The workers and their families' had hoped to receive some compensation from a legal case which was supposed to recover £12.5million from the Halifax bank in Scotland, one of the company's biggest creditors. This has now been thrown out of court, after years of battling. There will, apparently, only be £22,000 left which will amount to £3 per family.
Pressure is on John Towers, Nick Stephenson, John Edwards and Peter Beale is now mounting. They bought the company in 2000 for £10. Afterwards they themselves and one other director received £42million. There is no doubt that this was the reason for the bankruptcy of MG Rover. £42million in those days was a fortune. Why have they not been brought to justice? This kind of money would crash any big company.
There were 6,500 workers laid off and the men have now demanded that the £42million should be returned. Their local MP Richard Burden stated that the infamous Phoenix Four should cough up but the Phoenix Four cannot be contacted to date..
Looking at the overall picture it raises so many questions, which is incredible really. First of all why were they allowed to buy a big company for £10? Apart from the well overdue compensation to 6,500 workers why were they allowed to take out £42million without any person objecting? Is it therefore surprising a big company like MG Rover crashed?
It seems that it was almost masterminded. If so; who was behind it? They surely couldn't not have pulled £42million out without any bank or creditor knowing. This is a scandal. Throwing 6,500 workers onto unemployment street, and quite a number must have been skilled workers.