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Discussion Starter · #1 ·
I have cringed several times today as I have watched and listened to the buffoons who ran a once great company into the ground make poor excuses and shift responsibility away from themselves. Nobody is responsible but the BOD, they have not developed the company or faced up to reality as soon as necessary. The automotive industry is faced paced and the decision to down size the company should have been made at the end of 2000 / 2001 financial year. This would have been painful at the time but would have allowed the company to become profitable before these sorry events took place.



At one point today the chairman was asked quite directly “Are you to blame” and his response was “er erm well I suppose so”, WHAT!?!?! There is no “suppose” you are directly responsible as the chairman for ensuring the profitability and welfare of the company, the correct answer should have been “Yes, I have failed in my duties and responsibilities to the group, its investors, customers and employees. I apologise.”



To blame a government or external company for not investing is ridiculous, why should they put tax payers / shareholders money into an obviously doomed (in its current format) company.



There is a viable future for MGR and every effort should be made to safeguard as many jobs as is reasonably possible, unfortunately some jobs will go. I believe the first should be those responsible. With the right management, vision and understanding MGR can recover and go on to become a truly viable concern with real growth prospects.
 

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MGR has been cutting its losses year on year, and without the terrible luck with TWR RD60 would in all probability been out by now....

Even without RD60 out now, if the Brilliance deal had'nt fallen through the company would be fine...

Even without Brilliance if the DTi had'nt leaked like a sieve and the press had been less vindictive the deal might have been signed by now.

Without the P4 Im that at this moment Longbridge would be a retail park...


This is not aimed particularly at you daimoore, as your last point is reasonably positive - if a little anti P4 for my taste, but just what is it will all these damn stormcrows joining the board in the last 3 days in order to run everything down just when we need to try and be positive?

WHERE WERE YOU ALL WHEN YOUR POSITIVE SUPPORT MIGHT HAVE HELPED STOP THINGS GETTING THIS FAR?
 

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Towers tried to safeguard as many jobs as possible in 2000. They were extremely unlucky with TWR going under and China Brilliance's chairman doing a bunk. Then the press starting laying into them and things have spiralled out of control from there. Ok, the pension fund wasn't ideal publicity agreed but at the end of the day you need around £2 billion to produce a brand new model and most probably £1 billion to produce a new model based on a modified existing chassis and that money was never ever there unfortunately. One of the reasons this has happened is hardly anyone in this country supports our own industry. On the whole they don't give a rats ****, and that is a crying shame.

The other shame is that if they do go then people will mourn their passing and talk about the good old days when it is too late. They always do.

Anthony.
 

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Discussion Starter · #5 ·
All the reasons you quote had to be approved by the BOD, although they were undoubtdely made with the best of intentions they were still wrong. Why can people not except that when company's / organisations fail it is 99% of the time down to those at the top. Is that better?
 

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Are you saying it was wrong for MGR to try and have an alliance with China Brilliance and wrong for them to outsource RD/X60 work to TWR (an extremely well thought of engineering firm)?

I don't accept this is down to the people at the top in this instance. It is far more complex a situation than that.

Anthony.
 

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Discussion Starter · #7 ·
Both instances have come about from one core strategic decision taken by the BOD and that is external support has been required to keep the company going. Since PVH have been running MGR that has been the underlying principal behind their decision making process. I believe this is flawed.
 

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Discussion Starter · #9 ·
The BOD should have been looking here for investment, a well thought out strategy based on real sales volume, price, and cost per unit and a clear goal (independent sustainable growth) would have worked.

On a personal note i am truly gutted about todays news and developments and just want people to face up to their responsibilities.
 

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daimoore said:
I have cringed several times today as I have watched and listened to the buffoons who ran a once great company into the ground make poor excuses and shift responsibility away from themselves. Nobody is responsible but the BOD, they have not developed the company or faced up to reality as soon as necessary. The automotive industry is faced paced and the decision to down size the company should have been made at the end of 2000 / 2001 financial year. This would have been painful at the time but would have allowed the company to become profitable before these sorry events took place.



At one point today the chairman was asked quite directly “Are you to blame” and his response was “er erm well I suppose so”, WHAT!?!?! There is no “suppose” you are directly responsible as the chairman for ensuring the profitability and welfare of the company, the correct answer should have been “Yes, I have failed in my duties and responsibilities to the group, its investors, customers and employees. I apologise.”



To blame a government or external company for not investing is ridiculous, why should they put tax payers / shareholders money into an obviously doomed (in its current format) company.



There is a viable future for MGR and every effort should be made to safeguard as many jobs as is reasonably possible, unfortunately some jobs will go. I believe the first should be those responsible. With the right management, vision and understanding MGR can recover and go on to become a truly viable concern with real growth prospects.
I agree with every word. While it is true to say that they experienced some bad luck with TRW and Brilliance, the ultimate responsibility for what happens remains with the board. The workers at Longbridge have been fantastic and the company has received tremendous support (often completely uncritical) from enthusiasts like the members of this forum. When I hear the amounts that the Longbridge workers are likely get in redundancy payments it makes me very interested to see how the P4 are going to make out.
 
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