Quinn Ins: the ‘best bid is being left in limbo'

Sean McMahon It was a case of the last chance saloon at the Kilmore Hotel last Friday evening as hundreds of Quinn Group workers gathered for a meeting organised by Cavan Chamber to flush out the stance of local politicians and the status of the Quinn/Anglo proposal. With news that Anglo does not appear to have supported the Quinn proposals in the final stretch, and consequently that the Quinn/Anglo proposal has not been submitted to the administrators, there were suggestions that it was scorned. Various speakers, politicians and Quinn Group workers in the audience were at a loss to know why a proposal described by Kevin Lunney, director Quinn Group ROI Ltd, as the “best by far†was left in limbo. Mr. Lunney explained the details of the plan to the meeting and Dave Mackey, a non-executive member of the Quinn Group ROI board, outlined five concerns he maintains require a response. An all party cross border political group that supports the retention of Quinn Insurance Ltd in Irish ownership and backs the proposals that claim to secure the retention of all existing jobs best are to make one last concerted drive to ascertain why the Quinn/Anglo bid has not been put into the mix. Deputy Caoimhghín Ó Caoláin is the convenor of this all party group which includes the Minister for Agriculture, Brendan Smith, TD, Deputies Margaret Conlon, Seymour Crawford and Dr. Rory O'Hanlon, and Senators Diarmuid Wilson and Joe O'Reilly, Michelle Gildernew, MP MLA (Minister for Agriculture), Tommy Gallagher, MLA and Gerry McHugh, MLA. They have secured a meeting with the administrators Michael McAteer and Paul McCann in Dublin this evening (Wednesday) and have already sought meetings with a number of key decision makers and stakeholders in the process. Questions that were not answered at the meeting in the Kilmore will be put to the relevant people, according to the chairman of Cavan Chamber, Pacelli Lynch and PRO Eamon McDwyer (the answers will be posted on cavanchamber.ie). All politicians present on Friday evening publicly pledged support for the Quinn/Anglo deal as did John Maguire from Concerned Irish Business. There were indications over the weekend that Zurich Insurance is the front runner to buy Quinn Insurance out of administration as it is now understood that the Anglo/Liberty Mutual offer may face regulatory hurdles. It is also understood that the administrators and their banking advisors have narrowed the bidders down to Zurich and Anglo/Liberty. To make the situation more convoluted, The Sunday Business Post reported at the weekend that the National Treasury Management Agency (NTMA) favoured the Anglo/Liberty bid. However, the Irish Independent reported on Monday that the Anglo/Liberty offer has not been submitted to the NTMA. This is expected to happen within the next week.