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 Richard Branson
Topic Originator: Buspasspar  
Date:   Mon 20 Apr 18:34

Sir Richard Branson has pledged his luxury island resort as collateral to help get a UK government bailout of his stricken airline Virgin Atlantic.

The billionaire Virgin Group boss said in an open letter to staff he was not asking for a handout, but a commercial loan, believed to be £500m.

The airline's survival was in doubt, and his Necker Island home in the Caribbean could be mortgaged, he said.

It comes as Virgin Group's airline in Australia faces administration.
Both airlines have been hit hard by the global coronavirus lockdown, and Sir Richard has appealed to governments in both countries for help.

However, has been criticised for appealing for taxpayer aid rather than drawing on his huge wealth. Sir Richard's fortune is thought to be well over £4bn. The large US airline Delta owns 49% of Virgin Atlantic.
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 Re: Richard Branson
Topic Originator: Andrew283  
Date:   Mon 20 Apr 19:01

Let the pr*k crash and burn. Only feel sympathetic for his staff, the man himself is loathsome
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 Re: Richard Branson
Topic Originator: veteraneastender  
Date:   Mon 20 Apr 19:07

"The airline's survival was in doubt, and his Necker Island home in the Caribbean could be mortgaged, he said."

Must be some size of real estate to be valued at £500 million.

I wonder what Virgin's big new cruise ship is worth as collateral ?
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 Re: Richard Branson
Topic Originator: jake89  
Date:   Mon 20 Apr 19:36

What these guys are doing is legal but it displays how little these millionaires and billionaires really care about their employees when they don't have cash reserves to help when the company needs it most.
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 Re: Richard Branson
Topic Originator: wee eck  
Date:   Mon 20 Apr 20:42

Captains of industry and champions of free enterprise tend to resent government interference when things are going well but they are often at the front of the queue for state assistance when things go badly. Why can't he raise a loan in the financial markets?
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 Re: Richard Branson
Topic Originator: aaaaaaaaaargh  
Date:   Mon 20 Apr 22:15

Can't he just buy millions of barrels of US oil instead of borrowing from the public? Isn't that how capitalism works?
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 Re: Richard Branson
Topic Originator: OzPar  
Date:   Tue 21 Apr 02:41

<<I wonder what Virgin's big new cruise ship is worth as collateral ?>>


Probably next to zero. The cruise ship industry is a modern-day dinosaur and for a multitude of reasons - some of which are obvious - it is an industry that will die off pretty quickly.
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 Re: Richard Branson
Topic Originator: OzPar  
Date:   Tue 21 Apr 02:49

<<Sir Richard Branson has pledged his luxury island resort as collateral to help get a UK government bailout of his stricken airline Virgin Atlantic.>>


Hang on a minute... don't be fooled into thinking Virgin Atlantic belongs to Branson. His group only owns 20% of Virgin Atlantic. As for Virgin Australia, Virgin owns a mere 10%.

Branson is a brand owner, nothing more. In that respect, he is no different from Donald Trump. And his success rate with many, many business ventures over the years is similarly dire.
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 Re: Richard Branson
Topic Originator: Thaipar  
Date:   Tue 21 Apr 05:50

Virgin Australia applied for voluntary administration today.

Please don't book me Admin, it will ruin my life.
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 Re: Richard Branson
Topic Originator: P  
Date:   Tue 21 Apr 06:49

Quote:

OzPar, Tue 21 Apr 02:49

<<Sir Richard Branson has pledged his luxury island resort as collateral to help get a UK government bailout of his stricken airline Virgin Atlantic.>>


Hang on a minute... don't be fooled into thinking Virgin Atlantic belongs to Branson. His group only owns 20% of Virgin Atlantic. As for Virgin Australia, Virgin owns a mere 10%.

Branson is a brand owner, nothing more. In that respect, he is no different from Donald Trump. And his success rate with many, many business ventures over the years is similarly dire.


That deal fell through - he still owns 51% of Virgin Atlantic


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 Re: Richard Branson
Topic Originator: LochgellyAlbert  
Date:   Tue 21 Apr 11:33

How much of Virgin telecoms?

As they rip the pavements up outside my house, seems they are essential workers.
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 Re: Richard Branson
Topic Originator: The One Who Knocks  
Date:   Tue 21 Apr 11:36

15%

Doubt is not a pleasant condition, but certainty is absurd
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 Re: Richard Branson
Topic Originator: londonparsfan  
Date:   Tue 21 Apr 11:39

To be fair keep communications working is definitely a key worker.
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 Re: Richard Branson
Topic Originator: veteraneastender  
Date:   Tue 21 Apr 13:22

"Can't he just buy millions of barrels of US oil instead of borrowing from the public?n

I'm struggling with the concept that US oil is worth less than zero - how does that work ?

Does that mean that if you fill up a vehicle with petrol (aka gas) at an American filling station then they pay you out $ at the cash desk ?

Obviously I was never cut out to be a beancounter !!!
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 Re: Richard Branson
Topic Originator: Thaipar  
Date:   Tue 21 Apr 13:26

Quote:

veteraneastender, Tue 21 Apr 13:22

"Can't he just buy millions of barrels of US oil instead of borrowing from the public?n

I'm struggling with the concept that US oil is worth less than zero - how does that work ?

Does that mean that if you fill up a vehicle with petrol (aka gas) at an American filling station then they pay you out $ at the cash desk ?

Obviously I was never cut out to be a beancounter !!!


Quite simple. It's costing them more to store the oil than it did to produce it.

Please don't book me Admin, it will ruin my life.
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 Re: Richard Branson
Topic Originator: veteraneastender  
Date:   Tue 21 Apr 14:07

"Quite simple. It's costing them more to store the oil than it did to produce it."

In which case I'm sure the gas guzzling motorists of the US would be happy to take it off the producers hands and "store" it elsewhwere at no charge !!!

Will this over production have a significant impact on forecourt prices ?
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 Re: Richard Branson
Topic Originator: ipswichpar  
Date:   Tue 21 Apr 14:14

I doubt it.....the way I read it, it is a short term problem (easier to pay someone to take the oil away than build a new storage facility that isnt needed for long).

Turning the production process down a bit is like ,well, turning an oil tanker around.

You can see here that the futures prices are expecting only a short blip https://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html
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 Re: Richard Branson
Topic Originator: Wotsit  
Date:   Tue 21 Apr 15:04

So folk with empty storage for oil can be paid to take the oil away and sell it later?

Sweet gig!

Especially since I imagine that demand for oil will outstrip supply for the first while after lockdown is lifted.

The child who is not embraced by the village will burn it down to feel the warmth.
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 Re: Richard Branson
Topic Originator: JohnnyW  
Date:   Tue 21 Apr 15:11

Bet they wished they hadn't ripped out the oil storage facility in Rosyth now.

------------------------------------------------------------
Best tweet ever:

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 Re: Richard Branson
Topic Originator: LochgellyAlbert  
Date:   Tue 21 Apr 16:05

At the stage of filling up oil tankers to store fuel away, sure I heard that they expect forecourt prices to drop below a pound per litre!

I'll believe that when I see it 🤔🤔🤔
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 Re: Richard Branson
Topic Originator: Buspasspar  
Date:   Tue 21 Apr 18:02

LA when I passed my test Esso Extra was 4/3p a GALLON !!!
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 Re: Richard Branson
Topic Originator: LochgellyAlbert  
Date:   Tue 21 Apr 19:03

🤣🤣🤣👍
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 Re: Richard Branson
Topic Originator: Rastapari  
Date:   Wed 22 Apr 07:22

Should the Cayman Isles not be bailing him out?

Carole Baskin fed Rasta to a tiger.
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 Re: Richard Branson
Topic Originator: veteraneastender  
Date:   Wed 22 Apr 09:08

"LA when I passed my test Esso Extra was 4/3p a GALLON !!!"

Did you have Tony the Tiger in your tank ?

Do you mind of Regent Petrol ?

I nearly got my Dad into bother with Franco's Guardia Civil when I put their promotional fake bullet holes (like transfer decals) on the rear window of our touring caravan, after cutting off the Regent badge !!!

Looked realistic until very close up - they came off pronto thereafter !!!
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 Re: Richard Branson
Topic Originator: LochgellyAlbert  
Date:   Wed 22 Apr 09:18

The bullet holes transfers were pretty realistic, there was also the tiger's tails that were very popular.

Going back to Franco, my first foreign holiday was 1971 to Benidorm, only English paper readily available was the Sun, the girls on page 3 were no longer topless, they had a bra painted on them!
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 Re: Richard Branson
Topic Originator: Buspasspar  
Date:   Wed 22 Apr 09:34

Hehehe Aye I remember Regent and the bullet holes Vee all the local racing drivers had them on their Austin a40's, Anglias, Cortina mk 1's Hilman hunters's Singer Gazelle's etc etc
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 Re: Richard Branson
Topic Originator: parsmad68  
Date:   Wed 22 Apr 12:47

Time to speculate and buy oil for any rich People out there? Store it and sell when it goes high again. Happy days.
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 Re: Richard Branson
Topic Originator: Bandy  
Date:   Wed 22 Apr 22:10

Should the Cayman Isles not be bailing him out?

Don't think so. Think The Virgin Holding Group is registered in the British Virgin Islands
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 Re: Richard Branson
Topic Originator: Parnott  
Date:   Sat 25 Apr 22:59

What a time for 175 year old Clydesdale Bank to be rebranding to Virgin as it has better 'brand awareness'........🤷‍♂️




Remember cheering for Macca?




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 Re: Richard Branson
Topic Originator: jake89  
Date:   Sat 25 Apr 23:09

Never understood the Clydesdale rebrand. Virgin aren't well known in finance except for buying the remains of a potless bank.

Same with RBS/Natwest. There isn't much difference in terms of customers so why chuck the RBS name for Natwest? If it's because of reputation then why not go for something completely different? People aren't that stupid.

I considered going to TSB as it's got a Scottish HQ but then remembered how awful they are. Same with Tesco and Sainsbury's.
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