TT 2023

[Non-Believer]

7 hours ago, Numbnuts said:

Not me….I had a little info as to what was coming. And today Cube are over getting next years designs signed off with DofE . That be interesting. Believe there’s going to be a £20 T-shirt this time. Hope the quality is far better than this years never mind the designs. 

 No, it wasn't you. 'Twas at the time I reckon, a representative from St. George's Court...

[Andy Onchan]

Cube - zero (or very limited) due diligence on the part of IOMG by the sounds of it.

[The Phantom]

2 minutes ago, Andy Onchan said:

Cube - zero (or very limited) due diligence on the part of IOMG by the sounds of it.

Which is ironic seeing as the (not govt, but really is) FSA are actively trying to ensure the demise of our financial sector by enforcing the most in depth due diligence you can possibly imagine upon anyone that wants to do business here via the private sector. 

[Numbnuts]

6 hours ago, Andy Onchan said:

Cube - zero (or very limited) due diligence on the part of IOMG by the sounds of it.

This is what I don’t  get. It’s not hard to check out finances in organizations and indeed a few on here had checked Cube out as had a friend of mine. Warning signs were there. Looks like AG’s office and DofE didn’t do any due diligence or if they did chose to ignore it as it was to late in the day to find anyone else. And whose fault was that !? . Yep likely the same who didn’t do due diligence .

Edited September 27, 2023 by Numbnuts

[Mercenary]

6 minutes ago, Numbnuts said:

This is what I don’t  get. It’s not hard to check out finances in organizations and indeed a few on here had checked Cube out as had a friend of mine. Warning signs were there. Looks like AG’s office and DofE didn’t do any due diligence or if they did chose to ignore it as it was to late in the day to find anyone else. And whose fault was that !? . Yep likely the same who didn’t do due diligence .

So it novated to parent co. before the Ltd went tits up and there was no loss/exposure to IOMG? What's the issue?

[Two-lane]

3 minutes ago, Mercenary said:

So it novated to parent co. before the Ltd went tits up and there was no loss/exposure to IOMG? What's the issue?

There is surely someone here who knows what's what.

Is it legal for a company knowing that a subsidiary is on its way out, to transfer all assets that have a value from the failing subsidiary to another subsidiary?

 

[Twitch]

I'm surprised that we're all surprised. This is the department that saw fit to give Gef the mongoose £200,000 of taxpayer cash to create the Love IOM card.

Due diligence doesn't seem to apply to DFE.

[Two-lane]

I can't resist the opportunity to point out how fortunate we are in Ramsey:

"Enterprise Minister Lawrie Hooper told Tynwald he is satisfied with the project as an initiative and is hopeful it will be more successful in the run up to Christmas.  "

[Steve_Christian]

On 9/25/2023 at 8:39 PM, Kopek said:

If they say that the road closure is to gather in the racing furniture but then allow some promo work                Isn't that dishonest?

Should we condone dishonesty from our Govt?

So there was no filming with Hicky on the mountain while it was closed. Hope you feel silly. 

[Mistercee]

1 hour ago, Mercenary said:

So it novated to parent co. before the Ltd went tits up and there was no loss/exposure to IOMG? What's the issue?

There are many potential issues. The main one is that Creditors of Cube Partnership Ltd, who are owed in excess of £2m, may have been defrauded. Unless there was payment from Cube International Ltd to Cube Partnership as consideration for the Novation and it is proven that the consideration passing was fair  and reasonable it could potentially be argued that the Novation was fraudulent. It could also potentially be argued that Government facilitated a fraud if such is found to have taken place.     

For Government to be a party to the Novation I would hope that they received some assurances and legal advice. However I suspect that the way it has been handled is to cover up the fact that the contract originally went to a clearly unsuitable counterparty.   

Isle of Man Government no longer has a reputation of doing the right thing and doing it properly.   

[Mr Helmut Fromage]

It’s another load under the already  lumpy Paul Philips carpet- must be hard to get in his office these days.

Must be time soon for a “Much deserved Manx works ride” to be announced which has absolutely not under any circumstances whatsoever been paid for by the taxpayers.

Here’s a good idea - don’t bribe Honda to the tune of six figures and give it to the food bank instead.

[Fred the shred]

If any Department needs taking apart it is the DFE .     There appears to be no accountability as to how they waste money with their crack pot schemes.

[Mercenary]

1 hour ago, Mistercee said:

There are many potential issues. The main one is that Creditors of Cube Partnership Ltd, who are owed in excess of £2m, may have been defrauded. Unless there was payment from Cube International Ltd to Cube Partnership as consideration for the Novation and it is proven that the consideration passing was fair  and reasonable it could potentially be argued that the Novation was fraudulent. It could also potentially be argued that Government facilitated a fraud if such is found to have taken place.     

For Government to be a party to the Novation I would hope that they received some assurances and legal advice. However I suspect that the way it has been handled is to cover up the fact that the contract originally went to a clearly unsuitable counterparty.   

Isle of Man Government no longer has a reputation of doing the right thing and doing it properly.   

The contract itself isn't an asset, at best it would be goodwill (if part of an acquisition) surely? Or are you alleging that the clothing/goods had been produced and the stock was transferred (but to my mind that would not be novation).

 

If IOMG reduced exposure by transferring to parent company ahead of any issues... that's a good thing no?

[Two-lane]

14 hours ago, Mercenary said:

The contract itself isn't an asset,

If, for example, facemasks can be bought in bulk for one penny each and someone has a contract to supply the IoM gov. with 1,000,000 facemasks and the gov. is contractually obliged to pay £1,000,000 on delivery.

It seems to me that such a contract would have a value.

[La Colombe]

15 hours ago, Mistercee said:

Isle of Man Government no longer has a reputation of doing the right thing and doing it properly.   

A reputably solid contract scrawled onto a Woody beermat?