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9 Jan 2006, 20:30 (Ref:1498085)
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Racer
Join Date: Jan 2003
Posts: 292
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Uncle Toms back big time...
http://www.autosport.com/news/report.php/id/48895
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9 Jan 2006, 21:47 (Ref:1498141)
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Racer
Join Date: Mar 2005
Posts: 362
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I wonder if all his creditors got paid?
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Jack Nicholson (Col. Jessup): " You can't handle the truth! "
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9 Jan 2006, 22:41 (Ref:1498178)
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#3 | ||
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Veteran
Join Date: Nov 2005
Posts: 952
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If this is true, Welcome Back, Tom!
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10 Jan 2006, 02:37 (Ref:1498301)
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Racer
Join Date: Sep 2002
Posts: 432
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Wouldn't he had to have sold off his assets in order to meet debt? |
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10 Jan 2006, 04:47 (Ref:1498327)
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#5 | ||
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Veteran
Join Date: Sep 2005
Posts: 1,572
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Was he ever declared bankrupt?
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The name is Nigel - not Nige, definately not Nigo and never Niger - Nigel - plain and simple!
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10 Jan 2006, 05:10 (Ref:1498331)
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Veteran
Join Date: Jun 2004
Posts: 2,546
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I do agree with you...................Its no right....its fuxing bad business, but i doubt wheather many creditors get payed out. Seems he may have got away with it just like the others? |
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GO Hard or GO Home
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10 Jan 2006, 05:53 (Ref:1498349)
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#7 | ||
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Veteran
Join Date: May 2002
Posts: 752
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i dont know bout business, but personal bankruptcy, u only had to be declared for something like 5 years, then it was wiped, brand new start...
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Matt H
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10 Jan 2006, 09:27 (Ref:1498420)
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#8 | |||
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Veteran
Join Date: Aug 2004
Posts: 3,532
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I'm a fan of Tom & this schizen
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*'It' being your acknowledged lack of knowledge of business, then you demonstrate ignorance of personal bankruptcy.  Is there anything you can add about the difference in Aussie law versus UK law ? Can we expect the proven level of ignorance? 
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more torque than a climate change conference
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10 Jan 2006, 09:32 (Ref:1498423)
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#9 | |
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Veteran
Join Date: May 2004
Posts: 16,040
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gee cavvy. having a bad day are we?
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10 Jan 2006, 10:19 (Ref:1498449)
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#10 | ||
 Race Official1% Club
Join Date: Dec 2002
Posts: 46,695
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Let Mr Walkinshaw do as he pleases... he will anyway....
I think his reputation now precedes him, so any future creditors have been forewarned... |
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House, House “Trust But Verify” - Commissioner Frank Reagan, Blue Bloods
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10 Jan 2006, 10:30 (Ref:1498466)
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#11 | |||
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Veteran
Join Date: Aug 2004
Posts: 3,532
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yep, a bad day
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I have read much on the TWR disaster & continue to respect Tom Walkinshaw for his achievements in motor racing both as a driver & as an engineer, & unless you know the detail of the TWR issue, I suggest Tom should be judged on that criteria. |
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more torque than a climate change conference
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10 Jan 2006, 11:02 (Ref:1498483)
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#12 | ||
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Veteran
Join Date: Aug 2003
Posts: 952
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Having placed a $5M a year business into administration and walked away to start again, I have a slight knowledge of things that some on here speculate about.
Administration, liquidation and bankruptcy are things that most people don't know, or want to know about. I have close and personal knowledge of administration and liquidation - but not of the other. I have no great knowledge of Tom Walkinshaw's personal financial matters. I do know about mine. These things can occur through no personal deficiencies or deficiencies of any other kind. Unless you know the exact details of Tom Walkinshaw's financial dealings, I'd suggest that people leave the scuttlebutt alone. He may well be above criticism for his business ethics, he may not. Unless you know what motivated TW to make certain decisions, my suggestion is that you don't waffle about what you don't know. |
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10 Jan 2006, 11:52 (Ref:1498520)
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#13 | ||
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Race Official 1% Club
Join Date: Dec 2002
Posts: 46,695
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If we are going to go to the war stories....
... I spent two years in a business that was dead. Literally dead, didnt have the support of its owner, ate cash like it was free... had a GM who could generate sales but didnt quite have a handle on making them profitable, or reliable, or with good quality. A friend of mine came into the business as Operations Manager. Put all sorts of practices and procedures into place, to improve consistency of product, improve quality, cut steps out of the cycle to make the end items cheaper, yet at the same standard of performance. He dragged me over there... not unwillingly.. but it was no mean task... to sell anything we didnt need today or tomorrow... to rent out part of our building at significant inconvenience to help keep the lights on... buying anything we needed second hand, or borrowed... in step with keeping the wolves from the door... We restuctured, twice... hardest thing I have ever done, to remove 6 people out of a workforce of 34 from a business that was as much a family as it was a place of work, with most employees having been there 10 years+. How do you ruin 6 families' lives? It is not an easy thing to do, but it is a comfort on some level that to sacrifice 6 people for the good of another 28 is a better thing than to lose all 34.... Imagine the morale at losing these people from the business... the resentment from the others' at the choices made... made especially worse in the light of the business' ultimate conclusion... Everything we did, was for the purpose of stopping the cash burn... for getting the customer his product as cheaply as we could make it... at the quality they wanted. We improved customer service, we got more sales, we got rid of some product lines that made no contribution... we got very multiskilled... running lines, mixing systems, playing delivery boy... anything for the team... Two years of stress and heartache... mega hours... mega work... we thought we were improving all the time... we brought the cashflow into line... to breakeven... we counted our pennies with everything we did... while still having fun.... I dont think I have been to so many auctions of other dead businesses, hoping to scrounge some inputs to our own process... I counted over 40 in a 2 year period... But the lords and masters grew impatient... they figured that the business was much better than we had been telling them... they wanted success now, no excuses! They found a scapegoat... well 3 to be exact, as they took the management team out of the business... thought they were the clever ones... until they stepped in personally ... and had the business in administration by their creditors inside 4 months.... All 25 remaining people were out on the street, with no entitlements, and not much chance of seeing them... We were all blown away... 2 years' effort in the toilet, an education you couldnt replicate in any university textbook.... while I am still owed a small fortune... The moral of the story... we came, we tried, we did ok, we got reamed.... at least we didnt have any equity in it.... |
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House, House “Trust But Verify” - Commissioner Frank Reagan, Blue Bloods
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10 Jan 2006, 16:03 (Ref:1498708)
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#14 | ||
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Veteran
Join Date: Jan 2003
Posts: 4,399
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This is common practice in the UK. Company goes bust, owner resurrects it under a different name two weeks later. There's a team formerly of the BTCC who now compete in the WTCC and they used to do this every winter. They couldn't afford to pay off the debts, so they shut down, before registering again at Companies House a short while later. Now they go under the guise of a team based in Asia, when they're still in the UK.
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Don't exacerbate things!
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10 Jan 2006, 17:48 (Ref:1498773)
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#15 | |
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Racer
Join Date: Jan 2003
Posts: 292
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Who is that Craner?
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10 Jan 2006, 19:37 (Ref:1498836)
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#16 | |||
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Veteran
Join Date: Aug 2004
Posts: 3,532
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Quote:
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__________________
more torque than a climate change conference
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11 Jan 2006, 08:27 (Ref:1499088)
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#17 | ||
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Race Official 1% Club
Join Date: Dec 2002
Posts: 46,695
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That from the outside, all looks hunky dorey... but when you dig a little deeper... all is not what it appears.
That goes for TWR, or the nightmare that kept me in Eno and QuickEze for 2 years... |
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House, House “Trust But Verify” - Commissioner Frank Reagan, Blue Bloods
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11 Jan 2006, 08:46 (Ref:1499093)
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#18 | ||
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Racer
Join Date: Feb 2004
Posts: 472
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Any Tom can say they have big plans but honestly..... like Big Tom and Mr Crennan and their Monaro series, where has that gone?
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I'm offended by that, I think.
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12 Jan 2006, 10:08 (Ref:1499753)
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#19 | ||
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Race Official 1% Club
Join Date: Dec 2002
Posts: 46,695
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House, House “Trust But Verify” - Commissioner Frank Reagan, Blue Bloods
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12 Jan 2006, 11:02 (Ref:1499796)
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#20 | ||
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Veteran
Join Date: Feb 2005
Posts: 1,940
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Someone get GTRMagic a towel, he is drooling at the thought of this link being used to bring Mitsubishi into V8SC....
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HSV - Sideways cars from an upside down country.
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12 Jan 2006, 21:42 (Ref:1500177)
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#21 | ||
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Racer
Join Date: Feb 2004
Posts: 472
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Wow Evo IX's that's huge news their like what 10 years old?
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I'm offended by that, I think.
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12 Jan 2006, 22:01 (Ref:1500191)
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#22 | ||
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Veteran
Join Date: Aug 2005
Posts: 2,208
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That article reads like its 4 years old... Evo IX's... Mistu' axing its WRC program... parting with Chrysler.
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13 Jan 2006, 01:58 (Ref:1500301)
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#23 | |||
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Veteran
Join Date: Oct 2003
Posts: 917
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Quote:
 
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__________________
888 LOWNDES/WHINCUP 2006-2007-2008 BATHURST 1000 WINNERS !!!! Whincup 2008 champion !-the mighty team 888-now FG for 2009 champion ! 'those who choose to ignore history are are doomed to repeat it'
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13 Jan 2006, 12:22 (Ref:1500455)
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#24 | ||
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Race Official 1% Club
Join Date: Dec 2002
Posts: 46,695
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So while Mr Walkinshaw is playing with Mitsubishis at one end of town... hoe second new venture is Here
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House, House “Trust But Verify” - Commissioner Frank Reagan, Blue Bloods
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15 Jan 2006, 13:29 (Ref:1501638)
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#25 | ||
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Rookie
Join Date: Jan 2006
Posts: 8
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Wasn't it TWR who went broke and the new company is TWG. That is how you get around bankruptcy it is the company not the individual who goes bankrupt so therefore you start a new company and move on thats why HSV wasn't involved they were owned buy a seperate company to the race teams
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