He described the legal battle with IBRC, the former Anglo Irish Bank, as a 'charade'.
BBC: Former billionaire Sean Quinn begins nine-week jail term
IBRC's board was dismissed on Wednesday and the accountants KPMG are now running the bank.
In effect this would mean another loan sale competitor to NAMA and the IBRC special liquidator.
The IBRC took control of Anglo Irish bank after it was nationalised in 2009.
In April 2011, control of the Quinn business empire passed into the hands of the IBRC.
The Irish Bank Resolution Corporation (IBRC), the Irish state-owned bank, owns 24.9% of it.
Sean Quinn and his family have been embroiled in a high-profile legal battle with the IBRC.
Anglo Irish bank was nationalised in 2009 and its affairs were taken over by the IBRC.
However, IBRC was going to take at least 10 more years to pay off its ELA loans.
The IBRC is trying to recover the money from their property assets on behalf of Irish taxpayers.
Quinn, who had allegedly owed billions to IBRC, had filed for voluntary bankruptcy almost exactly a year ago.
Mr Quinn accused the IBRC of wrecking his company and pursuing a "vendetta" against him and his family.
Following last month's proceedings, Sean Quinn Sr avoided jail but must co-operate with the IBRC within three months.
The IBRC has been winding down the old toxic loan book of Anglo Irish for more than two years.
The interest goes from the exchequer to the IBRC and from the IBRC to the Central Bank of Ireland.
FORBES: How Much Would Ireland Benefit from Replacing the Promissory Notes with a Long-Term Bond?
He has been involved in a legal battle with Irish Bank Resolution Corporation (IBRC), the former Anglo Irish Bank.
The reality is the IBRC was liquidated because the Irish government preferred the new arrangements that emerged as a result.
Anglo Irish bank was nationalised in 2009 and its affairs were taken over by the Irish Banking Resolution Corporation (IBRC).
The Irish parliament stayed up into the early hours of Thursday morning in order to pass the legislation enacting IBRC's dissolution.
The Irish government provided guarantees to the Central Bank of Ireland that these loans to the state-owned IBRC would be repaid.
The former Anglo Irish Bank was bailed out by Irish taxpayers and is now controlled by the Irish Banking Resolution Company (IBRC).
The IBRC claims the Quinn family owes it more than 2bn euros and is trying to recover the money from their assets.
The IBRC claims the Quinn family owes it more than two billion euros and is trying to recover the money from their assets.
BBC: Former billionaire Sean Quinn begins nine-week jail term
In calculations I reported here before, I estimated that IBRC would have paid off its debts to the Central Bank by 2022.
Exactly a year later, Sean Quinn Sr lost control of his entire business empire when it passed into the hands of the IBRC.
Anyway, for one reason or another, it was decided to scrap the IBRC altogether and provide replacement bonds to the Central Bank of Ireland.
Irish Bank Resolution Corporation (IBRC) - the new name for Anglo Irish Bank - disputed Mr Quinn's claim that he is resident in Northern Ireland.
All told, the IBRC arrangements could have been considered monetary financing.
Well the purpose of the promissory notes is for IBRC to pay back the Emergency Liquidity Assistance (ELA) loaned to it by the Central Bank of Ireland.
FORBES: How Much Would Ireland Benefit from Replacing the Promissory Notes with a Long-Term Bond?
At the time, Sean Quinn Jr was sent to jail for three months, while his father was spared prison to allow him to co-operate with the IBRC.
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