gluvbox
01 Feb 2018
True value of intellectual assets The ‘Previous Updates’ on the Deloitte website has a ‘Joint Administrators Proposals’ dated 23rd of January 2018. Within the document (page 14) it refers to TDL intellectual property and states “since our appointment, we have contacted a number of parties who have expressed an interest in buying TDL’s intellectual property …….. in order not to prejudice the outcome of on-going negotiations, no further information on this asset can be disclosed at this time.”Is there a possibility that the estimated value for this particular asset does not reflect possible outcomes of on-going negotiations?Further in the document it also gives an indication of their maximum estimate time costs = £250k and £350k !
pseudosphere
01 Feb 2018
Re: Details from administrators The Deloitte information does not include any realisable valuation for Flybrid Automotive Ltd because their administration is being handled by a separate administrator (RSM Restructuring Advisory LLP).It is a bizarre situation: 1: Torotrak own 100% of Flybrid (after repayment of the loan note)2. Flybrid may or may not have significant assets but bids were being sought in December 2017. [link] similar statement from RSM is therefore required, before calculation of any residual assets from both the (artificially separated) companies. Whether this would make any significant difference is currently unknown.
John of Groats
31 Jan 2018
Re: Details from administrators From the £3,202,298.05 estimated realisation value of assets, subtract the £3,200 owing to preferential creditors and the £2,975,232.52 owing to unsecured non-preferential claims, leaving £223,865.53 from which, I assume, the Administrator's fees will be taken.So expect to receive less than 0.04 pence per share.
johnymccarthy
31 Jan 2018
Re: Details from administrators Book value of assets £20,593,788Estimated realisation value of assets £3,202,298I cannot see that it will take long to get through 3 million.
indeed12
30 Jan 2018
Re: Details from administrators Are you sure???
Shimrod
30 Jan 2018
Details from administrators For anyone still listening....[link] a lot of cash left after creditors, and very low values on the assets.
Meneage
19 Jan 2018
Re: Cash shell? 'Probably a few more shenanigans to come, with the ongoing legal dispute between Torotrak and Flybrid.'aka: an excellent excuse for the final draining of cash reserves into the pockets of lawyers!
pseudosphere
18 Jan 2018
Re: Cash shell? Torotrak PLC and Flybrid Automotive Ltd have separate administrators: Deloitte LLP and RSM Restructuring Advisory LLP respectively. [link] Hilton appears to have got rid of Doug Cross as a director of Flybrid Automotive Ltd, or perhaps he just resigned but Hilton is now the sole director. Probably a few more shenanigans to come, with the ongoing legal dispute between Torotrak and Flybrid.
fyoz
18 Jan 2018
Cash shell? Why liquidate?Surely they can just revert to a cash shell and be a target for a company wanting a quick way of obtaining a full listingOr is liquidation the easiest way of directors getting every acorn out of the trough?
pseudosphere
17 Jan 2018
Re: Will Shareholders Receive Any Cash? I did wonder because:1. Torotrak had £3.7m in cash as of 30/09/20172. The loan note to Flybrid was for £1746171.733. Virtually al the staff had been made redundant and this had already been accounted for in the huge restructuring costs.4. No pension fund liabilities (staff have pensions with Aviva)So there was approximately £2m residual cash before sale of any remaining assets. If it was only Alan Robson, Rex Vevers and perhaps a secretary then it is difficult to see how they would manage to blow £2m in a couple of months - even if they drank their own weight in champagne and had lots of expensive meals out A.K.A 'networking'. There are just under 549m Torotak shares, so perhaps a conservative £1m is left after administrators fees and any other liabilities then this would amount to 0.182p per share, assuming that any remaining assets (including IP) are worth zero. There may still be some company interested enough to make a fairly derisory bid (Allison/ZF?) which might up the sum slightly.Perhaps it is possible that shareholders might receive enough to buy a pint/fill their tank with petrol/drown their sorrows with a bottle or even a case (depending on number of shares held)?The Flybrid angle is a bit weird because Hilton and Cross filed an application to put Flybrid Automotive Limited into administration before Torotrak had a chance to sell it (having already sold it 100% to Torotrack, minus the loan note)!Not holding out much hope though, as administrators have a nasty habit of stretching out the period of their administration, such that their total fees just happen to equal the amount of residual cash.
Sourhills
17 Jan 2018
Re: Press twaddle To my knowledge, Cranemech, I'm the only one who has said anything at all on this subject. I may have been behind the curve at the start but at least I did the necessary catching up. S.
Meneage
17 Jan 2018
"I have a horrid feeling that Jon Hilton and Doug Cross will still manage to snaffle another £1.8m, despite their failure to ever deliver a single sale! "They may get "£1.8m, and Flybrid for free. Work it up, and sell it again - Rinse and Repeat!
johnymccarthy
17 Jan 2018
Re: Will Shareholders Receive Any Cash? I very much doubt there will be any return for current shareholders.Fortunately I sold out just before the lights were turned out at a tremendous loss.Very sad as the buffet at Leyland was an annual favourite, also the faux grass cutting exercise and it's hard to forget driving around the leyland test track in a Torotak enabled Ford Discovery with imaginary pound notes dangling from the obstacles.Happy days which turned out to be very expensive adventure park experiences.
pseudosphere
16 Jan 2018
Will Shareholders Receive Any Cash? Torotrak did have a few million in the pot, at the time they went into administration and their known liabilities were considerably less than this sum. So what are the odds of shareholders receiving a (very) small sum, or will the ex-directors manage to pocket any residuals, after administrators fees, payments to creditors etc, because of their contractual arrangements?I have a horrid feeling that Jon Hilton and Doug Cross will still manage to snaffle another £1.8m, despite their failure to ever deliver a single sale!
Cranemech
15 Jan 2018
Re: Press twaddle You were around then why did you not respond.
