Mayflower Share Discussion Threads

[soysoy] 01/6/2005 21:17

click listern again and click on file on 4 bbc radio should beable to play again

[Abuse team] 31/5/2005 22:59

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[soysoy] 31/5/2005 21:00

Anyway it was very good I try put a link on later

[soysoy] 31/5/2005 18:09

been told there go to say something about mayflower

[scribbler101] 31/5/2005 17:59

I think it is on the steam wireless, not the TV ?

[soysoy] 31/5/2005 17:58

Business bankruptcies
As the Department of Trade and Industry prepares to investigate the collapse of carmaker MG Rover, File On 4 examines the laws to protect workers and shareholders when businesses go bust.
The DTI's investigation follows the analysis of the Rover group's accounts for the year up to 2003 by a watchdog body, the Financial Reporting Council. It said the report raised "a number of questions".

Since Rover's demise, concern has centred on how over 5,000 workers could lose their jobs while directors paid themselves a reported £40m in pension, pay and other benefits.

Martin O'Neill, the former chairman of a DTI select committee to assess how Rover was being run, tells File On 4 that in its final months its structure was so complex that it made it difficult to establish the full picture.


"There were bits of it (the company) which didn't really relate to other bits.....and there were two views about that, one was that they (management) had dealt with it in a rational manner, identifying and isolating assets.

"Others had said they were enabling themselves to have it as an exit strategy which would have resulted in them walking away from car assembly and manufacturing but at the same time having one or two still lucrative options elsewhere."

The programme looks at other company failures which have left a trail of debt and job losses.

It raises questions about the way businesses are able to shift the balance of risk away from those who own and run them, onto those who supply and invest in them.

It hears from experts who say the law allows accountants to re-value assets to keep an unprofitable business trading for too long. Credit can be stretched beyond reasonable limits, putting many other businesses under unnecessary stress.

Accountant Richard Murphy says the law must be changed to ensure more transparency in the auditing system while companies are still trading, rather than after they have collapsed.

"It's a problem we've turned our backs on so far. The current system leaves you knowing even less about what's going on inside a group.

"The UK must act to protect those on the outside who are left vulnerable." File On 4: BBC Radio 4, Tuesday 31 May, 2005 at 2000 BST, and repeated on Sunday 5 June, 2005 at 1700 BST.


Story from BBC NEWS:


Published: 2005/05/31 15:11:11 GMT

© BBC MMV

[soysoy] 31/5/2005 17:43

There's a programme on Channel 4 tonight about insolvency. Apparently they are going to cover the Mayflower story.
bbc radio 4

[shirishg] 26/4/2005 04:21

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[jakass] 26/4/2005 00:25

Dear oh Dear. Jaknife is still around, spouting the same old drivel. Presumably he is not aware how boring he is to other posters.

I don't believe jaknife works for a bank, or anyone else. He is just another bedsit warrior who has found a niche on the internet where he can receive the attention he craves. In reality, his greatest excitement is his trip down to the corner shop after cashing his Giro - on the internet he can live out his fantasies of being someone who knows the score, and by posting against the flow of consensus, receive the lifegiving flow of replies to his inane utterings.

He no more believes in his rhetoric than you or I do - but it brings him relief from the drab, squalid existence of the four walls that surround him.

[soysoy] 25/4/2005 23:57

"Presumably soysoy, given the gravity of such a "rumour", you have evidence to back it up in order to ensure that you do not open yourself up to libel claims and/or just simply claims of being a rumour mongerer?"

Lot of people have told me that directors have told them to buy shares in Mayflower they seem to be very close freinds of them,
EVAN THOU THE COMPANY MUST OF BEEN IN SERIOUS TROUBLE
but thats not ilegal ,but i think they have less freiends now


All evidance has be given to the ADIB

but just for YOU JACKNIFE I leave it as rumour and let the ADIB speak

[farsight] 25/4/2005 17:58

Jaknife working overtime I see. His paymasters at the bank must be worried.

[soysoy] 25/4/2005 17:40

It`s rumourd that Simpson told him to keep buying them.

[tufts] 25/4/2005 15:31

Unless he was asked to buy them by certain people to make things look better than they were!!

[soysoy] 25/4/2005 07:49

I think it was a John Harvey bought about 20 million pounds worth of shares,must have been given some false information by the Directors,
I thinck he will be after some blood to

[ricra] 24/4/2005 21:08

Just out of interest does anyone know why the shares of Mayflower rallied in the December prior to the collapse. That has always seemed odd to me. Someone must have brought a load of shares.

[anomalous] 24/4/2005 15:54

>nipper33

Now that the preliminary findings are out, it is evident that the conduct of the accountants/auditors for Mayflower was questionable.

It is likely that after the full report is released, that there will be additional questions regarding the period directly before the collapse. In the 5 months prior to administration, certain information was known and withheld from the shareholders and the market.

Not only that, but the FSA asked for information concerning the frequent profit warnings and were provided with enough data for them (or the LSE) to commence a full enquiry into this information. Despite being advised of the situation, there is very little to suggest that the FSA did any more than make preliminary enquiries. They certainly did not speak to the most relevant people and had they done so, this matter would have gone public a lot sooner.

It maybe that the DTI enquiry might show that there was negligence by both the auditors and the audit committee of Mayflower in not spotting the accounting irregularities at Dennis and elsewhere.

Whilst these irregularities in themselves did not bring about the collapse of Mayflower, they were certainly the straw on the camel's back, after the failure to renegotiate the financing of the Mayflower debt. The management's denial of the seriousness of the situations and inability to restructure the company to weather the approaching debt crisis, brought about a corporate failure that might have been avoided.

The simalarities between Mayflower and MG Rover are startling. It is a great pity that so many good people lost their jobs, because a few were unable to face the truth and find a solution to the crisis.

It is likely that after the full report, certain major shareholders of Mayflower will consider legal action against the parties investigated by the AIDB.

[Abuse team] 24/4/2005 15:33

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[nipper33] 24/4/2005 13:25

Yes ,sorry ,I meant courtwise etc.