S&D Railway Trust

I see my ad choices on Natpres are now pushing eviction services......


Jon

 

How long before we see the WSR featured on Bad Landlords , dodgy tenants on TV, and the high court sheriffs evicting the S& D but on a serious note, what does the board expect from any talks, are they hoping that the HRA will be their Tame Lapdog, to do their bidding, or will they end up being savaged?

 

The proverbial 6 million dollar question!

They have started a process that they can no longer control, other than by withdrawing The Notice to Quit and some serious apologizing for what benefit exactly?

 

Or the sheriffs seizing PLC assets to compensate theS&D Trust ???

 

I'm reminded of the Coombes review, IIRC it was the X6 who appointed Robin Coombes, but then didn't cooperate and accused him of bias when his report finally came out!

 

But what assets would they be able to seize? It appears a bank might own most of them.

 

How come though, that the PLC's Assets are in the hands of the banks, are they to protect against loans taken out by the PLC just how much of that profit the board announced , compared to a loss was from obtaining loans , at the cost of possible seizure of your assets? if thats the case, then surely the WSR are already insolvent .

 

Insolvency is cash, not assets or net value.

It you have a £100 asset, £5 in the bank and a £10 bill due you are insolvent (unable to pay bills as they fall due)

Plenty of companies have a negative net value (their loans exceed their assets) but as long as they have cash to pay bills as they fall due they aren't insolvent.

By taking a loan secured on an asset (a locomotive for example), you can use the cash to pay bills while you sort out other problems.

The PLC was public about its positive cash balances at the end of December.

In time of course you have to generate your own cash, by inward investment (selling shares), donations and bequests, asset sales and operating surpluses. Most railways have a mix of these.

Patrick

 

Having outstanding loan repayment obligations on the books, at the same time as have sufficient cash to pay bills, staff and trading taxes. Is a useful way of reducing the company’s Corporation Tax liabilities.

 

I hope WSR are now going to give the SRDT the steaming fees for 53808 that they have used for other purposes and not kept to fund its overhaul, as per their agreement

 

They definitely gave them March and April's steam fees, 100%. No question about it.

 

i.e. zero as railway was closed

 

That's not how the agreement is set up. Either side would be foolish to try to amend the agreement now before the arbitration/mediation takes place

Keith

 

There is no requirement for the W SR to put aside cash. A provision is not cash.

 

The relevant term in the lease refers to the appointment of an "arbitrator" by the HSA; so your above post is not correct - though I grant you is not made explicitly clear in the 'joint statement' of 1st March 2020.

'Lplus' mentioned that arbitration and mediation are not the same thing. I am well aware of this. The lease refers to the appointment of an "arbitrator" by the HRA; and the HRA website states it offers a "mediation" service to members but in complex cases (which I consider this is) an "arbitration professional" will be used (and with all the consequent costs).

Cheers,

Julian

 

The WSR is, I think, stuck in a bit of a Catch-22. If the PLC goes bust, the consequences (as explained in the thread) will be a nightmare. But the WSR group of organizations have structural issues (which there is a good chance will doom the line) which seem to be un-fixable - unless the PLC fails, and gets out of the way. "That's some catch, that Catch-22."

Noel

 

Jamessquared said: ↑
The bottom line is that, like it or not, the best chance for survival of the WSR as a recognisable heritage railway is for the current WSR plc to remain solvent as the operating entity.

The question then for the Nth time is how does the decision to serve notice on the S&DRT help the PLC remain solvent in these difficult times?

 

The plc will have the added expense of the electricity bill, the water costs (Washford is on a water meter) and the telephone line for both the station and the yard. Plus the maintenance of the entire site. Not cheap

 

Mine include an insolvency practitioner who is currently liquidating what little remains of Bristol Cars.

 

& presumably, all these costs are factored into the lease payment calculations.
So what are the real costs, or savings, to the Plc?
WD has no friends (!) except the S&DRT.