Monarch-5
Thread Starter
Monarch-5
The UK taxpayer ended up paying for the repatriation flights at a cost of £60m.
https://www.thisismoney.co.uk/money/...e-Monarch.html
Documents from administrators at KPMG show that Greybull Capital, Monarch’s former owner, made a loss from the administration. Greybull, a secured creditor, promised to reimburse the Department for Transport for some or all of the repatriation flights if it made money from the administration.
https://www.thisismoney.co.uk/money/...e-Monarch.html
Documents from administrators at KPMG show that Greybull Capital, Monarch’s former owner, made a loss from the administration. Greybull, a secured creditor, promised to reimburse the Department for Transport for some or all of the repatriation flights if it made money from the administration.
Last edited by tubby linton; 1st May 2021 at 22:24.
Join Date: Feb 2008
Location: LIVERPOOL
Age: 59
Posts: 145
Likes: 0
Received 0 Likes
on
0 Posts
From my understanding Greybull ‘managed ‘ Monarch, then charged massive‘management fees’. The two main shareholders would have got dividends plus a majority of the sale of assets and guess who were the main shareholders....the Meohas brothers
tubby linton
Who'd have thought it, accountants engineer a loss, we pick up the tab!
Who'd have thought it, accountants engineer a loss, we pick up the tab!
THE best accountants and lawyers in the world reside in the movie and entertainment business. A movie can take zillions and always seems to make a "loss"
Not for nothing do they use the phrase "don't mess with the Mouse"
Not for nothing do they use the phrase "don't mess with the Mouse"
Known as “Hollywood Accounting”.
https://en.m.wikipedia.org/wiki/Hollywood_accounting
But I’m sure this is all legal and above board, and just another unfortunate failure for Greybull, who don’t seem to have much luck with the companies they invest in (Comet, Riley’s pool hall’s, M Local, Monarch, Tata Steel...)
https://en.m.wikipedia.org/wiki/Hollywood_accounting
But I’m sure this is all legal and above board, and just another unfortunate failure for Greybull, who don’t seem to have much luck with the companies they invest in (Comet, Riley’s pool hall’s, M Local, Monarch, Tata Steel...)
Join Date: Jun 2011
Location: Ainsdale
Posts: 1,747
Likes: 0
Received 0 Likes
on
0 Posts
Also appears the airline has now moved from Administration to dissolution:
https://www.insolvency-kpmg.co.uk/Vi...0-347f90481a6c
https://www.insolvency-kpmg.co.uk/Vi...0-347f90481a6c
Join Date: Nov 2001
Location: London Whipsnade Wildlife Park
Posts: 5,038
Likes: 0
Received 0 Likes
on
0 Posts
Perhaps worth remembering that Monarch had been financially troubled for a long time beforehand. Sad, but unfortunately not unexpected. Business is not forgiving forever
