Quinn Jr to sell home in his contempt battle
QUINN Jnr: (SEAN) re IBRC ( IRISH BANK RESOLUTION CORPORATION) ) v QUINN and OTHERS, COMMERCIAL COURT, DUBLIN, (26/1012).******see Hi Ct. Story. PIC SHOWS: SEAN QUINN Jnr AND HIS WIFE, KAREN WOODS LEAVING COURT YESTERDAY (FRI.) AFTER THE HEARING. (PIC: COURTPIX.)
SEAN Quinn Jr is to sell his Dublin home in a bid to finally purge his contempt of court orders after a judge rejected his alternative offer of a US$75,000 (€56,500) payment.
Arrangements for the sale of the home shared by Mr Quinn and his wife Karen Woods at Alder Lodge, Castleknock, will now be made and the High Court will be updated on progress in October.
The property – described yesterday as Mr Quinn's only asset – is valued at about €400,000 and he is offering to pay to Irish Bank Resolution Corporation (IBRC) his half share of the sale proceeds.
Ms Justice Elizabeth Dunne yesterday stressed she accepted Mr Quinn was making efforts to purge his contempt but considered his US$75,000 offer inadequate as the contempt ruling arose from her finding he participated in a US$500,000 payment to the general director of Quinn Properties Ukraine (QPU), Larissa Puga, on the eve of Irish Bank Resolution Corporation's takeover of QPU.
Contempt
Last July, the judge jailed Mr Quinn for three months for contempt.
His father, bankrupt businessman Sean Quinn Sr, later served a nine-week prison term for contempt but a warrant remains unexecuted for the arrest of his cousin Peter Darragh Quinn to serve a three -month term because he remains at his home in Northern Ireland. The contempt proceedings came before the judge several times since during which Mr Quinn Jr indicated he was anxious to purge his contempt.
Shane Murphy, for IBRC, said the bank considered Mr Quinn was making efforts and it would consent to an adjournment to facilitate the sale.
The judge said that seemed sensible and added there may be "another source" of purging the contempt.
hnews@herald.ie