If Noise is the BB that I think he is then he does have the ratings in his profile, because I enjoyed (as SLF) a late go around from LHR a few years ago with him in the LHS of a 320, at that time.
With regard to comments about AC and his haste to get a rescue plan approved at the pevious AGM, perhaps I may shed some (although certainly not all ) light on this.
AC approached myself and several other members of the club to try and help formulate a recovery plan. In fact AC wanted us to be co-opted onto the committee, but we refused to do so, unless a sensible recovery plan could be formulated with financial evidence that it at least had a chance of succeeding.
Through TW, an initial approach was made to MB to see if as a member he would be prepared to lend financial support to the club, and even take over the management of the club. This was because one thing that had become abundantly clear from the outset was that the club could not be effectively managed by a committee of amateurs, no matter how well meaning. Both AC and BL had accetpted that this was the case.
The results of our negotiations with MB were presented to the AGM, in the form of AC reading out MBs letter of proposal. Neither the existing committee members or the advisors, felt that MBs proposal retained sufficient of the essential elements of the club to be a preferred option. In essence there would be no or very little ab initio training and there would be no bar/club house. He would purchase the aircraft and make them and the hangar available for hire, with a limited amount of on site engineering.
I visitied Baker Tilly, with AC on one occassion, mainly because I wanted to try and establish as nearly as i could the true financial picture. The meeting was not as pessimistic as I had anticipated, and Baker Tilly seemed to be confident that providing adequate cash flow and profit loss forecasts were made available, they would be able to secure a £30K overdraft facility, to enable the club to satisfy immediate and threatening creditors, and thereafter trade out. Obtaining the accurate data required proved difficult. LH a qualified accountant volunteered to produce the necessary documentation, but was thwarted by difficulties in actually finding all the necessary financial information. However she managed to produce some cash flow analyses which seemed to support the view that NAC could with some fairly draconian fiscal stringencies trade out.
The committee and advisors felt that all club members should have the opportunity of putting forward any alternative plans, and that was why a letter was sent out to that effect. There was division amongst the committee and advisors about circulation of accounts and further information. The advisors wished to send out the non-audited accounts, with the proposed action plan, but the existing committee members did not. The reaoning given was that allowing too much information to get out might scare creditors into taking precipitive action. It was my view that this was less likely than there being serious consequences from not circulating full information, however the advice of myself and other advisors was overuled on this.
Meanwhile in parrallel, and with the full knowledge of AC/BL, I called together a group of members known to me, with a view to seeking an injection of cash, £100K, to rescue the club, but subject to modification of the Mem and Arts, along the lines suggested by me at the previous AGM, namely to have the club run by a manager who would be answerable to the board, who would in effect be non execs, providing scrutiny and overall direction, but not being involved in the day to day management of the club. Several of you may have attended this meeting. Sadly I was unable to pursuade enough people that this would succeed.
The final recovery plan presented at the AGM was therefore similar to the plan above, but relying on the overdraft facility rather than a cash injection. The big difference was that Aero engineering needed to be liquidated. This was recommended by Baker Tilly (at a meeting attended by AC/LH but not me) despite the fact they acknowledged they would lose £5K owed by Engineering.
With all this delay, time was pressing, and court action being threatened by the IR. TW was liaising with the airport, so it was not true to say that there was no dialogue, however, for some reason, ongoing landing fees were not being paid (NIA had agreed to wait until an action plan was agreed before chasing the then £30K provided the ongoing fees were paid). Why they were not only AC can tell.
Sorry about the length of this post, and even this is to some extent a summary, but hopefull it at least gives you a flavour of why AC was so keen to get the plan approved quickly.
Sadly GOs prophecy came true.
If there are any other questions that I can answer I am happy to try and do so.
Last edited by martinidoc; 11th Dec 2004 at 15:46.