The family of Sean Quinn will decide soon whether to appeal a decision in the case they are taking against IBRC and its special liquidator.
It emerged that the birth of a baby boy to Sean Quinn Jr and his wife yesterday has led to a delay in the Quinn family deciding whether to bring an appeal, which could delay the scheduled opening next month of their action aimed at avoiding liability for €2.34bn loans.
The birth of the child, the second boy born to the couple, was disclosed at a hearing to make final directions for the hearing of the case by Patricia Quinn and her five adult children, listed to open on June 3.
The court had adjourned briefly to allow the sides take instructions on a possible appeal by the Quinns against Mr Justice Robert Haugh-ton’s decision last week refusing to allow them claim they were innocent parties to the disputed transactions.
When the court resumed yesterday afternoon, the judge was told by Bernard Dunleavy, for the Quinns, that a “most unusual situation” had arisen: Sean Jr’s wife Karen had just given birth to a child and Mr Quinn was in the labour ward and lawyers were unable to get instructions from him. The judge granted counsel’s request to adjourn the matter to this morning.
The judge was dealing with final directions for the hearing of the family’s case, expected to last more than six months.
Initiated in May 2011, the legal costs of the case are already estimated at several million euro with the final bill expected to be multiples of that.
The case is against IBRC and its special liquidator Kieran Wallace. The Quinns dispute the validity of share pledges and guarantees provided as security for loans made by the former Anglo Irish Bank to Quinn companies. Those loans, the Quinns claim, were made for the unlawful purpose of propping up the bank’s plummeting share price.
The defendants previously joined Sean Quinn Sr and two former senior executives of the Quinn group, Liam McCaffrey and Dara O’Reilly, as third parties.
The bank claims the third parties at all times acted as agents of the Quinns concerning the execution of share pledges and guarantees. The Quinns deny those claims.
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