I have to agree with you, the only bright spot being Towers turned round
Rover from a 90M loss to a 40M profit before, but this is a much bigger
problem now and the figures and statements being bandied around don't add
up. However BMW cocked up Rover from the word 'Free Fahrt', and it was in
profit when they bought it.
As an indication of the business sense of Jon Moulton and Alchemy, did you
know that he asked for, and got, 1M per week from BMW while conducting due
diligence? He paid KPMG 3M to do the work, and so came out with 2M profit.
Not bad for the 'losing' bid. He could still pick up the pieces.
PaulH.
----- Original Message -----
From: Leckstein <bleckstein@mail.monmouth.com>
To: <MGMagnette@aol.com>; <mgs@autox.team.net>
Sent: Tuesday, May 09, 2000 11:38 PM
Subject: Re: ROVER SOLD!!! for 10 quid!
> Maybe I am wrong, but this is politics over business sense.
> Alchemy was going to concentrate in the small areas where the British can
> compete. ie MG and other special sport car models etc. Now we have a less
> solvent company that will try and succeed where BMW failed. Like BMW
> doesn't know how to mass produce in the world market at a profit. But the
> powers that be ,saw the short term saving of jobs with Phoenix's plan to
> continue with the present line of cars as more politically acceptable. I
> hope I am wrong, but soon this company will go bust and none of the auto
> workers at Rover will have a job. Alchemy at least had a chance to save
> some of the jobs with a smaller work force and a concentration on cars
that
> would have a world wide appeal. MG
>
> Mike
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