Dispute at Pillings

[MtB]

The Steadman / PL relationship is a mystery..It has been since year 1 at PLM..

 

it is clearly far more than a pure business relationship, or Lillie junior would have been sacked long ago.

 

 

MtB

[LoneWolf]

 

it is clearly far more than a pure business relationship, or Lillie junior would have been sacked long ago.

 

 

MtB

 

Do you know i'm coming round to your speculation a million pages back that Steadman is playing a long game of some sort

[paneuro]

Jez must have had a very dodgy speedo, most of the Bonnevilles/Nortons/tritons of that era struggled to scrape past 110mph, according to the expert testers in the motorcycle press ( although my 650SS did 120MPH, HONEST!)

I used to race bikes in the 70's,and for a couple of seasons i had a really rapid seeley norton 750,this was a purpose built racer but i used to have a job staying with a lad called steve trasler on a thruxton bonneville down the old norwich straight at snetterton,a really quick triumph !

[MtB]

 

Do you know i'm coming round to your speculation a million pages back that Steadman is playing a long game of some sort

 

Gurls are so SLOW, innit!

 

 

(Just teasin'... I know you know that.)

 

 

 

MtB

[deckhand]

so that's why he left his missus!

I don't think you are a very nice person. For all you may have had issues with members of your family, and I have no interests here in you, who was actually involved in Pillings, for all you might say that you were innocent, or others involved in Pillings either but I do feel for the boaters caught up in this mess. I get the feeling that you are revelling in this and that is not nice at all.

[LoneWolf]

 

Gurls are so SLOW, innit!

 

 

(Just teasin'... I know you know that.)

 

 

 

MtB

 

<----- me

O <----- ur head

Edited March 25, 2014 by LoneWolf

[Paul G2]

I don't think you are a very nice person. For all you may have had issues with members of your family, and I have no interests here in you, who was actually involved in Pillings, for all you might say that you were innocent, or others involved in Pillings either but I do feel for the boaters caught up in this mess. I get the feeling that you are revelling in this and that is not nice at all.

 

John Lillie - since you are the not "a very nice person" that this is directed at, I would be very careful if I were you as this may well be an ancient curse. I've tried my best to make any sense of that jumble of words, and a curse is the best I can come up with. lol

 

[MtB]

 

<----- me

O <----- ur head

 

Oi!!!!!

 

MtB

[deckhand]

 

John Lillie - since you are the not "a very nice person" that this is directed at, I would be very careful if I were you as this may well be an ancient curse. I've tried my best to make any sense of that jumble of words, and a curse is the best I can come up with. lol

 

This may be funny to you but there are people who have paid good money to these people and their lives are being affected. I don't know who you are and quite honestly I am not interested but this issue has more important issues than your joking at others expense.

[MtB]

This may be funny to you but there are people who have paid good money to these people and their lives are being affected. I don't know who you are and quite honestly I am not interested but this issue has more important issues than your joking at others expense.

 

Even so, these people have had months of warning that the sh!t is about to hit the fan yet they seem to do nothing to protect their interests.

 

Or do you know otherwise?

 

 

Mtb

[deckhand]

 

Even so, these people have had months of warning that the sh!t is about to hit the fan yet they seem to do nothing to protect their interests.

 

Or do you know otherwise?

 

 

Mtb

No, not at all, and I agree, whilst I might have been taking action or making decisions by now, who knows why people are still there. But they all have their own reasons. Whatever those reasons, that's their choice. I still don't like people who seem to be enjoying the unfortunate situation for these people.

[Paul G2]

This may be funny to you but there are people who have paid good money to these people and their lives are being affected. I don't know who you are and quite honestly I am not interested but this issue has more important issues than your joking at others expense.

 

Get a grip, lady. You haven't got the vaguest idea what you are talking about. (Although, to your credit, you did manage to construct comprehensible sentences this time.)

 

Here's the thing, the remark John Lillie made that you quoted originally, he wasn't joking. That was quite serious speculation.

 

Now I, on the other hand, was making fun of you and your post - it's not often that someone sputters in type, yet sputtering that is and it is funny to see you come so unglued that you sputter about a remark that you obviously don't understand.

 

Making jest of your sputtering has nothing to do with the moorers at PLM. Anyway, just exactly who are you to come along and decide that this entire thread needs to read like an obit? All the more reason to ridicule you, as far as I can see. G.W. Bush once famously declared that he was "the decider", so you can see the kind of company you keep when you presume to assume that role.

[deckhand]

 

Get a grip, lady. You haven't got the vaguest idea what you are talking about. (Although, to your credit, you did manage to construct comprehensible sentences this time.)

 

Here's the thing, the remark John Lillie made that you quoted originally, he wasn't joking. That was quite serious speculation.

 

Now I, on the other hand, was making fun of you and your post - it's not often that someone sputters in type, yet sputtering that is and it is funny to see you come so unglued that you sputter about a remark that you obviously don't understand.

 

Making jest of your sputtering has nothing to do with the moorers at PLM. Anyway, just exactly who are you to come along and decide that this entire thread needs to read like an obit? All the more reason to ridicule you, as far as I can see. G.W. Bush once famously declared that he was "the decider", so you can see the kind of company you keep when you presume to assume that role.

Serious speculation? exactly . American? George W Bush? says it all

[costalot]

 

it is clearly far more than a pure business relationship, or Lillie junior would have been sacked long ago.

 

 

MtB

I remain to be convinced. This might be just one of Mr Steadman's many business interests. He hasn't lost any money and has successfully kept himself at arms length from the issue. Allowing the active director to fail may enable him to purchase the entire business cheaply and then install his own manager. Of the two I think I can work out which is the more astute!

[gaggle]

 

This may be funny to you but there are people who have paid good money to these people and their lives are being affected. I don't know who you are and quite honestly I am not interested but this issue has more important issues than your joking at others expense.

If you have no idea who he is then you surely have not shown enough interest in the thread or in the plight of any moorers involved , please stop being silly.

[johnlillie]

I don't think you are a very nice person. For all you may have had issues with members of your family, and I have no interests here in you, who was actually involved in Pillings, for all you might say that you were innocent, or others involved in Pillings either but I do feel for the boaters caught up in this mess. I get the feeling that you are revelling in this and that is not nice at all.

If you had bothered to read ALL of the thread and my comments, you would have a better idea of where my sympathies lie, and why. You obviously have no knowledge of what has gone on since the inception of PLM.

[BruceinSanity]

I remain to be convinced. This might be just one of Mr Steadman's many business interests. He hasn't lost any money and has successfully kept himself at arms length from the issue. Allowing the active director to fail may enable him to purchase the entire business cheaply and then install his own manager. Of the two I think I can work out which is the more astute!

Shirley he's only not lost money if the real estate he's now acquired is in fact worth at least the value of his mortgage loan. Last I recall, it was valued about half a million less.

[Hawkmoth]

Shirley

 

And don't call me Shirley!

Edited March 26, 2014 by lyraboat

[costalot]

Surely Bruce was calling me Shirley. but I knew what he meant and it's not usual for him to make an error!

Shirley he's only not lost money if the real estate he's now acquired is in fact worth at least the value of his mortgage loan. Last I recall, it was valued about half a million less.

I would have thought the land was worth whatever someone was prepared to pay for it. The current circumstances might mean it's worth less to anyone other than Mr Steadman but in the medium term there will be an operating marina connected to the network. By then I suspect he will be the sole owner of the lease and PLM/QMP Mk2 will continue to make payments thereby giving him a satisfactory return on his investment.

[MtB]

I would say the land and the business together are the asset in which Mr Steadman invested. These together are worth considerably less than they would be now had the business been competently managed from the start.

 

Therefore, Lillie junior is costing Mr Steadman dearly and this is not consistent with Mr Steadman's reputation as a hard businessman. Therefore we can surmise their relationship is something beyond pure business, or short term values simply don't matter to Mr Steadman and there is a really long game being played out.

 

Just my opinion and reading of the situation.

 

MtB

[carpet wallah]

Here's a date for your diaries: 31 March 2014. That's the last day that the accounts for Pillings Lock Marina Ltd, to 30/6/13, have to be filed at Companies House.

The interesting thing is that the last set of accounts show quite a healthy position - EXCEPT that they show current assets of about £1.6m a similar figure to the unsecured debt from QMP. On the face of it, that asset may largely evaporate when the IP has finished his work.

Balancing that were current creditors of about £1.2m. One could speculate that the bulk of that may be additional money put in by Mr Steadman and possibly some borrowing from NatWest, who have a mortgage debenture filed. I believe this gives the bank fairly extensive powers if they started getting twitchy about any loans or overdrafts they have extended to a client company.

It will be interesting to see what qualifying comments the accountant has appended, when the accounts appear.

Watch this space. .......

EXCEPT that, those accounts are as at the 30th June 2013. The £1.6m current assets were just that, on that date.

 

The accounts may well have been filed complete with qualifying comments long before QMP hit the buffers.

 

MtB

Well, the accounts for PLM are now filed at Companies House.

Even though the £1.6m owing from QMP was still live as at 30/6/13, it has now been written off in the accounts, in view of subsequent events.

PLM now has a nett black hole of £1.1m +. Apart from any money that may or may not be owed to the bank, one would be tempted to speculate that this is mainly unsecured lending to the company M Steadmen.

If so, this is more money that he stands to lose in this tangled web.

[PaulG]

I would say the land and the business together are the asset in which Mr Steadman invested. These together are worth considerably less than they would be now had the business been competently managed from the start.

 

Therefore, Lillie junior is costing Mr Steadman dearly and this is not consistent with Mr Steadman's reputation as a hard businessman. Therefore we can surmise their relationship is something beyond pure business, or short term values simply don't matter to Mr Steadman and there is a really long game being played out.

 

Just my opinion and reading of the situation.

 

MtB

In my humble opinion, I think that Mr. Steadman appears to have been careful to avoid being a director of the failed company. I would surmise that this was, at least in part, to protect his credit rating.

Others have remarked (I think- it's a long thread now and I can't exactly remember where!) that the three-company structure was "designed to fail".

 

In reality I think it was configured at the outset to protect property assets and business reputations in the event of the operating company's failure, i.e. it was probably part of a risk-avoidance strategy.

 

Any new venture carries its' risks. In the UK at least, being listed as a director of a failed company carries a stigma with it, and can adversely affect the individual's ability to raise funds from financial institutions in the future. It's not good for your "track record"!

 

So he had to find the right person as a front man, e.g. someone who, given a small minority shareholding, would be happy to describe himself on the Marina website as the "owner".

 

Useful idiots, and all that.

[johnlillie]

In my humble opinion, I think that Mr. Steadman appears to have been careful to avoid being a director of the failed company. I would surmise that this was, at least in part, to protect his credit rating.

Others have remarked (I think- it's a long thread now and I can't exactly remember where!) that the three-company structure was "designed to fail".

 

In reality I think it was configured at the outset to protect property assets and business reputations in the event of the operating company's failure, i.e. it was probably part of a risk-avoidance strategy.

 

Any new venture carries its' risks. In the UK at least, being listed as a director of a failed company carries a stigma with it, and can adversely affect the individual's ability to raise funds from financial institutions in the future. It's not good for your "track record"!

 

So he had to find the right person as a front man, e.g. someone who, given a small minority shareholding, would be happy to describe himself on the Marina website as the "owner".

 

Useful idiots, and all that.

you have summed it up perfectly, that is exactly as it was/is. With the benefit of hindsight.....................

[DeanS]

Rich people do not get rich by being stupid.

[AndrewIC]

A new company has appeared on the Companies House website: Pillings Lock Trading Ltd. Incorporated yesterday, 25th March 2014, registered address The Marina Office, Flesh Hovel Lane...