Trevor Baines

[asitis]

Anyone notice any detail missing from this CV ? LOL

 

Just a few minor details overlooked perhaps.

 

 

 

MICHAEL J PROFFITT FCA

Chief Executive Officer – Renewable Energy Holdings PLC

 

 

Mike is responsible for the day-to-day operation and development of the company.

Born in the Isle of Man in 1951, Mike has been a qualified Chartered Accountant since 1975. Starting his career with KPMG in Nassau, he joined the Wyndham Hotel Company as CFO in 1982 where he guided the expansion of the group from five to 14 hotels. Moving out on his own, in 1987 he became part owner and President of The Savoy Hotel Company. Mike’s experience managing corporate growth saw him in 1997 invited onto the board of the Manx Electricity Authority and was appointed CEO in July 2000.

Streamlining its operations, Mike instigated a cut of nearly 30 percent in electricity prices and initiated major capital works such as the successful commissioning of the longest AC subsea interconnector cable in the World (from Isle of Man to Blackpool) and the commissioning of a new Combined Cycle Gas Turbine (CCGT) 'state of the art' power station together with a natural gas pipeline connecting to Scotland.

He is a Non Executive Director of BPC Limited and a former Chairman of Barclays Private Clients International Limited, a wholly owned subsidiary of the Barclays Group. With his management, energy and investment experience, Mike recognises the opportunities provided in the renewable energy sector and is well suited to exploit them.

Mike has served as an Executive Officer of the British Energy Association, UK Member Committee of the World Energy Council, since June 2003.

[mæŋksmən]

I'll ruin Lost login's attempts to stop the derail!

 

The causes of the MEA's troubles go back to the late 1990s when MCC was set up. MCC resulted in the MEA operating far more independently of Government - back in the late 1990s the Government thought that was fine, Treasury and Tynwald etc didn't approve MCC's operations in advance, but they didn't react or criticize as MCC took out £30-£40 odd million in loans in 1999.

 

So your establishing that mr proffitt was on the board that in your opinion set precedent with the midland bank loans, you start proceedings by announcing that those dealings were somehow responsible for the barclays loans being drawn on a fashion that skirted direct contact about the barclays loans with either tynwald or treasury.

 

 

That set the precedent for when the later loans were taken out.

 

Can you show me where the attorney general says a precedent set, i must have missed that bit or maybe its still to come. it is 165 pages after all.

 

The MEA didn't think it was doing anything different from what it had done in the past - it had operated this way before involving multimillon pound sums and no one had blinked. They didn't think they were circumventing systems, or escaping oversight, they thought they were getting on with the job operating in a manner acceptable to their political and treasury masters.

 

Who is !1THEY!! please keep to specifics without all your padding, the report is very disillusioned with their antics from what i am reading.

 

Did the midland accept a comfort letter from its own chairman as collateral enough to loan £50 mill. oops sorry 125 million £££££.

 

 

Did the midland bank loan millions to the M.E.A. or its GUARANTORED Subsidiary when enron burned, no they tendered on the understanding that treasury were informed, the same decision the i.o.m. bank tender was based on, so they were ignored and they didnt even go to the pretence of tendering for the 50 mill loan.

 

12.28 No tendering process was carried out in respect of the second loan on the basis that it was a

relatively short period of time after the first loan had been drawn down.

 

 

They were wrong about that - and no doubt a culture which encouraged the breakdown in communications existed - the MEA thought of themselves as commercial separate from the Civil Servants, but the board wern't being underhand. They reported their spend to Treasury quarterly, and just sent in the accounts, and were totally unprepared for the politicians' reactions when the later loans were declared.

 

Were not talking here about !! THE M.E.A. !!, this only really concerns 3 people in the main, the 3 people you know fine well sought that.

!! no doubt a culture which encouraged the breakdown in communications existed !! seems to me it was actively encouraged.

 

 

Seems to me they were very well prepared, they had consulted a london specialist about their previous dealings and the current setup, they also sought and paid for advice from caines both for themselves and for barclays, advices caines would not divulge when asked to, that word THEY is very versatile, when i use it, i use it in reference to 3 people.

 

 

Could it have been done better - of course. But to blame Mr Proffitt for everything misses the mark by a country mile.

 

See here you just simply make appeal to pity, no-one has or is blaming him for everything as you well know, but it meshes so well with the rest of your post and is again no more than emotional padding.

 

 

Should we just have had two cables and no gas or powerstation? That's what the MEA recommended, but the politicians said no - so plan B came in and it cost £220 million or whatever. I doubt it could have been much less. All big projects have challenges and the MEA saga was about average in that - with hindsight you might have been able to manage it better, but not significantly and it could have been managed a lot worse.

 

Again you throw in a red herring to gently nudge us in the direction you want, stick to the loans and proffitts part in them if you want to take on the white knight in shinning amour then fine, dont dodge the awkward parts with padding.

 

Given the way they reacted I'm glad the politicians didn't get involved when the station was a building site and all the contractors were concerned after the collapse of Enron - the project would still be in committee now with no electricity being generated!

 

Dunno whether this comes under strawman, opinion, sweeping generalisation or just sheer rhetoric to the cause, OR ALL.

 

 

My understanding is that the loan was to a subsidiary company of the MEA and not the MEA itself.

 

The bolded part is the only thing of reference in your entire post, the rest is simply strawman/men.

Your right i remember that, that was also the company that there are no minutes avaliable for.

 

 

Total Bull - the minute book was referred to extensively in the PKF report. They have an entire section chapter 11 devoted to the MEA, MCC and PGT board minutes and actions.

 

You are talking total and utter bollocks.

 

PKF report p127:

 

MCC Board minutes

11.4 We have reviewed the MCC Board minutes from April 2001 to date.

 

No-one said there were no minutes AT ALL did they.

i should have expressed myself better, we will get to decisions made that are un-minuted later.

Edited September 9, 2010 by mæŋksmən

[Gladys]

I give a simple scenario here;

 

The MEA, or whatever it was called at the time, are charged with the responsibility of securing the IOM's electricity production. So, they engage the right people to formulate a plan, which results in the power station. Now, fast forward and Enron goes down, costs are escalating way beyond the original budget. Any overspend by the MEA has to have Tynwald approval; it is a statutory body.

 

Meanwhile, a few offshoot revenue lines are identified; best plan is to hive these off into subsidiaries.

 

Then a proper, 'oh feck' budget overrun, additional loan needed, 'but, hey, we have separate legal entities who can take on these loans and because they are separate, we don't need Treasury approval, happy days'. I am sure legal opinions on the power of the subsidiaries to enter into loans were obtained, but I do wonder if the legal opinions delved into the power of the statutory corporation to allow its wholly owned subsdidiaries to enter into the loans. From another existence, this would have been a "fraud on the Act" (i.e. steps were taken that were intended to out manouvre the originating legislation).

 

Unfortunately, the realisation came when the group were audited and the auditors raised the right questions, but accounts, being as they are historic, matters had gained their own momentum and the stable door was long since worth closing.

 

Correct me if I am wrong, but the scenario above indicates a certain gaucheness, not trousering.

[mæŋksmən]

Not trousering gladys, more like proffitteering.

Edited September 9, 2010 by mæŋksmən

[DRIVER]

Wtf has this got to do with mr Baines Did he lend the money to the bank that lent the money to the MEA who gave all the proffit !!!!

Edited September 11, 2010 by DRIVER

[cheeky boy]

A bit of background might be useful to explain the full folly of the MEA scandal:

The Pulrose power station is in fact two plants, the diesel one is the building behind the greenhouse. When construction of the gas turbine plant began the diesel plant was barely ten years old. ( A small fortune was spent taking down the huge chimney then only a fraction into its design life)

 

Not long after the Pulrose diesel plant was finished a brand new power station was built in Peel. One of the proposals was for a gas turbine plant which could run from the Scotland-Ireland gas pipe being laid at the time. This was ruled out as being too expensive and a diesel plant was built, around 1995 I think

 

So by the mid 90s we had three power stations. Enter Mike Profitt, who was running the Admirals Rest hotel at the time. We then get the subsea cable capable of providing most of the Island's electricity and also containing a fibre optic link

 

Somewhere in this Mr Profitt spots two golden opportunities, one is to provide a broadband service via the cable and through the untried technology of sending data down the mains electricity network. The other is to sell electricity back to the UK, which since the privatisation of the power companies needs to buy in top-ups of power due to their networks running close to capacity

 

With the promise of "not letting the lights go out in the Isle of Man" The super gas plant is launched. By the time the cable goes live MT and Cable & Wireless have increased their broadband capacity significantly. When the gas plant goes live it can only supply power to the UK at a profit for an hour or so each day

 

I think the idea was that the massive shady borrowings would be overlooked if the MEA had started earning big revenues for the Island but what actually happened was that taxpayers money was used to back a risky business venture which didn't work

 

I apologise for derailing this topic but the point was to show how shady dealings around government go unpunished whilst the full force of the law is applied when we need to project a squeaky clean image to the world

[Theodolite]

Nice post cheeky boy.

 

Hmmm, The Admirals Rest Hotel. Sorry to go a little further off topic, but that was another example of a wgrandiose waste of money scheme in the 1980s. The taxpayer didn't lose out though, well not directly anyway. Money was lavished on the place by Gil Hunter and his buddies from the Savings and Investment Bank (SIB). Unfortunately it was not their money to spend, it was the unwitting depositors. I think the freehold owners of the Hotel were eventually left with that particular golden elephant.

 

Anyway, back on topic......all those Power Stations. Can someone write a song about the Isle of Man which includes the line "If you want a Power Station we've got one to spare".

[mæŋksmən]

I give a simple scenario here;

 

The MEA, or whatever it was called at the time, are charged with the responsibility of securing the IOM's electricity production. So, they engage the right people to formulate a plan, which results in the power station. Now, fast forward and Enron goes down, costs are escalating way beyond the original budget. Any overspend by the MEA has to have Tynwald approval; it is a statutory body.

 

Meanwhile, a few offshoot revenue lines are identified; best plan is to hive these off into subsidiaries.

 

Then a proper, 'oh feck' budget overrun, additional loan needed, 'but, hey, we have separate legal entities who can take on these loans and because they are separate, we don't need Treasury approval, happy days'. I am sure legal opinions on the power of the subsidiaries to enter into loans were obtained, but I do wonder if the legal opinions delved into the power of the statutory corporation to allow its wholly owned subsdidiaries to enter into the loans. From another existence, this would have been a "fraud on the Act" (i.e. steps were taken that were intended to out manouvre the originating legislation).

 

Unfortunately, the realisation came when the group were audited and the auditors raised the right questions, but accounts, being as they are historic, matters had gained their own momentum and the stable door was long since worth closing.

 

Correct me if I am wrong, but the scenario above indicates a certain gaucheness, not trousering.

 

Thats quite a good reply that gladys.

 

I think the extra directors fees paid for the subsidiaries on top of their M.E.A. salaries/fees gave mr proffitt et al alot of leverage however.

An extra 25k to 65k per annum is alot to lose once youve had a sniff of it.

Edited September 11, 2010 by mæŋksmən

[yessa]

Yep Trevor Baines was just in the wrong place at the wrong time and yes the police and the judiciary are out of control on the Island..It's a police state........they always take the easy way out, they won't look into anything unless you have 100% proof..........Christ I thought that suspicion was enough and that it was the police's job to find the proof..Hey! you wouldn't want to grow old on the IOM and definately not have any involvement of the Social services and their System if it was up to them to look after your care...........it's a complete S**T Hole the IOM.

As for Trevor ,I have met him once many years ago when he was married to Carol his first wife and I may well drop him a line in nick and he can come and live with me when he gets out..............

 

Look at this from http://www.ukchatterbox.co.uk/msg/1198098

Re: Is IOM a good place to raise

kids?

 

racketpacket

Date: 2010-09-11

Time: 19:22:27 The IOM is not a good place to live, It's

full of people who couldn't make it in life

on the Mainland, They don't look after the

locals, Just look at the price of the boat

fare , petrol, gas, heating oil,they also

don't care for the elderly on the Island and

I know of a case where a granddaughter has

manipulated her way into the Grandmothers

house as a carer, relieved her of all her

Money (over 200K)and now lives in the house

while the elderly Lady is in Hospital with

nothing medically wrong with her all because

the Granddaughter stated she can no longer

look after the old Lady....I believe the Old

Lady has also changed her Will in favour of

the Granddaughter so what does that tell you

about the Granddaughter.Thats the IOM for you

and you people are supporting this kind of

action by paying your taxes. I am only glad

that I left the Island before I got too old

and the system had a chance to screw me as

well. Don't live on the Island if you want

help at any time from the police, social

services or any other so-called professional

body, it's such an insular place where they

all know each other and hide behind their

rule books.

Edited September 11, 2010 by yessa

[Bobbie Bobster]

Hi Salford, welcome back!

[Augustus]

Yep Trevor Baines was just in the wrong place at the wrong time and yes the police and the judiciary are out of control on the Island..It's a police state........they always take the easy way out, they won't look into anything unless you have 100% proof..........Christ I thought that suspicion was enough and that it was the police's job to find the proof..Hey! you wouldn't want to grow old on the IOM and definately not have any involvement of the Social services and their System if it was up to them to look after your care...........it's a complete S**T Hole the IOM.

As for Trevor ,I have met him once many years ago when he was married to Carol his first wife and I may well drop him a line in nick and he can come and live with me when he gets out..............

 

Look at this from http://www.ukchatterbox.co.uk/msg/1198098

Re: Is IOM a good place to raise

kids?

 

racketpacket

Date: 2010-09-11

Time: 19:22:27 The IOM is not a good place to live, It's

full of people who couldn't make it in life

on the Mainland, They don't look after the

locals, Just look at the price of the boat

fare , petrol, gas, heating oil,they also

don't care for the elderly on the Island and

I know of a case where a granddaughter has

manipulated her way into the Grandmothers

house as a carer, relieved her of all her

Money (over 200K)and now lives in the house

while the elderly Lady is in Hospital with

nothing medically wrong with her all because

the Granddaughter stated she can no longer

look after the old Lady....I believe the Old

Lady has also changed her Will in favour of

the Granddaughter so what does that tell you

about the Granddaughter.Thats the IOM for you

and you people are supporting this kind of

action by paying your taxes. I am only glad

that I left the Island before I got too old

and the system had a chance to screw me as

well. Don't live on the Island if you want

help at any time from the police, social

services or any other so-called professional

body, it's such an insular place where they

all know each other and hide behind their

rule books.

 

 

We're well rid of you. Bye, bye.

[yessa]

Yep Trevor Baines was just in the wrong place at the wrong time and yes the police and the judiciary are out of control on the Island..It's a police state........they always take the easy way out, they won't look into anything unless you have 100% proof..........Christ I thought that suspicion was enough and that it was the police's job to find the proof..Hey! you wouldn't want to grow old on the IOM and definately not have any involvement of the Social services and their System if it was up to them to look after your care...........it's a complete S**T Hole the IOM.

As for Trevor ,I have met him once many years ago when he was married to Carol his first wife and I may well drop him a line in nick and he can come and live with me when he gets out..............

 

Look at this from http://www.ukchatterbox.co.uk/msg/1198098

Re: Is IOM a good place to raise

kids?

 

racketpacket

Date: 2010-09-11

Time: 19:22:27 The IOM is not a good place to live, It's

full of people who couldn't make it in life

on the Mainland, They don't look after the

locals, Just look at the price of the boat

fare , petrol, gas, heating oil,they also

don't care for the elderly on the Island and

I know of a case where a granddaughter has

manipulated her way into the Grandmothers

house as a carer, relieved her of all her

Money (over 200K)and now lives in the house

while the elderly Lady is in Hospital with

nothing medically wrong with her all because

the Granddaughter stated she can no longer

look after the old Lady....I believe the Old

Lady has also changed her Will in favour of

the Granddaughter so what does that tell you

about the Granddaughter.Thats the IOM for you

and you people are supporting this kind of

action by paying your taxes. I am only glad

that I left the Island before I got too old

and the system had a chance to screw me as

well. Don't live on the Island if you want

help at any time from the police, social

services or any other so-called professional

body, it's such an insular place where they

all know each other and hide behind their

rule books.

 

 

We're well rid of you. Bye, bye.

.........The true colours of a Manx arse hole!

You wouldn't make it in the big wide world!

[yessa]

Yep Trevor Baines was just in the wrong place at the wrong time and yes the police and the judiciary are out of control on the Island..It's a police state........they always take the easy way out, they won't look into anything unless you have 100% proof..........Christ I thought that suspicion was enough and that it was the police's job to find the proof..Hey! you wouldn't want to grow old on the IOM and definately not have any involvement of the Social services and their System if it was up to them to look after your care...........it's a complete S**T Hole the IOM.

As for Trevor ,I have met him once many years ago when he was married to Carol his first wife and I may well drop him a line in nick and he can come and live with me when he gets out..............

 

Look at this from http://www.ukchatterbox.co.uk/msg/1198098

Re: Is IOM a good place to raise

kids?

 

racketpacket

Date: 2010-09-11

Time: 19:22:27 The IOM is not a good place to live, It's

full of people who couldn't make it in life

on the Mainland, They don't look after the

locals, Just look at the price of the boat

fare , petrol, gas, heating oil,they also

don't care for the elderly on the Island and

I know of a case where a granddaughter has

manipulated her way into the Grandmothers

house as a carer, relieved her of all her

Money (over 200K)and now lives in the house

while the elderly Lady is in Hospital with

nothing medically wrong with her all because

the Granddaughter stated she can no longer

look after the old Lady....I believe the Old

Lady has also changed her Will in favour of

the Granddaughter so what does that tell you

about the Granddaughter.Thats the IOM for you

and you people are supporting this kind of

action by paying your taxes. I am only glad

that I left the Island before I got too old

and the system had a chance to screw me as

well. Don't live on the Island if you want

help at any time from the police, social

services or any other so-called professional

body, it's such an insular place where they

all know each other and hide behind their

rule books.

 

 

We're well rid of you. Bye, bye.

And you obviously think it's OK to steal from an Old Lady.

You are a just as bad as the Granddaughter that I was talking about.

I hope you grow Old one day and end up with the likes of T.L. or D.G. or A.S. looking after you.

If you don't know the abbreviations and who they are then you're not that well informed are you.

They are the top 3 in charge of the Social Services on the Island.

Go die in a hole!

[mæŋksmən]

.........The true colours of a Manx arse hole!

You wouldn't make it in the big wide world!

 

Whether he would or would not is immaterial he chooses to live his life here.

 

lhiu lhiu

{translation}

nanu nanu

[yessa]

.........The true colours of a Manx arse hole!

You wouldn't make it in the big wide world!

 

Whether he would or would not is immaterial he chooses to live his life here.

 

lhiu lhiu

{translation}

nanu nanu