-------- Original Message --------
Subject: Re: Longbridge
Date: Mon, 18 Apr 2005 12:24:38 +0100
From: Peter Dzwig <pdzwig@summaventures.com>
Reply-To: pdzwig@summaventures.com
Organization: Summa Ventures Ltd
To: Blue One Hundred <healey.nut@gmail.com>
References: <4263788C.7000509@summaventures.com>
<ff59076c0504180355137482b4@mail.gmail.com>
Alan,
Careful...that's libellous!
If the Company had contracts with the Directors to pay them bonuses and those
bonuses were honoured according to the terms of the contract, then there's
nothing "wrong" with that legally. Their remuneration committee will have had to
approve their contracts and they will have been submitted to the lawyers to
approve.
Whatever happened the company survived for five years - which is five years
longer than most people gave it in 2000.
Perhaps the bigger question lies over the decision that the government made in
quashing the rival bid five years ago. That would have closed down everything
except MG and funded it as a maker of performance sports cars. Which of course
is the most likely viable scenario at present...
Peter Dzwig
Blue One Hundred wrote:
> Yeah but the 4 investors who "salvaged" MG -Rover a while back made a
> killing when they sucked the company dry to pay themselves
> multi-multi-million pound sterling bonuses!!! I draw some perverted
> sort of comfort to know it isn't just the American CEOs who rape their
> companies for personal profit.
>
> Maybe the new owners of the MG name will buy the Miata factory in
> Japan and make the car they should have made 15 years ago when the
> Miata came out.
>
> Sad news indeed.
>
> Alan
>
> '53 BN1 '64 BJ8
>
>
> On 4/18/05, Peter Dzwig <pdzwig@summaventures.com> wrote:
>
>>For those of you who may not have heard the Administrators (roughly the
>>equivalent of officials put into manage under Chapter 11-type regs), have
>>finally called it a day for MG-Rover production at Longbridge, which is the
>site
>>of the works at which many Healeys were built.
>>
>>This is the end of the line for the last British volume (not very large
>volume)
>>car maker. There is some hope that the MG name may be saved and something
>happen
>>with it.
>>
>>Needless to say full-scale recriminations are under way, particularly as we
>have
>>three weeks to a General Election.
>>
>>Peter Dzwig
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