gch Posted May 21, 2018 Share Posted May 21, 2018 I heard on Saturday night from a very reputable source (no jokes please, this is true) that The Castle Mona was actually bought by The Sefton Group, the owners, for the £1.2m quoted!! Apparently done to balance the books of The Sefton Group to allow the purchase of the Middlemarch site. How corrupt is this island getting please, and where does this now leave the Castle Mona, up for sale again????? Bonkers! Link to comment Share on other sites More sharing options...
Merkin Posted May 21, 2018 Share Posted May 21, 2018 I have no idea who bought the Castle Mona but you do know that it was sold at auction..... Anyone is free to buy it, including the current owners. Link to comment Share on other sites More sharing options...
gch Posted May 21, 2018 Author Share Posted May 21, 2018 They only bought it in the first place to take a competitor out of the market and now its falling down, then theyre are selling it to themselves for a 1/4 of what they paid for it and government bail them out, it stinks! There were no other bidders apparently apart from the 2 Sefton representatives - this itself begs many questions, one of which is where does the Isle of Man stand in quality and attractiveness to outsiders now, this would've been snapped up in the likes of Jersey surely.... Link to comment Share on other sites More sharing options...
Lxxx Posted May 21, 2018 Share Posted May 21, 2018 The island reminds me of a failing company on the stock market who use excess cash reserves to buy back their own stock to keep the share price high and fool the markets into thinking they're an attractive company. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted May 21, 2018 Share Posted May 21, 2018 If so, does this reset all kinds of responsibilities and timings such as those on the upkeep of registered buildings etc. ? No one would bother to do such a thing without advantage. Link to comment Share on other sites More sharing options...
war baby Posted May 21, 2018 Share Posted May 21, 2018 This would seem to be a rather odd way to transfer title within a group. If there was not a third party under-bidder, it fails to establish a true market value. Which is probably zilch given all the strings attached. Link to comment Share on other sites More sharing options...
woody2 Posted May 21, 2018 Share Posted May 21, 2018 5 hours ago, gch said: They only bought it in the first place to take a competitor out of the market and now its falling down, then theyre are selling it to themselves for a 1/4 of what they paid for it and government bail them out, it stinks! There were no other bidders apparently apart from the 2 Sefton representatives - this itself begs many questions, one of which is where does the Isle of Man stand in quality and attractiveness to outsiders now, this would've been snapped up in the likes of Jersey surely.... 5 bidders...... Link to comment Share on other sites More sharing options...
Albert Tatlock Posted May 21, 2018 Share Posted May 21, 2018 People also bid themselves to stop competitors or stoopid people not likely to come up with the cash? No real money except for commission parts hands then I presume? Link to comment Share on other sites More sharing options...
woolley Posted May 21, 2018 Share Posted May 21, 2018 Pay the agent's commission on selling your own house to yourself............ Link to comment Share on other sites More sharing options...
war baby Posted May 21, 2018 Share Posted May 21, 2018 2 hours ago, Albert Tatlock said: People also bid themselves to stop competitors or stoopid people not likely to come up with the cash? No real money except for commission parts hands then I presume? Could easily be 15% 20% or more. Seems an odd way to spend money. Link to comment Share on other sites More sharing options...
the stinking enigma Posted May 21, 2018 Share Posted May 21, 2018 I think the sefton group should be congratulated for buying it at such a bargain price compared to what the sellers bought it for originally. I'm no ecomomist but that's pretty impressive. Link to comment Share on other sites More sharing options...
dilligaf Posted May 21, 2018 Share Posted May 21, 2018 1 hour ago, the stinking enigma said: I think the sefton group should be congratulated for buying it at such a bargain price compared to what the sellers bought it for originally. I'm no ecomomist but that's pretty impressive. Yeah, there are some bent f***ers about. Link to comment Share on other sites More sharing options...
dilligaf Posted May 21, 2018 Share Posted May 21, 2018 5 hours ago, Albert Tatlock said: People also bid themselves to stop competitors or stoopid people not likely to come up with the cash? No real money except for commission parts hands then I presume? But just messing with internal finances is not what WE, the islanders want tosee. We want the place refurbished and used for the good of us all, not just some silly accounting pawn . Give the sefton lot fuck all in loans or handouts, if this is how they sneer at us. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted May 22, 2018 Share Posted May 22, 2018 What tax advantages are to be had if a business devalues an asset? Link to comment Share on other sites More sharing options...
b4mbi Posted May 22, 2018 Share Posted May 22, 2018 Do we have any evidence this has really happened? i.e. owners have put it up for auction, and an entity with the same beneficial ownership as the original owners has purchased it? Link to comment Share on other sites More sharing options...
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