UK news Sean Quinn's children issue legal threat in bid to reclaim QIH last news

MetiNews.Com - Last Monday, letters landed at Quinn Industrial Holdings in Magherafelt addressed to the six Irishmen steering the remains of Sean Quinn's old empire.

UK news Sean Quinn's children issue legal threat in bid to reclaim QIH last news

MetiNews.Com - Last Monday, letters landed at Quinn Industrial Holdings in Magherafelt addressed to the six Irishmen steering the remains of Sean Quinn's old empire.

UK news  Sean Quinn's children issue legal threat in bid to reclaim QIH last news
02 August 2020 - 11:00

Breaking News ! "Last Monday, letters landed at Quinn Industrial Holdings in Magherafelt addressed to the six Irishmen steering the remains of Sean Quinn's old empire. The letters were a bolt out of the blue, but there was nothing in them that the businessmen had not already heard before. The contents essentially amounted to another demand to give Sean Quinn his businesses back.The difference this time was that they were sent by Sean Quinn's bankruptcy solicitor on behalf of his son and four daughters: Sean Jr, Brenda, Aoife, Colette and Ciara. After years of their father doing the running, Sean Quinn's children had properly entered the fray in his long and fractious battle to win back his lost empireTheir legal missive expressed the children's "unwavering desire" to "revive the legacy of the Quinn family business".Their central contention is this: when local businesspeople and Sean Quinn's old management team secured American investors to buy back his old businesses from the receivers who seized his firm in 2011 over a €2bn debt, they did it for Sean Quinn. So that he could walk back into his old desk and take back the reins.The children point out that the family was kept appraised of the deal, despite the commercial sensitivity. And their support for it, "expressed publicly", was "instrumental and decisive to the success of the bids, to the extent that the agreement would not have been reached without them". The letter concluded by asking directors to transfer shares in the company to them. Failure to do so would result in "proceedings" that would compel them to do so.The recipients of the letter include Kevin Lunney, who was kidnapped and tortured in a violent assault last year, and two other members of his old management team, Liam McCaffrey and Dara O'Reilly. All were once his loyal lieutenants when Quinn was in charge.The others are a former Fine Gael councillor and businessman, John McCartin, and two successful businessmen from Northern Ireland who decided to help Sean Quinn in his hour of need, Ernie Fisher and John Bosco O'Hagan. O'Hagan is a businessman from Tyrone who was friends with Sean's brother Peter, and felt sorry for him after he lost his business. He helped set up a trust that raised €1m from 35 donors to help pay Quinn's legal bills.When the old management team and John McCartin came together to try to patch together a deal to buy back Sean Quinn's businesses, Mr Fisher and Mr O'Hagan were asked to join the board of the company they set up for that purpose. Mr O'Hagan told the Irish News last year that he wished he'd never gotten involved with the former tycoon who built a manufacturing, cement and hotel empire out of gravelly fields on the Fermanagh and Cavan border.Sean Quinn lost control of his businesses in 2011 over a spectacular debt to the former Anglo Irish Bank. A campaign mounted by his supporters - which he has repeatedly insisted was not in his name - has waged on and off ever since. The tactics have included violent arson attacks on the businesses, intimidation and defamation of its executives.The abduction and torture of Kevin Lunney last year was a marked escalation in violence. Five directors of Quinn Industrial Holdings have been warned by gardai of a credible threat to their lives. Mr Lunney and his brother, Tony, Liam McCaffrey, QIH's chief executive, Dara O'Reilly, its chief financial officer and John McCartin have been warned of a credible threat to their lives and continue to live under garda protection. Detectives are investigating the long-standing campaign of sabotage and intimidation, which again Mr Quinn has repeatedly condemned.For months now the torrid hostilities Sean Quinn and his supporters and his old management have simmered away from the headlines. But as last week's legal missive shows, they have not gone away.The Quinn children's legal joust comes a year after they settled their mammoth acrimonious legal action with the State-owned Irish Bank Resolution Corporation over their debt to Anglo.They each have €440m judgment hanging over them as part of the settlement - amounting to €88m each. Before the settlement, the court had heard that children sought to claim they were under undue influence by their father and operated under his influence.They have kept a low profile in the fall out from the Kevin Lunney affair, while their father gave a number of interviews and clashed with the local parish priest, Fr Oliver O'Reilly, complaining to the Vatican that he and his family had been "frightened and intimidated" by his being falsely accused from the altar "my own local priest".His - and his children's - gripe goes back to the 2014 when the plan was hatched to buy back Sean Quinn's old businesses. The Quinn children suggest it was their father who instigated the plot.With the knowledge and approval of Sean Quinn, they set up a company called Quinn Business Retention Company (QBRC) - with O'Hagan, Fisher and McCartin on its board - to go to market and find investors. By the end of 2014, three US funds put up the €94m to allow Quinn's former management team to buy back the manufacturing businesses.

. But he was hired back as a consultant on a €500,000 a year salary, and Sean Junior on a salary of €100,000. They lasted the guts of a year before the relationship broke down.According to the Quinn children, it was quite simple. The children claim that QBRC was "formed and run entirely for the benefit of the Quinn family" and its objective was to get control from as much of the former Quinn company as possible. The directors acted as "fronts", they claim. It was "not feasible" for the Quinn family to be directly involved in the deal because it was "embroiled in litigation" at the time with the bank.At the heart of the Quinn children's claim is 22pc equity in Quinn Industrial Holdings Limited, which operates the manufacturing businesses. The shares were split equally between QBRC and the management team, with the US investors owning the remaining 78pc of the equity. As QBRC was run for the benefit of the Quinn family, they claim 22 per cent shareholding is beneficially theirs.The legal correspondence sent by the Quinn children last week states: "At a meeting at the Slieve Russell Hotel on 23 December 2014, the Company's [Quinn Business Retention Company] shareholders confirmed to Sean Quinn Senior and Junior that they were pleased with the outcome of that deal, that they were not interested in or motivated by personal gain and that they continue to hold the Company's shares for the benefit of the Quinn Family [sic]. The precise manner and timing of the transfer of shares to the Quinn family was not discussed in any detail, save that the shares would be transferred in the most tax efficient manner."The Quinn children gave the directors 21 days to set out in writing their proposals to transfer the shareholding. In the absence of a satisfactory response, the letter said, they reserved the right to issue "proceedings" to compel them to do what they asked.The directors declined to comment on the letter this weekend. But a letter from the American investors - Contrarian Capital, Silverpoint and Brigade - to Sean Quinn's adviser in 2016, that precipitated his departure as a €500,000-a-year consultant, tells a different story.The letter, previously published by the Sunday Independent, refers specifically to Sean Quinn's demand for the 22pc stake as a demand "for an immediate handover of equity he does not own; he wants QIH management to immediately address 'points of principle' that are akin to Sean dictating the strategic direction of the Company; and he asks for a board seat."The letter goes on to say that the American investors imposed a restriction preventing the directors from transferring the shares to Sean Quinn or any third party. They were willing to lift the restriction over time if Mr Quinn agreed to engage constructively with the management team and supported the business in the community. The letter concluded: "We believe unless Sean truly embraces the need to work with our existing management team, rather than discredit them, there is not a role for Sean in our company going forward."Sean Quinn left his post soon after that. Two years later, at a rally in the Tilermade, a retail premises in Derrlyin, Quinn told supporters that he been trying ever since to get his business back. He had been "stabbed in the back" by his old management team who had "made sure the Quinns couldn't get any of the business".The directors declined to comment but they have sent the letter they received from the Quinn children to An Garda Siochana.Over the last few months, QIH has written to Sean Quinn a number of times for allegedly trespassing on company property. On March, the company sent him a solicitor's letter accusing him of trespass between 11am and 12 noon. On the same date, around the same time, a local man, Sean McGovern was also seen on the premises. He too received a letter from the company asking him to refrain from entering company property. Mr McGovern had been arrested in connection with the abduction and attack on Kevin Lunney but was released without charge.He later told the Irish News he had no hand, act or part in the attack. On Friday afternoon, Mr McGovern and other supporters protested outside the company headquarters in Derrylin demanding "justice" for his son, Bernard, who is currently in custody in connection with an alleged assault on Mr Lunney and Dara O'Reilly.Mr Quinn declined to comment to the Sunday Independent. Sean Quinn Jr did not return calls. Attempts to reach Mr McGovern were unsuccessful. QBRC and QIH also declined to comment." , "isAccessibleForFree": "False", "hasPart": { "@type": "WebPageElement", "isAccessibleForFree": "False","cssSelector": "#flip-pay"} }

Source = MetiNews.Com

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UK news Sean Quinn's children issue legal threat in bid to reclaim QIH last news


UK news Sean Quinn's children issue legal threat in bid to reclaim QIH last news


UK news Sean Quinn's children issue legal threat in bid to reclaim QIH last news


UK news Sean Quinn's children issue legal threat in bid to reclaim QIH last news

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