Author Topic: 4. The terms of the £450,000 Phased loan to Digital City  (Read 23345 times)

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Offline Des Morgan

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #40 on: July 04, 2011, 08:30:35 PM »
I think this is a typo error.  The entire project was 'budgetted' at £1 to £1.5 million.

Of equal import is the statement from Rikki (for free) Hunt that he had secured finance from a Bank - really

Tonight at scrutiny Coun Perkins in explaining why the Council had not been able to answer a question on the alleged marketing programme - said that SBC were trying to make contact with Rikki (for Free) Hunt as only he knew what was going on???

It appears Rikki is as elusive as Matthew Singh

Offline Richard Symonds

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #41 on: July 04, 2011, 10:26:34 PM »
I think this is a typo error.  The entire project was 'budgetted' at £1 to £1.5 million.

Of equal import is the statement from Rikki (for free) Hunt that he had secured finance from a Bank - really

Tonight at scrutiny Coun Perkins in explaining why the Council had not been able to answer a question on the alleged marketing programme - said that SBC were trying to make contact with Rikki (for Free) Hunt as only he knew what was going on???

It appears Rikki is as elusive as Matthew Singh

Are we to take Perkins' statement to mean he hadn't got a clue what was going on at any time whilst he was a Director then Des?
All my posts are my own opinion and do not represent any political organization or group

Offline Des Morgan

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #42 on: July 04, 2011, 10:48:34 PM »
Quote
Are we to take Perkins' statement to mean he hadn't got a clue what was going on at any time whilst he was a Director then Des?

Sadly, Richard yes we are. Equally sadly Coun Perkins is walking a very fine line between being a Councillor and a Director.  He may yet find it a painful experience especially if he slips off the wire!!

As a director he is clearly in breach of the duties imposed in that he allowed Rikki (for free) Hunt a free hand to do as he liked. He made that clear tonight in his comment that it was 'Mr Hunt who was responsible for the marketing'

It is also the case that in January Coun Perkins wrote to me and confirmed that 'the loan is not due for repayment until the end of the year, but it will be paid back in the near future to allow the project to move forward'   I think any resonable person would consider 'in the near future' to be inside 7 months.

As Coun Perkins with his directors hat on would have known that Digital City had no money and was incapable of paying back the loan, it may be that some would consider his bold claim to be an exaggeration of the true position.  Some may consider his claim to be a 'fairy tale'  Whatever the true position it was his duty to speak honestly and not to misrepresent the financial bona fides of Digital City - remember at this time DC had already defaulted on its interest payments

It is alsoquite odd that he said tonight that he (a director of DC) is not involved in the negotiations between the large international company seeking to put a seven figure sum into the project but that the negotiations are being conducted by Coun Bluh and Coun Edwards. 

Drone

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #43 on: July 05, 2011, 06:30:49 AM »
Was this the stated business aim at the beginning? Profit from selling apps? Was there no plan that paid-for Wi_Fi subscriptions would fund the free Wi_fi business?

Did they have any idea of what they were doing with Wi_fi from the bginning, or was it a case of cash-the-cheques first, business-plans later?



Offline Richard Symonds

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #44 on: July 05, 2011, 07:37:07 AM »
Quote
Are we to take Perkins' statement to mean he hadn't got a clue what was going on at any time whilst he was a Director then Des?

Sadly, Richard yes we are. Equally sadly Coun Perkins is walking a very fine line between being a Councillor and a Director.  He may yet find it a painful experience especially if he slips off the wire!!

As a director he is clearly in breach of the duties imposed in that he allowed Rikki (for free) Hunt a free hand to do as he liked. He made that clear tonight in his comment that it was 'Mr Hunt who was responsible for the marketing'

It is also the case that in January Coun Perkins wrote to me and confirmed that 'the loan is not due for repayment until the end of the year, but it will be paid back in the near future to allow the project to move forward'   I think any resonable person would consider 'in the near future' to be inside 7 months.

As Coun Perkins with his directors hat on would have known that Digital City had no money and was incapable of paying back the loan, it may be that some would consider his bold claim to be an exaggeration of the true position.  Some may consider his claim to be a 'fairy tale'  Whatever the true position it was his duty to speak honestly and not to misrepresent the financial bona fides of Digital City - remember at this time DC had already defaulted on its interest payments



It is alsoquite odd that he said tonight that he (a director of DC) is not involved in the negotiations between the large international company seeking to put a seven figure sum into the project but that the negotiations are being conducted by Coun Bluh and Coun Edwards.

No wonder Perkins was so restrained at the last Scrutiny meeting because he knew he was holding the baby without having control over it.  I am even starting to feel quite sorry for him and just wonder why he allowed himself to be used in this way?  If I were him I would resign now before this becomes an explosion and hand back responsibility to the two original protagonists Messrs Bluh and Edwards, where it belongs.   Absolutely incredible and you couldn't make it up could you?

Time for another film I suggest.
All my posts are my own opinion and do not represent any political organization or group

Offline Des Morgan

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #45 on: July 05, 2011, 01:40:47 PM »
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Was this the stated business aim at the beginning? Profit from selling apps? Was there no plan that paid-for Wi_Fi subscriptions would fund the free Wi_fi business?

Yes it was a part of the plan.  As with other benefits not one materialised in the time frame set by Rikki (for free) Hunt.  His vaccuous boast was 'Swindon leads where others talk' what utter rubbish.  One can only hope that SBC never, ever again does business with him or with any organsiation with which he is associated.

Please god!!

Offline Des Morgan

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #46 on: July 05, 2011, 01:44:53 PM »
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I am even starting to feel quite sorry for him and just wonder why he allowed himself to be used in this way?

I did feel sorry for Coun Perkins then i realised he was a willing 'dupe' - I know I tried to persaude him he was entering deep and dark waters but he 'knew best'

I dread to suggest he actually reads the standard advice offered to directors on the their duties and responsibilities.  He will be amazed to discover Rikki (for free) Hunt has left him literally 'holding the baby'.  A plea of 'i didn't get involved with the daily running of the company' cuts no ice with judges and in law is no excuse whatsoever.


Offline Richard Symonds

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #47 on: July 05, 2011, 04:37:29 PM »
Quote
I am even starting to feel quite sorry for him and just wonder why he allowed himself to be used in this way?

I did feel sorry for Coun Perkins then i realised he was a willing 'dupe' - I know I tried to persaude him he was entering deep and dark waters but he 'knew best'

I dread to suggest he actually reads the standard advice offered to directors on the their duties and responsibilities.  He will be amazed to discover Rikki (for free) Hunt has left him literally 'holding the baby'.  A plea of 'i didn't get involved with the daily running of the company' cuts no ice with judges and in law is no excuse whatsoever.

I believe I heard Councillor Perkins admitting, at full Council recently, he was Director of some nine companies.  Am I correct on this important detail?

Could he be in a position where he becomes barred from holding any Directorships for two years if he is pursued by the authorities?

and presumably that would also affect his position as Member and Deputy Leader of the Council?

The next nine months could well be an interesting time for the Conservatives in Swindon?
All my posts are my own opinion and do not represent any political organization or group

Offline Muggins

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #48 on: July 05, 2011, 05:42:32 PM »
" Quote: I believe I heard Councillor Perkins admitting, at full Council recently, he was Director of some nine companies."

Admitting or bragging??
Oi! Listen mush. Old eyes, remember? I’ve been around the block a few times. More than a few. They’ve knocked down the blocks I’ve been around and rebuilt them as bigger blocks. Super blocks. And I’ve been round them as well.  The Doctor (Night Terrors)

ph1lc

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #49 on: July 05, 2011, 06:31:28 PM »
bragging - most are worth not a lot

ph1lc

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #50 on: July 05, 2011, 07:04:20 PM »
Perkins directorships

Offline Muggins

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #51 on: July 05, 2011, 08:00:31 PM »
"most are worth not a lot"  - blimey mine are worth more than his!
Oi! Listen mush. Old eyes, remember? I’ve been around the block a few times. More than a few. They’ve knocked down the blocks I’ve been around and rebuilt them as bigger blocks. Super blocks. And I’ve been round them as well.  The Doctor (Night Terrors)

Offline Richard Symonds

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #52 on: July 05, 2011, 09:23:14 PM »
hmm not what I expected at all.

It would appear the Council is more important to him these days maybe?
All my posts are my own opinion and do not represent any political organization or group

Drone

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #53 on: July 06, 2011, 06:44:41 AM »
I wonder what the SCS renumeration package is like?

Offline Des Morgan

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #54 on: July 06, 2011, 07:06:19 AM »
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bragging - most are worth not a lot

Indeed - but taken together they suggest that Coun Perkins is an experienced director and therefore posesses knowledge as to the duties and responsibilities of a director.  In this respect he is likely to receive short shrift should he attempt the 'I was unaware' or worse 'I didn't get involved' defence should this sorry saga ever become a leagl issue - and it might yet!

Offline Muggins

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #55 on: July 06, 2011, 08:51:51 AM »
According to Adver - rescue package declaration coming anyday (where have we heard that before?). I noticed how far into the paper that bit of news was and how tucked in the corner. 

 
Oi! Listen mush. Old eyes, remember? I’ve been around the block a few times. More than a few. They’ve knocked down the blocks I’ve been around and rebuilt them as bigger blocks. Super blocks. And I’ve been round them as well.  The Doctor (Night Terrors)

Offline Outoftowner

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #56 on: August 01, 2011, 01:14:32 PM »
J.Perrin made a Freedom of Information Request to SBC about WiFi on  20 June 2011.

http://www.whatdotheyknow.com/request/wifi#incoming-197864

One of the questions and answers said this:

Quote
Q. Let me know how much was loaned, the expected amount of money to be repaid, the total amount paid back to date, the amount outstanding and the final due date.
A. £400k has been loaned, we expect repayment of the loan and interest in due course. I will confirm the amount paid back to date. The amount outstanding is £9,546 final due date is 21 October 2011.


I assume that J.Perrin reads TS and most probably is a member, if so JP, can you please get SBC to clarify what the “amount outstanding is £9,546” means? Is that the outstanding Interest payment or has £390,454 been paid back to SBC from the £400,000 that was loaned?

Should the answer have really been : £400,000 was loaned, £400,000 plus interest expected to be repaid, no amount has yet been repaid, £400,000 is still outstanding and it is due on 21 October 2011?
What's it all about?

Drone

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #57 on: August 01, 2011, 06:10:29 PM »
£9,000 interest on a £400,000 loan? Can I borrow some money off SBC? Their rates are much better than Wonga.com.

Ringer

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #58 on: August 01, 2011, 07:01:38 PM »
Perhaps Justin Tomlinson MP would like to get the oldest swinger in town to brush up on his financial knowledge as Justin is chair of this group?   http://www.pfeg.org/curriculum_and_policy/appg_on_financial_education_for_young_people/index.html

Drone

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Re: 4. The terms of the £450,000 Phased loan to Digital City
« Reply #59 on: August 02, 2011, 06:48:58 AM »
Posted on the cuts thread - nice to see that of all the managers in SBC, Hitash 'DC' Patel, head of law and head of internal audit are keeping their jobs without any threat, interviewing, questioning.

Makes me think thst the new-look council might have exactly the same attitude to scrutiny and transparency as the old one.