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City link

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On 29 Dec 2014 at 11:02pm Lewes Plumber wrote:
Anyone else skeptical that the venture capitalists who own City Link timed their administration so that they could screw the most sub contractors and employees (with Xmas Parcel income)?
It isn't my line of work anymore, but I am willing to bet they invested money into City Link and they wanted to recoup as much of their investment as possible.
City Link may not have been visible, but the timing was as deliberate as it was heartless.
...but we all know:
Financial crime, don't do time; in England.
Right Norman?
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On 29 Dec 2014 at 11:15pm Earl of Lewes wrote:
I used City Link until a few months ago. The service from the drivers was generally good, but the accounting side was a mess. One man I share a farm unit with built up debts of 10k with them before City Link finally noticed and closed his account. He offered to pay them off over a few months, but they wouldn't negotiate and ended up getting nothing.
I hope that most of the drivers will quickly find work elsewhere, as other courier companies will have to pick up the slack.
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On 30 Dec 2014 at 12:55am Lewes Plumber wrote:
My question is, did they intentionally delay for foreclosure until they could gather maximum income - to pay themselves?
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On 30 Dec 2014 at 1:06am Fairmeadow wrote:
Interesting to speculate, but I think it would be illegal.
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On 30 Dec 2014 at 9:22am Mark wrote:
Sounds entirely plausible. I wonder whether it'll be looked at? Perhaps it'll be decided that rapacious capitalism (like corporate tax evasion) is fine - another glorious form of wealth creation.
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On 30 Dec 2014 at 10:08am Oh Really wrote:
It's a capitalist plot !!!!!!!
'Cause none of us like money
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On 30 Dec 2014 at 11:20am Mark wrote:
Well douuugh. That's exactly the point. It is precisely a capitalist plot. And probably an illegal act.
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On 30 Dec 2014 at 11:25am Mark wrote:
And double douuugh.. As much as we all like money it's wrong when robber barons nefariously steal it for the money vaults in Wall St.
 
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On 30 Dec 2014 at 12:09pm Fleet Street wrote:
Is Wall Street in Britain Mark?
The 2cells of the Guernsey based Better
Capital which financed citylink which they bought fir a quid and sank 40 million into it are quoted on the LONDON stoxk
 
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On 30 Dec 2014 at 12:09pm Fleet Street wrote:
Is Wall Street in Britain Mark?
The 2cells of the Guernsey based Better
Capital which financed citylink which they bought for a quid and sank 40 million into it are quoted on the LONDON stock exc
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On 30 Dec 2014 at 12:44pm Mark wrote:
That's as maybe Fleet Street but do think you're hair-splitting.
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On 30 Dec 2014 at 3:29pm andy wrote:
It's fairly common for large companies to go bust on Christmas Day because most companies biggest outgoings is rent. And most corporate commercial leases require quarterly rent paid in Old English Quarter Days. The last quarter is 25th December (see link about quarter days below).
So there is no malice on the timing - it is just the way it has been for centuries. I'm not surprised the mainstream media has not picked up on this fact - a convenient story like this sells newspapers and requires little effort from journalists.

Check it out here »
 
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On 30 Dec 2014 at 7:20pm Clifford wrote:
Andy, the reason the media haven't picked up on the quarter day rent aspect is because it just doesn't apply in this case. Even the shark running it has not used that particular story as he runs off laughing.
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On 30 Dec 2014 at 11:34pm Lewes Plumber wrote:
Fairmeadow - My point is that they have acted illegally.
Andy - Citylink pushed subcontractors (who are behind creditors) on the payout list, to deliver Xmas parcels. (I believe), KNOWING they would go into admin - and would have to pay creditors first and subbies later. Hence they would recoup MORE of their investment.
Andy, City Link's primary expenses would be deliveries, not rent. Your response is so 1980's I just don't know how to respond. I don't think you can judge venture capitalism on what has happened over the last 100 yrs. Cliifford nailed it.
In any event SFO will not do anything, anyway because they have cuts and have replaced all their clever people with graduate stooges with no backbone.

 
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On 31 Dec 2014 at 9:00am Mark wrote:
And of course there was "Pretty Woman". I've been very sceptical about venture capitalists since I first saw the film. That elderly boat builder with the kindly eyes and Richard Geer with his stupid polo matches.


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Chapel Hill Lewes 20:132
Chapel Hill Lewes

I see you still pay no attention to the bits that might tax the old grey cells. more
QUOTE OF THE MOMENT
Life begins at the end of your comfort zone
Nancy