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AN ANONYMOUS GROUP of “genuine old bondholders” in the former Quinn Group has stepped in to finance a deal that will see former group executives re-installed in charge of several Quinn companies.
Details emerged earlier this summer of a €100 million plan to re-install the former executives. However, it is understood that the original financial backer of the plan, Leeds-based Endless LLP, has been pushed out by the new financiers.
The three bondholders, whose identities have not been released, have long-held stakes the Quinn Group and are in a “powerful position” within the company.
A spokesman the group of former executives said that they enjoyed the “moral support” of Sean Quinn.
“The seller is essentially backing the buyer”, said a source close to the sale process.
They are genuine old bondholders…not recent debt buyers.
The interest from the bondholder group emerged while the sales process with Endless was close to completion. It is understood that Endless will receive a fee for due diligence and other services it provided during the transaction to date.
As a result of the new financial backing, the deal between the former Quinn executives and Aventas, which had been managing the group, will be pushed back to October. It had been expected that the deal would finish up by the end of summer.
The former Quinn group executives that will be re-installed at the group include one-time chief executive Liam McCaffrey, financial director Daragh O’Reilly and group development officer Kevin Lunney.
Every company that was part of the Quinn manufacturing group is included in the deal, with the exception of the Quinn glass factory.
Northern Irish businessmen John ‘Bosco’ O’Hagan and Ernie Fisher are also involved with the purchasing entity.
Attempts to contact Endless LLP this evening were unsuccessful.
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So Quinn is back in control. Will he be repaying the tax payer?? Disgraceful.
Fair whiff off this development
Mike he had intended to pay back the tax payer before his companies were taken off him.are you just going on what Anglo and the government want you to believe?are you that gullible?
Well he’s back so control now so I’ll expect a few billion of a windfall in time for the next budget if he’s so eager to redeem his losses.
What about Sean dunne and other property developers that have skipped the country.sean dunne owes close to a billion and he hasn’t been subject to the same scapegoating that Quinn has received from the government and Anglo.do you think Anglo had no fault in this what so ever?
I think you’ll find he’s just as disgraced
The whiff of burning vehicles outside former Quinn premises maybe?
Intending to and actually doing it are two different things.
Mike
Where did it say that Sean Quinn was back in control? Please read the story before making outrageous and inaccurate comments.
Give it a rest, Dick.
Cute man knows all the moves..
What about Shane Filan and Ivan Yates went bankrupt in Britain and now we the tax payers are left to pay off their bills
So did I Denise so your point is?
Why have we to pay for their greed and not for all the poor who got into trouble through no fault of their own.That’s my point
Big business and government don’t really care about the poor Denise. It’s a closed circle by invitation only…
What poor? The ones who were kidnapped at gun point by the banks and MADE to accept mortgages they couldn’t afford? The roving gangs of bankers press ganging people into accepting loans? People need to take personal responsibility for their bad decisions. Just because a bank was offering loans at low rates, the person taking out the loan or mortgage could have said no, before they signed an acceptance form.
Basically Daisy and Kerry, because they signed and gave their word that they would pay back their mortgage, and upon being unable to pay would then lose the house to the bank. They now are unable to pay and as such have to fulfil the part of the bargain where they give up the house insted..
Patrick you forgot to mention the banks were bailed out so they got their money, but it’s not fair that they the banks wouldn’t pass on the bailout to the poor in trouble They want their money back twice
well said :)
Patrick dear Patrick whilst on the face of it you’re right you need to see it in the round. The pressure wasn’t from the banks alone; it was part of a package they engaged, including the fourth estate, which fooled us all, including your elected masters.
How can you still be buying that old rubbish NAMA just sold 800 Dublin apts for a fraction of their value to Canadian vulture funds and you want to blame Ivan Yeates who tried everything to do a deal with a corrupt government backed bank that has forgery proved against it in several cases and will probably fail.
NO PATRICK!!!!
The poor who:
- didn’t get involved in the property boom, but who worked their asses off to maintain a modest lifestyle, a modest & reasonably costing home ( and saved most of the cost before the borrowed )
Did not do endless foreign holidays, and in general were sensible regarding living to excess and beyond their means
These people who are now paying, property tax,
Water charges
USC
Higher taxes
Suffering from reduced services in health care, education, housing, increased rents……
All if these thing cut and taxation increased in order to service bad debts, loans & the bond holders for the big banks that played fast n loose with the nations finances
So Patrick go find a rock to crawl under until you’ve something better to say ….you dick!
Quinn is a disgrace and its wrong to blame bankers on everything. He took a huge bet on the Anglo share price then doubled & trebled up on that bet. It went pear shaped and it cost hundreds/thousands their jobs. He then made it worse by hiding all his assets from the Irish government. Not to mention the levy that every insurance policy has to pay due to his mismanagement of Quinn insurance. Nothing but a gangster !
There’s Endless love for Sean along the border, but not for every old Bondholder!
Again a shinning example of what a bullshit banana Republic this lil island is.
Well they’re bound to get it at a knock down price due to the fear others would have of the business being burnt down by the filth so called supporters! What really turned me against that family was the lack of condemnation of the burning and trashing of former businesses! If we cant make it work nobody can!!
Sean quinn created decent employment in sustainsble industries in disadvantaged areas of ireland. He provided jobs and a considerable amount of tax more than alot of the whingers and moaners on here would in a 100 lifetimes. What this country needs now is the likes of quinn and plenty of them.
Does it fcuk Jack
Will the people with insurance have to continue to pay the levy ?.
have your say