And About Time.

New Quinn deal a possibility

A deal that could see the Quinn family regain control of a huge chunk of their former empire could be agreed within weeks, The Anglo-Celt understands but due to its complexity, it would take many months before any agreement is officially completed.

As reported in The Sunday Business Post newspaper last month, Fine Gael Cllr and director of the Quinn Business Retention Company John McCartin is working behind the scenes to help broker a deal between the Quinn family and IBRC over the upcoming €4.3 billion court case.

It is understood proposals have now been put forward, which could see a similar scenario to that of QBRC which purchased elements of the Quinn manufacturing businesses, but this time enable the acquisition of the Quinn’s former international property portfolio.

 Unlike QBRC, where Sean Quinn acts as a consultant to the company, the Quinn’s will have an open involvement in the proposed new company with talk that they may have the option then to acquire the remainder of the equity over time.
As part of the process, the Quinn family would drop their action against the bank and the Irish State and in turn the bank would drop its ongoing litigation against members of the Quinn family.

The Quinns’ legal action, where they are suing over loans of €2.3bn they claim were illegal, is due to go before High Court in June.

When contacted, Mr McCartin, who is has also been approached by the Fine Gael party to stand as a candidate in any forthcoming election in the Sligo-Leitrim-Donegal South-West Cavan constituency was contacted refused to comment on any aspect of the Quinn/IBRC situation at present, as did the Quinns.