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I'm thinking of buying some shares on Monday!

 

Do you really think the company has any value? I was wondering whether this money was needed to pay creditors in a hurry to avoid insolvency proceedings.

 

From what ET & AB were saying this does seem to be the case. Collapse of the Sefton Group would almost double unemployment overnight.

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Or: Tynwald is clearly being abused by some members who are effectively using it as a retirement fund.

In the Report ‘Government Support for the Sefton Group’ there are a number of what might be called core or central propositions which if successfully challenged render the supporting explanations stan

It is self interest, short-sightedness, poor planning, and thinking we still live in the 1950's, that has made Douglas the ever-worsening shit hole it is. People need to stand up against such iss

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Better propping up the Sefton plc with a relatively small amount of your tax payer's cash than paying, as they do in the UK, billions to scroungers and illegal immigrants and bankrupt banks.

You are Dacre and I claim my £5...

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ISS is talking sense, we need decent hotels to keep going as a international place of business, if we dont protect things like this we may as well pull up the drawbridge and go back to growing spuds and fishing for herring as our main forms of existence.

 

Donald and trmpton have got the right idea, this is not ideal but what is the alternative? Letting it fold would have only caused more misery for all the small local service companies that trade with the Sefton Group.

 

I am no fan of state involvement in the free market but sometimes you have to look at the bigger picture, this is like the islands version of the RBS/ Lloyd's bailout in the UK although no where near as much intervention when you take into account the scale of the help compared to the businesses value.

 

I wish people would stop this default setting of "everything the government does is shit" I am sure that they have been working on this for a long time and a lot of thought will have gone into it. Sir Miles Walker is a very smart guy, a very successful business man and our best Chief Minister to date.

 

Yes he has shareholders interests at heart, he has to, but I genuinely belive he would not sell the islands taxpayers out either, he is too honest to even think about something like that.

 

Bottom line, it must have needed to be done, yes we could have used the money to "Pay 100s of School Teachers" or plant a forest "The size of Wales" but 300 direct jobs, and countless others being lost would be terrible at this period in our economic cycle.

I cant agree that this is anywhere near the similarities of the RBS bailout. What would have happened had it followed its natural course ? The shareholders would have lost their stake and so would the Banks as the Assets were stripped and sold off. it is highly feasible that many jobs would actually have been saved. Sure, there would have been a flap about the TT, but the bottom line is that the Sefton could emerge stronger minus the debt. Bell has painted the absolute worst picture and do you really think that the Banks would have let it go for anything else than a going concern ? Highly unlikely.

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blink.png

 

I'm thinking of buying some shares on Monday!

 

 

Is that a Freemason tip? wink.png

 

If it was, it would have been given a few days before the rest of us get to know about the deal, so no blink.png.................................

 

What is the point of joining if you dont get the tips before everyone else?...................

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I'm thinking of buying some shares on Monday!

 

Do you really think the company has any value? I was wondering whether this money was needed to pay creditors in a hurry to avoid insolvency proceedings.

 

From what ET & AB were saying this does seem to be the case. Collapse of the Sefton Group would almost double unemployment overnight.

 

 

 

I'm thinking of buying some shares on Monday!

 

 

Is that a Freemason tip? wink.png

It depends who is asking Slinky Devil, we can chat it over at the lodge ;)

I'd have thought at 0.25p a share it could be worth a punt based on the freeing up of funds to reinvest?

Not that I am in any way a stockmarket guru, as you can probably tell!

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8-41pm tonight there was a minister viewing, wonder why he didn't join in !

come on chris, us voters and taxpayers would like to know all about the sefton group ! is Mr Binstock still involved ? Alan used to hate him a few years back sweatingbullets.gif

Edited by DRIVER
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I'm thinking of buying some shares on Monday!

Do you really think the company has any value? I was wondering whether this money was needed to pay creditors in a hurry to avoid insolvency proceedings.

 

From what ET & AB were saying this does seem to be the case. Collapse of the Sefton Group would almost double unemployment overnight.

Double unemployment? Have you even been to any of these places?

 

Sure - sometime back in the olden days, Manx workers did actually work in these hotels. Now though I'd be pretty surprised if 30% were actually Manx!

 

And no I've nothing against people wanting to work for a living. It's just that I know they have no rights against being unfairly treated like Manx workers do!

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I have a feeling that one of the the Government was not only thinking of the Sefton Group employees and the hotels etc, but also of dozens of other companies who are owed money by their subsidiaries. It would have had a knock on effect, which even if it didn't result in bankruptcy, would have given quite a few other concerns a hammering and resulted in redundancies elsewhere.

Edited by Scarface
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I have a feeling that one of the the Government was not only thinking of the Sefton Group employees and the hotels etc, but also of dozens of other companies who are owed money by their subsidiaries. It would have had a knock on effect, which even if it didn't result in bankruptcy, would have given quite a few other concerns a hammering and resulted in redundancies elsewhere.

Anyone in business would not touch the Sefton Group with a barge pole! Anyone who has given them credit is simpy an idiot! It's been common knowledge for a long time that the Group was in trouble. Why should these people have their payout when other companies are folding and leaving bad debts?

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Not sure what has happened here but rather than a bail out, surely a forced disposal of assets would be normal.

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This is obscene by any stretch of the imagination. If it had gone to the wall there would have been an asset sale, and who knows a major UK chain could have stepped in and bought the decent hotel assets and taken the jobs over. All this is doing is preserving the shareholders interests and of course saving face for all involved. We don't even seem to have got anything for our efforts - no equity stake, no priority charges, no assets transferred to Treasury to swap for the debt. They have just been given money, and we have bought assets off them at top of the market prices and leased those assets back to them.

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From what ET & AB were saying this does seem to be the case. Collapse of the Sefton Group would almost double unemployment overnight.

what rubbish, major hotel chains have failed in the uk but within 24 hours reopened, same staff new management and the suppliers payed C.O.D.

 

putting matters off just makes it worse

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I have a feeling that one of the the Government was not only thinking of the Sefton Group employees and the hotels etc, but also of dozens of other companies who are owed money by their subsidiaries. It would have had a knock on effect, which even if it didn't result in bankruptcy, would have given quite a few other concerns a hammering and resulted in redundancies elsewhere.

 

Exactly

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