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S&D Railway Trust

Discussion in 'Heritage Railways & Centres in the UK' started by Andy Norman, Feb 24, 2020.

  1. oldmrheath

    oldmrheath Well-Known Member

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    I see my ad choices on Natpres are now pushing eviction services......:)


    Jon
     
  2. martin1656

    martin1656 Nat Pres stalwart Friend

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    How long before we see the WSR featured on Bad Landlords , dodgy tenants on TV, and the high court sheriffs evicting the S& D :( but on a serious note, what does the board expect from any talks, are they hoping that the HRA will be their Tame Lapdog, to do their bidding, or will they end up being savaged?
     
  3. johnofwessex

    johnofwessex Resident of Nat Pres

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    The proverbial 6 million dollar question!

    They have started a process that they can no longer control, other than by withdrawing The Notice to Quit and some serious apologizing for what benefit exactly?
     
  4. bishdunster

    bishdunster New Member

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    Or the sheriffs seizing PLC assets to compensate theS&D Trust :Eggonface: ???
     
  5. flying scotsman123

    flying scotsman123 Resident of Nat Pres

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    I'm reminded of the Coombes review, IIRC it was the X6 who appointed Robin Coombes, but then didn't cooperate and accused him of bias when his report finally came out!
     
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  6. Greenway

    Greenway Part of the furniture

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    But what assets would they be able to seize? It appears a bank might own most of them.
     
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  7. martin1656

    martin1656 Nat Pres stalwart Friend

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    How come though, that the PLC's Assets are in the hands of the banks, are they to protect against loans taken out by the PLC just how much of that profit the board announced , compared to a loss was from obtaining loans , at the cost of possible seizure of your assets? if thats the case, then surely the WSR are already insolvent .
     
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  8. D1039

    D1039 Guest

    Insolvency is cash, not assets or net value.

    It you have a £100 asset, £5 in the bank and a £10 bill due you are insolvent (unable to pay bills as they fall due)

    Plenty of companies have a negative net value (their loans exceed their assets) but as long as they have cash to pay bills as they fall due they aren't insolvent.

    By taking a loan secured on an asset (a locomotive for example), you can use the cash to pay bills while you sort out other problems.

    The PLC was public about its positive cash balances at the end of December.

    In time of course you have to generate your own cash, by inward investment (selling shares), donations and bequests, asset sales and operating surpluses. Most railways have a mix of these.

    Patrick
     
  9. twr12

    twr12 Well-Known Member

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    Having outstanding loan repayment obligations on the books, at the same time as have sufficient cash to pay bills, staff and trading taxes. Is a useful way of reducing the company’s Corporation Tax liabilities.
     
  10. Jill Jackson

    Jill Jackson New Member

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    I hope WSR are now going to give the SRDT the steaming fees for 53808 that they have used for other purposes and not kept to fund its overhaul, as per their agreement
     
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  11. JBTEvans

    JBTEvans Well-Known Member

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    They definitely gave them March and April's steam fees, 100%. No question about it.
     
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  12. Jill Jackson

    Jill Jackson New Member

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    i.e. zero as railway was closed
     
  13. ghost

    ghost Part of the furniture

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    That's not how the agreement is set up. Either side would be foolish to try to amend the agreement now before the arbitration/mediation takes place

    Keith
     
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  14. simon

    simon Resident of Nat Pres

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    There is no requirement for the W SR to put aside cash. A provision is not cash.
     
  15. jma1009

    jma1009 Well-Known Member

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    The relevant term in the lease refers to the appointment of an "arbitrator" by the HSA; so your above post is not correct - though I grant you is not made explicitly clear in the 'joint statement' of 1st March 2020.

    'Lplus' mentioned that arbitration and mediation are not the same thing. I am well aware of this. The lease refers to the appointment of an "arbitrator" by the HRA; and the HRA website states it offers a "mediation" service to members but in complex cases (which I consider this is) an "arbitration professional" will be used (and with all the consequent costs).

    Cheers,

    Julian
     
  16. jnc

    jnc Well-Known Member

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    The WSR is, I think, stuck in a bit of a Catch-22. If the PLC goes bust, the consequences (as explained in the thread) will be a nightmare. But the WSR group of organizations have structural issues (which there is a good chance will doom the line) which seem to be un-fixable - unless the PLC fails, and gets out of the way. "That's some catch, that Catch-22."

    Noel
     
  17. johnofwessex

    johnofwessex Resident of Nat Pres

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    Jamessquared said:
    The bottom line is that, like it or not, the best chance for survival of the WSR as a recognisable heritage railway is for the current WSR plc to remain solvent as the operating entity.

    The question then for the Nth time is how does the decision to serve notice on the S&DRT help the PLC remain solvent in these difficult times?
     
  18. granmaree

    granmaree Member

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    The plc will have the added expense of the electricity bill, the water costs (Washford is on a water meter) and the telephone line for both the station and the yard. Plus the maintenance of the entire site. Not cheap
     
    Last edited: May 5, 2020
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  19. Miff

    Miff Part of the furniture Friend

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    Mine include an insolvency practitioner who is currently liquidating what little remains of Bristol Cars.
     
  20. mvpeters

    mvpeters Member

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    & presumably, all these costs are factored into the lease payment calculations.
    So what are the real costs, or savings, to the Plc?
    WD has no friends (!) except the S&DRT.
     

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