joeyconcrete Posted June 24, 2005 Share Posted June 24, 2005 Buy yourself a generator and stock up on the diesel fellas! Link to comment Share on other sites More sharing options...
Doric Posted June 24, 2005 Share Posted June 24, 2005 I'm telling you, I was serious about that Hamster Powerplant... dont use hamsters. make a bigger tredwheel and put the board in it and dodgy mhk's and corrupt officials and solicitors and the delinquin kids and the bloke nxt door to me who keeps blocking my garage. and put it in that big glass building so we can see them swet. Thatll learn them proper. Link to comment Share on other sites More sharing options...
Amadeus Posted June 24, 2005 Share Posted June 24, 2005 Buy yourself a generator and stock up on the diesel fellas! <{POST_SNAPBACK}> You know, I was thinking of doing that... Luckily, we've got one at work, so I'm just gonna spend some more time there then Link to comment Share on other sites More sharing options...
Snaipyr Posted June 24, 2005 Share Posted June 24, 2005 I thought all the debt was in the cable-owning subsidiary. <{POST_SNAPBACK}> And I thought the cable was set to make millions per year. Who stopped it?? Link to comment Share on other sites More sharing options...
FCMR Posted June 24, 2005 Share Posted June 24, 2005 I thought all the debt was in the cable-owning subsidiary. <{POST_SNAPBACK}> And I thought the cable was set to make millions per year. Who stopped it?? <{POST_SNAPBACK}> Maybe it was Ans Link to comment Share on other sites More sharing options...
Observer Posted June 24, 2005 Share Posted June 24, 2005 You may well joke about the generator folks but a massive hike in electricity prices is very unsettling... I don't know about you but my bills have already DOUBLED so I can't imagine what they will be like if they go up by the 60% hike that's being discussed. Furthermore, I suspect that if you compared the cost on a like for like basis to a mainland based provider the difference would be astronomical and I can never understand how that can be justified. Moan.. moan...moan. Link to comment Share on other sites More sharing options...
Barby Posted June 24, 2005 Share Posted June 24, 2005 dont use hamsters. make a bigger tredwheel and put the board in it and dodgy mhk's and corrupt officials and solicitors and the delinquin kids and the bloke nxt door to me who keeps blocking my garage. and put it in that big glass building so we can see them swet. Thatll learn them proper. <{POST_SNAPBACK}> I can see it now Link to comment Share on other sites More sharing options...
Observer Posted June 24, 2005 Share Posted June 24, 2005 Heh! Link to comment Share on other sites More sharing options...
germann Posted June 24, 2005 Share Posted June 24, 2005 60% hike in bills? That will destroy industry & put the welfare of the elderly at risk. Iomonline is reporting today that spending on heath & education may have to be slashed. Income tax rises to come? Seems the only way they'll be able to generate that kind of cash. Link to comment Share on other sites More sharing options...
Rog Posted June 24, 2005 Share Posted June 24, 2005 It is entirely possible for the AG to institute proceedings that would result in the MEA being declared bankrupt in very short order and instate a receiver who would be tasked with establishing the fiscal position of the company whilst having the option of maintaining the company in operation, selling of it or its assets, and making such payments as could be made to debtors out of the amount realised by the sale of the company. If the Isle of Man government really does operate for the benefit of the people it should as part of this process nationalise the business and its asserts having paid the receiver what really should be a nominal sum –say £100 for the business, its resources, but not its debts which should be written off as part of the bankruptcy. The losers? The shareholders of the MEA, the banks who extended the loans and to a far lesser extent the people of the Island who would then be faced with the wrong method of providing electricity to them as a result of a dam silly decision with regard to electricity supply for the island based on self generation. In spite of this the loss to the people of the Island would be far less than the present proposal which seems to be based on bailing out the shareholders and the banks at the cost of the customers. There are a variety of reasons that this situation has arisen and about which I am very well informed. They range from astounding incompetence in a government department to downright chicanery by a few individuals and groups. The Manx government really has to decide on whose side of the fence it wants to sit – big business and cronyism, or on the side of the electorate. I have a nasty suspicion that I know the answer already and it won’t be to the advantage of the electorate. Link to comment Share on other sites More sharing options...
Ringwraith Posted June 24, 2005 Share Posted June 24, 2005 Surely if the MEA is declared bankrupt then the assets and money within the company would be used to pay off debts, or at least some of the debts? If this is the case then surely the liquidators would try to sell the business as a going concern i.e. a business with a complete monopoly to supply IOM residents and businesses with electricity etc. The MEA showrooms could also be sold off and raise extra money. Whatever money resulted from the sale of these entities would be used to pay off as much of the debt currently owed, the rest of the debt would then be written off. If this happened they could not sell for a nominal fee of £100 to IOM government, surely they would sell the business (or at least tout it) to another major UK or French electrical provider. If this happens and they pay many millions for the company what will happen to prices then? Link to comment Share on other sites More sharing options...
Snaipyr Posted June 24, 2005 Share Posted June 24, 2005 There are a variety of reasons that this situation has arisen and about which I am very well informed. They range from astounding incompetence in a government department to downright chicanery by a few individuals and groups. The Manx government really has to decide on whose side of the fence it wants to sit – big business and cronyism, or on the side of the electorate. I have a nasty suspicion that I know the answer already and it won’t be to the advantage of the electorate. <{POST_SNAPBACK}> It would be outrageous if taxpayers' money was used to cover this up. There should be a full enquiry - regardless of the effect on Comin, Communications Commission, Uncle Tom Cobley and all. Link to comment Share on other sites More sharing options...
Topaz Posted June 24, 2005 Share Posted June 24, 2005 Would they have a solution ? http://www.meac.iofm.net/ Link to comment Share on other sites More sharing options...
Hangfire Posted June 24, 2005 Share Posted June 24, 2005 it said in the paper yesterday that education and healthcare will receive less cash next year to cover the £50 million handout the govn are going to give the MEA to dig them out of the crap....... Link to comment Share on other sites More sharing options...
simon Posted June 24, 2005 Share Posted June 24, 2005 Surely Barclays should be held at least partially responsible. If the loan was iffy. Isn't tight regulation supposed to prevent dodgy financial dealing. I don't see any reason why the people of the IOM should pay for this. At least not until the whole story has been properly explained in a way which makes sense. I want to hear what the resigned board have got to say. And how Barclays square the issue of Mike Proffit, who borrowed the money, being on their board. EDIT: and if there is a shortage of cash. Which there must be the way the IOM is spending - then start by ditching the new prison. It isn't a priority. Link to comment Share on other sites More sharing options...
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