Group waved the white flag after regulator called its bluff
Published 16/04/2010 | 05:00
WHAT caused Sean Quinn to fly the white flag and surrender his beloved Quinn Insurance to the State?
For two weeks there have been howls of angry protest from The Quinn Group and from its employees who, terrified of losing their jobs, railed against Financial Regulator Matthew Elderfield's decision to place the cash cow at the heart of Quinn's empire into administration.
Last Monday, minutes before High Court President Justice Nicholas Kearns was due to preside over a full administration hearing, lawyers for Quinn Insurance Limited submitted a series of lengthy statements robustly defending management of the company and taking the regulator to task for what was perceived to be unnecessary action.