QUINN FAMILY FIRES WARNING SHOT AT POTENTIAL BIDDERS - The family of bankrupt businessman Seán Quinn has warned that it will “vigorously” pursue the return of any part of his former empire sold ahead of its action against the former Anglo Irish Bank and share receiver Kieran Wallace. Parts of the manufacturing and property group taken over by the now defunct Anglo Irish Bank, which appointed the receiver, and a group of bondholders, are currently either for sale or are said to be the subject of potential bids, says the Irish Times. The transactions are taking place as members of the Quinn family are taking proceedings against the former bank and Mr Wallace, claiming that the loans which dragged the group under should not have been made in the first place. Yesterday, the Quinns issued a statement pointing out that those proceedings are listed for hearing in the Commercial Court next April. “The family seeks to overturn Anglo’s illegal takeover of the Quinn companies and unwind all actions taken since Mr Wallace’s appointment,” the statement said. “The sale of any Quinn companies or company assets, which would compound the illegality, will result in the family vigorously pursuing the return of those assets.” Estate agents CBRE put two landmark Dublin pubs, the Cat and Cage and Quinn’s, both in Drumcondra, on the market last week. It was also reported that one-time Barlo chief executive, Tony Mullins, is preparing a bid to buy back the radiator and plastics manufacturer from Aventas, the vehicle that owns most of the old Quinn group’s productive businesses.
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KENNY PRAISES 'PATRIOTISM' AS GUARANTEED IRISH HITS 30 - Taoiseach Enda Kenny has praised the "practical patriotism" of the Guaranteed Irish symbol as the company marks its 30th year. Speaking at a celebratory lunch in Dublin yesterday, Mr Kenny said: "I'm sure there are many here who will remember as clearly as I do when this concept started out some years ago. It made us sit up and take notice way back then, its message was about an innate sense of quality, of faith, of confidence and indeed of trust, the sense that by watching the iconic Guaranteed Irish symbol, that we, all of us, could do our bit." A study by Amárach Research in 2011 found that 6,000 new jobs would be created if Irish households increased spending on Guaranteed Irish products by 25%, says the Irish Independent. The study estimated that the average household spent just under €16 per week on Guaranteed Irish products. A State-backed campaign encouraging people to "buy Irish" was established in the 1970s, but the scheme was deemed unlawful by the European Court of Justice in 1982. After the court decision, Guaranteed Irish was set up as an independent, non-profit company in 1984.
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INVESTORS PULL CASH AHEAD OF SCOTS VOTE - Asset managers, investors and pension savers are moving billions of pounds out of Scotland, according to industry executives, amid rising concerns about the financial consequences of a Yes vote in next week’s independence referendum. Multrees Investor Services, a manager of bank accounts for the wealth management industry, said it alone had moved hundreds of millions of pounds on behalf of several wealth managers. “They’ve all been taking action,” said Chris Fisher, Multrees’ chief executive. “If our clients are doing it then other financial services companies are doing it as well.” Douglas Connell, senior partner at Turcan Connell, one of Edinburgh’s best known legal firms - which also has a wealth management arm and specialises in handling the affairs of the well-heeled - said: “We’re extremely busy at the moment. There is an unprecedented level of questions. There is almost a frenzy [among clients]. The big question is, ‘Is my cash safe in a Scottish bank?’,” he said. Clients were “concerned that there could be some kind of controls” put on funds in Scottish banks. They were worried that “some kind of axe might come down” immediately after the referendum. He said such worries were unfounded. The Financial Times says that in a further sign of nerves, “exit clauses” are being inserted into commercial property contracts in Scotland to allow buyers to scrap deals or renegotiate prices if voters opt for independence, according to leading advisers to the sector.
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'PETER PAN' VIRUS THREATENS HUNDREDS OF THOUSANDS OF UK COMPUTERS - Hundreds of thousands of computers in the UK may be at risk from a highly sophisticated new phishing email scam that has been dubbed the “Peter Pan virus”, writes the London Independent. The attack from an unidentified group of hackers began yesterday morning, and involves a very convincing “confirmation” email purporting to be from a real ticketing company, BH Live. When opened, the email tells people they have successfully bought nine tickets for £145 to see Peter Pan at the Bournemouth Pavilion Theatre this Christmas - a genuine production. But those who have clicked on the attached “e-tickets”, which appear to be PDF files, have actually downloaded a series of malware viruses to their computers. Experts have warned that the scam is being targeted at individuals as well as small and medium businesses.
