Author Topic: 4. The terms of the £450,000 Phased loan to Digital City  (Read 14797 times)

0 Members and 1 Guest are viewing this topic.

Offline Ringer

  • Member
  • *****
  • Posts: 1802
  • Gender: Female
Speculation or Shares? Has John Richard Rikki Hunt Been Pushed or Did He Jump?
« Reply #20 on: February 26, 2011, 11:15:49 AM »
SBC now owns 70% of what exactly? I thought that this was Rikkie Hunt's Unique idea and had not been done anywhere else. What about the asset value and who exactly has the charge on it and on what? I am sure after listening to Clash you may want to listen to Edith Piaf - Non, Je ne regrette rien

you got to let me know now
Should I stay or should I go?
If you say that you are mine
I’ll be here ’til the end of time
So you got to let me know
Should I stay or should I go?

Always tease tease tease
You’re happy when I’m on my knees
One day is fine, next day is black
So if you want me off your back
Well come on and let me know
Should I stay or should I go?

Should I stay or should I go now?
Should I stay or should I go now?
If I go there will be trouble
An’ if I stay it will be double
So come on and let me know!

This indecision’s bugging me
Esta indecision me molesta
If you don’t want me, set me free
Exactly whom I’m supposed to be
Come on and let me know
Should I cool it or should I blow?

Should I stay or should I go now?
Should I stay or should I go?

The clash The Clash - Should I Stay Or Should I Go
To qualify for inclusion there is only one rule - something described must have been said to have happened. `If the facts don`t fit the legend, print

Offline I Could Do That

  • Member
  • *****
  • Posts: 1960
  • Swindon Born & Bred & Gone
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #21 on: February 26, 2011, 11:29:06 AM »
Lovin' a bit of "Clashing" on a Saturday.

Here's a bit of useless info.

The Clash's other big hit "I Fought The Law" (of WiFi?), was also a hit for The Bobby Fuller Band, in the 60s.
Before that it was the (Buddy Holly's) Crickets.

Good tune
Proud to be gone

Offline Ringer

  • Member
  • *****
  • Posts: 1802
  • Gender: Female
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #22 on: February 26, 2011, 11:49:31 AM »
How much is the wimax sytem costing?  Is this part of Digital City/SBC as SBC now own 70% of itshit shares? Are they now able to answer all FOI and questions put by councillors and public?  As the council own the DMJ do they now charge ourselves rent? Questions I hope are  from the leader to Director Perkins, Have we got the intellectual rights to the unique idea?  Now that we own 70% if we get the other shares can we wind the company up and just hand it over to another deptartment/partner? If we wind it up will it stop all this nonsence with companies house and responsibilities of directors? (The leader mayknow these questions he has I believe experience like Perkins of being a director)   :fish:
To qualify for inclusion there is only one rule - something described must have been said to have happened. `If the facts don`t fit the legend, print

Offline Des Morgan

  • Member
  • *****
  • Posts: 1904
  • Gender: Male
  • Hello !
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #23 on: February 26, 2011, 01:47:51 PM »
Quote
Are they now able to answer all FOI and questions put by councillors and public?

The answer to this question is probably 'in the post'.  I anticipate democracy will die a death when the decision is made to 'not answer' any more questions on this subject.  The reason will be 'the cost and time involved' coupled with 'we have answered all questions asked' which incidentally will be itself a lie.  Currently I am awaiting 'clarification' on three questions i have asked which have been answered incorrectly.  Do you think I am likely to get an answer despite being assured i would.  Sadly, I think it unlikely - it's amazing how officers and councillors alike appear incapable of simply admitting they have got things wrong.

Thank goodness there are other ways to get answers

Offline Karsten

  • Member
  • *****
  • Posts: 274
  • Gender: Male
    • Politics is Bollock'tics
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #24 on: February 26, 2011, 02:37:57 PM »
Just a thought?

When the proverbial fan stops spinning, will SBC be responible for the existing 20 subscibers and maintaining the exisiting network?

It's all attached to SBC property feeding off SBC's street lighting power supply.
Will residents of Highworth pay more in Council tax because of this extra drain on Lighting funds?
Or will the street lights be dimmed turned off earlier?

I live in one of the Parking Controlled Zones and have been told we have to pay more for the privilige of not being able to park outside our house.
Would that apply to Highworth?

Just a thought?



Offline Ringer

  • Member
  • *****
  • Posts: 1802
  • Gender: Female
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #25 on: February 26, 2011, 02:52:35 PM »
No doubt they will add them onto the new Wimax system to connect the SureStart Centres. Will that bring in a few bob?
To qualify for inclusion there is only one rule - something described must have been said to have happened. `If the facts don`t fit the legend, print

Offline Geoff Reid

  • Twitter: @Geoff_Reid
  • Active But Odd
  • Member
  • ****
  • Posts: 10105
  • Gender: Male
  • Bald as a chimps arse
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #26 on: February 26, 2011, 07:50:09 PM »
 
I'm waiting to see how much flim-flam I'll receive to questions 10a and 11 of anoutstanding FOI request lodged with SBC.

Quote
10a. Will Stuart MacKeller be reviewing the investment/loan, or
other financial arrangements, agreements and understandings with
Digital City (UK) Ltd, Avidity Consulting and aQovia Ltd ? In all
instances: Now the loan has been defaulted on, what steps will Mr
MacKellar be taking in his capacity as 151 Officer to recover the
outstanding £400,000 loan and missed interest payments due from
Digital City (UK) Ltd or other individuals and organisations?

11. Has, or will, the Head of Audit at Swindon Borough Council, be
asked or required to audit the material facts of the WiFi update
report (as presented to Scrutiny on Monday 7th February 2011)
including, but not limited to, the circumstances surrounding the
registration or non-registration of a charge against the assets of
Digital City (UK) Ltd, the non payment of interest payments by
Digital City (UK) Ltd 12. What steps is Swindon Borough Council
taking to establish why Mr Hunt resigned as Director of Avidity
Consulting Ltd and who is now in legal control of the 30% share of
Digital City (UK) Ltd held by Avidity Consulting Ltd after Mr John
Richard Hunt resigned and was replaced by his wife, Mrs Laura Hunt?

Yours faithfully,

Geoff Reid



Now Mr Hunt has executed a carefully planned escape from his liabilities to the Council Tax Payers of Swindon, and assuming that aQovia similarly 'gift' their Digital City shares to SBC, I assume that SBC will own a valueless company and owe £400,000 to itself.

Another example of Private Profit when things go well & Public Loss when then don't?

I expect the answers to the above questions to be No and No.




Offline Ringer

  • Member
  • *****
  • Posts: 1802
  • Gender: Female
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #27 on: February 26, 2011, 09:23:46 PM »

I'm waiting to see how much flim-flam I'll receive to questions 10a and 11 of anoutstanding FOI request lodged with SBC.

Quote
10a. Will Stuart MacKeller be reviewing the investment/loan, or
other financial arrangements, agreements and understandings with
Digital City (UK) Ltd, Avidity Consulting and aQovia Ltd ? In all
instances: Now the loan has been defaulted on, what steps will Mr
MacKellar be taking in his capacity as 151 Officer to recover the
outstanding £400,000 loan and missed interest payments due from
Digital City (UK) Ltd or other individuals and organisations?

11. Has, or will, the Head of Audit at Swindon Borough Council, be
asked or required to audit the material facts of the WiFi update
report (as presented to Scrutiny on Monday 7th February 2011)
including, but not limited to, the circumstances surrounding the
registration or non-registration of a charge against the assets of
Digital City (UK) Ltd, the non payment of interest payments by
Digital City (UK) Ltd 12. What steps is Swindon Borough Council
taking to establish why Mr Hunt resigned as Director of Avidity
Consulting Ltd and who is now in legal control of the 30% share of
Digital City (UK) Ltd held by Avidity Consulting Ltd after Mr John
Richard Hunt resigned and was replaced by his wife, Mrs Laura Hunt?

Yours faithfully,

Geoff Reid



Now Mr Hunt has executed a carefully planned escape from his liabilities to the Council Tax Payers of Swindon, and assuming that aQovia similarly 'gift' their Digital City shares to SBC, I assume that SBC will own a valueless company and owe £400,000 to itself.

Another example of Private Profit when things go well & Public Loss when then don't?

I expect the answers to the above questions to be No and No.


No No then why don't you just go direct to the Information commisioner or dare I suggest the MP that took over from Anne Snelgrove who may be desperate willing to get involved with this now they have got their feet under the table?
To qualify for inclusion there is only one rule - something described must have been said to have happened. `If the facts don`t fit the legend, print

Offline The Listener

  • Member
  • *****
  • Posts: 17
  • Hello !
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #28 on: February 26, 2011, 11:52:27 PM »
Can someone tell me where the £400,000 has gone? Originally the council told us that if the company failed then the council would own the hardware. Does SBC own £400,000 worth of WiFi hardware, and where is it. Also, if the company can no longer pay it's bills, who is standing the running costs? Is the council jointly AND severally responsible being the largest share holder (Now 60% following Mr Hunt's donation)?

Offline Ringer

  • Member
  • *****
  • Posts: 1802
  • Gender: Female
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #29 on: February 27, 2011, 12:04:56 AM »
Can someone tell me where the £400,000 has gone? Originally the council told us that if the company failed then the council would own the hardware. Does SBC own £400,000 worth of WiFi hardware, and where is it. Also, if the company can no longer pay it's bills, who is standing the running costs? Is the council jointly AND severally responsible being the largest share holder (Now 60% following Mr Hunt's donation)?

Welcome to TS there is a lot of info on the net about the Digital City Wifi so read up.

I think you will find that SBC owns 40% Avidity 30% (Being signed over) and Acovia own 30% others may not agree with that?

Hardware the council has a charge on it and I believe Des Morgan has posted on that nugget  and may have details that shed light on that one? Can the company no longer pay its bills?  Some may say that RESPONSIBLE is a word best not used around the wifi project?
To qualify for inclusion there is only one rule - something described must have been said to have happened. `If the facts don`t fit the legend, print

Offline Des Morgan

  • Member
  • *****
  • Posts: 1904
  • Gender: Male
  • Hello !
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #30 on: February 27, 2011, 04:04:15 PM »
Quote
Originally the council told us that if the company failed then the council would own the hardware. Does SBC own £400,000 worth of WiFi hardware, and where is it

This is an interesting conundrum.  In a written question, I asked Coun Perkins 'Will the Council confirm the value of the fixed assets as held by DC exceed the value of the loan thus far made, that is £400k' - His reply was simple and to the point - I was mistaken and the value of the assets were never allied to the loan amount.  How odd when one considers that the Internal Audit Report RefIA inv/09-10/11 as prepeared by the head of IA and approved by Cabinet says quite unequivocally 'It is understood the value of the fixed assets of Digital City will exceed the value of the loan'  Clearly the head of IA got it wrong and no one in cabinet spotted his error. Or will the Borough Solicitor claim this to be yet another typographical error or worse a matter of interpretation?


Quote
Originally the council told us that if the company failed then the council would own the hardware.

Another piece of sophistry perpetuated by officers and swallowed hook line and sinker by Councillors. The claim was that the loan was secured by a condition within the loan agreement where DC would be required to transfer its assets to SBC in the event of default.  The concept was okay, just a little matter of legalising such a deal by registering it as a 'charge' with Companies House. This has to be done within 21 days of the deal being agreed.  Guess what - the 'charge' was never registered the net effect of which is to annul the supposed deal within the loan ageement.  SBC is what is called an unsecured creditor, there never has been any protetcion or security for the debt either at the £150k level or the £400k -

Offline Chris Watts

  • Member
  • *****
  • Posts: 890
  • Gender: Male
  • Hello !
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #31 on: February 27, 2011, 05:15:53 PM »

This is an interesting conundrum.  In a written question, I asked Coun Perkins 'Will the Council confirm the value of the fixed assets as held by DC exceed the value of the loan thus far made, that is £400k' - His reply was simple and to the point - I was mistaken and the value of the assets were never allied to the loan amount.  How odd when one considers that the Internal Audit Report RefIA inv/09-10/11 as prepeared by the head of IA and approved by Cabinet says quite unequivocally 'It is understood the value of the fixed assets of Digital City will exceed the value of the loan'  Clearly the head of IA got it wrong and no one in cabinet spotted his error. Or will the Borough Solicitor claim this to be yet another typographical error or worse a matter of interpretation?


Quote from Cabinet Member Briefing 12th October 2009

Quote
"The new company will need to generate sufficient income to repay the loan provided by the Council. Should this not be the case, security is provided through the loan agreement which requires transfer of the ownership of the company's assets to the Council in the event of default."

Answer to Scrutiny Question 14th Jan 2010 from Hitesh Patel

Quote
Question .In the event of Digital City becoming insolvent, what rights do aQovia have to the installed network mesh?
Answer: If the loan has not been paid off, aQovia have no rights to the installed network, ownership of the network and all other assets passes to the Council.
Small Print: Member of the Labour Party. GMB Accompanying Rep. IT consultant on sabatical.  Postings may contain political bias. If you have an adverse reaction please desist from reading. Any resemblance to real persons, living or dead, is purely coincidental.

Offline Geoff Reid

  • Twitter: @Geoff_Reid
  • Active But Odd
  • Member
  • ****
  • Posts: 10105
  • Gender: Male
  • Bald as a chimps arse
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #32 on: February 27, 2011, 05:40:43 PM »

Another piece of sophistry perpetuated by officers and swallowed hook line and sinker by Councillors. The claim was that the loan was secured by a condition within the loan agreement where DC would be required to transfer its assets to SBC in the event of default.  The concept was okay, just a little matter of legalising such a deal by registering it as a 'charge' with Companies House. This has to be done within 21 days of the deal being agreed.  Guess what - the 'charge' was never registered the net effect of which is to annul the supposed deal within the loan ageement.  SBC is what is called an unsecured creditor, there never has been any protetcion or security for the debt either at the £150k level or the £400k -


Yes. Did Hitesh Patel, SBC's director of Business transformation and also SBC's first Director on the Board of Digital City UK Ltd, fail in his duty as a Director, (both to the Council and Digital City ), in failing to or not ensuring that the charge was correctly registered within the specified time limit?

Mystic Geoff says: "I see a letter winging its way to Companies House....."

Offline Des Morgan

  • Member
  • *****
  • Posts: 1904
  • Gender: Male
  • Hello !
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #33 on: March 02, 2011, 11:05:38 AM »
We now see exactly what Coun Perkins meant when he said that 'He had a new investor for Digital City'

In a written reply to Brian Cockbill, Coun Perkins stated "There will be no additional public money nor is the project seeking new investors"

I asked Coun Perkins how this squared with the Adver headline that DC was seeking new investment - he was very clear in that he said 'no new investment was being sought because the project already had an investor who was only weeks away from concluding a deal - indeed I specifically asked him whether he minded being quoted on this as it was quite a statement to make.

The upcoming Cabinet Meeting contains this agenda item:

1. Reasons

1.1 The Council has a shareholding interest in Digital City (UK) Limited (Digital
City). Digital City currently requires additional funding to continue with the
roll out of the wireless data network it had set out to implement across
Swindon.
The Council therefore needs to explore options for securing
additional investment to ensure that the Council’s loan to Digital City is repaid
and that the wider benefits of having a high-speed wireless network
across Swindon can be realised.

Now unless i am mistaken - this is saying 'the project does require additional funding and it is seeking other investors' or am I wrong?

Offline Ringer

  • Member
  • *****
  • Posts: 1802
  • Gender: Female
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #34 on: March 02, 2011, 12:37:50 PM »
As usual Des you have it wrong like everything else you have on wifi you are are you not as I believe the council pointed out to you somewhere a council time and resource waster? I would not be surprised if the council stops bothering to  answer any of more of your purile nosey troublemaking questions. If I was the council I would label you a troble maker and mark your file accordingly even if that is against your human rights! You obviously refuse to accept that anything written communicated or farted  parted by SBC officers is OPEN TO INTERPRETATION!!!!!!! WHICH PART OF THAT CAUSES YOU DIFFICULTY???

For Example
Quote
Now unless i am mistaken - this is saying 'the project does require additional funding and it is seeking other investors' or am I wrong?

Des you are right, we all know you are right, but it counts for toss all diddly squat as we are all aware that what the council says matters and the council says you are wrong, so you are wrong ok  :2funny:

Why don't you take up golf as a hobby? I am sure you will find that it would be far more rewarding and better for your health and peace of mind than talking to the council who are always correct ;D

Des your as sound as a pound  O0 keep up the questioning  :police: :police: :police:
To qualify for inclusion there is only one rule - something described must have been said to have happened. `If the facts don`t fit the legend, print

Offline Nadine Watts

  • Member
  • *****
  • Posts: 12
  • Hello !
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #35 on: March 09, 2011, 11:22:08 PM »
A director can resign from his position at any time, a board meeting only serves to confirm his resignation in a formal manner.  The same applies with regard to Mr Hunt's position as CEO of DC. Currently he is CEO of a company which frankly is worth nothing - no business, no customers (to speak of) and no money.

I noticed yesterday online at Companies House that Mr John Hunt's directorship of Digital City (UK) Ltd has been terminated as of 3/3/2011.
There is nothing about reallocation of shares though.

Geoff, any chances of a smiley with a parachute?  :)

Offline Geoff Reid

  • Twitter: @Geoff_Reid
  • Active But Odd
  • Member
  • ****
  • Posts: 10105
  • Gender: Male
  • Bald as a chimps arse
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #36 on: March 10, 2011, 12:20:30 AM »

Yes. I'll have look for one as soon as I've stopped laughing.

What's the betting that Mr Hunt doesn't 'gift' his shares in Digital City to Swindon Borough Council afterall?  He may have walked away from a £400,000 debt and walked away from any liability for the company itself, but would he also walk away from owning a majority share of a company which a local authority seems hell-bent on rescuing at any price?

I doubt it...

Offline DarkAuror

  • Member
  • *****
  • Posts: 91
  • Hello !
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #37 on: March 10, 2011, 09:05:10 AM »
Looks like he has stepped down

http://www.swindonadvertiser.co.uk/news/8899724.Rikki_steps_down_after_wi_fi_flop/

Offline Outoftowner

  • Member
  • *****
  • Posts: 1632
  • Gender: Male
  • Hello !
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #38 on: March 10, 2011, 09:14:06 AM »
Yes he has stepped down but will still be there to "advise."

My thoughts are; now that Rikki has used the stairs up and down 10 floors to his old office at the DJM as his training camp for the Mt Everest expedition and his pockets are stuffed with cash, he has no more use for Digital City.

He will now be looking forward to sitting in the still, clear, mountain air dreaming up his next business adventure. I'm sure that we will all be waiting for his return, to see how we can help.
What's it all about?

Offline Outoftowner

  • Member
  • *****
  • Posts: 1632
  • Gender: Male
  • Hello !
Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #39 on: July 04, 2011, 07:51:28 PM »
I know that there are some cynics amongst us that believe that Avidity and Aqovia didn't actually put any money into the pot along with SBC taxpayer dough but.......

Quote
Wednesday 16 December 2009 11:57

Swindon Borough Council hopes to eclipse previous failed attempts to provide ratepayers with free wireless internet connections when it switches on a private-public Wi-Fi system on 16 December.

The venture, a 1,400-unit wireless "mesh" that covers the borough, has the council and technology partner aQovia holding 35% of the venture each, with project manager Avidity holding 30%.

Avidity CEO Rikki Hunt said the partners are hoping for a payback on their £1m and £1.5m investment in 18 to 24 months.

Hunt said the crucial difference between the Swindon project and similar ones elsewhere is that the partners plan to sell applications over the network.


http://www.computerweekly.com/Articles/2009/12/16/239745/Swindon-hopes-to-profit-from-free

So Rikki did claim that SBC and Aqovia's share was £1.5M and Avidity was £1M!!! i.e. He was claiming that he was putting his own money and the money of his associates into the scheme whereas......you cynics think that only SBC coughed up! tut, tut.


Where is that "Entrepreneur" when we need him?
What's it all about?