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This isnt a dream, did this company not just beg firms to let it off with debt, publish new accounts with massive losses opening its self up to external investigation and then lose one of its UK contracts. Yet people see a little rise and all is forgotten. I know you dont want to listen because its milk and honey at the moment, for some, but the warnings are there this is a lame duck and in a few months when you are back down to the pennies dont say you werent warned. It is like the repeat of an old movie, the people who warn get shouted down and then when it all goes wrong its why oh why? This firm is a lame duck and any money you put in be happy to lose. Knowing the last bunch in charge of this mob it wouldnt surprise me if they are ramping to get some profit out. But good luck to you all, sometimes better to be luck than good
"However, as there does not appear to be a valid contractual basis for the termination, the Company considers the action to be a repudiatory breach of contract and following legal advice it is reserving its position." Is reserving position a legal term for doing nothing as we know we are in the wrong, and can neither afford or win a legal case. Wonder if London are having a good look through their contract
14 April 2012 Last updated at 12:31 Lincolnshire fire service AssetCo contract 'ended'Continue reading the main story Lincolnshire fire service has insisted the ending of a contract with the firm which provided its fire engines will not affect its operation. A spokesman confirmed the contract with AssetCo Lincoln had ended, but for legal reasons, could not give details. The company, which has had financial problems, supplied, maintained and tested engines and equipment. The fire service said long-standing contingency plans meant its emergency cover was unaffected. 'Business as usual' In 2006, AssetCo Lincoln and fire bosses signed a 20-year contract and then announced the acquisition of 35 new engines and 22 refurbished ones. But the parent company AssetCo Plc has struggled with financial problems and in September last year needed to raise £14m in a refinancing deal together with agreeing a write down of debt with banks. A spokesman for Lincolnshire Fire and Rescue said: "Due to legal obligations, the service is unable to specify at the current time why the contract has ended. "As good practice the service maintains and tests business continuity plans for all eventualities. "Consequently the service is prepared to maintain business as usual in relation to providing fire engines and equipment to firefighters so that they are able to respond to 999 calls." AssetCo, which also provides fire equipment for London, was unavailable for comment.
It has nothing to do with the FBU. The point i make is that ASTO are in no position to honour its contract to supply a reserve force. As i have stated in previous posts this firm has no cash, it has been borrowing small amounts, 10 million not small to me but you know were i am coming from, to stay afloat. This firm has been charging LFB for work that it hasnt been completing, it took a while but they caught on eventually, so there are now more fines that cash. You may remember the shouting about replacing appliances with mini buses so they could be modified to meet emission targets. Well to date they have changed none because the kit never fitted so massive mod program required and there is no cash for it. The rumour is the LFB may front the money, ohh the irony. Most of the points you make are true about the FBU and we will see over the coming months how it pans out. The point i make is this ASTO has a contractual obligation which costs them money they havent got. You are right the Gov will prob help them out. But just as an idealogical argument. You cant beat a private firm getting a public contract then mis managing the money only to ask the public purse to bail them out, and people say the public sector is inefficient.
I am not sure if there is a way of showing sarcasasm in a post. But if there is then it should be all overe yours. If the FBU go on strike in Nov. 2 things will have happened Assetco UK will no longer exist, best hope would be a TO. or second option ASTO do still exist and all the workers will ask for money up front. I know i would.
Stopped posting on here because i was fed up being shouted down. Riddler was the only one who kept coming back and taking the flak. In the fulness of time he/she has proved to be right. It shows you cant tell people stuff they dont want to hear. As an employee of LFB, i fear for who we get next on a new improved contract and i feel sorry for the poor employees of Assetco who have been working in very trying circumstances. Riddler i tip my hat to you for sticking in there and maybe some people have learned a lesson on opening their mind to different opinions. As to all shareholder i wish you all good luck and hope you may get something from this. You have all been warned for months now that this was a lame duck, but gamblers only see the win, never the risk. Good luck to all.
You are right i made a typo and i am glad you have put it right. To anyone else who feels misled i apologies. But £100000 a week over how long 4/5 months. So that would be somewhere around 1.5/2 mill. Still not small change on quite a modest profit and add another 0.5 mill to the next court date. So sorry for the error and i hope everyone else will be as humble when they get it wrong.
First things first they arent a public service. They supply public services, big difference. The facts i know they have so many LFB fines stuffed in the drawers havent paid in almost a year. which wouldnt have been counted. They have massive debt The conversion of LFB appliances has been halted because they cant buy a kit. So massive mod programme. The kit was £3000/5000 per machine so how much now. Lawyers taking £100000 a day how long will that 12m last ohh and debt repayments.
either the people on here are the smartest in the world or craziest. For the last month people have been wishing/begging/pleading for a 4p TO from Arcapita. Now they seem to be out of the picture, so no bidder at all, Assetco is going cap in hand asking for write offs and then some other buyer will emerge and rescue the lot. Is it realistic for HMRC just wiping off a large chunk of money owed so another company can come in and get a good deal or the other companies involved. So we have went from a week ago fingers crossed for a 4p TO to confident of getting 20p or more. Its a funny old world.
according to info supplied by our chief Assetco London is the company the LFB have the contract with. So i would say they are slightly more than the subsidiary. I would say they are the main focus of the business. Have no idea of the court procedings taking place and hope all well. GL