AIB & The Quinn Family Saga !

saverbuyer

warmhands.coldheart wrote: »

Sounds like he may owe you some money ??:rotfl:

NAR, you're asying AIB were threatening to Bankrupt him and he retaliated first, I highly doubt he forced them to loan him such large amounts of money, they obiously thought he was a safe bet. only when they got themsselves in the $h1t they obviously came back looking for the cash.... I'm not saying he's 100% Innocent but his companys were all and are still all money making companies. He said he could pay the money back over time if loans were re-structured.... why did they not give him a chance?

Here's a good article detailing the scale of Quinn's massive gamble.

http://www.independent.ie/national-news/just-three-letters-cfd-at-centre-of-shares-controversy-1644972.html

It also shows just how lucrative it could have been for big Sean. A big selling point of the CFD was to avoid paying tax. He put down little cash and bet the family silver on AIBs share price going up.

He was the granddaddy of speculation. A parasite trying to flinch taxpayer’s money. Remember there's even a 2% insurance levy on all policies to pay for Quinn Insurance's bet on AIB.

warmhands.coldheart

saverbuyer wrote: »

Here's a good article detailing the scale of Quinn's massive gamble.

http://www.independent.ie/national-news/just-three-letters-cfd-at-centre-of-shares-controversy-1644972.html

It also shows just how lucrative it could have been for big Sean. A big selling point of the CFD was to avoid paying tax. He put down little cash and bet the family silver on AIBs share price going up.

He was the granddaddy of speculation. A parasite trying to flinch taxpayer’s money. Remember there's even a 2% insurance levy on all policies to pay for Quinn Insurance's bet on AIB.

Would I be right in speculating that his biggest flaw was possibly if he personally assured them as opposed to through a company .... look at the number of multi-millionaire property developers still driving round in their flash cars and living in big flash houses...... get in trouble.... just wind up the company..... personal wealth is fine and dandy in some off-shore account...

saverbuyer

warmhands.coldheart wrote: »

Would I be right in speculating that his biggest flaw was possibly if he personally assured them as opposed to through a company .... look at the number of multi-millionaire property developers still driving round in their flash cars and living in big flash houses...... get in trouble.... just wind up the company..... personal wealth is fine and dandy in some off-shore account...

That's exactly it. Quinn personally guaranteed the 75 million debt of the Kiev office block at the centre of all this. The family and Quinn Group also owned a share in the block. Quinn has transferred ownership of this and another 425 million worth of property.

This is actually a massive web of Quinn companies owning various building and the Quinn family having various personal guarantees. These guarantees were called in, Sean and family went bankrupt but decided to STEAL the assets from their creditor i.e. the Irish people.

The developers you mention (and I see about myself) have used limited liability to their advantage.

Strip the profits, run up debts and don’t pay them. Transfer the assets to the wife when times are "good" and don't pay when they are bad. You don't need to work because your liability is limited, the company’s assets get sold and you don't need to worry. The problem is the company may not have any assets and the director had stripped it of cash living the good life.

It's the banks fault for thinking houses will always go up in value and we'll all be billionaires. The credit bubble has destroyed the country in my opinion irrevocably.

NAR

saverbuyer wrote: »

I don't think it actually is indefinite. 3 months has been reported by all the Irish press.

BBC was my source http://www.bbc.co.uk/news/uk-northern-ireland-18928472

saverbuyer

NAR wrote: »

BBC was my source http://www.bbc.co.uk/news/uk-northern-ireland-18928472

BBC NI is suggesting they will remain incarcerated until they purge their contempt, most say it is 3 month fixed sentence. Either way the monthly rent they are stealing continues to mount.

I would have locked up Daddy Quinn myself.

NAR

saverbuyer wrote: »

I would have locked up Daddy Quinn myself.

So would I, he is obviously the "brains" behind all this fraud.

chunter

Half-witted. They wrote a bunch of 300,000 -500,000 euro cheques to the family for work done after the assets were seized.
One's on the run.
It's just pathetic.

The richest man in Ireland got obsessed with money. Lost it all and couldn't accept it.
And hopefully a whole batch of former AIB crooks including Fitzpatrick will follow him to the clanger.

Still smiling at the family going to court to look for 2000 euro a week EACH so they can live..

BigAl94

Smart move jailing sonny boy, best way to get at the daddy and the mammy!

almillar

So I've just got one question about all of this without going into these massively complex details - AIB loaned 'Quinn' money. Now they want it back, he can't pay. Got that. What I don't know is did AIB call in the loan early - as in was there a term for the loan, like 3 years, and they asked for the money back after 1?

saverbuyer

almillar wrote: »

So I've just got one question about all of this without going into these massively complex details - AIB loaned 'Quinn' money. Now they want it back, he can't pay. Got that. What I don't know is did AIB call in the loan early - as in was there a term for the loan, like 3 years, and they asked for the money back after 1?

Basically Quinn took out massive loans to fund the CFD. As AIB share price went from 17.00 a share to 0.20 a share his losses grew massively. He continued to take loans out to cover the losses.
Eventually he signed over the Quinn Group shares to cover the CFD and ALL the family guaranteed the loans personally. When the CFD losses we more than the group assets, AIB called in the loan. Bear in mind the Quinn group already has something like 1.2 billion borrowing from other UK banks.