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Ofcourse he did :P Branson has got rich at the expense of others and the taxpayer.
I wonder if Banson will try and get some money from our tax payer pockets for his different businesses as he is always passing the begging bowl around when he sees the £ sign , i don't think any of his group pays tax here ( or little ) as he is not registered here i expect , but he will try i bet.
WorldGoRound, that 100m figure from their pledged investment etc is strikingly similar to the tax money owed... i doubt any of them ploughed much into Flybe. Flybe had cash in the bank, had millions withheld and a years of fuel pre purchased etc etc... they got all that for a pittance. Now, where is that smithy guy.
Taverham, I'm not so sure about that... i'd like this fiacso thoroughly investigated, considering the failure to pay it's tax... with that said, that is where the investment came from. With a payment holiday and then the audacity to ask for a loan. Don't forget, the creditors at the time withheld 100% of Flybe's bookings etc what was that figure (it was millions but how much?)
Candid, imv the consortium came together at speed , driven by greed and without really ensuring full alignment. Had the virus not hit , each of them may have got what they were looking for. The first symptom of the virus is a massive headache and that is what they now have!!
This consortium did very little to try and save Flybe, instead they were trying to snare taxpayer money to suppot it, scandalous..
I wouldn’t be at all surprised if they ran Flybe into the ground just to get the big tax losses.
Just remember the consortium members as they are never to be trusted and their reputation has been trashed:
Virgin Atlantic
Cyrus Capital
Stobart
I think the cash that was put in initially were loans against flybe assets.
On reflection, given the 3 conn air partners all had different objectives they were doomed to failure. I am thinking virgin atlantic will get hammered from the virus and stob feel some further significant pain this summer.
I agree Branson and con air only wanted the slots and i bet they put very little cash into Flybe just playing a game for a little time. I suspected something was going on when they had no flights from Exeter to Malaga and return i used that service many times in the spring and it was nearly always full so made no sense in the normal way but they had a plan. I feel sorry for the staff only , the rest are a bunch of crooks but i expect they had it all planned anyway.
I hope there is a full investigation into this now. I’m positive Virgin were only ever after the Heathrow slots etc. It’d be interesting to see how much money they put in and what they’ve gained in slots. This takeover was corrupt from day 1
I agree it was disgraceful how shareholders were treated. I was none of them
Will massively effect cruises at Southampton also.
Nice bit of Karma for me too. No news of the way the BOD treat Shareholders a year ago. Hope they all loose out big time.
Seizure notices going on planes. Sky News say she is going bust tonight. Shame on the Bod.
Having been made redundant from an airline going bust myself, I know the absolute heartache and misery this imposes on you - turns your whole world upside down. I really feel for the staff. However, I really hope those involved in the theft of the company get absolutely screwed over and lose as much as possible! And I hope the LHR slots are lost to creditors and don’t somehow end up in the hands of Virgin Atlantic... if they are not already! Although I wouldn’t be surprised if that happened back when the route moved to Gatwick so they were ‘in the bag’ already!
" there is a old saying " .. what goes round , will come round..
Serves em right.
Woodie, esl are not the stobart part of the consortium, they are stob.Nevertheless the stob have bonds with esl and they are falling more than the market atm.
Eddie Stobart has crashed. No tears from me. Bastards
Taverham
Thanks for your observations - I am still pursuing but meeting resistance. I have even quoted the Ombudsman's ruling and rationale. It appears a game of attrition - still truth will out as they say.
www.bbc.co.uk/news/business-51453196#
The company said on Sunday that "the airline is being supported by its shareholders and leading suppliers, is managing its cash position carefully and currently has strong liquidity"
That is beyond laughable.
HL did the same with my complaint twisting and turning with words / statements after my first letter they stated that they ALWAYS inform shareholders of important info regarding shares but they soon twisted that around saying they did not inform holders of a EGM unless the company was folding what a joke. As you say a bunch of weasels and they are still playing that game lets hope that the FCA come down on them. I must get in touch with the OD and see what they say.
Specky, I have to say HL have misrepresnted what actually happened by using weasel words. The Financial Ombudsman made an award to me and against HL on account of facts of the case not because I was upset , which is not really relevant. The case notes on the Ombudsman website explain the reasoning fully and you should be aware that HL resisted me every step of the way and worse still kept changing their story . I find it irratating that they are making out that they made some sort of sympathetic gesture - they did not they were forced by the Ombudsman - they were slippery obstructive and difficult imv. HL tried to argue they had complied with their corporate actions policy but the Ombudsman saw through that and ruled the EGM was very important and fitted the criteria of meetings that stockbrokers should inform shareholders of.[ In essence forcing them to actually do their job properly]. If i were you, and remained disatisfied , I would see if a financial journalist might take up the cudgels - they are hardly flavour of the month after the woodford debacle. Best of Luck.
I was looking to book a flight to Malaga from Exeter and back but no flights showing around the end of April could it be that Branson / Virgin have sold the slot. That's what they wanted the SLOTS all looks a bit dodgy just now. Anybody else having trouble finding a flight with Flybe.
I contacted H L i had a similar response as Specky even though i complained many times to them about not being informed about the EGM + other info. They replied that i did not meet the right conditions for the payment. I did not complain to the Ombudsman as i thought they had no teeth just like the FCA. Where do we go from here that's the next question will the Ombudsman back us .
I tried with Halifax and they basically said because I hadn’t requested to “opt in” for notifications of EGMs etc it isn’t there fault. I asked why they automatically put customers down as opt out, they said it’s in there T&Cs...