TheTool Posted July 18, 2005 Share Posted July 18, 2005 Well looks like the Mike has started a handbags at dawn. http://www.manxradio.com/readItem.aspx?stI...54&stCT=General Go on my son not only do you fleece us but you also bite the hand that feeds you hahah. Link to comment Share on other sites More sharing options...
simon Posted July 19, 2005 Share Posted July 19, 2005 The former Chief Executive of the Manx Electricity Authority says the Isle of Man deserves "better parliamentarians" Mike Proffitt was speaking after the House of Keys ordered that the salary he received, which was previously confidential, should be made public. Breaking ranks? Perhaps 'mutual responsibility' will break down and those involved will start pointing at each other. If he didn't do anything wrong then perhaps he'll tell his side of the story. Manx Radio did well to get that bit of grit. More. Link to comment Share on other sites More sharing options...
Tempus Fugit Posted July 19, 2005 Share Posted July 19, 2005 Sadly, I do not think there is anything we can do about saving money on our electricity bills. There is a certain amount of money that will have to be raised to service these debts and if we drop our consumption all that will happen is the unit price will go up. The cost of electricity will not be determined by normal economic forces, but simply by the cost of the debts. Even if the electricity was free to generate, the cost of meeting these debts can only be found in the price the consumer pays. Glad to be back, but what a price we are paying for the prettiest electricity station in the world! <{POST_SNAPBACK}> Do you remember when there was a so-called 'fuel crisis', and we were all told to cut down on using electric, I think the tv used to close down at 10pm as well to get people to go to bed early, the consumption went down, but because the MEA had lost money they put the unit price up !. I suppose if there are 1000 planning applications for wind generators on homes then the odd one will get approved, there don't seem to be many passed so far. Link to comment Share on other sites More sharing options...
Billy One Mate Posted July 19, 2005 Share Posted July 19, 2005 Breaking ranks? Perhaps 'mutual responsibility' will break down and those involved will start pointing at each other. If he didn't do anything wrong then perhaps he'll tell his side of the story. I dont think my original guess was far off mark. I am pretty sure now that if Mr Proffit and the original MEA Board are allowed to tell their side of the story we will find that a main stream of income was removed from their buisness planning. There is no way that anybody would take out 300 million of borrowings with a turnover of only 35 million per annum, which turnover did not provide any additional funds as the MEA operates as a non profit making entity. Link to comment Share on other sites More sharing options...
Lonan3 Posted July 19, 2005 Share Posted July 19, 2005 He (allegedly) has made a nice little personal fortune. He (allegedly) has provided the island with another financial scandal. He (allegedly) has left the population with a huge debt to pay off. The Man's a natural! Make him an MHK! Link to comment Share on other sites More sharing options...
teapot Posted July 19, 2005 Share Posted July 19, 2005 He (allegedly) has made a nice little personal fortune.He (allegedly) has provided the island with another financial scandal. He (allegedly) has left the population with a huge debt to pay off. The Man's a natural! Make him an MHK! <{POST_SNAPBACK}> Link to comment Share on other sites More sharing options...
joeyconcrete Posted July 19, 2005 Share Posted July 19, 2005 He (allegedly) has made a nice little personal fortune.He (allegedly) has provided the island with another financial scandal. He (allegedly) has left the population with a huge debt to pay off. The Man's a natural! Make him an MHK! <{POST_SNAPBACK}> Perhaps Manx Radio cut his interview short. Isle of Man deserves "better parliamentarians".... and with that I'll be standing next year Link to comment Share on other sites More sharing options...
Rog Posted July 19, 2005 Share Posted July 19, 2005 . There is no way that anybody would take out 300 million of borrowings with a turnover of only 35 million per annum, which turnover did not provide any additional funds as the MEA operates as a non profit making entity. <{POST_SNAPBACK}> You’d be amazed at how a bonus can change the whole shape of logic! I admit that when I’ve been working on contracts that paid a good bonus for meeting a target everything else goes out of the window in order to meet that target. And I do mean everything, especially when you’re working in a place to which you have no loyalty whatsoever or the bonus is so big that you simply don’t give a stuff just as long as you get the cash. That’s how it works. The last big project that I managed had a contract value of a little over $600,000,000. I had a bonus that was based on completion date and the system cut into service, that was a very small percentage of the full contract value but I tell you that network met the date and although subsequently I lost the 10% hold off due to shortfalls 90% of a very small percentage of 600 million US is not small change. I’ve not needed to work since. OK, it might be unhealthy for me to return to Brazil, but who wants to go to Brazil! (Not bragging, just giving an insight to how cash in the hand changes the way that you look at the world.) Link to comment Share on other sites More sharing options...
simon Posted July 19, 2005 Share Posted July 19, 2005 BOM is talking sense IMO. Stupid things don't just happen. There have to be reasons. A sequence of events. Mike Proffitt was (AFAIK) known as a reliable and competent business man. I'm inclinded to think that his salary is a red herring. Knowing his salary doesn't get anyone any nearer to knowing what took place. But maybe deflects anger. Link to comment Share on other sites More sharing options...
Gladys Posted July 19, 2005 Share Posted July 19, 2005 which turnover did not provide any additional funds as the MEA operates as a non profit making entity. Does it really? Surely it must make a profit to build up reserves, invest in new technology, etc.etc.? It may be a non-profit distributing entity rather than non-profit making entity . There is a difference. Link to comment Share on other sites More sharing options...
thebees Posted July 19, 2005 Share Posted July 19, 2005 What would have happened locally if the MEA hadn't have paid Enrons creditors? I'm guessing the demise of Enron had a massive effect on the price of the power station and what else could they have done when they were REALLY past the point where they could change tack? Link to comment Share on other sites More sharing options...
asitis Posted July 19, 2005 Share Posted July 19, 2005 If the debts were to be serviced by the exploring of other avenues ? and we are to accept that the CEO and other board members were competent businessmen with the interests of the island at heart. Then it follows that surely someone somewhere gave the MEA a 'nod and wink' as to what other avenues they could explore ?, other than that how in hell was the business to survive ? Link to comment Share on other sites More sharing options...
FCMR Posted July 19, 2005 Share Posted July 19, 2005 Maybe a closer look should be made on Downie,Corkill,Walker and Telecom, why would the MEA spend £millions on a fibre optic cable if no promises had been made. As Mr Gelling said in Tynwald Mr Corkill knows whats been blacked out in the PKF report story another story Link to comment Share on other sites More sharing options...
teapot Posted July 20, 2005 Share Posted July 20, 2005 Listen to Radio 4 today between 12 -12.30 on Money Matters (I think), they're discussing the MEA situation!!!!! Link to comment Share on other sites More sharing options...
simon Posted July 20, 2005 Share Posted July 20, 2005 Listen to Radio 4 today between 12 -12.30 on Money Matters (I think), they're discussing the MEA situation!!!!! ** BUMP ** You & Yours - Radio 4 - 12.05 - 1300. Link to comment Share on other sites More sharing options...
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