FCMR Posted June 20, 2005 Share Posted June 20, 2005 It seems to me that it has all gone wrong since the CEO, Mike Proffitt, left at the end of his term of contract in January. Maybe we should ask him back to help sort it out. You know, like one of those trouble shooter types on the telly. <{POST_SNAPBACK}> Maybe he should be arrested Link to comment Share on other sites More sharing options...
Observer Posted June 20, 2005 Share Posted June 20, 2005 It seems to me that it has all gone wrong since the CEO, Mike Proffitt, left at the end of his term of contract in January. Maybe we should ask him back to help sort it out. You know, like one of those trouble shooter types on the telly. <{POST_SNAPBACK}> Chicken... egg.... springs to mind for some reason. Link to comment Share on other sites More sharing options...
mannin Posted June 20, 2005 Share Posted June 20, 2005 Call me crazy if you like.............but as the MEA borrowed the somewhat sizeable lump of cash (regardless of the legitimacy of them doing so) to, in part, install a hefty fibre optic cable to the UK. Would it no make sense to ‘light’ the fibre, and sell the bandwidth to any of the multi national corporations that are here on the Island, as well as to MT / Domicilium / MCB / XKO. The multinational companies can use it to link to their UK offices for computers and phones, MT / Dom / MCB / XKO and increase their offerings. I remember reading sometime ago that MT were going to offer DR services to companies all over Europe, I don’t know if the ‘pipe’ that MT have would work for this, but a quick search on google tells me that you can cram LOTS of data down one of those puppies. I would much rather businesses pay back that £120 mil, than you and I. I think it might be time to start lobbying the new board. I have had a look on Manx Radio ‘Tomorrow (Tuesday), Tynwald will be asked to support a new caretaker board comprising Eddie Teare, MHK, as chairman, Eddie Lowey, MLC, John Reid, Steven Christian and Ken Tomlinson.’ I have heard of some of them MHK and MLC, I have also heard of Ken Tomlinson but I dn’t know from where. But who are John Reid and Steven Christian, these may well be the people worth talking to, if they are ‘real’ people and not part of the Gvt machine. Link to comment Share on other sites More sharing options...
FCMR Posted June 20, 2005 Share Posted June 20, 2005 But If the MEA are insolvent, the Government has to pay off the whole of the loan, Border TV said that they are to pay 120mill as a matter of urgency otherwise it would mean an increase of 60% on electricity charges for a start. Trouble is if the Government pay the 120mill, how are they going to find the cash, what capital projects will be scrapped due to this payment having to be made. Link to comment Share on other sites More sharing options...
mannin Posted June 20, 2005 Share Posted June 20, 2005 on this basis, the MEA should find new revenue to deal with the shortfall in the budget. Link to comment Share on other sites More sharing options...
FCMR Posted June 20, 2005 Share Posted June 20, 2005 on this basis, the MEA should find new revenue to deal with the shortfall in the budget. <{POST_SNAPBACK}> Its nothing to do with the budget. They cant make the interest payments on the loans. MEA turned over 34-2 million in the finacial year, interest payments alone are 35million, how can they pay off the capital of the loan, or pay for gas, staff, insurance ect ect Link to comment Share on other sites More sharing options...
asitis Posted June 20, 2005 Share Posted June 20, 2005 Why did the CEO resign in January. Serious question no sarcasm intended. Link to comment Share on other sites More sharing options...
mannin Posted June 20, 2005 Share Posted June 20, 2005 There is a requirement for a £50 mil payment soon (I don't know when) the Gvt coffers may be able to cover this, this would be an interim solution until the Gvt / MEA are able to realise the investment in the fibre. The AG's office is looking into the situation regarding the legality of the loan, the Gvt claim that if the loan was unlawful, then they will not be able to pay any of it. Barclays need to get their money back, if the MEA are not able to pay, and Central Gvt refuses to pay the only option is for Barclays to take control of the MEA (if the debenture was on the company) or sue them for the full amount. There is always a chance that Barclays will take a reduced / deferred payment, if the MEA are able to prove (on paper) that they are able to create the income to cover future payments, there are limited ways of doing this; lift prices, reduce costs, increase sales. Price hike.....not too popular. Reduce costs........sack people, not too popular. increase sales, they have a captive market (hence 100% of the market) on the supply of power, so diversifying would seem to be a good choice, they have made a HUGH capital investment in the fibre, it would seem to me that this should be turned into revenue. This is but a suggestion, I don’t claim to have all the answers, I guess that’s why I’m not on the new board. Link to comment Share on other sites More sharing options...
joeyconcrete Posted June 20, 2005 Share Posted June 20, 2005 Sounds to me like Mr Proffit made a "sharp" exit then. Link to comment Share on other sites More sharing options...
Billy One Mate Posted June 20, 2005 Share Posted June 20, 2005 Posted on: Mar 21 2005, 03:26 PM MF Senior Member Group: Members Posts: 200 Joined: 7-July 04 Member No.: 259 Work it out, borrowings to date; Initial loan 180 million Second loan 120 million Future loan 50 million Total 350 million Intrest payments @ say 6% 21 million per year I heard quoted on the radio 25 million What beats me is how they can ever possibly hope to repay the borrowings when the annual sales revenue for the MEA is about 35 million per year. These figures do not stack up!!!!!!!!!!!!!!!! If they trade in just electric and electrical goods with a population of 75 thousand there is no chance of ever repaying the loan and only a small chance of meeting the intrest payments. My view is that we are seriously in the manure. CAN I SAY I TOLD YOU SO (Ive always wanted to do that) Link to comment Share on other sites More sharing options...
Upstream Posted June 20, 2005 Share Posted June 20, 2005 MHK says MEA board should have been sacked Q. Which MHK said this? A. Peter Karran Q. When? A. As reported 15 March 2005 Manx Radio 15th March 2005 But . . . . Chief Minister says they're safe Manx Radio 31st May 2005 Go Peter Go . . .!! (sorry, order of posts are a bit mixed up here) Link to comment Share on other sites More sharing options...
Observer Posted June 20, 2005 Share Posted June 20, 2005 CAN I SAY I TOLD YOU SO (Ive always wanted to do that) Go Billy go!!! Heh! Link to comment Share on other sites More sharing options...
Alias Posted June 20, 2005 Share Posted June 20, 2005 Pissing every manx person off: £350 million Paying the banks: £21 million a year Being on a nice retirement package when the xxxx hits the fan.. priceless? Link to comment Share on other sites More sharing options...
Observer Posted June 20, 2005 Share Posted June 20, 2005 .... and also having invested in wind farm technology.. totally priceless :-) Link to comment Share on other sites More sharing options...
Upstream Posted June 20, 2005 Share Posted June 20, 2005 MEA man to join former boss Manx Radio report 4th April 2005 but says he is waiting until the PKF report is out. P'raps he should have gone while the going was good? Link to comment Share on other sites More sharing options...
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