Judane

[Guest Anonymous]

If nothing else it proves that SDT, SCT and the SIC are not up to the job of deciding how and where to invest our money.

 

just how much did Judane recieve in grants as well as the loans they now won't pay back,

Why the hell did Frank get money for his tourist boat that never leaves the pier when he still owes money from Judane, who the hell decided that was a good idea?

 

the whole thing stinks like (** mod edit - don't bother trying to bypass the filters Rona **)

[glipper]

If nothing else it proves that SDT, SCT and the SIC are not up to the job of deciding how and where to invest our money.

 

just how much did Judane receive in grants as well as the loans they now won't pay back,

Why the hell did Frank get money for his tourist boat that never leaves the pier when he still owes money from Judane, who the hell decided that was a good idea?

 

the whole thing stinks like shiiite

 

Is this not a perfect example of its not what you know but who you know in the council when it comes to needing money for a big white elephant

[Teenie3]

Nope, I think they just know the rules inside oot. An after they've done it a few times they know all the loop holes too.

[peeriebryan]

a big white elephant

To be fair, Judane wasn't a "white elephant". The company operated successfully for many years

[icepick239]

its morbidly entertaining coming n havin a laugh at this thread. What do you think you are going to achieve (all 6 of you, if that) that the officials who are already investigating aren't going to achieve??? , or is it just some kinda hate campaign bein whipped up ?? some kinda personal vendetta against Cruella De'Miller ?? and Frank'enstien , its plain to see its not about a business failling because of the relentless spite and venom coming from the same mouths. Gi it a rest, you are total underlings to the proper authorities who ARE dealing with it, or are you just basquing in the glory of somebodys downfall ?????

The way the Shetland media reacts to business people and entrepreneurs in Shetland is bad for the islands. THe SIC policy of supporting higher risk enterprises has led to many successes over the years and should be applauded.

I agree. The media seem to get into a feeding frenzy when any SIC investment fails. They tend to forget the hundreds of businesses that have had a loan and repaid in full. At one time my job included collecting repayments for the various SIC bodies and I can assure you failures are a rarity.

am still insisting the main stirrer/s are on a vendetta and this is a personal grudge being nitt picked n offered to the media on a plate, good god theres folk being paid to sort this out

I still wonder why hoosn didn't delete that first post while the opportunity was there to do so.

(Cruella skinned puppies for their soft fur).

(Frankenstein created a monster).

Not very nice aye?

As for the rest of the post, it is only one-person's view and far from accurate I think, as well as being incoherent and rambling.

 

I agree, there are many businesses in Shetland that would be thankiful to the SIC for their help in starting-up and later in helping expanding their operations even further.

The media, (whether electronic or print-media) being what it is WORLDWIDE and not just localised to our Islands seems to survive on mayhem, catastrophe and bad news.

I wish it didn't have to be that way.

[swc123]

Now that some of the dust has settled, it would appear that the only money that SDT is loosing is interest payments. The amount Judane will pay back will be greater than the amount of capital that they borrowed. £860k borrowed and £761k back in, with another £190k to come. A net income of £91k.

 

Now that is far from disasterous, yes more money could have potentially been made elswehere but c'est le vie.

 

I do not know enough about the history of the company but I am guessing that Shetland got a lot of benefit out of this loan investment and I welcome the SIC's willingness to support developments.

 

Let us hope a line can be drawn under this now, and that the building can be brought into use.

[ISOT]

Excuse me for being naive then but whats the point in charging interest on the loan in the first place if it's not going to be paid back? I'm not trying to fan the flame here but still finding it difficult to understand.

 

What will happen if Mr Miller sells the building, does that money go straight into his pocket or do the interest payments have to be paid back at anytime?

 

Cheers

[Treeplanter]

Facts now published are:

 

(1) Amount borrowed = £860,000 / Amount Repaid = £951,000. This means that the Shetland Development Trust will have recovered ALL of it's original investment together with £91,000 of interest payments.

 

(2) That a "significant proportion" of the previously much talked about "shortfall of £411,000" is, according to the Development Trust "resulting from compound penalty interest accrued since 2004. The councilor's lawyers have advised the penalty interest could not be enforceable against the company".

 

(3) Regarding receipt of Hodge rental monies by Caroline Miller, the Development Trust state that there is "no basis for a conclusion of misappropriation, to the detriment of creditors as has been alleged through the media".

 

Facts which have not yet been published, but perhaps should be, include:

 

The number of people that Judane employed over the years?

The amount of revenue the company put back into the Shetland economy?

The extent to which the company promoted Shetland throughout the World?

 

With this information perhaps a line could then be drawn under this whole matter, where in summary, the Developement Trust got ALL it's money back, plus £91K interest payments, and Shetland had a significant number of people employed in an international knitwear business over many years.

[Teenie3]

Quite happily draw a line under it once the building is sold and the proceeds go to clearing the rest of Judanes debt to SDT/SIC.

[swc123]

Facts which have not yet been published, but perhaps should be, include:

 

The number of people that Judane employed over the years?

The amount of revenue the company put back into the Shetland economy?

 

Could not agree more Treeplanter, these wider indirect impacts something that is often not accounted for.

 

If I am understanding the information release correctly it should be noted that the directors also have loans outstanding accounting for £178,000. This I assume is money that the directors have invested in the company and will only be repaid once all other debts have been settled, if there is anything left.

 

There are perhaps other issues going on that I am not privy to but on the face of it, it would appear that the failure of Judane has been bad for all concerned (including directors) and no one is making anything out of it.

[Teenie3]

I think the person that has lost the most out of this whole situation is Chris Hodge when Judane decided not to sell him the factory after he'd spent a small fortune (of his OWN money) on it!

[ladyfootballer]

Having read a lot of uninformed rhetoric on this forum it is interesting now that the facts are starting to come out. Judane have not been near as bad as they have been portrayed and at the end of the day the £400,000 figure seems justifiably disputeable, by the legal profession at least!

 

Over the years there have been some bad eggs with their noses in the public trough but it shouldn't mean an automatic reaction to tar all with this brush.

 

Unfortunately the Millers seem to have been badly affected by that extremely common condition up here - Shetland Schadenfreude!

[Ghostrider]

Now that some of the dust has settled, it would appear that the only money that SDT is loosing is interest payments. The amount Judane will pay back will be greater than the amount of capital that they borrowed. £860k borrowed and £761k back in, with another £190k to come. A net income of £91k.

 

This does not really compute. Firstly, the £190k needs to be viewed in an if it comes light. Until receipt is in full, it is nothing more than an expected payment, counting chickens and all that, to do the sums with it included.

 

Even if it does arrive in full and there is a final £91k excess in the numbers, I have doubts SDT will break even when the compounded affects of inflation are factored in over the lifetime of the borrowings. Without analysing the details of all transactions in/out its impossible to know, but given the sums and timeline involved, break even has to be touch and go at best.

[Twerto]

I hold judgement until the sale fo the building goes through and we see what happens then if TnN are stil interested that is.

[unlinkedstudent]

Well I bet RBS will get the proceeds of sale as First Creditor.