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Quinn has yet to meet with Anglo over debts

REPRESENTATIVES of Sean Quinn had "preliminary exploratory" contacts with Anglo Irish Bank yesterday but the Cavan tycoon is still mulling over an invite to meet the bank and has yet to declare a strategy for dealing with his debts.

The news comes almost a week after Anglo seized control over Mr Quinn's manufacturing empire and his property and leisure business in a bid to recoup debts of €2.88bn.

The bank is keen to meet with Mr Quinn so both parties can come to an arrangement on how the entrepreneur's remaining assets can be used to pay down debts.

Anglo chairman Alan Dukes has invited Mr Quinn to meet him. The Cavan man had last night not yet responded to the offer, but it is understood that there were limited contacts between the bank and Mr Quinn's advisers yesterday.

The bank is believed to have indicated that it expects all Mr Quinn's "assets of value" to contribute to a debt solution package but has not yet run through a list of the individual assets that could come into play.

The Irish Independent understands that the vast majority of Mr Quinn's material assets, including his palatial Cavan home, are within the reach of Anglo. The only notable exception is the Belfry golf course in the UK, which Bank of Ireland is understood to hold security over after making the original Belfry loan.


The Quinn family has been consulting with legal advisers Eversheds but has yet to indicate what action, if any, it will take after Anglo's swoop.

A spokesman last night declined to comment. In a statement issued on Monday night he described Anglo's move as "the greatest upset for me and my family in my entire business career".

Ireland's one-time richest man also insisted that he and his colleagues had drawn up a plan that would have enabled the Quinns to pay back all €2.88bn to Anglo -- something Anglo boss Mike Aynsley admits will not now happen.

The Quinns' plan was based around a joint bid between the family and the bank to take over Quinn Insurance Limited and use the insurer's profits and ultimate sale proceeds to pay off the Quinns' debt.

Anglo has described the proposals as "unbankable" since the bank would have had to inject €600m into the insurance company.

Anglo instead pursued a joint bid with US insurance company Liberty Mutual, which is pumping in a "significant amount" of Quinn Insurance's capital demand.

Irish Independent