asitis

32 minutes ago, Dirty Buggane said:

The fee most likely falls short of the admin cost.

Most thing Government do clearly fall short of the bureaucracy cost !

43 minutes ago, b4mbi said:

When the purchase price of £124m in 2018 is viewed against the previous aquistions adjusting for inflation, it doesn't look so bad!!

In July 2003, the company was sold for £142 million to Montagu Private Equity.( £196 million in 2018 prices ) 

 In 2005, the company was purchased by Macquarie Bank for £225 million. (£300million in 2018 prices)

Thanks, didn't Macquarie shore asset strip the company however ? and presumably there would be write downs of remaining assets. The basis of the remaining value in essence was two ships needing replacement and forecast returns based solely on exclusivity granted by Government in the first place ?. On your quoted figures I agree it looks okay but certainly since 2005 things had changed.

2 hours ago, Happier diner said:

Anyone who doubts climate change is an idiot.

Anyone who doubts it due to man's activity is an idiot.

IMO

I'm in the ' I don't understand enough of the science to be convinced either way camp ', there seems to be credible people who are all in to the assumption that climate change is man made, and there also seem to be credible people who are less convinced. The climate does appear to be changing, the full understanding of why is less clear to me. If that makes me an idiot then so be it ! What I am not into however is name calling those who seek to try and gain an understanding of both sides of the fence !

17 hours ago, Roger Mexico said:

I feel Derek's pain.  They didn't even interview me for Chief Constable, despite my complete lack of policing experience.

In humour there can be elements of truth, and this is / was certainly true of some Chief Officers who rose to great rank without having done much or any Police work at all. Not referring to here BTW.

3 hours ago, kevster said:

That's a floating potoon for disembarking/embarking foot passengers only. Totally different setup needed for a RO-RO operation

Waterfront retail and hospitality too ? I fully accept that one thing may not be the same as the other, but is it 75 million not the same ?

He's an arrogant talentless twerp, who covers his many inadequacies with bluster and obfuscation !

and those are his good points !

The investment, which is subject to the granting of appropriate permits and licenses, would include the addition of a new floating pontoon that would increase capacity and allow for the simultaneous berthing of two 300-metre ships and up to 7,000 passengers a day.

It would also feature waterfront retail and hospitality spaces.

Errrr hang on 25 million ? WTF have we bought ?

8 hours ago, b4mbi said:

the ironically named "fool and his money..." 

At the time of Treasury's aquisition of IOMSPC it was owned by a Portuguese bank, Novo Banco who had aquired it as the previous owners had defaulted on debt provided by that bank or its predecessor. They had no interest in owning or operating a small ferry company an were looking to divest their international portfolio.

At the time of purchase the user agreement only went to 2026, so any purchaser would only have the certainty of the PV of the estimated future cash flows of the company to that date, whereas IOMG who have the power to set the terms of the UA, can benefit from the future cashflows for as long as they wish. That is a summary of the Park Partners report to IOMG relating to the aquisition.

To secure the service, the aquisition of IOMSPC at that time for that price was one of the best decisions the IOMG have ever made in my opinion.

Let people who know what they are doing run the company without this continual whinging, moaning and noise, especially from politicians. 

Does anyone seriously think that IOMSPC management are not running the company in the best interests of everyone on the Island?   

By public service you are advocating full nationalisation, meaning the company would be fully run by the civil service. Which would be a complete, unmitigated disaster.  Inefficient, inflexible, bureaucratic, unable to stand up to Unions, unable to make decisions, strikes, reduction in service & higher prices. 

 

Good post but I still think we overpaid for the acquisition , the fact we could benefit from the 'user agreement' for however long we wished is true, but should not have had any bearing on the acquisition price, which imo it probably did having been alliterated to Government. I do wonder if anyone actually considered the implications of new vessels, the tin shed, alterations to port etc etc in projected returns going forward, and indeed their necessary effects on consumer pricing.

Not on the piano theme, but maybe connected to the commissioner's strategy for the town, I've noticed this morning that Dandara are now offering contract parking on Farrants Way.

12 minutes ago, Two-lane said:

https://www.manxradio.com/news/isle-of-man-news/speed-limits-on-ben-my-chree-only-apply-for-12-miles/

This does not make sense. The Steam Packet has a waiver from the Isle of Man Ship Registry and UK Maritime and Coastguard Agency, and therefore is unlimited in UK waters but still limited in Manx waters.

 

This right here and other similar problems is the reason the bureaucracy of this island is killing us stone dead. Can we not tell some of the idiots who we pay to make our lives miserable, that we don't actually care if you don't do anything just don't come up with rules and regs to the level of ridiculousness ! The airport is drowning in this shit with zealous morons bringing the place to a standstill !

Sorry need coffee !

21 minutes ago, P.K. said:

It's the "poisoned chalice" of politics...

Sadly yes, but one of, if not the, most important ! so appointing numpties is not the way to go !

It doesn't help of course that we have had the poorest politicos as ministers overseeing health for the past three administrations !

If anyone is at a loose end this is worth a watch !

I would not seek to comment as I'm unsure where the actual truth lies, but would do a few good to consider the contents of this , especially those who would bankrupt this island using this as the driver ! Pollution, population, and covering the planet in concrete would be my concerns, and those should be addressed.

Another situation we cannot effect, and should stay out of commenting. We have more urgent problems this taxpayers employee could be putting her immense intellect to FFS !

I should clarify, I am not blind to the humanitarian disaster all conflict causes, I am just a realist.

2 hours ago, Banker said:

airport etc.

Which is a complete shitshow I agree !

7 hours ago, A fool and his money..... said:

He's an arrogant tit. 

He's right that some people don't understand the concept of arms length. Politicians would have you believe it's done for good reason, when in fact it provides the worst of both worlds. 

Arms length to me seems an ideal excuse for our lame politicos to say "not me guv, it were them "

It is probably not a bad idea but it does give our shower the perfect get out when all goes to hell !

45 minutes ago, Mistercee said:

"Failure of a key product component resulting in prolongation of the scheme." and "Changes instructed at a point in the project when all design issues should have been closed out resulting in contractual compensation events." 

 

Sounds like a full house at bullshit bingo !

52 minutes ago, John Wright said:

Realign the gate in the rail, at the back, by the bar

Sounds a minor job !

On 3/29/2024 at 9:19 PM, A fool and his money..... said:

I think they've given up actually specifying dates.

Went for a skeet while killing time in L'pool a couple of weeks ago. Looks like there's a bit to do yet.

Haven't they got to do something to the boat too ?

Any and all schemes involving the electricity utility on the island, are underpinned by a huge debt ! It matters not whether some think they are saving the planet or whatever they are doing, lurking in the background is this huge pile of debt which cannot stay in the long grass for ever !

1 hour ago, Banker said:

Not sure it’s been announced yet but Tevir said they will pay a sum instead of FTBs at the ocean castle site as the annual maintenance fee would be excessive for FTBs so maybe similar with lake road one

So nothing to help the FTB in this development either ! Does this mean they don't get a bung !

Difficult to understand how any of these are going to be FTB properties given the prices of the last tranche adjacent to the bridge !

A cynics view ......... We review a number of sites, but we already know where we are going to put them !

We survey the site and LO .. it's actually better than we thought it would be !

Some green idiots on twitter are rejoicing it will bring the price down, which I think we can be fairly certain it won't, and the same bunch of green idiots are urging speed to build them on other sites asap ! To achieve 75% wind power.

The island is tottering financially, the power station is millions in debt, lets go blowing long millions on this shite which will make the square root of zilch difference to global warming, whilst the huge polluters go on belching out emissions without a care in the world ! FFS have we no sense at all !

Oh and of course at the end of it all we still need the power station or a replacement energy source !

If it's anything like the price of the other apartments overlooking the river it isn't going to be young people buying them !

I have simple requirements just somewhere where the rain stops once in a while would be great ! FFS it's every day !