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Steam Packet to be sold

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8 minutes ago, Andy Onchan said:

You make it sound as if this was a master plan that had been hatched 30 years ago.

Maybe it should have been.

As far as "strategic" goes thr racket is right up there!

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1 hour ago, John Wright said:

Two boats, a bit of property, cash in the bank, a cash flow.

What we’ve gained is total control of sea services ( except for Heysham harbour facilities ).

We can now control it, ensure corporate raiders, like McQuarrie, never screw us over again.

Weve bought certainty, where there was uncertainty, in the run up to, and post, 2026.

However if the UK can’t run rail franchises, or Northlink, successfully ...

Cash in the bank? I seem to recall we had to give them an emergency loan just before TT week to stave off collapse.

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12 minutes ago, finlo said:

Cash in the bank? I seem to recall we had to give them an emergency loan just before TT week to stave off collapse.

Sigh. Go back and read.

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18 minutes ago, Kipper99 said:

Sigh. Go back and read.

Go back and read what? The taxpayer injected 5 million big ones by way of an emergency loan!

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12 minutes ago, finlo said:

Go back and read what? The taxpayer injected 5 million big ones by way of an emergency loan!

Actually it didn’t. It was part of the way the deal was structured and timed. The Steam Packet had money on deposit, the deposit couldn’t be broken to pay out the vendor before completion. So IoMG loaned the Steam Packet £5 million, Steam Packet paid it out, deal was completed, deposit matured, SPCo paid back government.

Yes, there was a very short term loan, which has been repaid, but no it wasn’t an emergency, no the Steam Packet wasn’t near collapse.

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22 minutes ago, John Wright said:

Actually it didn’t. It was part of the way the deal was structured and timed. The Steam Packet had money on deposit, the deposit couldn’t be broken to pay out the vendor before completion. So IoMG loaned the Steam Packet £5 million, Steam Packet paid it out, deal was completed, deposit matured, SPCo paid back government.

Yes, there was a very short term loan, which has been repaid, but no it wasn’t an emergency, no the Steam Packet wasn’t near collapse.

It was a scare tactic, or risk no TT.

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41 minutes ago, finlo said:

Cash in the bank? I seem to recall we had to give them an emergency loan just before TT week to stave off collapse.

It wasn't an emergency loan, the Steam Packet had cash but it was tied up in some kind of account, and to get the prize the gov had to pay out. Sort of like how those Nigerian scams work.

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Give it two years and all the usual excuses will have been trotted out, nobody could have predicted that/lessons have been learnt etc etc.

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Finlo

You are barking up the wrong tree. The steamy is, and has been a successful company. There is no good reason to assume that will change. Unless of course political interference gets in the way, which is a danger.

Edited by NoTail
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17 minutes ago, NoTail said:

Finlo

You are barking up the wring tree. The steamy is, and has been a successful company. There is no good reason to assume that will change. Unless of course political interference gets in the way, which is a danger.

And that is exactly why it will all go tits up!

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12 minutes ago, finlo said:

And that is exactly why it will all go tits up!

It won't. 

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1 hour ago, John Wright said:

Actually it didn’t. It was part of the way the deal was structured and timed. The Steam Packet had money on deposit, the deposit couldn’t be broken to pay out the vendor before completion. So IoMG loaned the Steam Packet £5 million, Steam Packet paid it out, deal was completed, deposit matured, SPCo paid back government.

Yes, there was a very short term loan, which has been repaid, but no it wasn’t an emergency, no the Steam Packet wasn’t near collapse.

So they had no fluidly of funds then?

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