Mayflower Share Discussion Threads

[soysoy] 28/6/2004 17:50

Engineering firm buys Mayflower
West Midlands engineering company Mayflower Vehicle Systems (MVS) has been sold off by administrators.
Deloitte said Shrewsbury-based Stadco has bought the firm, which employs 600 staff making vehicle body panels at factories in Coventry and Birmingham.

The move follows the collapse in April of MVS's parent company the Mayflower Corporation.

A Stadco spokesman said it was too early to say whether all the 600 workers would keep their jobs.

He said Stadco would be carrying out a strategic review of MVS, adding: "This is good news.

Undisclosed sum

"The company has been in administration, so now there is a future for the business."

The Shrewsbury-based firm said it had already renamed the MVS operations Stadco Castle Bromwich and Stadco Coventry.

Stadco makes so-called body-in-white panels which are laser-welded for car makers including Jaguar, Land Rover, Aston Martin, DaimlerChrysler and MG Rover.

The combined business will employ more than 2,000 people at seven sites in the UK and two in Germany.

Stadco managing director Andrew Morriss said there were "considerable synergies" between Stadco and MVS.

"We will fit well together and become the largest manufacturer of body-in-white pressings and assemblies in the UK."

Deloitte would not say how much Stadco paid for MVS.


Story from BBC NEWS:


Published: 2004/06/28 15:08:29 GMT

© BBC MMIV

[soysoy] 25/6/2004 15:49

hi been asked for a story about mayflower action group form the a magazine
could any of you please send me somthing about the way you feel about mayflower directors the fsa and the dti
i will edit your name and so on if you wish and send it on
this would be great chance to get mayflower in the papers again
---

[the knowing] 23/6/2004 23:35

Thing is what will shareholders get out of it ?

[soysoy] 23/6/2004 23:33

i think dti and fsa no there is somthing wrong

[soysoy] 23/6/2004 17:43

A STATMENT FROM THE DTI
MAYFLOWER MEMBER HAS WRITTEN TO THE DTI THIS WAS THERE RESPONCE


I am pleased that there are on-going investigations into the collapse of Mayflower Corporation which
hopefully will show up whether the Board of Directors were involved in any wrong doing such as false accounting or circulating
misinformation about the company's accounts.

Thanks for your e-mail dealing with my original enquiry.

[soysoy] 21/6/2004 17:50

Union says several parties interested in Mayflower's W.Va. plant

SOUTH CHARLESTON (AP) - Mayflower Vehicle Systems Inc.'s West Virginia stamping plant has attracted several potential buyers and could soon have a new owner, a union official said.

Ken Markham, president of United Auto Workers Local 3399, said he expects news on a potential sale "within a month or so." He would not identify any of the parties but said former plant manager Dennis "Pete" Peterson is working with one.

"From the indications that we've had so far, the ones that are potential buyers are interested in running the business," Markham said Friday. "Our customers are working well with us without any problem. We are making money, and that's good."

Peterson resigned in May 2003, citing personal reasons and the state's workers' compensation climate. He would not comment.

"We didn't have any problems when he was here before," Markham said.

Mayflower Vehicle Systems' parent, Mayflower Corp. PLC, was declared bankrupt in March and handed over to an external administrator with debts of almost $356 million.

Mayflower Vehicle Systems, based in Farmington Hills, Mich., isn't part of the bankruptcy proceedings. The company also has manufacturing plants in Kings Mountain, N.C., and Norwalk and Shadyside, Ohio. The South Charleston plant employs 800 people, including 640 members of Local 3399.

---

Information from: The Charleston Gazette,

[soysoy] 20/6/2004 22:19

very good jakass

[jakass] 20/6/2004 17:43

Soysoy - the above article beggars belief. That the FSA can employ people in senior positions who are either at least, incredibly naive, or at most, blatantly flouting well known rules in the legal system is a sad reflection on an organisation overseeing the whole of the UK Financial Services Industry.

Hopefully it will accelerate a complete reform of the FSA.

[soysoy] 20/6/2004 17:27

HOW MANY MORE HEADS WILL FALL ?






FSA crisis as chief enforcer quits
Helen Dunne, Mail on Sunday
20 June 2004

HE Financial Services Authority* faces the biggest crisis in its seven-year history after the shock resignation of Christopher Fitzgerald who chairs the committee that decides punishments for City wrongdoing.



The circumstances of his departure raise embarrassing questions for the City watchdog, already under pressure over the split capital trusts* debacle.



Insiders claim that more heads will roll as further revelations emerge and pose doubts about the impartiality of an independent tribunal set up to hear appeals against penalties handed down by Fitzgerald's Regulatory Decisions Committee.



He quit after admitting speaking privately to Terence Mowschenson QC, a member of the four-strong tribunal hearing an appeal against a £750,000 fine imposed against Paul Davidson, a City entrepreneur widely known as The Plumber.



Fitzgerald claims he was opening his window in the early hours of Wednesday when he spotted Mowschenson, his neighbour, walking his dogs.



He said: 'We chatted on my doorstep about the tribunal in very broad terms on how the case was going.'


Fitzgerald said he had not sat on the committee that decided Davidson's fine. But Davidson said: 'Why is he leaving if he only had a casual conversation?'



Fitzgerald denied having regular contact with Mowschenson. 'We're friends and neighbours,' he said. He knew Mowschenson was a member of the tribunal 'because he told me in casual conversation'.



Davidson added: 'Isn't it delightful that the person who gives out decisions on punishments is friends with the person hearing appeals against them? All I want is for natural justice to be preserved. They've stitched me up. Well, it will all come out now. It's a Get Davidson scenario. Well Davidson has got them. Big time.'



• The FSA has extended the date for the 21 firms involved in split capital trusts to sign up for mediation by a further two weeks to July 2 - almost four months after its first deadline. It is understood that not one firm is in mediation, a fact that would be embarrassing for FSA boss John Tiner to admit to the Treasury Select Committee this week. He can now say the firms have some time yet to decide.



Let a friend read this article

[soysoy] 18/6/2004 23:17

yes and if any one wants to run mayflower action group they are more then wellcome

[jakass] 18/6/2004 21:00

soysoy appreciate your courage in replying to the "spelling" queries.

[soysoy] 18/6/2004 20:47

can i say that i do have trouble spelling but i was born with a hearing problem
so i don`t always hear words how they are said
and this something i have to live with

[soysoy] 18/6/2004 20:37

NO BUT ITS ABOUT TIME OTHERS DID BIT OF WORK FOR MAYFLOWER SHAREHOLDERS

[anomalous] 18/6/2004 19:07

Latest Update for shareholders is that the lawyers are going to be speaking with the press over the next two weeks. The story is huge and may take this paper a while to research. They have a lot of people to speak to, but when it breaks, it could be Headlines. Especially if the Serious Fraud Office is active as well. Keep up the good work soysoy.


P.S.
Do you want to borrow a dictionary?!
Sorry...!
A.

[soysoy] 17/6/2004 20:07

CAN JUST SAY THAT THIS IS ACTION GROUP NOT JUST ABOUT MYSELF AND ANOMALOUS
ITS SUPOSE TO BE GROUP AND IF YOU WANT ANY OF YOUR MONEY BACK YOU NEED TO MAKE YOUR SELF HERD
BY WRITING TO THE FSA ,DTI , AND YOUR LOCAL MP IT`S NOT GOING TO HAPPEN OTHER WISE
THIS PRESS ARTICLE WILL HELP BUT THERE IS LOT OF WORK ALL MAYFLOWER SHARRE HOLDERS CAN DO
GO ON GIVE IT IT AGO

[tufts] 17/6/2004 10:38

I am also very grateful for all the work that is being done on behalf of the shareholders. I was disgusted at the way everything was sold so quickly. In fact it was quite alarming. I have written to the fsa about it. I will not ever mention the spelling again. I'm can't wait to see what this story is!!

[anomalous] 16/6/2004 23:28

Things are moving behind the scenes.

We have confidence that a major news story will break sometime in the next two months which will shock all Mayflower shareholders and give them hope for compensation after all. soysoy is doing a grand job, so please give him a break on the emails (and the spelling!). I'm helping where I can to focus the crucible and bring the story to a satisfactory conclusion.

Hey...we're working stiffs, so we do this in our spare time....give us a break...please?!