Thursday 17 October 2019

Quinn case settlement talks to continue over weekend

Children of Seán Quinn (left-right) Seán Jr, Aoife and Brenda at the Four Courts.
Photo: Collins Courts
Children of Seán Quinn (left-right) Seán Jr, Aoife and Brenda at the Four Courts. Photo: Collins Courts
Shane Phelan

Shane Phelan

Settlement talks between representatives of the five adult children of former billionaire Sean Quinn and the Irish Bank Resolution Corporation (IBRC) are to continue over the weekend.

Both sides have been locked in discussions in recent days aimed at settling their High Court dispute over €415m in loan guarantees being sought by the former Anglo Irish Bank.

The Quinn children brought the case, claiming loan guarantees and share pledges they gave in connection with €2.34bn in borrowings by Quinn Group companies from Anglo Irish Bank in 2007 and 2008 were invalid.

The loans were predominantly to cover losses by their father on disastrous stock market bets, most of which were made on Anglo’s share price.

Anglo’s successor IBRC has a counterclaim against the children and is seeking to recover €82m from each of them.

Bernard Dunleavy SC, for the Quinns, told Mr Justice Garrett Simons the progress which had been made to date had continued, but he was looking for “a little more time” and wanted a further adjournment of proceedings.

His application was supported by Shane Murphy SC, for IBRC.

Mr Justice Simons agreed, saying: “Obviously, I will give you as much time as you want.”

The case was adjourned to next Tuesday, but the court may not sit then if the talks are still continuing.

Talks began a week ago and have been ongoing since the Quinns’ case was dealt a significant blow on Wednesday when Mr Justice Simons refused to allow them amend their statement of claim to include an allegation they were unduly influenced by their father.

The judge also refused to allow them to file supplementary statements.

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