Sefton Group

[Fossils 573]

Sefton Group: We’ll beat £47m debt

 

http://www.iomtoday.co.im/news/business/sefton-group-we-ll-beat-47m-debt-1-4917731

Edited May 1, 2013 by Fossils

[GD4ELI 2,741]

Sefton Group: We’ll beat £47m debt

 

http://www.iomtoday.co.im/news/business/sefton-group-we-ll-beat-47m-debt-1-4917731

 

"The report reveals in July last year the group obtained judgment with execution against Mr Lacey and steps have commenced to recover the amounts owed."

 

Couldn't have happened to a nicer person. Had a nice argument with GFL, told myself and walking partner we knew nothing about Manx law. GFL was half right - partner was one of the rock's most experienced advocates

[Fossils 573]

[Lxxx 5,826]

Do you think Fast Eddie and AB go to sleep at night now hoping to wake up from this nightmare they've made for themselves.

[Ron Burgandy 425]

Sefton Group: We’ll beat £47m debt

 

http://www.iomtoday.co.im/news/business/sefton-group-we-ll-beat-47m-debt-1-4917731

 

but please don't increase interest rates or we're f****d

[quilp 10,524]

If either of them swallowed a nail they'd shit a cork-screw, they're that twisted.

[newsnight 719]

http://www.iomtoday.co.im/news/isle-of-man-news/sefton-failure-would-have-been-like-earthquake-in-isle-of-man-economy-1-5625321

 

"The Council of Ministers announced that it has itself referred the controversial bail-out decision to a Tynwald scrutiny committee.

Meanwhile, a raft of questions were due to be asked in the House of Keys today (Tuesday) about the deal which will see government loan £1.3 million to the Sefton Group and buy and lease back the strategic Middlemarch site on Lord Street.

 

Mr Teare said of the decision to refer the matter to the economic policy review committee: ‘I’m quite happy to be challenged. We are elected to make decisions – and not all our decisions are going to be popular. Whichever way the coin had come down – and it was on its edge, we would not have pleased everybody. In that respect I have not been disappointed!"

 

This matter should have gone to the Public Accounts Committee in my view, however, I will post up later today further information on the internal dealings of the Directors of the Sefton Group so that the information is available to the general public.

 

Will it be a case of hear no evil, see no evil, speak no evil in the Policy Review Committee?

 

[Roger Mexico 9,324]

That there Quayle knows too much. He seems to know what he is talking about too. He's becoming awkward for the Government.

 

Get him on side. Get him off the backbenches. Make him a Minister. Join the Thursday (CoMin) club. Big pay rise. Give him lots of ego boosting, meeting the real players on the Island. etc.

 

Sorted.

 

(It worked just fine with Robertshaw)

 

As I've noted before, Quayle tends to treat even such controversial matters such as Pinewood or Sefton in a rather neutral manner even while most outside observers are bubbling with indignation. This may be because he is trying to cultivate a statesmanlike manner and not appear too partisan, at least to the establishment, but it sometimes gives the impression that he is waiting to see which way to jump and what will be in it for him (or maybe his constituents).

 

What does have to be said though is that becoming a Minister doesn't necessarily mean "Big pay rise". Departmental member are already getting a 30% or 40% mark-up on their salary (Quayle gets 40% because he is also Chairman of the Planning Committee) and being a Minister only gives you 50% - only about 7% extra. But it also brings a lot more work, both in the department and in Tynwald. True you get called "Hon" and may have the chance to do a bit more swanning around, but if you want there are lot of opportunities for that anyway. I suspect this is why Corkish turned down a ministerial position - it wasn't worth it for the fairly small extra reward.

 

I actually think that previous outsiders such as Robertshaw and Karran became ministers because they wanted to make a difference. How possible that is when you have such a control freak as Bell in charge is another matter. He has centralised so many government functions under his own control and his bureaucratic empire (together with his baby the DED - and we've just seen how that is effectively still run by Bell) continue to get budget increases while front-line services have to be cut by other departments.

 

Worse, with far too many people in the upper ranks of the civil service mainly concerned with their own position and not particularly competent to start with, getting anything done is not exactly easy, even in times of plenty. You need to intelligent enough to learn what your department is about, cunning enough to get your own way and lucky in the people at the top. Even then things can be ruined by interference from Bell or incompetence in other areas of government (the AG's Office being a classic example).

[Lxxx 5,826]

 

That there Quayle knows too much. He seems to know what he is talking about too. He's becoming awkward for the Government.

 

Get him on side. Get him off the backbenches. Make him a Minister. Join the Thursday (CoMin) club. Big pay rise. Give him lots of ego boosting, meeting the real players on the Island. etc.

 

Sorted.

 

(It worked just fine with Robertshaw)

 

As I've noted before, Quayle tends to treat even such controversial matters such as Pinewood or Sefton in a rather neutral manner even while most outside observers are bubbling with indignation. This may be because he is trying to cultivate a statesmanlike manner and not appear too partisan, at least to the establishment, but it sometimes gives the impression that he is waiting to see which way to jump and what will be in it for him (or maybe his constituents).

 

What does have to be said though is that becoming a Minister doesn't necessarily mean "Big pay rise". Departmental member are already getting a 30% or 40% mark-up on their salary (Quayle gets 40% because he is also Chairman of the Planning Committee) and being a Minister only gives you 50% - only about 7% extra. But it also brings a lot more work, both in the department and in Tynwald. True you get called "Hon" and may have the chance to do a bit more swanning around, but if you want there are lot of opportunities for that anyway. I suspect this is why Corkish turned down a ministerial position - it wasn't worth it for the fairly small extra reward.

 

I actually think that previous outsiders such as Robertshaw and Karran became ministers because they wanted to make a difference. How possible that is when you have such a control freak as Bell in charge is another matter. He has centralised so many government functions under his own control and his bureaucratic empire (together with his baby the DED - and we've just seen how that is effectively still run by Bell) continue to get budget increases while front-line services have to be cut by other departments.

 

Worse, with far too many people in the upper ranks of the civil service mainly concerned with their own position and not particularly competent to start with, getting anything done is not exactly easy, even in times of plenty. You need to intelligent enough to learn what your department is about, cunning enough to get your own way and lucky in the people at the top. Even then things can be ruined by interference from Bell or incompetence in other areas of government (the AG's Office being a classic example).

 

Tynwald.

 

[Torry loon 145]

Nice one Lxxx!

 

Very perceptive RM, and I see exactly what you mean.

 

I should have left out the "pay rise" thing for ministers, but the point is clear. It is almost as if Quayle is dancing in front of the CoMin, the courtship will come next and when the lovemaking (....sorry, am I taking this analogy too far?) begins he will say he needs to 'make a difference from the inside'. (Which btw, is a Robertshaw type of line).

 

Especially with all the money that is being flung about, more than ever in our history, we need an opposition. In a democracy an opposition is absolutely essential but of course the virtual despot Bell doesn't like that sort of thing.

Edited May 1, 2013 by Torry loon

[manxman8180 387]

Is it any surprise that Howard Quayle has an element of expertise and knowledge in relation to Government money being pumped into private business?

 

He's a farmer for fucks sake. Suckling at the teat for years.

[on_a_pension 27]

Ubbiali, I am going off line now so cant reply tonight but just one point you raise about who the directors of Captima are and your statement that this would be on public record.

 

I dont know but I would have thought they would be available too, at the company registry, no secret, so why waste precious Keys time asking a question that could be found out by the MHK themselves by sending someone up there to do a search?

 

As I said, questions for the sake of appearing to be doing something..........................

re Captima - see post 876

[asitis 5,495]

I note Sir Miles has weighed in with Gov funds not needed to prevent collapse but to provide breathing space.

 

Presumably all this rhetoric has implications for the share price ? I confess to being confused now as there are so many differing versions of why the taxpayer had to step in !

[Andy Onchan 4,078]

I was reminded earlier today that in fact the taxpayer has potential liabilities in the Sefton Group to the tune of approx £10 million and not just the £4.5 million:

 

2012 £450,000 (that was quietly paid over and as far as we know has still to be paid back)

2012 £5,000,000 guarantee for the ICT venture at the Castle Mona

2013 £4,500,000 bail out, which according to the Chairman is for working capital

[Amadeus 2,454]

It's good to have friends in high places, isn't it?