manshimajin Posted August 23, 2008 Share Posted August 23, 2008 Based on the attached article it looks like Babcock and Brown the owners of Manx Gas may need every penny they can lay their hands on at the moment. So sad to hear of this happening to a private equity firm - but could have implications here. From today's Irish Times: The company's market capitalisation has collapsed due to the effects of the credit crunch. Its shares have lost about 94 per cent of their value over the past 15 months. Babcock & Brown Sounds like, to use a good old Ozzie phrase they are - up S**t Creek without a paddle - just hope the IOM Government is keeping a very close watch on this. Link to comment Share on other sites More sharing options...
Higgy Posted August 23, 2008 Share Posted August 23, 2008 [ Sounds like, to use a good old Ozzie phrase they are - up S**t Creek without a paddle - just hope the IOM Government is keeping a very close watch on this. The IOM Government will watch the situation closely but do jack shit about it....as usual. Link to comment Share on other sites More sharing options...
Hermes Posted August 23, 2008 Share Posted August 23, 2008 Hmm... Aussie venture capitalists... That reminds me of Macquarie (who own the Steam Packet Co). I hope they can promise to return better figures. If companies are so affected by the so-called 'credit crunch', then this means that they have been involved (directly or otherwise) in the scandalous business of convincing the poor to borrow money they cannot afford to repay, in the hope of making profit! Disgusting. Isn't it about time we all started to take a stand against this kind of behaviour and outlaw it? Our society is infested with greedy corporate pirates who are treating the people who support the markets as farm animals to exploit as they see fit. Would it be 'off-topic' to include Manx Electricity, Mount Murray and companies such as Dandara in the debate about how we are exploited by corporate entities? Link to comment Share on other sites More sharing options...
Alias Posted August 23, 2008 Share Posted August 23, 2008 Yeh it would be - unless you have evidence about then accounts it's effectively manx crab syndrome. I don't like them anymore then else but to target them just because they're successful (unless you have further concessions?).. Link to comment Share on other sites More sharing options...
Hermes Posted August 24, 2008 Share Posted August 24, 2008 Read the question and its preamble again: 'Would it be 'off-topic' to include Manx Electricity, Mount Murray and companies such as Dandara in the debate about how we are exploited by corporate entities?' I was inviting readers to entertain this idea while considering the current topic within its wider suggested context of our corporate exploitation. Link to comment Share on other sites More sharing options...
Stu Peters Posted August 24, 2008 Share Posted August 24, 2008 Hermes - bloody good topic. I'd start with the banks, building societies and finance houses. Then I'd like someone to explain in simple terms to me (I'm a simple sort of a bloke) what value - if any - these people who trade in world markets, commodities, futures etc. actually add to the process of production for consumption. Because I can't get beyond seeing lots of gambling addicts playing with other people's money and other people's lives, for their own gain. They get paid, win or lose - but if they win they make obscene personal fortunes in bonuses. I talked to a pig farmer a while ago - feed has doubled because the grain they use has become the latest 'hot' commodity. So now Giles has got another Ferrari out of it, but the pig farmer can't afford to stay in the business he's built up and nurtured over the years unless his prices can go up commensurately. My expensive bacon bap is helping buy a Ferrari for someone in Gucci loafers in London, not reward anyone involved in the actual production of it. WTF? Funny - in the 80's I was a Thatcherite. Nowadays my old Tory chums are all socialists and my formerly left-wing pals are all capitalists... Link to comment Share on other sites More sharing options...
Lee54 Posted August 24, 2008 Share Posted August 24, 2008 The price of oil dropped by it largest margin in 17 years last week but energy prices are still shooting up. http://money.cnn.com/2008/08/22/markets/oil/index.htm Link to comment Share on other sites More sharing options...
Frances Posted August 24, 2008 Share Posted August 24, 2008 Funny - in the 80's I was a Thatcherite. Nowadays my old Tory chums are all socialists and my formerly left-wing pals are all capitalists... you might be interested in http://www.guardian.co.uk/commentisfree/20....religion/print Link to comment Share on other sites More sharing options...
Tempus Fugit Posted August 24, 2008 Share Posted August 24, 2008 if the share price has dropped so much why doesn't the government buy in and split off Manx Gas and nationalise it to get it out of the grip of the profit-takers ? Link to comment Share on other sites More sharing options...
Frances Posted August 24, 2008 Share Posted August 24, 2008 if the share price has dropped so much why doesn't the government buy in and split off Manx Gas and nationalise it to get it out of the grip of the profit-takers ? it is B&B shares that have dropped - Manx Gas is a very small (tho highly profitable) part. To kill off ManxGas just adopt the Thatcher approach - anyone can supply gas using the infrastructure (at an agreed rental) - allow MEA to enter domestic gas supply business then terminate contract to supply ManxGas as soon as possible Link to comment Share on other sites More sharing options...
monasqueen Posted August 24, 2008 Share Posted August 24, 2008 if the share price has dropped so much why doesn't the government buy in and split off Manx Gas and nationalise it to get it out of the grip of the profit-takers ? The Govt had shares in the Steam Packet once, and look what happened to them. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted August 24, 2008 Share Posted August 24, 2008 if the share price has dropped so much why doesn't the government buy in and split off Manx Gas and nationalise it to get it out of the grip of the profit-takers ? If the share price is battered because of the credit crunch its likely the market is concerned about how they will be able service their debts or raise new capital to support operations moving forward. Not really a strong buying signal is it? Even the IOM Gov might not be daft enough to pile in on that! Link to comment Share on other sites More sharing options...
matty Posted August 24, 2008 Share Posted August 24, 2008 The thing that bugs me with the whole 'credit-crunch' thing is that the tax-payer ends up paying the price. Northern Rock, when it was going well, the directors & shareholders were making a fortune, when it went tits up it was the tax-payer that ended up footing the bill this IMHO is totally wrong, if you gamble with other people's money & screw it up, tough shit - you shouldn't expect the government & tax payer to bail you out. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted August 24, 2008 Share Posted August 24, 2008 The thing that bugs me with the whole 'credit-crunch' thing is that the tax-payer ends up paying the price. Haven't you worked out what our role is as minions in the global economy yet? Those making millions / billions badly running the global banking system have nearly bankrupted their companies. If the banks fail then we all collectively lose our hard earned savings so the taxpayer is being forced to pick up the tab for making sure that our own money is safe. What I can almost guarantee you though is that if you have any debts to a bank or credit card company if that bank goes bust they will pursue you merclessly for repayment of what you owe and nobody will be stepping into the breach to let you off your own liabilities. So if we want our own money back we have to pay for it, but if we owe anything to any bank then we'll be bankrupted if we don't pay it back. Link to comment Share on other sites More sharing options...
localyokel Posted August 24, 2008 Share Posted August 24, 2008 To kill off ManxGas just adopt the Thatcher approach - anyone can supply gas using the infrastructure (at an agreed rental) - allow MEA to enter domestic gas supply business then terminate contract to supply ManxGas as soon as possible That may be the back up plan. The IOM needs to secure its gas and electricity supply and that would seem an elegant solution to the problem. If B&B are in trouble maybe a reasonable bid for MG would make sense? Link to comment Share on other sites More sharing options...
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