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33 minutes ago, madmanxpilot said:

'Operation Whirlwind' 

It must be serious stuff with a name like that.

Or the Manx Police or a bunch of drama queens. 

Or the Telegraph is making up a load of old tosh to make its readers think it's more exciting than it really is.

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1 minute ago, Roger Mexico said:

Or the Manx Police or a bunch of drama queens. 

Or the Telegraph is making up a load of old tosh to make its readers think it's more exciting than it really is.

I doubt either of those are true. I think it likely that all investigations by the FCU are given a codename. This name has links to aviation in that Westland made both a helicopter and a twin engined fighter that carried that name, plus in meteorological terms it's a dangerous wind.

It can also describe an energetic person or a tumultuous process according to my dictionary.

All may be appropriate.

 

 

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6 hours ago, snowman said:

It's free for 24 hours. Just use multiple email addresses if necessary. Anyway......

 

 

 

Police have launched a formal investigation called into a £2 takeover of Stobart Air, the regional airline that called in liquidators last weekend. 

 

Stobart Air, which ran a string of services for Aer Lingus as well as previously operating flights for British Airways and Dutch carrier KLM, ceased trading after a rescue deal collapsed. Hundreds of jobs are now at risk. 

 

The Telegraph reported earlier this month that police on the Isle of Man had been alerted to potential irregularities in relation to the nominal sale to Ettyl, a start-up led by 26-year-old Bitcoin investor Jason Scales.

 

A spokesman from the Isle of Man Constabulary confirmed that a formal investigation is now underway. 

 

“We are unable to comment further at this time,” the police spokesman added. 

 

It is understood that the investigation is called "Operation Whirlwind".

 

Stobart Air was put up for sale by its London-listed owner Esken, formerly known as Stobart Group, to stem huge losses as a result of expensive aircraft leasing contracts that were negotiated several years ago.

 

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Esken is understood to have provided lessors with a parent company guarantee, leaving it liable for lease payments worth millions of pounds following the airline’s collapse. 

 

Mr Scales struck a deal with Esken to buy the airline in April. Following inquiries from The Telegraph, Esken admitted in May that there were difficulties surrounding funding for the deal.

 

Ettyl says that it reported concerns to the police about an “issue with the paperwork supplied by one of the proposed third-party funders” as soon as it was aware of them.

 

Esken confirmed on Monday that it is in talks with buyout giant Carlyle to offload a 30pc stake in Southend Airport for £120m.

I cannot see how the police would ever be involved due to paperwork from a proposed third party funder.

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1 minute ago, The Dog's Dangly Bits said:

I cannot see how the police would ever be involved due to paperwork from a proposed third party funder.

If that third party is Manx they would.

The fact that the feds have taken the case on must mean they have been presented with evidence that suggests a crime may have been committed.

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10 minutes ago, The Dog's Dangly Bits said:

I cannot see how the police would ever be involved due to paperwork from a proposed third party funder.

I seem to recall a previous article saying it was under economic crime team. I wonder if a source of wealth/proof of funds type issue. Dodgy money from an on-Island resident maybe?

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2 minutes ago, madmanxpilot said:

If that third party is Manx they would.

The fact that the feds have taken the case on must mean they have been presented with evidence that suggests a crime may have been committed.

What could the crime be though?

The owners need to offload.   They need a buyer.  If that buyer is full of shit it's debatable it is a crime.

I suppose if the third party funder was connected and there was a breach of an NDA then perhaps there's an issue.  But when they said "paperwork" I'm not sure how that can  really be criminal as such.

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Just now, The Dog's Dangly Bits said:

Perhaps.  

Interestingly I note Ms Edge asked a question in Tynwald the other day about Ettyl and Government involvolvement. Assume she's getting her interest rumours from MF.

Also don't forget the sellers here are a Plc and their share price looks to have gone to shit since the airline collapsed.

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9 minutes ago, The Dog's Dangly Bits said:

What could the crime be though?

The owners need to offload.   They need a buyer.  If that buyer is full of shit it's debatable it is a crime.

I suppose if the third party funder was connected and there was a breach of an NDA then perhaps there's an issue.  But when they said "paperwork" I'm not sure how that can  really be criminal as such.

Is a Non-Disclosure Agreement breach a matter for the police?  Sounds more like a civil matter.  

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2 minutes ago, NoTailT said:

Interestingly I note Ms Edge asked a question in Tynwald the other day about Ettyl and Government involvolvement. Assume she's getting her interest rumours from MF.

Also don't forget the sellers here are a Plc and their share price looks to have gone to shit since the airline collapsed.

Hopefully the investigation will live up to its code name and not take too long to complete. Many here have a keen interest in knowing why this situation came to be. Especially those who lost their jobs.

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57 minutes ago, NoTailT said:

Interestingly I note Ms Edge asked a question in Tynwald the other day about Ettyl and Government involvolvement. Assume she's getting her interest rumours from MF.

Also don't forget the sellers here are a Plc and their share price looks to have gone to shit since the airline collapsed.

Of course it has.  

Julie Edge is asking pointless question shocker.

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2 hours ago, madmanxpilot said:

If that third party is Manx they would.

The fact that the feds have taken the case on must mean they have been presented with evidence that suggests a crime may have been committed.

Esken is a listed business. So equally might well be a potential breach of stock market rules or regulations or market manipulation etc that might be an issue for the City of London Police. For instance there are rules in relation to creating False Markets in the securities of a the target company that require a bidder to announce a bid only after ensuring that it can fulfil in full any cash needed. 

Edited by offshoremanxman
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24 minutes ago, offshoremanxman said:

Esken is a listed business. So equally might well be a potential breach of stock market rules or regulations or market manipulation etc that might be an issue for the City of London Police. For instance there are rules in relation to creating False Markets in the securities of a the target company that require a bidder to announce a bid only after ensuring that it can fulfil in full any cash needed. 

Makes me wonder if Ettyl were a patsy for someone with more at play and maybe they found out when it was too late.. someone offered up the cash, they took it and uncovered something more. All wild speculation of course.. I'm still pissed they never got those BA Dornier 328s here.

Edited by NoTailT
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