No smilies, no avatars, no flashing gifs. Just discuss the issues of the day, from last night's telly via football to science or philosophy.
Started by fenderstrat on Mar 15, 2019 7:27:36 PM
And now Interserve...

https://www.theguardian.com/business/2019/mar/15/i
nterserve-to-go-into-administration-after-shareholders-reject-deal


About 16,000 small shareholders have lost their investment, with the business sold to hedge funds and banks via a “pre-pack” administration which means Interserve, which employs 45,000 people in the UK, can continue trading.

Previous
|
Next
|
Top
|
Bottom
fenderstrat - 15 Mar 2019 19:27:48 (#1 of 16)

Among other comments:

The probation service trade union, Napo, called for the justice ministry to halt all tenders for new contracts with private companies. Napo’s general secretary, Ian Lawrence, said: “How much more evidence does this government need to recognise that their failed probation experiment is no longer sustainable?”

SinnerBoy - 16 Mar 2019 11:29:50 (#2 of 16)

How and why have the small shareholders lost out, if the hedge funds haven't? And if it's been bought by other hedge funds and banks, I'm even more perplexed.

bailliegillies - 16 Mar 2019 11:48:03 (#3 of 16)

Because the small shareholders lose their shares, they get written off. Only the big investors who are taking control get to make any money.

Jacob_Richter - 16 Mar 2019 15:42:54 (#4 of 16)

The market will provide.

guigal - 16 Mar 2019 15:54:14 (#5 of 16)

Every cloud has a silver lining.

White (Debbie White CEO) and the finance director, Mark Whiteling, who joined two years ago with the company already in difficulty, earned a combined £772,000 in 2017, despite joining in September and October of that year respectively, thanks to bonuses worth 125% of salary.

Recent performance on the criteria for their bonuses in 2018 indicate that the pair could still take home extra payments worth more than 50% of salary for the firm’s last year as a public company, indicating a package worth more than £1m for White. (The Guardian)

Jacob_Richter - 16 Mar 2019 16:03:12 (#6 of 16)

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcQqGR3JLRAd_Hgj
ldq2QoS4Fh29i-VE9H-0ekvBV6xKDHU9sYMM

postie - 16 Mar 2019 17:13:23 (#7 of 16)

is that aimed at the bonus receivers, Jacob? without clarification, i'm potentially offended by your language

machiavelli - 16 Mar 2019 17:23:56 (#8 of 16)

Hush now, ingrates - these are wealth creators engaged in creative destruction.

TinyMcOtter - 16 Mar 2019 17:34:03 (#9 of 16)

Ffs, these companies all need to be nationalised without compensation.

TommyDGNR8 - 16 Mar 2019 17:37:10 (#10 of 16)

There's not much to nationalise bar debt, it seems.

TinyMcOtter - 16 Mar 2019 17:52:11 (#11 of 16)

Oh the shareholders and hedge funds can deal with that.

Jacob_Richter - 16 Mar 2019 23:33:55 (#12 of 16)

these companies all need to be nationalised without compensation.

Just end outsourcing.

mikeshadow - 17 Mar 2019 00:40:49 (#13 of 16)

Nationalisation had apparently been considered according to a leaked memo.

Ministers drew up secret plans to nationalise parts of hospital cleaning and school dinner contractor Interserve before it was rescued from the brink of collapse last week, leaked documents reveal.

An internal Whitehall strategy memo seen by The Mail on Sunday shows that the civil service last year put together a proposal to create a state-controlled company that would have been on standby in case struggling Interserve went into liquidation.

DesEsseintes - 17 Mar 2019 00:50:18 (#14 of 16)

Private sector continues to fail.

SinnerBoy - 17 Mar 2019 10:37:16 (#15 of 16)

Recent performance on the criteria for their bonuses in 2018 indicate that the pair could still take home extra payments worth more than 50% of salary for the firm’s last year as a public company, indicating a package worth more than £1m for White.

What are the criteria? Running the company into the ground, with unserviceable debts?

bailliegillies - 17 Mar 2019 12:14:44 (#16 of 16)

Just end outsourcing.



You could probably solve a lot of the privatisation problems by outlawing contracting out services, which has become a huge money maker. A lot of these companies with government contracts only act as head office and contract the work out to others, who in turn also contract out the jobs and all of them putting in inflated bills for work done.

Previous
|
Next
|
Top
|
Bottom
Check Subscriptions
|
Home » UK News