mk1-forum.net

MG Rover directors banned from running companies after collapse - 'Phoenix Four' disqualified from directorships after paying £42m in bonuses while running car firm into the ground.
Four former MG Rover directors, who paid themselves millions as they ran the car manufacturer into the ground, have been banned from acting as company directors for a combined total of 19 years.
The so-called "Phoenix Four" of Peter Beale, John Towers, Nick Stephenson and John Edwards acquired Britain's last remaining volume car producer from BMW for a nominal £10 in 2000, with the enthusiastic backing of the then Labour government. They then spent the next five years pocketing huge awards before the company collapsed in 2005, owing £1.3bn to creditors and putting thousands of people out of work.
More:
http://www.guardian.co.uk/business/2011 ... d-collapse

http://www.birminghampost.net/birmingha ... -28656079/

Serves them right, but they should have confiscated the money too.

we have the same sh-t here in DK, bank manegers or directors, of big companies that f-ck up.

then get sacked, but STILL get paid 10 millions after making a big mess of it all.

Yes - Last time I fkd up I almost lost my house wife was NOT happy at all .......she was going to sell the mini's, had to put those in a mates name so they couldent be taken..in the end I told the bank to F.O.

Lol - ah well never mind, chin up boys

kin ell pad4. how did you cope with that i would of gone to bits .feel for you

How times have changed, in the sixties and seventies they gave 'em knighthoods..........

Interesting that, I knew one of the auditors who wound up MG Rover & I asked her about the Phoenix 4. She said that after spending 2 years winding up the company her opinion was that there was nothing underhand done & the failure of the company was more to do with a triumph of hope over reality more than out and out naughtiness.

I suspect they have been hung out to dry as sacrificial lambs, after all the REAL fat cats in the banks were allowed to practically ruin the country.

did i cope with it - not very well he said looking at a truck coming up the street with a tear in my eye.......never did quite tell the wife how close we came to loosing it all but hey hum, what dont kill you makes you stronger .....