Sir Philip Green must repay £400m or lose knighthood, says MP

[sasguru]

I don't have massive pension fund liabilities, he did have and it was obvious that in event of inevitable downturn pension fund will have massive deficit.

so you're blaming him for not forecasting the downturn in 2004. Maybe it was a bit lax, but he wasn't the only one.
I repeat what were the trustees of the pension fund doing all this time?

[AtW]

He's wrong about that, but the divi situation seems unfair to me. Otherwise we're all guilty on this forum...he didn't asset strip the business to pay his divis afaik, unless something comes to light in the investigation

I think it was legal for him to call in administrators any time he felt the business isn't a going concern, but clearly he did not want his name to be dragged through the mud after he got his knighthood for "services to retail industry".

There is one issue that keeps him on the hook - pension fund liabilities that new regulator can look into going back 2 years, the business "sold" to new "owners" failed way too quickly...

I repeat what were the trustees of the pension fund doing all this time?

Doing the usual thing - collecting their fat paycheck for attending a few meetings a year?

[sasguru]

I think it was legal for him to call in administrators any time he felt the business isn't a going concern, but clearly he did not want his name to be dragged through the mud after he got his knighthood for "services to retail industry".

There is one issue that keeps him on the hook - pension fund liabilities that new regulator can look into going back 2 years, the business "sold" to new "owners" failed way too quickly...

I reckon he'll offer to pay a bit more than the 80 million he's offered. What annoys me is the totally biased lefty reporting of this case.

[AtW]

I reckon he'll offer to pay a bit more than the 80 million he's offered. What annoys me is the totally biased lefty reporting of this case.

I am pretty sure he'd have to pay a lot more, do you think for a moment if he had solid position that he won't need to pay a penny he would offer even a million?

[sasguru]

I am pretty sure he'd have to pay a lot more, do you think for a moment if he had solid position that he won't need to pay a penny he would offer even a million?

Legally he probably doesn't have to pay a penny

[AtW]

Legally he probably doesn't have to pay a penny

Probably, but this pension fund liability changes things - company failed too soon, so he is on the hook, but what the settlement going to be? A lot less than £400 mln for sure...

[sasguru]

Tbh I don't like the man but i dislike the cretinous crusty anti enterprise lefties even more

[AtW]

Tbh I don't like the man but i dislike the cretinous crusty anti enterprise lefties even more

Getting knighthood for "services to retail industry" seems inappropriate for such a big business failure.

[sasguru]

Getting knighthood for "services to retail industry" seems inappropriate for such a big business failure.

His other business Top Shop etc are doing well in spite of the recession. He's not a nice guy and I don't like him but by all accounts he is a good retailer. Knighthoods are wank anyway

He's not in the same category as the Rover guys. Those guys basically asset stripped the business for their personal gain

[AtW]

He's not in the same category as the Rover guys. Those guys basically asset stripped the business for their personal gain

He is BMW here...

The buyers did what appears to me similar thing -

"The Guardian has calculated that Green and his family collected £586m in dividends, rental payments and interest on loans during their 15-year ownership of the retailer. Meanwhile, BHS made payments of more than £25m to Retail Acquisitions, the consortium led by Chappell, in the 13 months since it bought the company. These payments were for management fees, salaries, professional fees, and interest on loans."

They just did not have as much time as the guys at Rover and on the other hand there wasn't much to strip in Bhs I reckon...