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Christmas Windfall for MG Rover Directors - Just British
Directors Peter Beale and John Edwards of the vilified Phoenix Four are in line for a massive multi-million pound Christmas bonus from the remnants of the Longbridge empire, it was revealed today. The two former Longbridge bosses, who with fellow directors John Towers and Nick Stephenson have already enriched themselves to the tune of around £9 million each, will be entitled to another huge cash windfall next month. Liquidators recently appointed to MGR Capital Ltd – MG Rover’s finance and lease loan book – revealed that another potential fortune would be available for shareholders Beale and Edwards after December 11. The date has been penciled in by liquidators Begbies Traynor for creditors to apply for compensation from MGR Capital, a solvent company boasting shareholder funds of £23,232,000 at the end of 2008. With only the Inland Revenue as a creditor, [...]