Non-Believer Posted May 4, 2019 Share Posted May 4, 2019 15 minutes ago, MrPB said: If that’s the case why wouldn’t you? IOMG pays operating company to refurbish it’s property asset, undertakings given in respect of the amount loaned by operating company (s). Value of refurbished property asset goes up, you then move the property asset into a holding company and you lease it back to the operating company (which might have made undertakings to IOMG over the loan). What does operating company now have? No property asset and a debt to the holding company for the duration of the lease due and a debt to IOMG (?) AKA debt mysteriously vanishes, leaving concern with vague liability concealed in a maze of ownership. Which ultimately ends up at the feet of the taxpayer who stumped up for the loans without even being consulted because it it was all deemed as being necessary for the greater good. Link to comment Share on other sites More sharing options...
dilligaf Posted May 4, 2019 Share Posted May 4, 2019 22 minutes ago, MrPB said: If that’s the case why wouldn’t you? IOMG pays operating company to refurbish it’s property asset, undertakings given in respect of the amount loaned by operating company (s). Value of refurbished property asset goes up, you then move the property asset into a holding company and you lease it back to the operating company (which might have made undertakings to IOMG over the loan). What does operating company now have? No property asset and a debt to the holding company for the duration of the lease due and a debt to IOMG (?) Bit like the old dog's hind leg then. Who would ever have guessed ? Link to comment Share on other sites More sharing options...
emesde Posted May 4, 2019 Share Posted May 4, 2019 Quote Link to comment Share on other sites More sharing options...
John Wright Posted May 5, 2019 Share Posted May 5, 2019 Worth pointing out that IoMG Tourist Premises Loans and Grants are usually secured on the property by mortgage. They won’t just disappear. Link to comment Share on other sites More sharing options...
The Duck of Atholl Posted May 5, 2019 Share Posted May 5, 2019 31 minutes ago, John Wright said: Worth pointing out that IoMG Tourist Premises Loans and Grants are usually secured on the property by mortgage. They won’t just disappear. John is right (no name pun intended) the grants/ loans will be secured against property. If they disappear it will be because they've been settled. Link to comment Share on other sites More sharing options...
the stinking enigma Posted May 5, 2019 Share Posted May 5, 2019 or written off? Link to comment Share on other sites More sharing options...
Donald Trumps Posted May 5, 2019 Share Posted May 5, 2019 15 hours ago, emesde said: Ooh - Harwood Investments Limited have a mention in the panama papers Link to comment Share on other sites More sharing options...
John Wright Posted May 5, 2019 Share Posted May 5, 2019 9 minutes ago, Donald Trumps said: Ooh - Harwood Investments Limited have a mention in the panama papers Not this one. Link to comment Share on other sites More sharing options...
Gizo Posted May 6, 2019 Share Posted May 6, 2019 On 5/4/2019 at 1:31 PM, Donald Trumps said: Who is Douglas Hotel Holdings? They are a significant share holder of the Sefton Group, not sure it’s a asset transfer as I think there was a transfer of funds of £7m purchase price to the Sefton group to clear debt Link to comment Share on other sites More sharing options...
Moghrey Mie Posted May 7, 2019 Share Posted May 7, 2019 On 5/4/2019 at 2:56 PM, Dirty Buggane said: But the Government is spending millions giving them a fancy new frontage or was that part of the sales patter. We have the boys in on the hill in our pocket, we can get you anything you want They have been trying to sell the executive suites for some time now.I think they were created using a government grant. They are on the market for £395,000 each. Link to comment Share on other sites More sharing options...
Donald Trumps Posted May 7, 2019 Share Posted May 7, 2019 8 minutes ago, Moghrey Mie said: They have been trying to sell the executive suites for some time now.I think they were created using a government grant. They are on the market for £395,000 each. £300,000 grant given - some of which has been repaid due to change of use Link to comment Share on other sites More sharing options...
Kopek Posted May 7, 2019 Share Posted May 7, 2019 On MR, Skelly says it will '"release capital " ??? What capital? Can anyone remember how much the Govt have loaned the Sefto? Was it ringfenced for specific use on the Sefton business? Link to comment Share on other sites More sharing options...
TheTeapot Posted May 7, 2019 Share Posted May 7, 2019 Clearly there is something I don't understand here. They've sold the hotel for £7.4m, but agreed to pay at the least (rises every 5 yrs) £12m in rent over the next 20 years. What's the point in that? Link to comment Share on other sites More sharing options...
TheTeapot Posted May 7, 2019 Share Posted May 7, 2019 Sounds like a scam/tax dodge/load of bollocks to me. Link to comment Share on other sites More sharing options...
Phillip Dearden Posted May 7, 2019 Share Posted May 7, 2019 22 minutes ago, MrPB said: It’s usually done to strip out the operating business and move all the assets and income up to the holding company. The hotel management company basically just services a lease debt to the holding company supported by trading receipts. Holding company gets to keep the property gains when realized and all the lease income. So £7.4m hotel might be worth £20M in 20 years plus £12M in rent paid. Will probably be a repair lease too for the hotel business. Isn't it a financing transaction? SG needs cash and so sells hotel but also needs hotel to trade and so leases it back. This frees up some cash and allows trade to continue but has a cost. Link to comment Share on other sites More sharing options...
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