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Signed and shared, just read in Daily Mail financial pages the accountants made £58.7m from audits over 12 years, majority to PwC, by the time CE, MFN, from 2003-2011 raked in almost £17m , brought coop travel (a loss making company) for £56m, MyTravel deal £1.1bn!!! lavished out on amazing staff parties in top winter resorts, all inclusive with top entertainment, is it any wonder.... heartbreaking.. especially for all the staff that were totally devoted to their jobs..
Signed...
Airbus 330 and others. I’ve signed.
There were in excess of 20,000 PI’s on the register including staff. How can we get some exposure and momentum on this. Is it worth getting The Share Society involved??
I did it too. I think everyone should sign this petition weather was a shareholder or not, to stop more companies and corrupted directors to follow footsteps of Thomas cook and companies alike and leave their share holders with nothing.
i signed the petition needs to be looked at
Well if you want a little light shone on this debacle, sign the petition, every little helps pile on the pressure.
https://petition.parliament.uk/petitions/274851?fbclid=IwAR3HuTsDhiM4D5RcGcjwYCCts50GvvSReEKDlM0sjVSEwkYLOLZ5VfbaWVc
Put this CEO into jail.
I accept that Brexit made matters worse but feel that the extent of the debt meant that the situation was terminal.
Thanks for everyone’s contributions by the way. I appreciate it. I learn from you. Illbetabuck, hawking, Quisty (among others) - great posts. Thanks.
Quisty - I agree. You can see why TCG went under - PF still thinks they did nothing wrong. It’s incredible.
... and on 2/7/19 20/7/19 in reply to a thread titled “Chinese Proverb”, I wrote:
“Man who invest in company which pays four times as much in interest than it receives from operations learn hard way”.
https://www.lse.co.uk/ShareChat.asp?ShareTicker=TCG&share=Thomas-Cook&page=91&thread=6D72C850-9FA5-41CE-A275-7BCE0E677C1B
I agree. The debt was the killer.
I said this back on 2/7/19 in a thread I started. No one replied to it.
Heading: Debt - Yahoo Finance article
02 Jul 2019 19:15
It’s the debt that worries me.
https://uk.finance.yahoo.com/news/why-d-shun-thomas-cook-112407308.html?.tsrc=applewf
“Over the 12 months to 31 March, Thomas Cook paid £122m in interest costs but only generated £30m of cash from operations”.
That’s terrible. Absolutely awful. Close to fatal. You’ve got to sell assets then.
“...The firm’s latest balance sheet shows total liabilities of £6,371m and total assets of just £5,026m...”
https://www.lse.co.uk/ShareChat.asp?ShareTicker=TCG&share=Thomas-Cook&page=117&thread=45BBC3CD-4803-4F16-A87B-2D55535205BA
I would disagree HK. The thing that finished Thomas a Cook was the huge debt from loans the interest payments, coupled with not moving with the times and having a shocking reputation with customers.
I posted back last year that it was well known TC would be the next airline to go, it was known since Monarch ceased trading.
Look at TC compared to Jet2, Tui, EasyJet and Ryanair. TC has been failing for years where as the others have flourished, even in this time of low pound etc.
The Guy is a Fitness Expert and was unqualified for the job.
Who appointed him? For an outstanding Job one needs to have outstanding
qualifications. The Short Selling Maniacs are wealth destruction "experts".
Combined they destroyed TCG.
I see Frankhauser getting his excuses in before the investigation. Trying to claim that when the banks demanded the extra £200 million a month before it was disclosed to shareholders that it was merely a “point of debate”. He also says “i threw everything of me into it for the last three months. I don’t think we as a company did anything wrong”. Yeah right, the dog ate all my homework! Hopefully karma will catch up with this bunch of incompetent idiots.
TCG should have employed a currency team hedging the £ .
Shorting should protect and not fleece.
TCG disaster reflects on incompetence and greed.
@theluckyone
While i have no doubt that the BOD did a ****ty job, Brexit played a major factor in the demise of TC.
They pay their hoteliers in EUR and fuel jet in USD.
TC had to keep their holiday package prices the same as before the Brexit vote to stay competitive while the GBP took a 23% hit since the brexit result.
You do the maths and tell if this 23% slump in GBP will hit their P&L or not.
PF in The Times blaming the banks, what a joke, the same banks that have kept him afloat so far
he clearly still doesn't get it
The City is a compost heap
In certain parts it reeks
To find out the TRUTH
Takes years not weeks.
The UK market has been the most shorted market for the last few years due to Brexit. Which is normal Pro trading activity. It could be said that the UK market in general has one of the most sophisticated money extraction systems. It’s only novices that view the market as investments because that’s the way it’s marketed. There has been many changes over the last decade or so, SETS, MIFID 2 etc which has radically change the market set up. Sadly the non industry trained are oblivious to the details.
Stop blaming Brexit for everything, its the incompetence of the directors simple..
Insider Information at it's best. The lads in the know did not
take a guess. With Millions they went short. Collected their loot
without thought.
Sorry, should have said, the action was not illegal
It has been confirmed by angry staff that the directors were more focused on chartering a private jet out of Majorca on Friday the 20th to bring back €6m out of the hotels, leaving local suppliers in debt and not paid since mid August. I hope the Spanish and English governments do their duty.
Whilst this act was illegal, it certainly shows the BOD knew where this was going in the next 24hrs. The weekend “ negotiations were all for show. No wonder Fankhauser has hired security!!
Last night on Watchdog on BBC1. Holiday makers were having hotels taking money out of credit cards to pay for accommodation without telling them. I would have thought this was illegal. Is the contract not between Thomas Cook and hotel. Would be interesting to see what you guys think.
A tragedy. Blame and shame Top Management and Short Selling Mafia,
Speculators in Grey Suit store their loot in cyberspace where large
sums are stored and cannot be traced? Finance 2019/2020
Tax is the price we pay for civilization. TAX heavily the huge profits made by Shorters.
They kept on spending investing in hotels , doing business deals and advertising in UK (wonder if they paid for those?)