One giant leap into the media spotlight to defend an empire
The normally very quiet businessman jumped into a media spotlight that he has skilfully avoided for the past 30 years. Until now, his name has been synonymous with a type of successful entrepreneur that likes to get on with business, with no need for or interest in media attention.
People clearly love Sean Quinn’s dedication to his workers. The thousands of staff rallying for Quinn in Dublin, Cavan, Leitrim and Enniskillen, Co Fermanagh have been joined by politicians, business leaders and members of the general public from north and south of the border.
Thousands of people clearly sympathise with Sean Quinn, and no doubt welcome his paternal, protective stance on behalf of the Quinn Insurance workforce. They were no doubt glad when he phoned Shannonside, the west coast regional radio station, to vouch for the core financial strengths of the company.
However, when he made an unscheduled call into Prime Time, RTÉ One’s live current affairs TV programme, some started to the question the amateur nature of his media performance on a national media platform. Even though the insurance company had earlier turned down RTÉ’s request for a spokesperson, Mr Quinn rang the TV show to clarify some aspects of the discussion relating to Anglo Irish Bank’s proposal to take a €700 million stake in the group.
Here is an abridged extract of the phone call.
Sean Quinn: “I’m not sure where some of the figures here are coming from. The Quinn Group has plenty of money. We don’t need money, we’re cash rich. We have money in the bank.
“As regards the solvency or the money to pay claims, we have €250m and €400m, depending on what actuary you listen to, above the requirement to pay claims. We have about €1bn for that, and there’s another €400m on top of that, surplus for solvency.
“The regulator feels that’s a bit on the light side, he thinks that we should have about another €100m. [...] All I can tell you is that we are not looking for any money off anybody because the company is making lots of money. The company made €30m in the month of March. It is very cash rich and we don’t need any extra money.”
Naturally, many of those aligned to Quinn Insurance, applauded Mr Quinn’s decision to spontaneously defend his company.
The staff and many members of the general public fully approved. There is, however, a starkly contrasting view.
PR adviser Terry Prone, director of the Communications Clinic and Irish Examiner columnist, believes Mr Quinn should have been better prepared before launching himself into the media spotlight. She contends his media appearances have done little to help his cause.
Ms Prone explains: “It’s barking what he’s been doing. The notion of ringing Prime Time was ill-conceived.
“He seems to think that by suddenly appearing in the media that he will activate the general public to support his company. But that is not his real goal. These appearances will not influence the Financial Regulator, who is a clear and decisive person who simply won’t be influenced.
“In any case, nobody believes that the arrival of three or four busloads of protesters, with Garda outriders, was a spontaneous evidence of public support. These actions couldn’t be worse for his cause.”
That said, Ms Prone also believes that Mr Quinn’s supporters will have been appreciative of his sudden drive to overcome his years of preference for a quieter life in the shadows.
“He seems to be a most likeable individual,” she said. “He clearly hasn’t any of the slick corporate speak you might expect of a man in his position.
“He is likeable, but he has picked the wrong way to make his point. He may have made himself even more popular with the general public and the staff of Quinn Insurance, but they are not his target audience.”
