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Hedgerley

553 posts

152 months

[news] 
Tuesday 3rd April 2012 quote quote all
Looks like we will have to wait a little longer for the decision.

http://www.btimes.com.my/Current_News/BTIMES/artic...

At least DRB-Hicom are taking this very seriously (EY and Rothschild don't come cheap) and are conducting some rigorous due diligence. Perhaps some real facts will emerge about the state of DB's turnaround plan. The wait is agonising though.


CocoUK

572 posts

66 months

[news] 
Friday 6th April 2012 quote quote all
ARTICLE: DRB-HICOM conducts due diligence on Lotus said:
It is understood that the forensic teams, which have been stationed at the Lotus office in Norwich since late last month, will take at least six weeks to complete their task.
So it looks like early May for the thumb to go up or down, not a great time for all involved.

Tuna

4,732 posts

168 months

[news] 
Friday 6th April 2012 quote quote all
It'd be good if Lotus can get a clear mandate to deliver. If the audit turns out negative it could spell the end of them as a manufacturer.

If they ended up selling to a 'big name', they'd end up having to twist the range to fit in with the owners' plans, which at the very least means another few years of delays and confusion.

Personally I think drb could be a very good match. They're big in the automotive sector without having a 'high street' presence. Lotus could be that public face with a range of performance cars to properly rival other premium Marques.

The Pits

4,100 posts

124 months

[news] 
Friday 6th April 2012 quote quote all
hate to be the bearer of yet more bad news but...

http://www.autosport.com/news/report.php/id/98628

it's tragic that I won't get to see a car with Lotus roundels on it win another GP, something that's really a possible this year I believe.

however I suppose for Group Lotus, given the team are keeping the name 'Lotus F1', they will still get some benefit from the association without having to pay title sponsor fees (which must be huge). It's probably the most sensible thing they could do right now. I'll always be more of a fan of Lotus cars than Danny Bahar but this must feel like a hefty kick in the nuts for him.

Thorburn

1,384 posts

77 months

[news] 
Friday 6th April 2012 quote quote all
Have to laugh that Autosport have just caused a big stir with that.

From more than 3 weeks ago.... http://www.seloc.org/2012/03/lotus-no-longer-payin...
Advertisement

marshalla

10,116 posts

85 months

[news] 
Sunday 8th April 2012 quote quote all
F1 is not the only unpaid bill, apparently : http://www.eveningnews24.co.uk/home/builder_s_high...

Gabber

83 posts

67 months

[news] 
Sunday 8th April 2012 quote quote all
marshalla said:
F1 is not the only unpaid bill, apparently : http://www.eveningnews24.co.uk/home/builder_s_high...
Maybe a good reading will help instead of making statements that are not true. I have no comment about the builders claim but regarding the F1 its is simple.
Proton/Lotus gave a 35m loan to the F1 team so they do not have to pay them anymore. I do not know the details of the loan but I can understand that Lotus get some publicity out of it and the F1 team got some good loan conditions.
A win win situation I think.

darth_pies

565 posts

101 months

[news] 
Tuesday 10th April 2012 quote quote all
marshalla said:
F1 is not the only unpaid bill, apparently : http://www.eveningnews24.co.uk/home/builder_s_high...
I think this part tells you everything you need to know about Bahar's approach to revitalising Lotus:

"Claims documents filed at the High Court of Justice in London reveal the action centres upon almost £375,000 worth of renovation work, paid for by the loss-making company, of a house rented by the chief executive."

My impression is that the guy has been on an massive ego trip which has just come crashing to earth.

Dodgey_Rog

1,860 posts

144 months

[news] 
Tuesday 10th April 2012 quote quote all
darth_pies said:
I think this part tells you everything you need to know about Bahar's approach to revitalising Lotus:

"Claims documents filed at the High Court of Justice in London reveal the action centres upon almost £375,000 worth of renovation work, paid for by the loss-making company, of a house rented by the chief executive."

My impression is that the guy has been on an massive ego trip which has just come crashing to earth.
You don't know the terms of the rental agreement for this property. They might have agreed the renovation work in return for a rent free period for instance?

We've only got one side of the story here, seems to me like someone is trying to exploit the situation surrounding Lotus at the moment to look like the victim? Did the article mention what the actual retention amount was?

darth_pies

565 posts

101 months

[news] 
Tuesday 10th April 2012 quote quote all
Dodgey_Rog said:
You don't know the terms of the rental agreement for this property. They might have agreed the renovation work in return for a rent free period for instance?

We've only got one side of the story here, seems to me like someone is trying to exploit the situation surrounding Lotus at the moment to look like the victim? Did the article mention what the actual retention amount was?
Maybe. My point was that generally businesses with the tiny footprint, low sales/production volume and tiny trickle of income that Lotus has are not spending 375k on their CEO's full stop, let alone on their lodgings. It implies a serious mismatch between a management team who think they are rock-stars helming an automotive giant and the reality of a niche sports car manufacturer in Norfolk that can't make ends meet. IMHO!

marshalla

10,116 posts

85 months

[news] 
Tuesday 10th April 2012 quote quote all
Rumours that sell-off or liquidation is getting more likely : http://joesaward.wordpress.com/2012/04/10/worrying...


Tony Fernandes seems to think that Lotus chairman & CEO have gone : http://m.tmi.me/o8J8A

http://lockerz.com/s/200127838

Edited by marshalla on Tuesday 10th April 16:17

darth_pies

565 posts

101 months

[news] 
Tuesday 10th April 2012 quote quote all
marshalla said:
Rumours that sell-off or liquidation is getting more likely : http://joesaward.wordpress.com/2012/04/10/worrying...


Tony Fernandes seems to think that Lotus chairman & CEO have gone : http://m.tmi.me/o8J8A

http://lockerz.com/s/200127838

Edited by marshalla on Tuesday 10th April 16:17
So the Bahar era is over?!?! rolleyes

I imagine he's flown off on a private jet to join John Delorean, Nikolay Smolensky et al in the Automotive Hall of Shame? laugh

marshalla

10,116 posts

85 months

[news] 
Tuesday 10th April 2012 quote quote all
darth_pies said:
So the Bahar era is over?!?! rolleyes

I imagine he's flown off on a private jet to join John Delorean, Nikolay Smolensky et al in the Automotive Hall of Shame? laugh
No confirmation anywhere. Take with as much salt as you like.

Let's just hope it's not going to be another Smolenski situation.

Hedgerley

553 posts

152 months

[news] 
Tuesday 10th April 2012 quote quote all
I think TF is confused - there has been speculation that the Proton CEO has been nuked, denied fully by Proton (in tomorrow's Malaysian Business Times).

http://www.btimes.com.my/Current_News/BTIMES/artic...

With a couple of weeks to run on the due diligence, I doubt DRB-Hicom/Proton will have made any decisions on Lotus yet.

marshalla

10,116 posts

85 months

[news] 
Tuesday 10th April 2012 quote quote all
Hedgerley said:
I think TF is confused - there has been speculation that the Proton CEO has been nuked, denied fully by Proton (in tomorrow's Malaysian Business Times).

http://www.btimes.com.my/Current_News/BTIMES/artic...

With a couple of weeks to run on the due diligence, I doubt DRB-Hicom/Proton will have made any decisions on Lotus yet.
That could make sense - ISTR they were dead against TF having any involvement, not least because he's not a pure-bred native Malaysian.

fatbutt

1,242 posts

148 months

[news] 
Tuesday 10th April 2012 quote quote all
Bahar era (in summary): if it sounds too good to be true it is because it is too good to be true.

RYH64E

4,725 posts

128 months

[news] 
Tuesday 10th April 2012 quote quote all
As I remember, part of the reasoning behind Fernandez using Lotus branding in F1 was his expectation of owning the Lotus Group in the fullness of time, I don't think he was wrong but as it has worked out it looks like Lopez might be well placed to pick up the pieces.

piper

151 posts

152 months

[news] 
Tuesday 10th April 2012 quote quote all
Can it really be this bad? Very sad if it comes to this

http://www.autocar.co.uk/News/NewsArticle/AllCars/...


Tuna

4,732 posts

168 months

[news] 
Wednesday 11th April 2012 quote quote all
Hedgerley said:
I think TF is confused - there has been speculation that the Proton CEO has been nuked, denied fully by Proton (in tomorrow's Malaysian Business Times).

http://www.btimes.com.my/Current_News/BTIMES/artic...

With a couple of weeks to run on the due diligence, I doubt DRB-Hicom/Proton will have made any decisions on Lotus yet.
I don't think he's even slightly confused. He knows exactly what he's saying about a large competitor that may be about to get substantial backing.

WayneB

125 posts

110 months

[news] 
Wednesday 11th April 2012 quote quote all
fatbutt said:
Bahar era (in summary): if it sounds too good to be true it is because it is too good to be true.
Yes that is pretty much it in a nutshell.

As to hazzard a guess as to where Dany Bahar has dissapeared to ATM ,If I were him I would have flown to Malaysia and be groveling on my knees in front of the DRB-Hicom board in an attempt to keep my job.

Of course he could also be at a launch party for the opening of Outer Mongolias first Lotus Dealer.


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