andrewmcharlton

Neatly overlooking the fact that an administration only works if the creditors agree to it and failing which a liquidation is mandatory.

Also, the creditors are needed on an ongoing basis so that's a bit like turkeys voting for Christmas.

MA have already compromised the debt to be paid out of future revenues so there isnt too much room for maneouvre.

Also, the fact that title to the a/c probably reverts to HLF or their nominees if they go into a formal insolvency process so that would shaft that one too.

Matt Jones

Would that be me? It wouldn't be the first time I've said something that doesn't tow the 'party line'. I don't do it to deliberately inflame the situation. Sometimes I think they're a bit blinkered but it's only because they're so focussed and passionate. Luckily I'm think skinned enough that I'm not worried about it.

I hope they succeed because I's like to se it on the circuit again this year

andrewmcharlton

Matt, you are da man.

Welcome onboard to Dissenters Anonymous.

saracenman

amazing!

yet again, some on Prune remain convinced that TVOC forum members are an elitist bunch, all there to say how wonderful TVOC themselves are!

yeah - of course, I've always 'towed the party line' haven't i?

want to be part of our elite little clique? we've recently done away with the induction ceremony, the naked dancing around the sacred fire and even the human sacrifice!

to keep the peasants out, we've recently upgraded and gone super-elite - you have to be one of those 'special' people capable of popping a cheque for £24 in an envelope and.........wait for it.........POSTING IT!

come and join our elite and secretive clique and be indoctrinated into the murky world of 'support' - it's almost as rewarding as the "World of Slagging Off"

oh, and as an introductory offer - you get slagged off completely free-of-charge!

sm

G4136

sm well said!

Exrigger

Coastergirl, eloquently put, well done SM as usual nice to see your still on side and despite appearing persona non grata (again) at the moment on the VTSC forum due to my frank approach, I still contirbute now and then. I am also an avid supporter with donations and other media support in the background but see no advantage to the cross forum arguing, or taking things out of context and the mis-quoting that occasionally happens.

If we put as much effort into constructively/actively supporting the superb engineers and support staff who have achieved what Tombstone et al thought could never happen that we do in shouting each other down and the endless cross forum arguments, I think the future of 558 would probably been secured a long time ago.

hurn

How dare you expect people to fork out £24 for club membership.
Haven't you learnt from browsing this thread that all that money goes straight into Dr Plemings retirement fund!

bubblesuk

Saracenman.

You are a tubby Ginger Dwarf.

And as your introductory offer has expired that insult will cost you £2.72!

saracenman

gone up in the world i see bubbs - you used to charge far less!

Bye

The way a pre-pack works is that the administrators have to consider all creditors equally and act in the their best interests.

The insolvency practitioner does not have to inform them of the pre-pack untill after the fact.

If the creditors are not happy they can then go to court where a judge will rule if the pre-pack was not fair.

If the pre-pack saves jobs he is unlikely to rule against the pre-pack or in favour of a winding up and dispersement.

the aircraft is probably owned by the trust company so the operating company could be pre-packed with no effect on the ownership.

It depends where the debts sit and with which company.

for example if the operating company owed a large amount of cash to the hangar owner it could be discharged / re-arranged with no effect of the trust ownership of the aircraft.

I notice that certain accounts are still overdue at companies house.

Yes the major creditors would be MA so the newco could convince an administrator that as they are the best hope for the company to keep going they are most likely to re-pay the debts. They can argue that without a pre-pack the company would be trading insolvently and the creditors would get nothing, which of course is less favourable than the company going forward and paying the creditors eventually.

With a pre-pack the administrator only has to be happy that the directors purcahsing the company through the pre-pack are the best hope for the creditors to recover the most money. and be able to convince a judge of the fact in case of a challenge.

of course all supposition and probably not the case at all.

and we won't know untill after the fact as is the way.

Geoff.

saracenman

but Hurn - he is the chosen one - the Devine Leader of our elite and selective Cult - he who shall have his noble feet anointed with rare and precious oils!

we humbly worship at the sacred Altar of Pleming - he is all-knowing, all-powerful - he must be obeyed

oh, how i long for the day when The Triangular One rises again - all those unworthy mortals shall avert their eyes - we must smite the heathens' ears from their heads, lest they hear The Mighty Olympus

they are non-believers and must verily be struck down

sm

Exrigger

SM, don't tell me you have gone all religous on us or have you partaken of the amber nectar

bubblesuk

Tis the credit crunch Sm, times being hard and al that!

By the way are we doing the virgin sacrfices to ur leader again this year?

hurn

And lo, the disciples held aloft the sacred neck brace......and the mighty Pleming was pleased.

andrewmcharlton

Is it just me or did I see a post from a GMcG which has subsequently disappeared? We're not into mystery deletions on this forum too are we?

srobarts

Me too, just been emailed a post which is no longer here......

Flying Signman

......talking of missing posts, I have been informed another Press Office post giving the latest from yesterday's news conference has not appeared here.

It was posted around 8pm last night.

airsound

For anyone who feels that Vulcan To The Sky is a little uncommunicative sometimes, I have the text of a briefing that Dr Pleming gave to the press conference at the Royal Aeronautical Society on 11 Feb. I would post the text, but it's about 1500 words, and I'm dumb enough not to be able to find how to attach such a document.

But if you want to see it, PM me with your email, and I'll be happy to send it.

The presser wasn't very well attended, but the great Geoff Meade of Sky took the trouble to be there, and his report is at
Vulcan Bomber Grounded By Recession - Credit Crunch Means Delta Wing Aircraft May Be Sold | UK News | Sky News

airsound

airsound

I can't believe there are many PPRuNers who don't have the Torygraph delivered, freshly ironed, to their breakfast table, but just in case you missed it, here's what the letter on 11 February (and the page 2 article about it) looked like



airsound

Winco

Lets be frank and honest about this.....

The Vulcan has NOT been grounded by the recession. It has been grounded by greed. The recession might not have helped things I accept, but the countless tens or hundreds of thousands of people who have given their bloody-hard-earned money to this project will be thoroughly disgusted to find that a huge amount of it has gone to pay Pleming and another huge amount has gone to pay Walton.

That is the top and the bottom of it (IMHO of course!) GREED!!!

I for one am sick of hearing all the pleading from Pleming and all the threats from him. Airsound, why don't you ask your good friend Pleming to come onto this forum and answer some of the questions that have been posed? Why don't you ask him why he has refused, for years now, to come and answer any of the critisisms levelled against him? and then let us know what he says?

"a little uncommunicative sometimes" is that a joke? The man is always totally uncommunicative. He doesn't reply to letters, he won't reply to
e-mails, he won't talk on the phone, whats the matter with the man?

For heavens sake airsound, I know he's a friend and you have dealings with him, so please ask him to stand up, be a man and respond to some of the points raised. At least he may then be able to regain a bit of respect from some of us.

Winco