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Everything posted by thesultanofsheight

  1. That’s a bit like saying you don’t actually have a mortgage as your house is worth what the mortgage value is (like any mortgage). That’s £150M of new debt.
  2. Not really I’d like to know why that was posted in the first place. Has CB been threatened with legal consequences? The last post similar to that was by a Mr Chumley Warner if I recall correctly.
  3. Your assuming I haven’t. All addicts are the same. They’ll tell you everything is great and they’re 100% in control and only doing it because they enjoy it. They could stop at any time they stop enjoying it ........ but they can’t.
  4. If it’s not £500 you’re not being serious.
  5. Denial is a strong factor in people’s failure to recognize addiction.
  6. https://www.verywellmind.com/how-to-tell-if-youre-an-adrenaline-junkie-3145035
  7. Drugs and alcohol are no different. The common denominator is vulnerable people. Many people can dabble and never get sucked in (smack is a bit different granted) but those who are vulnerable whether drugs or booze get sucked in and can’t get out.
  8. I haven’t criticized anything. What are government numbers too. Is b4mbi ‘government’ as they were the only one who disagreed with me and challenged me on the £200M. I only made my case and as far as I can see nobody has come back and challenged me properly on the figure of £200M as that’s pretty much what will be spent. £124M in debt and equity to buy plus £40M for the terminal, plus £150M borrowed (to be serviced out of future profits to be foregone by the taxpayer) to cover new ships and repay other debt. It doesn’t matter whether it’s debt, equity, or capital that’s been spent. It will be spent. With the refinancing a 100% taxpayer owned business is taking on much more debt in order to directly repay the taxpayer debt it already had and to invest into new assets. It doesn’t matter whether it’s a direct or an indirect relationship. I actually supported the SPC deal (still do) but let’s be honest about the money that’s involved here.
  9. Firstly we haven’t got the £76M back yet so it’s a minimum of £124M plus £40M for the terminal at this stage. Secondly even if the SPC does re-finance to pay the £76M back that is still a cost to the taxpayer as a % of it’s profits as investor will be forgone to service the new higher debt levels (£150M private placement debt) in the business so whichever way you choose to look at it the investment required has been around the £200M mark.
  10. It’s the perfect government expenditure though isn’t it? Didn’t need to be done in the first place, costs vastly more than it will ever generate in marina fees in the next 100 years, and creates 10 years plus of very expensive work for contractors. Also requires a whole department of government to be tied up in its own red tape, public enquirIes and reports for at least the next 20 years. it’s the sort of enormous clusterfuck that will keep a whole department busy for years for no real benefit to anyone. Many will see their pensions out on this.
  11. The loan replacement was still part of the purchase price you can’t just conveniently discount it like we didn’t write a cheque for £76M on top of what we paid for the equity. Doesn’t matter about the private placement either. The SPC will be borrowing the amount and will be paying it back to the borrower (ie, refinancing) so as I said over £200M spent or committed to be spent so far however you want to look at it.
  12. Who’d have guessed that an old lead mine would be found to have had some contaminants in the soil after the geniuses at the DOI had tested it? It’s only been there 100 odd years so it’s just been waiting for the right management team at the DOI to shut down any recreational enjoyment of an unsightly disused dump.
  13. £124M to buy it, £35M for the new Liverpool terminal about £60M being raises for two new boats as a minimum. It’s well over £200M already. How will the debt reduce? Will you be paying it off?
  14. Yes agreed and were into the SPC for over £200M now and we’ve only owned it 18 months.
  15. At least it’s a useful asset. We lose money on all sorts of old crap. Horse trams, steam trains, and 67 shiny new mini buses sitting in school carparks. We could probably buy or fund an airline and lose less money than we already do on all that completely useless under utilized old crap and actually boost our visitor numbers at the same time. But our civil servants seem to like to build empires of expensive rubbish to keep them busy and looking important. https://www.bbc.co.uk/news/world-europe-guernsey-49579880 Link added: It looks like it lost about £8m last year which is about what Bus Vannin and the various railways usually lose combined. It also looks like a move towards more open skies actually caused them the main losses too.
  16. I wasn’t doubting you either but the CDC data is very clear in that virtually all the deaths are in the 65+ age group hence I don’t see what benefit potentially causing mass job losses and social unrest amongst the wider economy is really achieving.
  17. Yes I’m not sure that I’m disagreeing with either you or Andy Onchan. These are strategic routes and personally I’d rather have seen us buy an airline than the SPC. Aurigny loses money but to be honest it’s usually around a couple of million a year I think so far less than we piss down the drain on bloody steam chuff chuffs, buses and horse trams. It’s a matter of priorities. Ours seem to be to spend the cash on grandoise useless shite so that we can still pretend we have a tourist industry. There’s seems to be to invest into getting bums on seats to drive the economy.
  18. I’m surprised the public sector here is still working. First time someone heard a cough I was expecting 6,000 people to go home and self-isolate for two weeks.
  19. Look at the age groups associated with deaths from normal flu the CDC clearly shows the high risk groups in its US data. The 65+ category has by far the most of the deaths in it (in fact pretty much all of them at 51,000 out of a total count of 61,000). Shutting down whole counties is going to lead to mass job losses and social unrest. https://www.cdc.gov/flu/about/burden/2017-2018.htm#table1
  20. I think a lot of that was window dressing. It is good to see what a contingency plan looks like though. Shame we don’t seem to have one.
  21. It’s still just flu. You’re unlikely to actually die from it unless you’re old or have some other underlying condition. Quarantining those who are vulnerable makes more sense than a whole bloody country causing wider economic carnage.
  22. Yes but sadly every small operator we’ve had here has been a complete shitehouse operator like Manx2 or Euromanx. Blue Islands is a proper airline owned by a proper tax capper who lives in Guernsey who gets its strategic value to the Channel Islands which is why this sort of thing seems to work properly down there.
  23. But the fact is that unless you’re old or have an underlying health condition it’s a bad case of the flu. No need to bring the entire world to a standstill. Just protect those who are the most vulnerable and let the rest of us get on with it. At this rate there will be mass unemployment as airlines, cruse companies, travel agents and hotel groups etc just start going bust like dominoes.
  24. Well I’m sure owning your own airline helps in Guernsey’s case! But it looks like Blue Islands just flipped out of its Flybe contract into a commercial service in its own right on the same routes in a matter of days. Logan Air has come in on Jersey routes too. No doubt some financial underwriting was put in place to give them assurances but looks like things pretty much have flipped over already.
  25. You can still have open skies and sensible policy. I see Blue Islands and Aurigny have already taken over a load of Flybe routes in a matter of days. I suppose that is a real contingency plan sorted out in a very commercial way. https://www.itv.com/news/channel/2020-03-06/blue-islands-and-aurigny-take-over-flybe-s-former-routes/ https://jerseyeveningpost.com/news/2020/03/06/flybe-collapse-blue-islands-to-rescue-jerseys-birmingham-and-exeter-routes/
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