Comments on: Virgin on the Rock http://johnredwoodsdiary.com/2007/11/26/virgin-on-the-rock/ Incisive and topical campaigns and commentary on today's issues and tomorrow's problems Wed, 23 May 2012 07:00:30 +0000 hourly 1 By: Trains are for the r http://johnredwoodsdiary.com/2007/11/26/virgin-on-the-rock/#comment-563 Trains are for the r Tue, 27 Nov 2007 19:36:35 +0000 http://www.johnredwoodsdiary.com/2007/11/26/virgin-on-the-rock/#comment-563 I posted the Virginb/Rock story on my blog on Monday Nov 19th due to this article on Reuters: <a href="http://www.reuters.com/article/reutersEdge/idUSHO87449020071119" rel="nofollow">http://www.reuters.com/article/reutersEdge/idUSHO...</a> I find that Reuters is quite good for news of all kinds and hope the link is useful to you Mr Redwood. I posted the Virginb/Rock story on my blog on Monday Nov 19th due to this article on Reuters: http://www.reuters.com/article/reutersEdge/idUSHO…
I find that Reuters is quite good for news of all kinds and hope the link is useful to you Mr Redwood.

]]> By: Nick http://johnredwoodsdiary.com/2007/11/26/virgin-on-the-rock/#comment-562 Nick Mon, 26 Nov 2007 12:22:54 +0000 http://www.johnredwoodsdiary.com/2007/11/26/virgin-on-the-rock/#comment-562 If he gave his employees the cash, did they pay tax on it? Reply: This is an extermely good point. If we are now allowed to give our employees money tax free it could be very popular! If he gave his employees the cash, did they pay tax on it?

Reply: This is an extermely good point. If we are now allowed to give our employees money tax free it could be very popular!

]]> By: Derek http://johnredwoodsdiary.com/2007/11/26/virgin-on-the-rock/#comment-561 Derek Mon, 26 Nov 2007 11:25:46 +0000 http://www.johnredwoodsdiary.com/2007/11/26/virgin-on-the-rock/#comment-561 I suspect they have no clue what the financial position at NR is or how well their massive loan is secured. They've been bounced along by events since this started and have been forced to deal with the issue after media claims the uncertainty is damaging the Brown premiership. It is not possible to ascertain at present how much debt may be financed through the markets in future and the government should have waited. They've only picked Branson because they believe him to be the one with the most to lose if he shortchanges taxpayers. They can't afford a repeat of Rover. Hopefully it'll be the crowning glory on a prodigious entrepreneurial career, but I worry it could so easily end in disaster, beware of Greeks bearing gifts, they never previously showed any interest in giving him the lottery. The media suggests its all about mortgages on private housing. However, I know from personal experience that NR were providing commercial financing based on some very toppy valuations. Fortune favours the brave, but caveat emptor, Richard. I suspect they have no clue what the financial position at NR is or how well their massive loan is secured. They've been bounced along by events since this started and have been forced to deal with the issue after media claims the uncertainty is damaging the Brown premiership. It is not possible to ascertain at present how much debt may be financed through the markets in future and the government should have waited. They've only picked Branson because they believe him to be the one with the most to lose if he shortchanges taxpayers. They can't afford a repeat of Rover.

Hopefully it'll be the crowning glory on a prodigious entrepreneurial career, but I worry it could so easily end in disaster, beware of Greeks bearing gifts, they never previously showed any interest in giving him the lottery. The media suggests its all about mortgages on private housing. However, I know from personal experience that NR were providing commercial financing based on some very toppy valuations. Fortune favours the brave, but caveat emptor, Richard.

]]> By: Nick http://johnredwoodsdiary.com/2007/11/26/virgin-on-the-rock/#comment-560 Nick Mon, 26 Nov 2007 10:46:34 +0000 http://www.johnredwoodsdiary.com/2007/11/26/virgin-on-the-rock/#comment-560 Go back a few days. QinetiQ The National Audit Office believes greater proceeds could have been secured from the 2003 sale to Carlyle, although the MoD disagrees with this. Carlyle were appointed as the preferred bidder in September 2003 despite price sensitive issues still being outstanding. This turned a competitive process into one of negotiation. <a href="http://www.nao.org.uk/pn/07-08/070852.htm" rel="nofollow">http://www.nao.org.uk/pn/07-08/070852.htm</a> ie. The government anounces a preferred buyer. They use this to squeeze out the others, the end result is the terms the government ends up with are worse. So in the space of a couple of days, the government carries on doing what it always does, waste tax payers money. Go back a few days.

QinetiQ

The National Audit Office believes greater proceeds could have been secured from the 2003 sale to Carlyle, although the MoD disagrees with this. Carlyle were appointed as the preferred bidder in September 2003 despite price sensitive issues still being outstanding. This turned a competitive process into one of negotiation.
http://www.nao.org.uk/pn/07-08/070852.htm

ie. The government anounces a preferred buyer. They use this to squeeze out the others, the end result is the terms the government ends up with are worse.

So in the space of a couple of days, the government carries on doing what it always does, waste tax payers money.

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