.html

Mr Drumm bought the house in Abington in Malahide in 2003 but as the financial collapse accelerated in 2009 and Anglo Irish Bank was nationalised, he transferred the property into the sole name of his wife Lorraine Drumm.

However, Anglo Irish Bank said this was fraudulent and brought a case against the couple. The transfer was then reversed.

Now the bankruptcy trustee in Boston has agreed with all parties that she will sell the house

Also the US court ruled that his Cape Cod home bought for $4.6 million in 2008 can be sold off as well, overruling his claim it was his main residence.

http://www.irishtimes.com/newspaper/finance/2011/1018/1224305995170.html

The independent trustee, Kathleen Dwyer, said Mr Drumm was not eligible because the house was not his principal residence and, as an Irish citizen and resident in the US during the 730-day period only on a temporary visa, did not establish “domiciliary status”.

No response was filed to Ms Dwyer’s objection, the court said. “Accordingly, the homestead exemption is hereby disallowed in its entirely,” the court ruled.

The court granted approval to Ms Dwyer to sell Mr Drumm’s Cape Cod home for $3.88 million (€2.8 million) and its furnishings and fittings for $150,000. He bought the house in March 2008 for $4.6 million.

oldyouth · 10-01-2012 08:11PM

gigino wrote: »

Moral of the lesson ; if he ever recovers from bankruptcy, Sean Quinn should stick to his home turf of N. Ireland and create jobs there. At least banks are properly regulated there.

The moral of the lesson here is that, if he stuck to his own turf in N. Ireland, there would be an awful lot more jobs down here now. Greedy bollooks.

take everything · 10-01-2012 08:43PM

pazza wrote: »

Anyone know what the difference with Sean Quinn and David Drumm is i.e. why is he allowed to have bankruptcy in the US, I would have though his " centre of main interest was in the Republic of Ireland and not " in the US?

This is what i'd like to know as well.
As welcome as this news is, i can't shake the feeling the real insiders will be treated differently. Quinn isn't one of them so it's hard to shake the feeling he's just an expendable fallguy.

Tayla · 10-01-2012 08:57PM

Wudyaquit wrote: »

His assets were gone when he was declared bankrupt - when he's bankrupted in the south it will be exactly the same situation.

His family have plenty of assets.

Wudyaquit · 10-01-2012 09:17PM

Tayla wrote: »

His family have plenty of assets.

Which would be as recoverable against his debts as your communion money would be, if they weren't already offset against massive debts of their own.

Not sure how you feel him being declared bankrupt in the south is going to mean he loses additional assets compared to being bankrupt in the north but his children's assets are entirely irrelevant to that issue.

Sir Oxman · 10-01-2012 09:44PM

But he cannot be let away with what he attempted to do!
It's not good enough to say oh well, it's too much trouble to bother challenging this person because it costs too much!

AFAIK, any transferring of wealth to elsewhere over the past few years can be looked into, investigated and struck down if it's found he did so to avoid declaring his full assets before bankruptcy.

Quinn has not been upfront and truthful and thats's plain to see - and that's why there is enormous disdain for him and his family.

woodoo · 10-01-2012 09:48PM

Sling him in jail and let his wife bail him out for €2.5 billion.

ilovesleep · 10-01-2012 09:58PM

woodoo wrote: »

Sling him in jail and let his wife bail him out for €2.5 billion.

You should know better. The law and jail is only for the paupers of Ireland:
http://www.politics.ie/forum/justice/178647-nearly-7-000-people-jailed-not-paying-fines.html

Jim_Kiy · 10-01-2012 10:07PM

Knock them down.. ..a great business man reduce to status of a bum.I mean look at us!
The romans where positively civilized compared to the hounding of this man.

gigino · 10-01-2012 11:18PM

If Anglo Irish bank had been regulated properly he would not have "invested" in it and history would now be different.

The regulator / central bank / government should be hounded.

Quinn started off with one truck and a small quarry in N. Ireland. He should have stuck in the safer business environment of the UK. Not stuck his snout or taken risks in this banana republic.

Liam Byrne · 10-01-2012 11:18PM

Wudyaquit wrote: »

Tayla wrote: »

His family have plenty of assets.

Which would be as recoverable against his debts as your communion money would be, if they weren't already offset against massive debts of their own.

Not sure how you feel him being declared bankrupt in the south is going to mean he loses additional assets compared to being bankrupt in the north but his children's assets are entirely irrelevant to that issue.

Many of "his children's assets" haven't been paid for and so aren't - under any stretch of imagination or fairness - their assets.

He transferred them in a despicable low-life attempt to prevent the unpaid-for assets being repossessed.

The fact is that they are OUR assets, as we are the ones paying the bill for them. And I reckon we should all go to OUR house and stay the night and have a house party.

gigino · 10-01-2012 11:21PM

gambiaman wrote: »

Justice Deeny added: "I conclude, on the balance of probabilities, that this lease has been prepared at some much later date to try and bolster the case now being made.""
"He commented that Mr Quinn had failed to disclose the fact that he held an Irish passport and no UK passport, that he was a voter in the Republic of Ireland and that, despite being a UK taxpayer, 20% of his taxes were paid to the authorities in the Republic. "

So 80% of his taxes were paid to her majesty's government ? And he was not allowed to declare himself bankrupt there because of his disastrous investment outside that jurisdiction in a bank in the banana republic ?

doomed · 10-01-2012 11:34PM

Question 1 (100% of marks)

Who should pay for Sean Quinn's stupidity in gambling everything he had and more on the flip of a shareprice; is it

(a) Sean Quinn and his family (to the extent that they either guaranteed the loans or property was transferred)?

(b) the people of Ireland

gigino · 10-01-2012 11:46PM

Question 1 (100% of marks)

Would Sean Quinn's have gambling everything he had and more on Anglo if he had not been conned by Seannie Fitzpatrick of Anglo ....and if Anglo Irish Bank had been properly regulated ?

Sean Quinn came from a first world country, he should not have invested here given our banking regulation was worse than any African Country.

Its ironic he came from cowboy country but yet he was ambushed by the cowboys in suits in Dublin.

There should be a health warning for people outside the jurisdiction investing in Ireland. Look at what happened poor Sean Quinn.....from a multi billionaire - who would gamble no more than a fiver on his weekly game of cards - to a bankrupt ....because he trusted our banking regulation and invested here.

Liam Byrne · 10-01-2012 11:57PM

gigino wrote: »

Question 1 (100% of marks)

Would Sean Quinn's have gambling everything he had and more on Anglo if he had not been conned by Seannie Fitzpatrick of Anglo ....and if Anglo Irish Bank had been properly regulated ?

Sean Quinn came from a first world country, he should not have invested here given our banking regulation was worse than any African Country.

Its ironic he came from cowboy country but yet he was ambushed by the cowboys in suits in Dublin.

There should be a health warning for people outside the jurisdiction investing in Ireland. Look at what happened poor Sean Quinn.....from a multi billionaire - who would gamble no more than a fiver on his weekly game of cards - to a bankrupt ....because he trusted our banking regulation and invested here.

I can only assume that your posts are dripping with irony.

gigino · 10-01-2012 11:59PM

the truth hurts;)

doomed · 11-01-2012 12:03AM

gigino wrote: »

Question 1 (100% of marks)

Would Sean Quinn's have gambling everything he had and more on Anglo if he had not been conned by Seannie Fitzpatrick of Anglo ....and if Anglo Irish Bank had been properly regulated ?

Sean Quinn came from a first world country, he should not have invested here given our banking regulation was worse than any African Country.

Its ironic he came from cowboy country but yet he was ambushed by the cowboys in suits in Dublin.

There should be a health warning for people outside the jurisdiction investing in Ireland. Look at what happened poor Sean Quinn.....from a multi billionaire - who would gamble no more than a fiver on his weekly game of cards - to a bankrupt ....because he trusted our banking regulation and invested here.

"There I was a humble billionaire who only gambled a few shillings on a card game. I never realised that buying contracts for difference or betting on the stock market was gambling. Apparently share prices can go up as well as down. You don't learn that stuff when becoming a billionaire is all I can say"

thebaz · 11-01-2012 12:04AM

many developers are attempting to make some contribution back to the state , not much and certainly not all -

but Sean Quinn wants the public to believe he is living on 10k a week , and thats all he has - after he has transferred all his assets to his family , in a complex myriad of multiple companies in Eastern Europe - anything but to pay back , a little of what he owes - unbelievable greed - even at this late stage - no remorse , just - I made a mistake - therefore i should not have to pay back anything that I owe

Liam Byrne · 11-01-2012 12:04AM

gigino wrote: »

the truth hurts;)

No need to be hurt by the fact that I copped what you were up to!

gigino · 11-01-2012 12:11AM

doomed wrote: »

"There I was a humble billionaire who only gambled a few shillings on a card game. I never realised that buying contracts for difference or betting on the stock market was gambling. Apparently share prices can go up as well as down.

but everyone though Anglo Irish bank was being regulated. Thats what the regulator and Central bank was for. They were asleep on the job / taking every day as a kings birthday special leave day.

gigino · 11-01-2012 12:13AM

Liam Byrne wrote: »

No need to be hurt by the fact that I copped what you were up to!

naw, the truth of my post hurts others , who deep down knows its true.

K-9 · 11-01-2012 12:42AM

gigino wrote: »

If Anglo Irish bank had been regulated properly he would not have "invested" in it and history would now be different.

The regulator / central bank / government should be hounded.

Quinn started off with one truck and a small quarry in N. Ireland. He should have stuck in the safer business environment of the UK. Not stuck his snout or taken risks in this banana republic.

Yeah, he'd have loved more regulation. Quinn Direct would never have got as big as it did.

gigino · 11-01-2012 01:10AM

he did not go under because of Quinn Direct. He knew what was happening in his own businesses.

He did not understand the shady dealings at Anglo, the bed-and-breakfasting of money transfers between the Irish financial institutions etc.
Ultimately duped by Seanie, the man in the suit.

Other jurisdictions at least made some effort to regulate their banks. He ( Quinn ) should have stayed in the UK jurisdiction, he would'nt be bust if he did.

Liam Byrne · 11-01-2012 03:07AM

gigino wrote: »

he did not go under because of Quinn Direct. He knew what was happening in his own businesses.

He did not understand the shady dealings at Anglo, the bed-and-breakfasting of money transfers between the Irish financial institutions etc.
Ultimately duped by Seanie, the man in the suit.

Other jurisdictions at least made some effort to regulate their banks. He ( Quinn ) should have stayed in the UK jurisdiction, he would'nt be bust if he did.

And maybe neither would we.

The issue isn't his gambling, by the way.

The issue is his dishonourable attempts to avoid paying back what he agreed.

K-9 · 11-01-2012 03:30AM

gigino wrote: »

he did not go under because of Quinn Direct. He knew what was happening in his own businesses.

He benefited from poor regulation, tough luck. The market is always right and that nonsense.

twinytwo · 11-01-2012 08:12PM

gigino wrote: »

he did not go under because of Quinn Direct. He knew what was happening in his own businesses.

He did not understand the shady dealings at Anglo, the bed-and-breakfasting of money transfers between the Irish financial institutions etc.
Ultimately duped by Seanie, the man in the suit.

Other jurisdictions at least made some effort to regulate their banks. He ( Quinn ) should have stayed in the UK jurisdiction, he would'nt be bust if he did.

Again he borrowed money from AI to gamble on their share price...... that was his choice to do, and he lost out.....

His greed was his own downfall...he wasnt forced to do anything.

Sean Quinn - NI Bankruptcy FAIL

Comments