The off topic thread 4.0

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glenferry23 thoughts on the Thomas Cook collapse? I have family that had entire holidays booked on credit card but were lucky enough to get them refunded through the bank. Turns out banks were holding back 50m pounds of TC's money as collateral for chargebacks (quite normal with large companies).

Seems some hedge funds had the inside info on TC going bust:

www.telegraph.co.uk

Hedge funds set for £200m windfall from Thomas Cook collapse

Hedge funds betting on the demise of Thomas Cook are set to pocket hundreds of millions of pounds following the travel giant’s collapse into liquidation.
www.telegraph.co.uk www.telegraph.co.uk

That's some serious shorting there. Did any of your contacts get in on this?
 
WealstoneRaider said:
He’s only “far right” to those on the far left, which obviously includes you. But then you view anyone who doesn’t share your own views as far right so it means nothing
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lol reminds me of the amusement Bomber gave us all when he melted after the lefties got rejected at the last election, almost as good as his T20 melts.
 
Zidane98 said:
glenferry23 thoughts on the Thomas Cook collapse? I have family that had entire holidays booked on credit card but were lucky enough to get them refunded through the bank. Turns out banks were holding back 50m pounds of TC's money as collateral for chargebacks (quite normal with large companies).

Seems some hedge funds had the inside info on TC going bust:

www.telegraph.co.uk

Hedge funds set for £200m windfall from Thomas Cook collapse

Hedge funds betting on the demise of Thomas Cook are set to pocket hundreds of millions of pounds following the travel giant’s collapse into liquidation.
www.telegraph.co.uk www.telegraph.co.uk

That's some serious shorting there. Did any of your contacts get in on this?
Click to expand...
Oldest travel agent in the world they were apparently.

I was lucky, used them for a holiday to Tenerife only a couple of weeks before they went bust
 

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WealstoneRaider said:
Oldest travel agent in the world they were apparently.

I was lucky, used them for a holiday to Tenerife only a couple of weeks before they went bust
Click to expand...

s**t you were lucky. They are an airline, travel agency and hotel group in one. Sounds a bit much to manage all under the one banner.

Something like 100k Brits need repatriating back home with all the cancelled flights.

Something dodgy going on with some of their independently run subsidaries (Condor in Germany is one) still running and talk manangement at TC UK moved assets to them befofe the liquidation went down.

Hope your holiday was good!
 
WealstoneRaider said:
Oldest travel agent in the world they were apparently.

I was lucky, used them for a holiday to Tenerife only a couple of weeks before they went bust
Click to expand...
TC was the choice for most football fans getting to Madrid and Baku for the two finals.
Apparently it was a nightmare for fans.
 
Zidane98 said:
s**t you were lucky. They are an airline, travel agency and hotel group in one. Sounds a bit much to manage all under the one banner.

Something like 100k Brits need repatriating back home with all the cancelled flights.

Something dodgy going on with some of their independently run subsidaries (Condor in Germany is one) still running and talk manangement at TC UK moved assets to them befofe the liquidation went down.

Hope your holiday was good!
Click to expand...
Yeah was a good holiday. Booked with Thomas Cook but flew Ryan Air. Lol yes I do budget flights.

Had an invite to Rio Ferdinand wedding but I let someone else go. Not going to go into details but I know the bride.
 
Zidane98 said:
glenferry23 thoughts on the Thomas Cook collapse? I have family that had entire holidays booked on credit card but were lucky enough to get them refunded through the bank. Turns out banks were holding back 50m pounds of TC's money as collateral for chargebacks (quite normal with large companies).

Seems some hedge funds had the inside info on TC going bust:

www.telegraph.co.uk

Hedge funds set for £200m windfall from Thomas Cook collapse

Hedge funds betting on the demise of Thomas Cook are set to pocket hundreds of millions of pounds following the travel giant’s collapse into liquidation.
www.telegraph.co.uk www.telegraph.co.uk

That's some serious shorting there. Did any of your contacts get in on this?
Click to expand...

From what I’ve read, their balance sheet was absolutely mired with interrelated debt. Their hotel arm was booming, however so many other areas of their business was sinking. I’m amazed it got this far without intervention. The hearings will be interesting, surely going to be a lot of fallout on their leaders’ decisions and their own pay.

I’m not aware of any of my old mates cashing in on the short. I do have a couple of contacts at Suisse who are about to lose a s**t tonne of money, I’ve never been a fan of those consortium LOC. Didn’t like them, and many banks still don’t.

I’m glad your family were able to claw back their money. Ever since Ansett collapsed, it changed the whole industry on revenue in advance for merchant acquiring. Meaning, paying for something up front that hasn’t been delivered yet. Airfares, uni fees etc.

As much as possible, pay for this on a credit card. If the product fails to be delivered, you should be covered under Visa and MasterCards’ card protection (that then needs to be fulfilled via the bank you acquired it with). I’ve even seen people get their money back for TVs or furniture that was purchased on a card but then that company collapsed before it could be delivered.
 
glenferry23 said:
From what I’ve read, their balance sheet was absolutely mired with interrelated debt. Their hotel arm was booming, however so many other areas of their business was sinking. I’m amazed it got this far without intervention. The hearings will be interesting, surely going to be a lot of fallout on their leaders’ decisions and their own pay.

I’m not aware of any of my old mates cashing in on the short. I do have a couple of contacts at Suisse who are about to lose a s**t tonne of money, I’ve never been a fan of those consortium LOC. Didn’t like them, and many banks still don’t.

I’m glad your family were able to claw back their money. Ever since Ansett collapsed, it changed the whole industry on revenue in advance for merchant acquiring. Meaning, paying for something up front that hasn’t been delivered yet. Airfares, uni fees etc.

As much as possible, pay for this on a credit card. If the product fails to be delivered, you should be covered under Visa and MasterCards’ card protection (that then needs to be fulfilled via the bank you acquired it with). I’ve even seen people get their money back for TVs or furniture that was purchased on a card but then that company collapsed before it could be delivered.
Click to expand...

What do you make of the company going straight into liquidation instead of an administrator taking it over to restructure?

Surely once they sold off all their assets in the airline side they could have continued the hotel side profitably. And pay out redundancies to all the staff that would have been shed.
 
Zidane98 said:
What do you make of the company going straight into liquidation instead of an administrator taking it over to restructure?

Surely once they sold off all their assets in the airline side they could have continued the hotel side profitably. And pay out redundancies to all the staff that would have been shed.
Click to expand...

Haven’t read enough about it to fully understand - from what I have read though there seemed to be very little an administrator could to salvage. They were bordering on trading whilst insolvent, which is a deal breaker. Yes it’s s**t form when employee entitlements get shafted, the exec bonuses though will be a huge story in the fallout.
 

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I didn’t know you could pass on an invite as you like, especially to such a wedding like that. Usually if you’re invited and can’t go, you RSVP no and I guess that’s one less person attending.
 
glenferry23 said:
I didn’t know you could pass on an invite as you like, especially to such a wedding like that. Usually if you’re invited and can’t go, you RSVP no and I guess that’s one less person attending.
Click to expand...
There was two invites, one was for my mum and she could take plus one. She offered me the chance to go and the brides mum wanted me to come.

I’ve not met Rio yet but I expect I will at some stage
 
Cruyff14 said:
Did they only want to go because it was Rio?
Click to expand...
And all the other celebrities! Five star luxury hotel obviously, and didn’t have to pay a penny. No one knew where it was so it was all a big surprise when everyone arrived at the airport on Wednesday
 
Cruyff14 said:
How do you know his mrs?
Click to expand...
She’s extended family. Don’t want to go into too much as it’s all personal family business. Known her since she was little though. She got a gig on a reality show here called Towie. Split up with her bloke who was also on that show and met Rio in Dubai not long after. Good luck to her, she’s a nice girl and she has stepped up to the role of stepmum to his kids
 
No offence to the marvelheads but I wish Hollywood would start making proper films again. I recently flogged my DVD collection at a boot sale; Taxi Driver, Deer Hunter, Long Good Friday, Clockwork Orange, Shindlers List. Made me realise how far the film industry has fallen
 
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