vailron Posted July 18, 2006 Report Share Posted July 18, 2006 i thought that the sic invested money into smyril line as a way of making a quick buck, so deosnt it make sense to drop the link that makes a loss, in order to open up a link that one hope will make money, isnt that what business is all about??? Quote Link to comment Share on other sites More sharing options...
shy skylark Posted August 9, 2006 Report Share Posted August 9, 2006 does anyone know whether this is true ? that the development trust took the decision not to give any more cash to smyril but that town hall forced them with a lawyer's letter and a letter from the council's finance chief saying it was council's money and for that reason the trust did not have power to go against council boss? why does the public not get to see the reports about this? claiming it is confidential is a fine way to hide dodgy dealings. Quote Link to comment Share on other sites More sharing options...
Colin Posted August 9, 2006 Report Share Posted August 9, 2006 does anyone know whether this is true ? that the development trust took the decision not to give any more cash to smyril but that town hall forced them with a lawyer's letter and a letter from the council's finance chief saying it was council's money and for that reason the trust did not have power to go against council boss? why does the public not get to see the reports about this? claiming it is confidential is a fine way to hide dodgy dealings. I heard a very similar rumour (from a VERY reliable source).The version I heard claimed that certain 'very high up' people within the SIC were trying to bully the Development Trust into doing things their way. Seems to me that, in my opinion, the convenor is trying to justify the several thousand pounds per year he gets as a director of Smyril Line. Wonder if it's ever occurred to him to declare an interest at DT meetings? Quote Link to comment Share on other sites More sharing options...
shy skylark Posted August 10, 2006 Report Share Posted August 10, 2006 The Shetland News website says that: ......"SDT chairman Josie Simpson said the council had already given the joint SIC/SDT negotiation committee the authority to hammer out a truce with Smyril.Mr Simpson said they were allowed to finance any further investment into Smyril by drawing on a £4.7 million budget originally earmarked for a proposed merger with Norwegian Fjord Line, in October 2005."..... So do I get this right: the council appointed a team consisting of the 2 big chiefs and their pets to negotiate, now this team thinks that it can do anything it wants to because at some time in the past 4.7 million was approved by the councillors for merging smyril with fjordline. the trust is not involved and the councillors are not involved any more. did the trust actually see a full report on this proposal? did the councillors see it? and what kind of negotiation is this anyway? the glorious team of the twin chiefs and their pets has signed to give up the lawsuit they started and they give another 3/4 million? what did smyril give in return? oh yes, they'll come to lerwick now and again for a few months, which was the deal at the start anyway. Quote Link to comment Share on other sites More sharing options...
shy skylark Posted August 10, 2006 Report Share Posted August 10, 2006 The "Special Team" headed by our cigar-smoking convener has decided that Smyril Line should get another loan of 1/2 Million Pound and a grant of 1/4 Million Pound.The reason given is that it is the only way to ensure that the Norona keeps coming to Shetland for another season. Do you think that we should give more money to Smyril, even if is the only way to get the Norona here ? Quote Link to comment Share on other sites More sharing options...
Guest Anonymous Posted August 12, 2006 Report Share Posted August 12, 2006 I was involved in a failed business venture several years ago and i am still struggling to pay back the development trust out of my modest income.. I feel like a bloody fool when I read whet they are up to, not only do you have the "(**mod edit**) mafia" bankrupting thier companies with millions due in loans and then buying back the hardware for a pittance and starting all over again , you have got these so called professionals pumping out millions to a company that employs nobody from shetland and has debts of over 135 million. What the f**k is going on in those offices??!!! has there water supply been contaminated with high strength L.S.D. ??? IM starting to get really mad now. nah seriously this is a hoor of a state o affairs, and those presently in control could do we being shot with a ball of their own sh*t!!!!! Quote Link to comment Share on other sites More sharing options...
Evil Inky Posted August 12, 2006 Report Share Posted August 12, 2006 The "Special Team" headed by our cigar-smoking convener has decided that Smyril Line should get another loan of 1/2 Million Pound and a grant of 1/4 Million Pound.The reason given is that it is the only way to ensure that the Norona keeps coming to Shetland for another season. Do you think that we should give more money to Smyril, even if is the only way to get the Norona here ? Are there any figures available which would indicate how much money the Norona contributes to the Shetland economy ? Quote Link to comment Share on other sites More sharing options...
Claudias Posted August 12, 2006 Report Share Posted August 12, 2006 Well said Droilker. I'm with you all the way. Quote Link to comment Share on other sites More sharing options...
Ghostrider Posted August 12, 2006 Report Share Posted August 12, 2006 The "Special Team" headed by our cigar-smoking convener has decided that Smyril Line should get another loan of 1/2 Million Pound and a grant of 1/4 Million Pound.The reason given is that it is the only way to ensure that the Norona keeps coming to Shetland for another season. Do you think that we should give more money to Smyril, even if is the only way to get the Norona here ? Are there any figures available which would indicate how much money the Norona contributes to the Shetland economy ? Shetland Marine News. June 1st 2006. A recent economic impact study suggested the Norröna brought between £4 million and £7 million into Shetland every year, which includes harbour dues paid to Lerwick Port Authority. Full article here: http://www.shetlandmarine.com/2006/05%20Oil%20&%20Shipping/shetland_takes_smyril_to_court.htm Don't know how the figures were calculated, but I can't keep the phrase "wishful thinking" from lingering in my mind. Also, no word of how much of that £4 - 7 Million acutally stays in Shetland to the benefit of Shetland residents. Quote Link to comment Share on other sites More sharing options...
BigMouth Posted August 12, 2006 Report Share Posted August 12, 2006 Probably a bit off the wall, but as a soothy that never got further than Orkney from the mainland before I moved here due to the cost of travel AND accommodation. How about offering free accommodation to tourists when they come here and give the money to the B&Bs, Guest Houses, hotels etc rather then Smyril? It would stimulate the provision of better and wider range of accommodation in Shetland. Quote Link to comment Share on other sites More sharing options...
Guest Anonymous Posted August 12, 2006 Report Share Posted August 12, 2006 Hows this for an idea,SIC buys Hjaltland & Hrossey, and just allows Cal Mac to be the operator in the same way that the interisland flights now operate.Then SIC offers to swap one of these vessels for the Norona, the value difference should just about make up for the millions that the council have pissed away supporting the white elephant.Smyril end up with a realistic sized ferry, which they can afford to operate, with which they may just break even,and the SIC ends up with a useless oversized heap of crap to pour money into. But at least it would be their oversized heap of crap.But at this point they could sell the Norona to pay for a vessel or two which are properly suited to the North Isles route, with more cabin space for travellers.I could rant on for ages, but you get my drift,,, Discuss.... or rant .... Quote Link to comment Share on other sites More sharing options...
sludgegulper Posted August 12, 2006 Report Share Posted August 12, 2006 Nice one Rasmie!! Need more like you on the council. How about the council ditching (no pun intended) the Norrona & buying shares in Atlantic Airways. I'm sure that will benefit us more going to Stansted rather than getting a boat to nowhere useful. Quote Link to comment Share on other sites More sharing options...
Gibbo Posted August 12, 2006 Report Share Posted August 12, 2006 Though I havent seen the Smyril accounts I can safely say that £135 million (according to S.Times) of debt is a serious problem. To me this company is screwed. There seems to be little chance of trading it out given the grossly inappropriate ship and lacklustre passenger figures. Now, the 135m is secured against the assets of the company and is probably due mostly to the banks. I would not be surprised if they called in the liquidators/administrators/faroese equivalent. And that would leave SIC with diddly squat once all the other creditors are paid off. SIC would probably save money by calling in the liquidators, etc, rather than throwing more - unsecured - money at Smyril. It would be interesting to see the accounts because if they are NOT prepared on a "going concern" basis then it means the management and auditors have serious concerns about viability of company and could be on verge of going bust (it will be clearly stated whether they are or not). Has anyone seen them? Or could access them? Unsurprisingly they are not on the Smyril website (as far as I can see). Quote Link to comment Share on other sites More sharing options...
david Posted August 12, 2006 Author Report Share Posted August 12, 2006 As long as they don't go bust before Tuesday, otherwise I have a problem getting home. Sadly I can't really see Smyril Line lasting much longer. Quote Link to comment Share on other sites More sharing options...
Guest Anonymous Posted August 12, 2006 Report Share Posted August 12, 2006 Tuesday might be optimistic David.I think that the writing is on the wall. In the last week I have spoken to 3 people who were thinking of a holiday to Faroewho have said they have cancelled the idea because they expect Smyril to go bust.Once that level of negative confidence exists, the end is nigh!! Quote Link to comment Share on other sites More sharing options...
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