East Anglian Air Ambulance temporarily grounded/Longmint status
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Fluffy: I am sure that LMF has realised [since he is in the know!] that there is little to be said in defence. That level of arrogance leaves a very real hole when trying to deal with people who do not want to play by your [LMF's] rules. In that area he was very badly equiped and probably realised that so I doubt he'd have the knuts to venture back for another trouncing. 
Just to clarify my understanding:
Fairoaks Airport is operated by a company completely separate from Longmint, but that operator leases the land from a Longmint Company (or at least a Company who's directors are the same as Longmint).
Is this correct or have i got it wrong.
OH
Fairoaks Airport is operated by a company completely separate from Longmint, but that operator leases the land from a Longmint Company (or at least a Company who's directors are the same as Longmint).
Is this correct or have i got it wrong.
OH
It's all 'politics' to me so I don't get involved, but a company called 'Albemarle' is tied up in it somewhere (also Shoreham); that might be the one you're referring to.
Hovering AND talking
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Shoreham Airport and Fairoaks are owned by a syndicate headed by Egan Property Asset Management Ltd (formerly Albermarle Property Asset Management Ltd). The Managing Director and principal shareholder is Geoff Egan who used to be a director of Erinacaeous Commercial Services Ltd (In Administration). Other directors of this Erinacaeous subsidiary are now directors of Egan PAM Ltd.
On paper there is no relationship between these owner/directors other than they used to work for a company under the same common ownership as Longmint and the Triumvirate! In reality, who knows? It could be another smoke & mirrors set up or there could be no love lost between them.
Cheers
Whirls
On paper there is no relationship between these owner/directors other than they used to work for a company under the same common ownership as Longmint and the Triumvirate! In reality, who knows? It could be another smoke & mirrors set up or there could be no love lost between them.
Cheers
Whirls
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Fairoaks and Longmint
There are 2 companies involved at Fairoaks - 'Albermarle Fairoaks Limited' and 'Albermarle Fairoaks Airport Limited.' One looks after the property and the other holds the licence to operate the airfield. Longmint has no connection with either.
Longmint, in the form of 'Mann Aviation Group (Engineering) Ltd' (MAGE), rents hangar and office space from 'Albermarle Fairoaks Ltd.' MAGE owns Alan Mann Helicopters (AMH)
I understand that in a recent case in the High Court, the Judge found in favour of Fairoaks in its dispute with MAGE. Debt, interest and costs amounting to almost £1M. Hands up those who think they paid up!
The Court has sent Receivers into MAGE (today I think) who are now in control of the company. I suppose they'll want to know where all the money's gone eh!
The 'fat lady' is singing her last verse methinks, just the final chorus to go!
As for LMF's silence - I think he's been shafted too, poor chap.
Longmint, in the form of 'Mann Aviation Group (Engineering) Ltd' (MAGE), rents hangar and office space from 'Albermarle Fairoaks Ltd.' MAGE owns Alan Mann Helicopters (AMH)
I understand that in a recent case in the High Court, the Judge found in favour of Fairoaks in its dispute with MAGE. Debt, interest and costs amounting to almost £1M. Hands up those who think they paid up!
The Court has sent Receivers into MAGE (today I think) who are now in control of the company. I suppose they'll want to know where all the money's gone eh!
The 'fat lady' is singing her last verse methinks, just the final chorus to go!
As for LMF's silence - I think he's been shafted too, poor chap.
Last edited by Ackers Caffer; 22nd Apr 2011 at 13:30. Reason: Company name MAGE / Longmint
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Longmint, in the form of 'Mann Aviation Group (Engineering) Ltd' (MAGE), rents hangar and office space from 'Albermarle Fairoaks Ltd.' MAGE owns Alan Mann Helicopters (AMH)
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Its a shame, but having lost their AOC, which took some time to get back, loosing their 145 fixwing Approval, which i dont think they have got back yet. Plus loosing staff through redundancy and of their own choice, guess it was just a matter of time?
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Someone else has petitioned to Wind Up Sterling - (London Gazette Notice 1344940)
Cheers
Whirls
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Whirls, since it seems to be one of your areas of expertise, can you tell me a bit about what is known as the Directors Fund? I mean specifically - is that fund separate from the companies finance accounts? Thanks.
Hovering AND talking
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Directors Fund? 
Not a generally accepted or used term under the Companies Act. Sounds like a "pot" to me.
I've heard of Directors' Loan Accounts whereby either the Company owes the Directors or the Directors owe the Company.
The first is where a Director (who is usually a shareholder/owner as well otherwise there's no point) lends the company some cash say, for investment in new equipment or as a start-up company. The Company will need to repay the Directors that money. These are usually shown in the accounts under "Creditors".
The latter is where the Company lends the Directors some cash and, with a few convoluted exceptions, are illegal. In practice, it happens all the time but decent directors will make sure it all gets paid back before the financial year end. If there are any Directors' Loans like this, they are shown under Debtors and the Auditors will draw attention to them by way of a separate note.
996, where did you see this? I'm intrigued.
Cheers
Whirls
Not a generally accepted or used term under the Companies Act. Sounds like a "pot" to me.
I've heard of Directors' Loan Accounts whereby either the Company owes the Directors or the Directors owe the Company.
The first is where a Director (who is usually a shareholder/owner as well otherwise there's no point) lends the company some cash say, for investment in new equipment or as a start-up company. The Company will need to repay the Directors that money. These are usually shown in the accounts under "Creditors".
The latter is where the Company lends the Directors some cash and, with a few convoluted exceptions, are illegal. In practice, it happens all the time but decent directors will make sure it all gets paid back before the financial year end. If there are any Directors' Loans like this, they are shown under Debtors and the Auditors will draw attention to them by way of a separate note.
996, where did you see this? I'm intrigued.
Cheers
Whirls
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We all now know that Sterling, AMH, MAGE and FAST are owned by Longmint Aviation. However the legal actions previously mentioned refer to the individual companies. Does this mean that while the companies in question are potentially closed that Longmint can continue.
Previously in this thread there was mention of the change of registration of several aircraft to the Alan Mann Aviation Group Ltd, is this company in anyway connected to the receivership or is it allowed to continue.
I suppose the crux of the question is, are these proceedings a clever way of writing off the debt and starting again?
Previously in this thread there was mention of the change of registration of several aircraft to the Alan Mann Aviation Group Ltd, is this company in anyway connected to the receivership or is it allowed to continue.
I suppose the crux of the question is, are these proceedings a clever way of writing off the debt and starting again?
Hovering AND talking
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Does this mean that while the companies in question are potentially closed that Longmint can continue.
are these proceedings a clever way of writing off the debt and starting again?
If an Insolvency Practitioner is appointed to wind up a company, then part of his or her work will be to investigate the actions of the directors. If said IP considers that their actions were grossly negligent or fraudulent, then charges could be brought and the directors could be disqualified, or fined, or both. Or, in some circumstances, imprisoned.
Cheers
Whirls
