Letter From Quinn Family

Dear All,


The book has numerous fundamental errors and an incorrect central theme runs throughout, namely that the Sean Quinn was not amenable to doing a deal with the banks and bondholders, that the Group would not agree to a repayment interest rate over 0.8% and that the Group would not agree to a debt for equity swap to secure refinancing.

All of these comments are mistruths as you will note from the contents of the attached letter dated 24 January 2011 from BDO (on behalf of the Quinn Group) to the Banks & Bondholders. The letter categorically proves that the Quinn Group were:-

(a) committed to reaching an agreement for a consensual restructuring of the Group's debt and to repay its indebtedness in full.

(b) Offering the banks and bondholders a 3-4% interest rate on the debt restructuring.

(c) Offering 60% equity in the Quinn Group to the banks and bondholders .

At the meeting on 3rd October Mr Daly was given the opportunity to read this letter and took notes regarding its contents, but thus far has refused, declined or neglected to contact the Quinn Family in relation thereto, notwithstanding undertaking to do so at the meeting and openly stating same at the book launch in Cavan on 9th October.

What is equally concerning is that as a means of justifying errors in the book, both Mr Daly & Mr Kehoe have repeatedly stated that the Quinn Family refused to participate in the book. Again this is entirely incorrect.

Sean Quinn Junior and Stephen Kelly met with Mr Daly in the Castleknock Hotel on 12 June 2013 specifically in relation to the book and answered any questions posed by Mr Daly, none of which related to the refinancing of the Quinn Group. Furthermore on 14 June 2013 the Quinn Family sent an e-mail to Mr Kehoe (attached herewith) which confirms the meeting with Mr Daly and reiterates our offer to assist in relation to the book. This e-mail was ignored and not responded to by the Author.

We are very disappointed with the Authors approach to the book which is told entirely from the point of view of those that took over and destroyed our companies. The publicising of the book by the Authors knowing it to be substantially inaccurate leaves a lot to be desired and frankly raises serious questions as to the whole impartiality of the book. It is beyond us how investigative journalists can continue to stand over a publication that is proven incorrect.


The Quinn Family