Oligarch seeks to buy back TVR from administrators

[ubernoober]

Ho hum :deepsighwithanairoffatalitytoitsmiley:

www.financialdirector.co.uk/accountancyage/news/2174627/oligarch-bids-back-tvr

[gridgway]

so, a week or so ago, as we were finding out that the TVR name was still owned by BA and everyone was saying ho, ho, ho, what a smelli-cockup, I said it was all part of a cunning plan. My view was poo-poo'ed.

I now re-propose that it is all a cunning plan. If smelli is a big creditor, then he will surely have an advantage in re-purchasing.

He keeps what he wants (name, moulds maybe), auctions the rest and carries on with the outsourcing plan.

After all, we have heard that this kind of financial and company engineering happens all the time.

Could be a great big, smug "I told you so"!

Mind you, my glory will be extremely shortlived and bitter-sweet with the realisation that the chances of getting TVR into sensible ownership have just gone poof!!

Graham

[jsr]

Putting a company into liquidation, only to buy it back and start again, leaving creditors with nothing, is extremely bad business practice. Suppliers will not be so keen to supply the company second time round. It would be known as a pheonix. For the sake of the company, i hope NS does not buy the company again as the already tarnished TVR name will become a whole lot worse.

[marco1958]

Only in UK would such underhand practises be allowed he s probably bankrupted some suppliers but if production goes abroad he will source parts there too I think its shocking.

[Horse_Apple]

gridgway said:

so, a week or so ago, as we were finding out that the TVR name was still owned by BA and everyone was saying ho, ho, ho, what a smelli-cockup, I said it was all part of a cunning plan. My view was poo-poo'ed.

I now re-propose that it is all a cunning plan. If smelli is a big creditor, then he will surely have an advantage in re-purchasing.

He keeps what he wants (name, moulds maybe), auctions the rest and carries on with the outsourcing plan.

After all, we have heard that this kind of financial and company engineering happens all the time.

Could be a great big, smug "I told you so"!

Mind you, my glory will be extremely shortlived and bitter-sweet with the realisation that the chances of getting TVR into sensible ownership have just gone poof!!

Graham

The cars that were built under NS were much better quality than under PW. He also was not responsible for the s6 move, or in fact any of the big events that have been theultimate cause of the downfall. He just bought a dead duck and made some poor taste marketing descisions.

I can't see a big manufacturer stepping in and having had a week to mull it over I think Melling would be an absolute disaster.

Maybe NS is still TVRs only true hope.

Discuss

[ncs]

gridgway said:

If smelli is a big creditor, then he will surely have an advantage in re-purchasing.

I dont think this will be the case, surely he will be a 'non preferred' creditor & as such entitled to nothing from the sale of the business.

In my experience of customers that have gone tits up oweing me money the only people who will benefit from any monies raised from the sale of assets will be the inland revenue, the bank, & the auditors themselves - who strangely enough always manage to make their bill exactly the same as the balance left after those mentioned have had their share.

Nick

[skwdenyer]

ncs said:

gridgway said:

If smelli is a big creditor, then he will surely have an advantage in re-purchasing.

I dont think this will be the case, surely he will be a 'non preferred' creditor & as such entitled to nothing from the sale of the business.

In my experience of customers that have gone tits up oweing me money the only people who will benefit from any monies raised from the sale of assets will be the inland revenue, the bank, & the auditors themselves - who strangely enough always manage to make their bill exactly the same as the balance left after those mentioned have had their share.

Nick

Since crown preference has now been abolished (not before time), Inland Revenue etc have to fight it out on equal terms with other creditors. Properly secured creditors (those with a fixed or floating charge over assets) and those considered preferential (usually employees these days) would come first, followed by everybody else. BA has no debentures / charges registered (to banks or NS or anyone else), so straight bun-fight.

[jagdpanther]

I said it once, I'll say it again




Lets take the Smeghead out for sushi

[mick g star]

jsr said:

Putting a company into liquidation, only to buy it back and start again, leaving creditors with nothing, is extremely bad business practice. Suppliers will not be so keen to supply the company second time round. It would be known as a pheonix. For the sake of the company, i hope NS does not buy the company again as the already tarnished TVR name will become a whole lot worse.

Please don't let NS or TVR's management back at the driving wheel! We have been in the motor trade in Blackpool for thirty years. As an independent we have always had a respectable friendship with TVR of the past but since NS arrived, his company in 2006 cost us £1000 in legal fees, so as Simon Cowell says, ITS A NO FROM ME! .... Keep TVR BRITISH!!!

Edited by mick g star on Tuesday 13th February 20:33

[dodgey_rog]

mick g star said:

jsr said:

Putting a company into liquidation, only to buy it back and start again, leaving creditors with nothing, is extremely bad business practice. Suppliers will not be so keen to supply the company second time round. It would be known as a pheonix. For the sake of the company, i hope NS does not buy the company again as the already tarnished TVR name will become a whole lot worse.

Please don't let NS or TVR's management back at the driving wheel! We have been in the motor trade in Blackpool for thirty years. As an independent we have always had a respectable friendship with TVR of the past but since NS arrived, his company in 2006 cost us £1000 in legal fees, so as Simon Cowell says, ITS A NO FROM ME! .... Keep TVR BRITISH!!!

So what happened to cost you a grand?

[SEN 18]

"Don't think his old chap will give him another 50 Milo to throwaway."If he were my son I'd kick him up the arse.

[mick g star]

dodgey_rog said:

mick g star said:

[quote=jsr]Putting a company into liquidation, only to buy it back and start again, leaving creditors with nothing, is extremely bad business practice. Suppliers will not be so keen to supply the company second time round. It would be known as a pheonix. For the sake of the company, i hope NS does not buy the company again as the already tarnished TVR name will become a whole lot worse.

Please don't let NS or TVR's management back at the driving wheel! We have been in the motor trade in Blackpool for thirty years. As an independent we have always had a respectable friendship with TVR of the past but since NS arrived, his company in 2006 cost us £1000 in legal fees, so as Simon Cowell says, ITS A NO FROM ME! .... Keep TVR BRITISH!!!

So what happened to cost you a grand?
[/quote

NS phoned us personally to ask if we could service his T350, and as under British law " YES " we can! So he replied "you will be hearing from my lawyers", and put the phone down!! (good business or what).. THEN,... You guest it, we got a letter from his London lawyer asking us not to service TVR's and for us to sign, and to rid ourselves of the TVR mark. As if!!!

[jagdpanther]

mick g star said:

NS phoned us personally to ask if we could service his T350, and as under British law " YES " we can! So he replied "you will be hearing from my lawyers", and put the phone down!! (good business or what).. THEN,... You guest it, we got a letter from his London lawyer asking us not to service TVR's and for us to sign, and to rid ourselves of the TVR mark. As if!!!

NO SHIT?

Cheeky communist wankstain

[DJC]

mick g star said:

dodgey_rog said:

mick g star said:

[quote=jsr]Putting a company into liquidation, only to buy it back and start again, leaving creditors with nothing, is extremely bad business practice. Suppliers will not be so keen to supply the company second time round. It would be known as a pheonix. For the sake of the company, i hope NS does not buy the company again as the already tarnished TVR name will become a whole lot worse.

Please don't let NS or TVR's management back at the driving wheel! We have been in the motor trade in Blackpool for thirty years. As an independent we have always had a respectable friendship with TVR of the past but since NS arrived, his company in 2006 cost us £1000 in legal fees, so as Simon Cowell says, ITS A NO FROM ME! .... Keep TVR BRITISH!!!

So what happened to cost you a grand?
[/quote

NS phoned us personally to ask if we could service his T350, and as under British law " YES " we can! So he replied "you will be hearing from my lawyers", and put the phone down!! (good business or what).. THEN,... You guest it, we got a letter from his London lawyer asking us not to service TVR's and for us to sign, and to rid ourselves of the TVR mark. As if!!!

One hopes you deposited said letter straight in the pisser?

[SEN 18]

Now lets have a look at this in some depth yes, this wet behind the ears young lad has an inferiority complex so what does he do?He rules by fear, if you don't do what I tell you your out! Even if you've only got one little grey cell between your ears the outcome will in the end have only one result.[ Destruction] if your dad does give you any folding quality use it to buy a ticket to get you into Eaton after 10 years in their you will be qualified to the country up as well.

[Wacky Racer]

SEN 18 said:

"Don't think his old chap will give him another 50 Milo to throwaway."If he were my son I'd kick him up the arse.

[gridgway]

One might not like it and not specifically related to this incident, but IPR owners go to lengths to protect the name. As BMW/rover did with the Mini name, as Caterham have done (and sometimes failed) with the "Seven", as Intel do with a vengeance.

Graham

[mick g star]

DJC said:

mick g star said:

dodgey_rog said:

mick g star said:

[quote=jsr]Putting a company into liquidation, only to buy it back and start again, leaving creditors with nothing, is extremely bad business practice. Suppliers will not be so keen to supply the company second time round. It would be known as a pheonix. For the sake of the company, i hope NS does not buy the company again as the already tarnished TVR name will become a whole lot worse.

Please don't let NS or TVR's management back at the driving wheel! We have been in the motor trade in Blackpool for thirty years. As an independent we have always had a respectable friendship with TVR of the past but since NS arrived, his company in 2006 cost us £1000 in legal fees, so as Simon Cowell says, ITS A NO FROM ME! .... Keep TVR BRITISH!!!

So what happened to cost you a grand?
[/quote

NS phoned us personally to ask if we could service his T350, and as under British law " YES " we can! So he replied "you will be hearing from my lawyers", and put the phone down!! (good business or what).. THEN,... You guest it, we got a letter from his London lawyer asking us not to service TVR's and for us to sign, and to rid ourselves of the TVR mark. As if!!!

One hopes you deposited said letter straight in the pisser?

No my dad who is proprietor of Green Star has kept the letter so we can use it when and where he would like to post it. As to how Blackpool and the TVR workers have been treated by NS and the TVR management in this town. Im, "RACING FOR THE TVR WORKERS & Brents,NEWMAN LOGO"

[Horse_Apple]

SEN 18 said:

Now lets have a look at this in some depth yes, this wet behind the ears young lad has an inferiority complex so what does he do?He rules by fear, if you don't do what I tell you your out! Even if you've only got one little grey cell between your ears the outcome will in the end have only one result.[ Destruction] if your dad does give you any folding quality use it to buy a ticket to get you into Eaton after 10 years in their you will be qualified to the country up as well.

Eton & There. Now get a grip. It's boring that you have a chip on your shoulder about him being foreign, wealthy, Daddy funded etc. You're just being very bitter and I'm sure you are not actually the small man your remarks imply.

[RayVonn]

If he does buy back TVR, I for one can never see myself buying a new model. I'm sure I'm not alone.