administrators proposals
Discussion
got them in the post today, in them it says they are hopeful of a recovery of assets from the transaction with dom, that would be a great shame for you guys, they are hoping to sell tvr for in excess of £1.75 million, dosent sound a lot, creditors so far owed
£29,309,139.21 and still more to come. the liability due to pw may amount to £5,263,575
although this at the moment has been limited to £2,771,882.00
thats a lot of dilapidation. ns and a macedonian investments company trying to claim
£25 million. it dosent make good reading for all the genuine creditors
£29,309,139.21 and still more to come. the liability due to pw may amount to £5,263,575
although this at the moment has been limited to £2,771,882.00
thats a lot of dilapidation. ns and a macedonian investments company trying to claim
£25 million. it dosent make good reading for all the genuine creditors
If this is true then the Cosmonaut is poisoning the deal. The Macedonian company is probably NS claiming BA owe him the money ( there might be paperwork to prove it) which will certainly put other people off and allow him to reacquire the brand at which point the 25M resolves itself.
The key issue is the validity of the £25m, which the creditors will have assessed.
Not good news if true
The key issue is the validity of the £25m, which the creditors will have assessed.
Not good news if true
Hang on so let me understand this?
So SMolenski is claiming he is owed £25m?
Wheeler reckons he's owed £5m
And they want to sell it for £2million?
Why should SMolenski get anything - he put the money in - his own incompetence lost him his money - how can he regard that as a liability owing to him?
It would be like me gambling away £100 grand in a casino and then suing the casino for the money?
Can someone explain this in English - and quite why anyone would want to pay in effect £32 million for a defunct car firm that Smolenski overpaid £14million for when it was a lot healthier than it is now?
Saxon
So SMolenski is claiming he is owed £25m?
Wheeler reckons he's owed £5m
And they want to sell it for £2million?
Why should SMolenski get anything - he put the money in - his own incompetence lost him his money - how can he regard that as a liability owing to him?
It would be like me gambling away £100 grand in a casino and then suing the casino for the money?
Can someone explain this in English - and quite why anyone would want to pay in effect £32 million for a defunct car firm that Smolenski overpaid £14million for when it was a lot healthier than it is now?
Saxon
sidewayz said:
If this is true then the Cosmonaut is poisoning the deal. The Macedonian company is probably NS claiming BA owe him the money ( there might be paperwork to prove it) which will certainly put other people off and allow him to reacquire the brand at which point the 25M resolves itself.
The key issue is the validity of the £25m, which the creditors will have assessed.
Not good news if true
The key issue is the validity of the £25m, which the creditors will have assessed.
Not good news if true
The £25m is of academic interest only, it won't be repaid from the sale of the assets and won't be the responsibility of the new owners. The creditors (£25m included) will get a small percentage of their debt paid assuming there are funds left after the preferential creditors have been paid.
Interesting to see that the sale of TVR Power may be reversed, I did wonder how much money changed hands in the deal, where the money was paid and who the new shareholders were.
BA was a separate company with a contract to manufacture for NA.NA is claiming they owe him the £25M, which he would have to validate by producing evidence of the monies owed. No one knows the details but similar claims have been made in the past and similar tactics tried by very large companies. I believe ICI once stopped a takeover attempt by agreeing massive Pension benefits for the staff. The cost of delivering on the Pension deal put off the stalker at the time. Bloody desperate manoeuvre as you then have to service the agreement yourself.
The £5m claim by PW suggests that he might not have received all of his monies from NS. Either PW's contract was with what became called BA or NS manoeuvred the liability into BA in an attempt to avoid paying up.
One thing is for sure-the administrators are going to be earning their fee on this one.
Just my view of course
The £5m claim by PW suggests that he might not have received all of his monies from NS. Either PW's contract was with what became called BA or NS manoeuvred the liability into BA in an attempt to avoid paying up.
One thing is for sure-the administrators are going to be earning their fee on this one.
Just my view of course
Saxon said:
stuff
A Ltd company is a separate legal entity. He, Smolensky, is not the same as the company, he is just the owner of the shares that make it up. If he put "additional" money in then that can be considered a directors loan and he has leant the Ltd company the money, he can then take that money out again (free of tax) should he so choose. The original money he spent to buy TVR will not be included in that figure, as that was effectively used to buy "the shares" from P.W. The breakdown of creditor amounts are just numbers, they will do nothing other than dictate the percentages each creditor might expect to recoup from the sale, i.e. simply speaking, if NS's share makes up 80% of the creditors then his cut of the proceeds from sale should likely be 80%, so if he pays £2m for the company now, he will get £1.6m back anyway as a creditor, so the trademark etc will cost him £400k. That is why he can probably afford to table a higher bid than most - it has been commented on however that the administrators could theoretically exclude his bid on various grounds.
I think that is pretty much how it works anyway.
david_s said:
sidewayz said:
If this is true then the Cosmonaut is poisoning the deal. The Macedonian company is probably NS claiming BA owe him the money ( there might be paperwork to prove it) which will certainly put other people off and allow him to reacquire the brand at which point the 25M resolves itself.
The key issue is the validity of the £25m, which the creditors will have assessed.
Not good news if true
The key issue is the validity of the £25m, which the creditors will have assessed.
Not good news if true
The £25m is of academic interest only, it won't be repaid from the sale of the assets and won't be the responsibility of the new owners. The creditors (£25m included) will get a small percentage of their debt paid assuming there are funds left after the preferential creditors have been paid.
Interesting to see that the sale of TVR Power may be reversed, I did wonder how much money changed hands in the deal, where the money was paid and who the new shareholders were.
Tvr Power is soley owned by myself i am the only share holder of the company, sale of Tvr Power will not be reversed unless someone comes to me with a very large offer
Dom
sidewayz said:
BA was a separate company with a contract to manufacture for NA.NA is claiming they owe him the £25M, which he would have to validate by producing evidence of the monies owed. No one knows the details but similar claims have been made in the past and similar tactics tried by very large companies. I believe ICI once stopped a takeover attempt by agreeing massive Pension benefits for the staff. The cost of delivering on the Pension deal put off the stalker at the time. Bloody desperate manoeuvre as you then have to service the agreement yourself.
The £5m claim by PW suggests that he might not have received all of his monies from NS. Either PW's contract was with what became called BA or NS manoeuvred the liability into BA in an attempt to avoid paying up.
One thing is for sure-the administrators are going to be earning their fee on this one.
Just my view of course
The £5m claim by PW suggests that he might not have received all of his monies from NS. Either PW's contract was with what became called BA or NS manoeuvred the liability into BA in an attempt to avoid paying up.
One thing is for sure-the administrators are going to be earning their fee on this one.
Just my view of course
It's not a takeover, BA is in administration. It will be sold on with no debt and the new owners will have no obligations to the previous creditors.
tvr power said:
david_s said:
sidewayz said:
If this is true then the Cosmonaut is poisoning the deal. The Macedonian company is probably NS claiming BA owe him the money ( there might be paperwork to prove it) which will certainly put other people off and allow him to reacquire the brand at which point the 25M resolves itself.
The key issue is the validity of the £25m, which the creditors will have assessed.
Not good news if true
The key issue is the validity of the £25m, which the creditors will have assessed.
Not good news if true
The £25m is of academic interest only, it won't be repaid from the sale of the assets and won't be the responsibility of the new owners. The creditors (£25m included) will get a small percentage of their debt paid assuming there are funds left after the preferential creditors have been paid.
Interesting to see that the sale of TVR Power may be reversed, I did wonder how much money changed hands in the deal, where the money was paid and who the new shareholders were.
Tvr Power is soley owned by myself i am the only share holder of the company, sale of Tvr Power will not be reversed unless someone comes to me with a very large offer
Dom
Pleased to hear it. Good luck with the future.
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