January 13, 2011

What does heavy mooting look like? Bankstone News is no expert, but Insurance Times reported this week that although “a joint bid between Anglo Irish Bank and US insurer Liberty Mutual has been heavily mooted” a deal may still be some weeks off, and it might end up being with Zurich or someone else. But definitely not with Shorn Quinn or the Quinn family or anything like that.

Reporting a statement from joint administrator Michael McAteer of Grant Thornton (wonder if he’s got a Camberwell Carrot going spare), IT exclusively revealed that it could be a month yet before there’s anything to report – but the Quinn Family are definitely “not involved in the bidding.”

McAteer warned anxious Quinnlings not to rock the boat. “I would be concerned,” he emailled, “that there appears to be a number of rumours encouraging staff to take inappropriate action and I would fear that this type of action could prejudice the process and therefore the future of the business. I would respectfully suggest that staff recognise how any type of action or behaviour could be interpreted by a bidder.”

“The key objective is to avoid a scenario where there is no sale,” he explained. No deal has been done, he insisted. Certainly not one involving any member(s) of the Quinn family. “There is no Quinn/Anglo proposal,” he clarified. “There is no Quinn family proposal.” Seems pretty clear.


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