The Quinn Cut and Run
It appears that the noose around Tony Quinn’s neck is tightening even more in the last few days. The Sunday Times article reviews the recent happenings in the Nevis court.
Article in Sunday Times, Business Section March 11, 2012
PDF below:
This case has been brought by INE Director Sheila McCaffrey though her company SM Life Ventures LLC, this comes hot on the heels of the Maranco LLC case (Paul Marriot former Director) which concluded with a courthouse steps settlement for over $16 Million.
In the Nevis proceedings last week, it was unearthed that Quinn and Morrice had signed a secret deal in favour of Quinn to get Quinn paid out of the oil company. The amounts involved is in excess of $23 Million. This deal was signed in Aug 2011 and is a ‘sweetheart’ deal to the detriment of all other shareholders. There is absolute outrage amongst shareholders currently that this had been about to be executed, had it not been for the Nevis proceedings by McCaffrey.
The deal was aiming at using INE Company funds to pay out Quinn instead of paying dividends to long suffering shareholders. This flies in the face of the actual validity of Quinn’s shareholding as this is in dispute as part of the current Nevis action. The sale agreement was clearly meant to bypass the legal process.
In addition to the $23 Million dollar pay-out the judgement cites that INE has already granted him a floating charge over its assets in order to secure payment of that sum.
Judge Bannister in Nevis said the following of the agreement before making the order to halt the deal:
“I will grant an order that no further step is to be taken in prosecution of the share sale agreement until after judgment in this action“
The order by the Judge went on to state a range of wide ranging restraints put on the Company between now and the expedited trial planned for June 2012.
Aine Coffey from the Sunday Times published this article.
Filed under: Tony Quinn |
Dialogue Ireland 
Written by Shane D. Williams
Thursday, 14 June 2012 00:00
Hon. Dean Oliver Barrow, Prime Minister of Belize, held his first quarterly press conference since being reelected to serve in the highest office of Belize. Issues such as the upcoming budget presentation, overall status of the economy and crime fighting strategies are of outmost importance; however, the nation has been following the health of the Prime Minister’s wife closely and before he got into the issues of national importance, Prime Minister Barrow spoke to the nation simply as a husband and father.
PM Barrow thanked the people of Belize for their intercessory prayers during a very difficult time for his family. He said that his wife has been released from the hospital and is being cared for by in-house doctors. When she arrives in Belize, she will continue to be monitored closely by doctors as she recuperates from heart failure and continues her battle with breast cancer.
After providing that update on his wife’s condition to the country, PM Barrow summed up his thoughts on the status of the economy in one sentence. He said, “All things being considered, we are doing remarkably well.” The tourism sector continues to prosper. The Minister of Tourism, Hon. Manuel Herredia Jr., is expecting as much as a ten percent growth in tourism this year. Another bedrock of the economy is the agricultural sector. Belize just closed the books on an extremely fruitful sugar crop season. According to PM Barrow, there was a fifteen-percent increase in earnings this season. The sugar industry will also be boosted by a new strategic investor, American Sugar Refining, who plans to significantly increase production. The banana industry had improved yields and the citrus industry had an equally impressive stretch. Aquaculture is on the rebound, largely due to the fact that the Bowen shrimp farmers have found a new investment partner. There is also an investor interested in purchasing Caye Chapel and transforming it into a Four Seasons resort.
With all these welcoming news about the economy, one has to wonder what are the “things being considered” that preceded the remarks “We are doing remarkably well”. Well, one of those things being considered is the fact that government stands to lose up to $30 million due to the decrease in world oil prices and decrease in oil production by Belize Natural Energy. Another thing being considered is that Belize is now clearly at the compensation stage of its nationalistic takeover of Belize Telemedia Limited and the Belize Electricity Limited. PM Barrow spoke of the Supreme Court’s recent decision on the nationalization of BTL saying, “The Supreme Court has upheld the government and people’s ownership of the utility companies. We are now prepared to negotiate compensation.” Both companies will cost several millions of dollars but will eventually pay for themselves. The main thing being considered is the increasing upcoming Superbond payment in August which will be around $47 million. The Government of Belize is able to make the August payment but the Superbond is always one of the things that must be considered whenever talking about the status of the economy. PM Barrow said that the debt restructure team will meet with the media sometime in the near future to discuss their task of negotiating with Belize’s bond holders. Once successful in their negotiations, the economy should be greatly relieved.
Speaking of the economy, PM Barrow announced that the General Revenue Appropriation Bill for the fiscal year 2012/2013 will be presented to the House of Representatives on Friday, June 29. He also announced that Belizeans need not worry about any growth-stifling tax increase in the budget. It will be a tight budget however as the Prime Minister aims to cut wasteful spending by stressing fiscal responsibility. Budget cuts will not affect government’s poverty alleviation social programs. PM Barrow was demonstrative about the fact that he will never depart from the UDP’s pro- poor programmes. However, government departments must operate more efficiently under the new budget. The only ministry that is unlikely to be impacted by budget cuts is the Ministry of National Security. PM Barrow believes that gang violence is Belize’s number one concern and the government will spare no resource in its efforts to get the situation under control. The economy will continue to benefit from public spending under government’s Cap 3 programs; internationally funded projects will not be slowed in any way by government’s spending cuts.
LikeLike
quinn is a scumbag / 50 million + in the bank , when is enough ,
enough
LikeLike
To emphases once again that this is Quinn at his worse, then you have the over-promising and under-delivering. For what it’s worth, Quinn does that too. His disgusting reply to shareholders published says he is ‘saving the company’ well have we heard that before or not.
The Educo party line at the moment is that there are a few noisy detractors, while the majority are delighted followers, the likes of which can be seen on http://www.educoworld.com. The blame the oil story for this of course. Blame everything when you are sinking.
The truth is that it is the pro-Quinn core that is tiny and the “awakened” ex-Educoist group is far more substantial and there is a large body within the shareholders of the oil company.
Larger still are the silent masses that have ridden off into the sunset, assumed by Quinn’s people to be on their side, happy with their experience. Newsflash: there is a reason why they have ridden off into the sunset. They are disinterested, embarrassed, disheartened or worse. You are completely isolated from these people because, wait for it, that’s what Quinn tells you to do so they don’t affect your mindset. In the case of the shareholders many have written off their shareholding as a bad investment because of the distaste of Quinn.
That is how a cult works. That is How a CULT destroys a business and the Mighty Quinn destruction continues. Congratulations, you reader you are becoming indoctrinated with flying colours. Quinn will always cut and run, he has done so for 30 years, this is a pattern of how he operates.
So Mr Quinn do you Understand the destruction and havoc you have caused? These are people’s lives you continue to reek havoc on. Your cut and run is sealing, THEFT, FRAUD dress it up whatever way you like that is what it is. The courts will see through that, all shareholders have confidence.
LikeLike
More should be done to warn people of this ‘dangerous magician’ who sucks vulnerable people into his isolated world of make believe and self obsessed lives. He robs them of their right to freedom and exploration of life .
Quinn has learned nothing from life and continues to rob people the world over,without a shred of guilt.
LikeLike
I hope that nobody is too shocked at this story, thats Quinns style alright. Its a pity about the shareholders though.
LikeLike
When you examine what is going on with Tony Quinn and his antics there is just one word for this man – Fraudster.
He has once again put his own personal greed and sickening behaviour ahead of ordinary decent people who worked in this company. This is the morale of Cults the world over, the use people.
There will no doubt be some reasoning based on saving the world to come forth from him to justify his actions. This is behaviour that is sickening to the core.
LikeLike