Wednesday, 15 June 2016

BHS bankrupted

Sir Philip Green took 150 million UK pounds from the pension fund of BHS – the media tells us. Which is probably not true. See Philip Green 'refused to put more than £10m a year' in BHS pensions ...
It may be that low interest rates were the culprit see BHS: How low interest rates have cause an £800 billion pension crisis ...
Certainly I always said to buy a company let it go insolvent, and buy it from the administrator. Which is horrid if you worked for BHS. That is the corporate world for you.
Certainly all pensions pay into a special fund – in case a pension fund goes insolvent. So we need to use this fund, and sell the business to Sports Direct. The MD was made 8 moves recently to buy the business.
Last time I was in BNS they seemed very keen to sell you what ever they could. I should have bought more.
I think there is value in the Brand – the story is not over until the fat lady has to sit down with a brain haemorrhage.

By JT on behalf of Ordsall Trust ltd: asked for, but not authorised.

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