RE: Group Lotus PLC may be wound up
Discussion
Oh Dear, looks like PH also fumbled the ball that slipped through Autocar's defense too...
lotus said:
Group Lotus PLC is not being liquidated
Monday, March 18, 2013 - 15:45
Contrary to rumours initiated by a single car magazine (Autocar), Lotus is not being liquidated.
Earlier this year, Lotus was in a contractual dispute which was resolved amicably a number of weeks ago. However the High Court process meant that the matter was still shown on the High Court website, as there was a hearing scheduled for today. This is what appears to have been seen and misunderstood.
The case was only listed for the proceedings to be disposed of.
The claim has now been dismissed with no order as to costs.
Monday, March 18, 2013 - 15:45
Contrary to rumours initiated by a single car magazine (Autocar), Lotus is not being liquidated.
Earlier this year, Lotus was in a contractual dispute which was resolved amicably a number of weeks ago. However the High Court process meant that the matter was still shown on the High Court website, as there was a hearing scheduled for today. This is what appears to have been seen and misunderstood.
The case was only listed for the proceedings to be disposed of.
The claim has now been dismissed with no order as to costs.
toppstuff said:
Given that PH and Autocar are all a part of the Haymarket group and also the apparent fact that this is a legacy of a dispute now settled, is not the tone of the reporting rather inaccurate and misleading?
Maybe PH editorial staff can explain themselves?
Only too glad to! Maybe PH editorial staff can explain themselves?
As the story 'broke' this morning, initial signs were that it was bad news for Lotus. However, after putting in a call to the company, we were told that there was no chance of liquidation. As such, we felt it important to run the story as we had a different line on it to Autocar. I believe we made the point very clearly - both in the original standfirst, and in the story itself - that Lotus had pointed out that liquidation was not an option. That said, it would be a dereliction of our duty not to point out the potential consequences of a winding-up order against the company. As such I stand by my original story.
Of course, speaking as an enthusiast, as well as a journo, I'm chuffed as nuts that it turned out to be nothing to get worked up about!
Scrof
Nick644 said:
anniesdad said:
Nick644 said:
The Elise and Evora have much the same problems and just aren't particularly comfortable, (at least from my experience of an Elise).
Please take yourself to a Lotus dealer and try the Evora out, it's a wonderful car and very very comfortable. The suspension is put together using wishbone fairy magic and the standard Recaro seats are supremely comfortable. Entry and exit into the cockpit is easier than in the Elise and once inside it feels a special place to be. Edited by Nick644 on Monday 18th March 13:14
Seriously though, the Lotus' (all Toyota engined) that I've run have always been reliable, had a couple of ECU problems that were well known on an '05 car but other than that no problems *touches wood.
I run them without warranties, whereas I wouldn't dream of doing the same on the modern Porsche cars.
MagicalTrevor said:
Disappointing PH, disappointing
The last thing a company like Lotus needs is misinformed speculation such as this. You need to get your facts right before sticking the boot in.
Yeah, I am inclined to agree. The last thing a company like Lotus needs is misinformed speculation such as this. You need to get your facts right before sticking the boot in.
A winding up order is a common and classic approach for creditors to shout more loudly.
For example, I did some consulting work for HSBC Bank. They owe me money and it is late. I could issue them with a winding up order and send it into the legal system. Would the FT report that HSBC was being wound up? Of course they would'nt. This is no different. PH should not have done this IMO.
toppstuff said:
MagicalTrevor said:
Disappointing PH, disappointing
The last thing a company like Lotus needs is misinformed speculation such as this. You need to get your facts right before sticking the boot in.
Yeah, I am inclined to agree. The last thing a company like Lotus needs is misinformed speculation such as this. You need to get your facts right before sticking the boot in.
A winding up order is a common and classic approach for creditors to shout more loudly.
For example, I did some consulting work for HSBC Bank. They owe me money and it is late. I could issue them with a winding up order and send it into the legal system. Would the FT report that HSBC was being wound up? Of course they would'nt. This is no different. PH should not have done this IMO.
Scrof said:
toppstuff said:
MagicalTrevor said:
Disappointing PH, disappointing
The last thing a company like Lotus needs is misinformed speculation such as this. You need to get your facts right before sticking the boot in.
Yeah, I am inclined to agree. The last thing a company like Lotus needs is misinformed speculation such as this. You need to get your facts right before sticking the boot in.
A winding up order is a common and classic approach for creditors to shout more loudly.
For example, I did some consulting work for HSBC Bank. They owe me money and it is late. I could issue them with a winding up order and send it into the legal system. Would the FT report that HSBC was being wound up? Of course they would'nt. This is no different. PH should not have done this IMO.
If a contractor to Haymarket was late being paid, he could hit your firm with a winding up order too. How would you feel if , say, EVO reported that Pistonheads may be wound up? I bet you would have been a bit irked because it did not reflect the practical reality of the situation.
MarJay said:
Oh Dear, looks like PH also fumbled the ball that slipped through Autocar's defense too...
flotus said:
Group Lotus PLC is not being liquidated
Monday, March 18, 2013 - 15:45
Contrary to rumours initiated by a single car magazine (Autocar), Lotus is not being liquidated.
Earlier this year, Lotus was in a contractual dispute which was resolved amicably a number of weeks ago. However the High Court process meant that the matter was still shown on the High Court website, as there was a hearing scheduled for today. This is what appears to have been seen and misunderstood.
The case was only listed for the proceedings to be disposed of.
The claim has now been dismissed with no order as to costs.
Monday, March 18, 2013 - 15:45
Contrary to rumours initiated by a single car magazine (Autocar), Lotus is not being liquidated.
Earlier this year, Lotus was in a contractual dispute which was resolved amicably a number of weeks ago. However the High Court process meant that the matter was still shown on the High Court website, as there was a hearing scheduled for today. This is what appears to have been seen and misunderstood.
The case was only listed for the proceedings to be disposed of.
The claim has now been dismissed with no order as to costs.
k me, If I was a professional Journalist and posted this live I would be just a little embarrassed to say the least. 
There are of course can be serious implications with stories like these. As someone put earlier, albeit with tongue in cheek probably, no smoke without fire.
It brings to my mind something that happened to Lotus' old adversary Ginetta Cars Ltd in the mid 1970s - which nearly caused the company irreparable damage. Again, it was similar, in that the story appeared in a popular motoring publication: It was no more than a few column inches about TVR Engineering's 10th anniversary and a special model it was putting on sale to celebrate the occasion.
The article went on to point out that whereas TVR was succeeding, other similar car companies had gone bust or hit severe problems. It listed the likes of those who had gone bust or hit trouble like Marcos, Jensen, Aston, Gilbern and Clan etc. The problem was that in amongst these manufacturers it also listed Ginetta, inadvertently (well, that was the story).
I remember the MD telling me his phone was red hot within no time. Threats of cancelling orders for cars, credit being stopped and so on. It was only because Ginetta was actually financially very stable that it came through, but not unscathed.
Incorrect stories, or in the aforementioned case just one word in the wrong place, can cause turmoil.
It brings to my mind something that happened to Lotus' old adversary Ginetta Cars Ltd in the mid 1970s - which nearly caused the company irreparable damage. Again, it was similar, in that the story appeared in a popular motoring publication: It was no more than a few column inches about TVR Engineering's 10th anniversary and a special model it was putting on sale to celebrate the occasion.
The article went on to point out that whereas TVR was succeeding, other similar car companies had gone bust or hit severe problems. It listed the likes of those who had gone bust or hit trouble like Marcos, Jensen, Aston, Gilbern and Clan etc. The problem was that in amongst these manufacturers it also listed Ginetta, inadvertently (well, that was the story).
I remember the MD telling me his phone was red hot within no time. Threats of cancelling orders for cars, credit being stopped and so on. It was only because Ginetta was actually financially very stable that it came through, but not unscathed.
Incorrect stories, or in the aforementioned case just one word in the wrong place, can cause turmoil.
toppstuff said:
Scrof said:
toppstuff said:
MagicalTrevor said:
Disappointing PH, disappointing
The last thing a company like Lotus needs is misinformed speculation such as this. You need to get your facts right before sticking the boot in.
Yeah, I am inclined to agree. The last thing a company like Lotus needs is misinformed speculation such as this. You need to get your facts right before sticking the boot in.
A winding up order is a common and classic approach for creditors to shout more loudly.
For example, I did some consulting work for HSBC Bank. They owe me money and it is late. I could issue them with a winding up order and send it into the legal system. Would the FT report that HSBC was being wound up? Of course they would'nt. This is no different. PH should not have done this IMO.
If a contractor to Haymarket was late being paid, he could hit your firm with a winding up order too. How would you feel if , say, EVO reported that Pistonheads may be wound up? I bet you would have been a bit irked because it did not reflect the practical reality of the situation.
Scroff: yes, they had been on a winding up list but you've reported it out of context. Did you contact Lotus for comment or just hit 'submit' to get the headlines?
Just take the story down, enough damage has been done.
Gassing Station | General Gassing | Top of Page | What's New | My Stuff