BlogRunner.com first launched in late 2003 and then went offline last year. Now it’s back offering links to news stories and the Web logs that mention them, plus a new special section called “The New York Times Annotated”, which monitors blog postings referring to articles in the Times. Very interesting idea.
Thanks to Gerard for the link.
The [Rover] story is one of an unviable company, a gullible workforce and a spineless government taken for a ride by entrepreneurs who succeeded only in enriching themselves… Phoenix [the company with bought Rover] failed, but not before its directors enriched themselves as efficiently as any private equity investor. BMW’s £427 million could have funded a £50,000-plus payoff for each departing employee. Now they will get a fraction of this in statutory redundancy payments. They, like BMW and the government, must feel like mugs… The four Phoenix partners were able to award themselves a £10 million loan note, gain personal control of a lucrative financing business and fund a £16.5 million directors pension pot. They also transferred valuable assets from Rover to the parent Phoenix. This is capitalism at its ugliest.
Financial Times editorial, “A Tale of Greed and Gullibility”, Saturday, April 9, 2005
Looks like my prediction that the servers for the royal wedding webcam would be overwhelmed may be wrong. I’ve just looked and it’s fine.
Mind you, the action — such as it is — hasn’t started yet. Don’t you just love the tasteful frame!
Yesterday, Tony Blair, during his panic-stricken visit to Rover, refused to answer questions about the quality of the management that burned its way through £500 million and took the company to the verge of liquidation. When John Towers and three colleagues took on Rover five years ago, they were regarded by the company’s employees as “white knights”. Hmmm… An interesting piece in this morning’s Financial Times suggests that these gents are looking, well, tarnished.
Taking on Rover presented them with some risks, but nothing like as big as they were prone to make out. Each put up about £65,000 to convince BMW and the government of their good intentions. But the incentives were substantial: a token to buy the company and a dowry of more than £500m, mostly in the form of a loan BMW never really expected to be repaid, to run it.
Also, since buying Rover, the four have granted themselves £10m through a loan note and set up a £16.5m pension scheme, in addition to their pay. They have also made millions of pounds from a side venture in leased Rover cars.