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MyTravel in financial trouble

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MyTravel in financial trouble

Old 22nd Oct 2002, 08:24
  #61 (permalink)  

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Unhappy

My point is not that I wish hard luck on MT employees, as I stated I hope MT survives, because the industry needs stability.

Equally it is not about whether or not I am right or wrong. Everyone can have an opinion on this forum.

The facts remain that the shares have collapsed to a current quote of 19p to 19.75p, the business is in trouble ( and has been for some time it would seem), and there has been rumour of financial scullduggery.

If you lot want to slate me for stating the bleedin obvious, then go ahead. You cannot hide the facts as Tim Byrne has found out to his substantial cost. And to shareholders cost.

It all smells of building a business on sandy foundations, and that does not last forever.

Byrne pushed, Crossland in, new auditors.......who is to say the bad news is finished? Will they find more hidden nonsense.

Arrogance maybe, but common sense definitely. If people do not want to agree with me that is fine, because we can all believe what we want.

I hope everyone stays employed, and that you recover under decent stewardship. It may take a little while though.

Last edited by tailscrape; 22nd Oct 2002 at 08:34.
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Old 22nd Oct 2002, 08:49
  #62 (permalink)  

Delay? What delay?
 
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You gets what you pays for.

Black_Bush ,
whilst you may be currently experiencing what you regard to be poor quality from your ground handler, why dont you pause and think why that may be? Could it have anything to do with the dutch auction that the airlines force upon ground handlers every time contracts come up for renewal? you may moan about poor service, but what do you expect when you refuse to pay for good service. And if you are employed by a certain MAN based airline then you can probably expect bad service, due to the consistent inability to arrive anywhere near your scheduled times. having worked at over 10 locations around Europe where we handled AIH/ MYT at least this was consistent.
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Old 22nd Oct 2002, 09:52
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Is this a case of peanuts and monkeys ? or is it a MAN problem?

Most of the MYT bases other than MAN consistently depart/ arrive on schedule or early.
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Old 22nd Oct 2002, 10:31
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Tailscrape

Emotions are high, at times like this we need to focus on what is going right as an industry, we as pilots have no control over what is going wrong at board level. The fact is there will be non aviation types reading these forums. No one outside the industry at the moment wants to write good news and I am sure the odd reporter drops in here for some dirt and rumour.

Nobody has the facts at the moment, rumour can cost jobs and ruin a company, so if you don't have facts keep the bad rumours out of the public domain for all our sakes, PLEASE!
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Old 22nd Oct 2002, 10:32
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Question punctuality

BigRab,

Run that by me again. Airtours/MyTravel average delay for 2001 given as 54.2 mins/flight. Has there been an improvement this year?
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Old 22nd Oct 2002, 11:32
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Yes. Massive improvement.
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Old 22nd Oct 2002, 11:36
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Kinsman,

I do agree (and sympathise) with you, but what I have said is nothing that has not been said before in the press.

My opinion is not worth more than yours as I have stated before (perhaps just more hard nosed and focused) , and I am reasonably certain that most people would not listen to ONE voice anyway.

I hope the rainclouds disperse for you, I really do,but as I said earlier I still think it will take a long time though (and I hope that I am proven wrong in that there is no more pain to come).

Good luck, but don't let people accuse me of being "gloating" or whatever. My opinions come from some experience of a market that does not like nasty surprises or scandal.

Let's hope that the next reports don't show a deterioration in the accounts for 2001/2002. After all, these were not even the figures that the City were due to be shown. And this has not exactly been a good year for Tour Operators....... anyway, fingers crossed.

If they can avoid another scandal, things should hopefully recede into a nasty memory and improve from there.
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Old 22nd Oct 2002, 17:34
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MYT's delay stats have reduced down to an average of 22mins this year....apparently
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Old 22nd Oct 2002, 19:10
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The black hole in the accounts, according to todays financial press, suggest that the downturn in figures apply only to the current trading year in the UK. The financial numbers for Germany and USA markets are currently being reviewed. Furthermore, the past few years "profits" are possibly due for "adjustment". The total debt is rumoured to be as high as 1.5 Billion !!!
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Old 23rd Oct 2002, 10:36
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Carlos
Are those figures audited by Andersen?
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Old 23rd Oct 2002, 11:06
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No Andersens were taken over. Now all their accountants work for other Auditors. Then again Andersens have a bad name because they got caught, how many other dodgy Auditors are there?

Look at the corruption in the Pensions and Investment industry and these same city slickers try to tell others how to run their industries! Am I alone in seeing a certain double standard in the world of high finance. I have to say some of the reporting and quotes I have seen from some analysts leads me to believe they have no more idea about the what is coming next than I do.

If I got it wrong as often as these guys, I would have died in a nasty accident years ago!

Edited so as not to upset the Texans, After all we don't want to give George W another reason to start a war!!!

Last edited by kinsman; 23rd Oct 2002 at 13:31.
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Old 23rd Oct 2002, 12:30
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That's "Andersens ": there is another Andersons in Houston, and they got angry at some postings on ****edcompany.com back when Andersens were busy collapsing!
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Old 23rd Oct 2002, 13:12
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Thumbs up

Steamchicken

Thanks for the correction! I see you have the same book of quotes that a lot of others seem to have. Must look out my copy!

Perhaps if Auditors and MP's etc did a bit more Thinking rather than "spin spin spin" we would all be rather better of right now!
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Old 23rd Oct 2002, 18:16
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Never mind the Falcon, my Zlin is for sale........

Private Message me !
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Old 23rd Oct 2002, 19:59
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Cool

Long, long, ago in an Airline now long gone, a wise man (who owned a drinks vending machine company) said to me, "when the company starts charging for the drinks in the crew room it's time to worry". So far my tea is still free!

Flat spin whats a GEX and how much do they want for the Falcon?
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Old 23rd Oct 2002, 21:10
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Earlier production machines going for US$16 M

Fair few on the market just now (approx 20).....they should expect offers sub US$20M!!!

p.s. P C Aviation????????
.....................................................

......Life now is only Bizjets.................
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Old 23rd Oct 2002, 22:46
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Question

So does this mean a GEX is an exec jet? In which case why do we have two? Silly question.
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Old 23rd Oct 2002, 22:56
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Please keep to the topic. Aircraft sales are elsewhere in cyberspace, and no place here.
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Old 24th Oct 2002, 09:15
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Wink

This is sticking to the topic, do we own one or two exec aircraft?

If the company are selling them off it is a more interesting indicator than some of the other posts I have read here to date.

I was under the impression we only owned the Falcon jet.
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Old 24th Oct 2002, 09:31
  #80 (permalink)  

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Do you own them or lease them - financial or operating?
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