DOCSLIB.ORG

Report on the Affairs of Phoenix Venture Holdings Limited, Mg Rover Group Limited and 33 Other Companies Volume I

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Report on the Affairs of Phoenix Venture Holdings Limited, Mg Rover Group Limited and 33 Other Companies Volume I REPORT ON THE AFFAIRS OF PHOENIX VENTURE HOLDINGS LIMITED, MG ROVER GROUP LIMITED AND 33 OTHER COMPANIES VOLUME I Gervase MacGregor FCA Guy Newey QC (Inspectors appointed by the Secretary of State for Trade and Industry under section 432(2) of the Companies Act 1985) Report on the affairs of Phoenix Venture Holdings Limited, MG Rover Group Limited and 33 other companies by Gervase MacGregor FCA and Guy Newey QC (Inspectors appointed by the Secretary of State for Trade and Industry under section 432(2) of the Companies Act 1985) Volume I Published by TSO (The Stationery Office) and available from: Online www.tsoshop.co.uk Mail, Telephone, Fax & E-mail TSO PO Box 29, Norwich, NR3 1GN Telephone orders/General enquiries: 0870 600 5522 Fax orders: 0870 600 5533 E-mail: [email protected] Textphone 0870 240 3701 TSO@Blackwell and other Accredited Agents Customers can also order publications from: TSO Ireland 16 Arthur Street, Belfast BT1 4GD Tel 028 9023 8451 Fax 028 9023 5401 Published with the permission of the Department for Business Innovation and Skills on behalf of the Controller of Her Majesty’s Stationery Office. © Crown Copyright 2009 All rights reserved. Copyright in the typographical arrangement and design is vested in the Crown. Applications for reproduction should be made in writing to the Office of Public Sector Information, Information Policy Team, Kew, Richmond, Surrey, TW9 4DU. First published 2009 ISBN 9780 115155239 Printed in the United Kingdom by the Stationery Office N6187351 C3 07/09 Contents Chapter Page VOLUME I I Introduction 1 Background 3 Our appointment 3 The scope of the inquiry 3 Conduct of the inquiry 4 Support from BDO staff 4 Documentary evidence 4 Other evidence 5 Potential criticisms 6 Support from CIB 6 II Rover at the beginning of 2000 7 Ownership 9 Products 9 BMW group structure chart 10 Plants 11 Other premises 11 Subsidiaries 11 Financial performance 12 III The sale of Rover 13 The proposed sale to Alchemy 15 Origins 15 The memorandum of understanding 16 The sale of Land Rover 17 Subsequent events 17 The Phoenix bid 20 Formation of the Phoenix Consortium 20 The initial offer to BMW 24 Support for the Phoenix Consortium bid from other stakeholders 25 Professional advice 27 Negotiations with the Phoenix Consortium 28 The BMW “dowry” 29 The parts business 31 The proposed £75 million loan notes 31 Contents Chapter Page Appointment of Mr Stephenson and Mr Parker as directors 35 Capital injection by the Phoenix Consortium 36 Alternatives to the Phoenix bid 36 The limited scope of the due diligence work 36 The contingent nature of the advisors’ fees 37 Other financial consequences 39 VAT deferral 41 Completion 42 Summary 46 The Phoenix Consortium’s prospects 46 IV The members of the Phoenix Consortium 49 Mr Towers 51 Mr Stephenson 51 Mr Edwards 52 Mr Beale 52 V Rover under new ownership: events between May 2000 and June 2001 55 Establishing MGRG as an independent company 57 Management of the main companies 58 MGRG 58 The composition of the board 58 Ms Jane Ruston 61 Meetings 62 Techtronic 62 The composition of the board 62 Roles and remuneration 63 PVH 65 Reports in the press and Mr Parker’s departure 65 The establishment of PVH 72 Events leading to the establishment of PVH 72 Decision to pay interest 80 Implementation 81 The effect of the restructuring 85 The Phoenix Consortium’s knowledge of and responsibility for the restructuring plans 86 Project Slag 89 Background 89 Transaction overview 90 Contents Chapter Page Discussions with the Inland Revenue 91 Failure of the transaction 92 The completion accounts dispute 92 SPA provisions 92 Draft Completion Accounts 93 Objections 94 Letter of intent 96 Settlement and acquisition of Powertrain 96 Use of BMW’s £25 million contribution to the escrow account 97 VI Development agreement with St. Modwen 101 The Development Agreement 103 The payment to Landcrest Developments 107 Explanations of the payment to Landcrest Developments 109 Mr Parker’s evidence 109 St. Modwen evidence 109 MG Rover evidence 113 Conclusions 115 VII Project Platinum 121 Basic facts 123 Financial arrangements between MGRG and Rover Financial Services (GB) Limited 123 Implications of the sale of MGRG by BMW 125 BMW’s decision to dispose of RFS and the early stages of the auction process 126 Interest in a bid by MGRG and withdrawal of other bidders 128 Formulation of the Phoenix Partnership’s bid 129 Negotiations on price 131 Completion of the transaction 132 Individuals involved with the Phoenix Partnership’s bid 136 The composition of the Phoenix Partnership 136 The Deloitte team 137 Mr Ian Whyte 138 The identity of the purchaser 156 Advice from Mr Robin Potts QC 165 Anticipated returns 175 Possibility for finance to be provided by First National/Abbey 180 The 21 September 2001 PVH board meeting 189 Contents Chapter Page The 10 October 2001 PVH board meeting 196 The 12 October 2001 MGRG board meeting 198 Completion 207 The 16 November 2001 MGRG board meeting 219 Implications for MGRG 219 The Phoenix Partnership’s benefits from Project Platinum 221 Explanations to MPs 224 Concerns of Ms Ruston and Mr Millett 226 VIII Group structure after 2000 227 Plans for the Group 229 Changes in the structure of the Group 231 Group structure in January 2001 232 Group structure in 2004 233 Stated justification 234 PVH’s subsidiaries 237 Techtronic’s subsidiaries 246 MGRG’s subsidiaries 246 MGR Capital 250 MG Rover Group Trustees Limited 250 MG Rover Group Senior Trustees Limited 250 MG Rover Group Contract Trustees Limited 250 IX Property and share transfers at the end of 2001 253 Introduction 255 The Longbridge land and buildings 255 The sale 255 Aerial view of the Longbridge site 256 The value of the Longbridge land 259 The board meetings approving the sale 263 Disposal of the Longbridge land by Property Holdings 264 Use of the proceeds of sale 265 Management 267 Dealer properties 268 Background 268 The sale 269 The value of the dealer properties 272 The MGRG board meeting approving the sale 276 Contents Chapter Page MGRDP’s indebtedness to MGRG 276 Management 277 Events since administration 278 Heritage companies 279 Background 279 The sales 280 The involvement of advisors 281 Attendance at the board meetings 282 Management 282 The “Duomatic” principle 283 X Project Lisa 285 Conclusion 294 XI Aircraft: exploiting tax losses 295 Tax losses 297 Project Aircraft 297 Basic facts 297 Application of the returns 301 MGTF tooling 303 The surrender of tax losses for no consideration 305 Approving the surrender of tax losses 307 Cessation of trading 314 Advice from Ashurst Morris Crisp 315 Project Trinity 315 Concluding comments 318 XII Project Patto 321 Introduction 323 Basic facts 323 The basis of the proposed provision for the “D” shareholders 335 Knowledge and approval of the proposed benefits 337 Concluding comments 338 XIII Xpart: the transfer, management and sale of the parts business 339 Introduction 341 Background 341 The transfer of Xpart to PVH 344 Contents Chapter Page Events leading to the transfer 344 The transfer 348 The value of Xpart 348 Reliance on professional advice 351 The reasons for the transfer 352 Management 352 The sale of the parts business to CAT 353 Events leading to the sale 353 Completion 361 Application of the proceeds of sale 362 Profit on the transaction 363 Amount received and paid by PVH 364 Amount received and paid by MGRG 365 The dividend 366 The benefits to MGRG 367 Concluding comments 370 XIV Edwards Cars Limited: financial support and acquisition 371 Background 373 Financial support from the Group 373 The acquisition of Edwards Cars by PVH 381 Insolvency 387 XV The reasons for the group structure 389 Background 391 Unlikelihood of achieving management focus and financial transparency 391 Use of indirect subsidiaries 392 Ring-fencing 392 Involvement with the restructuring of the Group 397 Concluding comments 398 XVI Financial and trading performance of MGRG between 1999 and 2004 401 Introduction 403 Volume of sales 403 1999 404 2000 405 2001 407 2002 409 Contents Chapter Page 2003 412 2004 415 VOLUME II XVII Changes in the boards of the main companies between 2000 and 2005 421 Techtronic 423 MGRG 423 Mr Sanders 423 Mr Ramsay 424 Mr Petrie 424 PVH 425 XVIII Powertrain 427 Introduction 429 Acquisition by Techtronic 429 The composition of the board 430 Mr Millett 430 Mr Howe 430 Mr Poynter 431 Mr Welford Winton 431 Powertrain’s directors’ relationship with PVH and MGRG 431 Business strategy 432 External customers 432 Transfer pricing 432 Financial performance 433 2000 433 2001 434 2002 436 2003 437 2004 438 XIX Joint ventures 441 Introduction 443 Malaysia 445 Proton 445 Contents Chapter Page Petronas 446 Iran 447 Dastaan 447 Iran Khodro 448 SAIPA 448 Mega Motors 450 Poland 451 DFM 451 India 454 Tata 454 Sonalika 457 China 458 China Brilliance: Project Sunrise 458 The collapse of Project Sunrise 460 Further discussions with China Brilliance 465 Project Battens 465 C&F 470 HAGC 470 Geely 471 Torch 472 Chery 473 FAW 474 Changan 475 LIFAN 476 BAIC 476 NAC 477 Guangzhou 478 XX The events leading to administration 481 Project 528 483 Background to the negotiations 483 Letter of intent of 16 June 2004 484 Insolvency advice from Halliwells 486 Memorandum of understanding and letter of intent of 2 July 2004 487 The Group’s negotiating team 488 Progress of the negotiations 494 Initial due diligence and valuations 495 Further insolvency advice from Halliwells 496 Impact of disclosures in the Group’s 2003 financial statements 497 Contact with Government in late 2004
Load more

Recommended publications
  • *2021 British Car Showdown Rules.Docx
    BRITISH CAR SHOWDOWN Saturday, June 26, 2021 Welcome to the British Car Showdown at Mid-Ohio Sports Car Course! We appreciate your efforts to prepare for this event. This show will be a popular vote format among the participants. Please make sure you have picked up a voting ballot from registration. We want everyone to have fun, so every effort will be made to keep this show low-key and as enjoyable as possible. ________________________________________________________________________________________________ IMPORTANT INFORMATION . PLEASE READ! 1) PARKING: Please park your car in the designated class in which you would like your car judged. There is also a general parking corral for miscellaneous British vehicles. 2) JUDGING CLASSES: Listed below are all the classes for which awards will be presented. First, second and third place awards will be presented to each class. Class Awards Austin Healey 100 & 3000 MINI Classic (1959-2000) Austin Healey Sprite / MG Midget MINI New (2001-Present) Griffith / TVR Morgan Jaguar Sedan Spitfire & GT6 Jaguar XK & E-Type Sunbeam Lotus Triumph TR2, TR3, TR4 MGB & MGC Triumph TR6, TR7, TR8 MG-T Misc. British Additional Awards Most Miles Driven to Mid-Ohio Best of Show (Peoples Choice & Judges Choice) 3) REGISTRATION: Please check in at the show registration tent near the super pavilion. You will receive a BLUE registration form for your car and a commemorative souvenir. Please fill out both parts of the registration form and turn in the bottom half at Registration. You will need to display the top half of the registration form on your windshield to enter the track for the parade lap on Saturday.
    [Show full text]
  • September 2016 Richard Has Been a Morgan Dealer, Racer, Owner and Enthusiast for Over 35 Years and Runs the Business with His Daughter Helen Who Joined Him in 2001
    September 2016 Richard has been a Morgan dealer, racer, owner and enthusiast for over 35 years and runs the business with his daughter Helen who joined him in 2001. John our Sales Manager heads up our team and has been with us since 2012. George looks after the workshop team of Rui, Charlotte, Rupert, Paul, Steve and James. This is what we do: New Morgan Sales: We have demonstrators of all the current model range and have early build slots available for all models. We are happy to part exchange your current Morgan. Call if you would like a test drive. Used cars: We carry a large stock of used cars and are always looking for more! Let us know if you are thinking of selling your Morgan. We have current stock from a 1950s flat rad to a 2013 Roadster. We also carry the largest stock of race cars in the UK. Race preparation: We regularly prepare and look after over 20 Morgans, including historic race cars for events such as Goodwood, Le Mans Classic and other prestigious events both at home and abroad and can offer customers an arrive and drive service. Restoration: We are regularly restoring Morgans to a very high standard, recent projects include a 1963 +4 Supersport, 1970’s +8 and a +4 TR. We also have a trim shop and paint shop on-site. Performance upgrades: Sports exhausts, manifolds, re-maps, axle upgrades, suspension upgrades, sticky tyres – let us know what you want to achieve! Parts and Service: We stock a huge number of parts for all Morgans and have a fantastic team of factory trained mechanics to look after your car and carry out routine servicing, MOTs and all general maintenance.
    [Show full text]
  • Classic Vehicle Auctionauctionauction
    Classic Vehicle AuctionAuctionAuction Friday 28th April 2017 Commencing at 11AM Being held at: South Western Vehicle Auctions Limited 61 Ringwood Road, Parkstone, Poole, Dorset, BH14 0RG Tel:+44(0)1202745466 swva.co.ukswva.co.ukswva.co.uk £5 CLASSIC VEHICLE AUCTIONS EXTRA TERMS & CONDITIONS NB:OUR GENERAL CONDITIONS OF SALE APPLY THE ESTIMATES DO NOT INCLUDE BUYERS PREMIUM COMMISSION – 6% + VAT (Minimum £150 inc VAT) BUYERS PREMIUM – 8% + VAT (Minimum £150 inc VAT) ONLINE AND TELEPHONE BIDS £10.00 + BUYERS PREMIUM + VAT ON PURCHASE 10% DEPOSIT, MINIMUM £500, PAYABLE ON THE FALL OF THE HAMMER AT THE CASH DESK. DEPOSITS CAN BE PAID BY DEBIT CARD OR CASH (Which is subject to 1.25% Surcharge) BALANCES BY NOON ON THE FOLLOWING MONDAY. BALANCES CAN BE PAID BY DEBIT CARD, BANK TRANSFER, CASH (Which is subject to 1.25% surcharge), OR CREDIT CARD (Which is subject to 3.5% surcharge) ALL VEHICLES ARE SOLD AS SEEN PROSPECTIVE PURCHASERS ARE ADVISED TO SATISFY THEMSELVES AS TO THE ACCURACY OF ANY STATEMENT MADE, BE THEY STATEMENTS OF FACT OR OPINION. ALL MILEAGES ARE SOLD AS INCORRECT UNLESS OTHERWISE STATED CURRENT ENGINE AND CHASSIS NUMBERS ARE SUPPLIED BY HPI. ALL VEHICLES MUST BE COLLECTED WITHIN 3 WEEKS, AFTER 3 WEEKS STORAGE FEES WILL INCUR Lot 1 BENTLEY - 4257cc ~ 1949 LLG195 is the second Bentley (see lot 61) that the late Mr Wells started to make into a special in the 1990's. All the hard work has been done ie moving the engine back 18 inches, shortening the propshaft and making a new bulkhead, the aluminium special body is all there bar a few little bits which need finishing.
    [Show full text]
  • MG Apprenticeships
    March 21 2012 MG apprentices could visit China Apprentices joining MG Motor UK could have the chance of a trip of a lifetime visit to China. The trip is part of a comprehensive two year Advanced Apprenticeship Scheme being launched by MG as it invests in people for the future. Successful candidates could earn an HNC or HND qualification and possibly a job at the MG Birmingham plant. MG Birmingham is where the award-winning MG6 is designed, engineered and where final assembly of the GT fastback and Magnette sports saloon takes place. Youngsters joining the MG scheme will train in General Assembly, where the MG6 models come off the assembly lines, and in the Sales and Marketing Department. In their first year apprentices will earn £7,654 and exceptional candidates will have the chance to go to China and visit MG’s parent company, SAIC Motor, in their second year. SAIC is the eighth biggest car company in the world and sold more than 4 million cars last year. HR Manager, Louise Lane, said: “This is a really exciting opportunity for youngsters to join in what is the birth of the new MG. For the right candidates, this will be the start of a great career in the industry.” Applicants will need five GCSEs including Maths, English and a core science subject. The MG scheme will start in August and the closing date for applicants is April 8. Applications can be made at: http://www.apprenticeships.org.uk The MG Motor UK apprenticeship scheme is in addition to a graduate engineering training programme that was announced recently.
    [Show full text]
  • P 01.Qxd 6/30/2005 2:00 PM Page 1
    p 01.qxd 6/30/2005 2:00 PM Page 1 June 27, 2005 © 2005 Crain Communications GmbH. All rights reserved. €14.95; or equivalent 20052005 GlobalGlobal MarketMarket DataData BookBook Global Vehicle Production and Sales Regional Vehicle Production and Sales History and Forecast Regional Vehicle Production and Sales by Model Regional Assembly Plant Maps Top 100 Global Suppliers Contents Global vehicle production and sales...............................................4-8 2005 Western Europe production and sales..........................................10-18 North America production and sales..........................................19-29 Global Japan production and sales .............30-37 India production and sales ..............39-40 Korea production and sales .............39-40 China production and sales..............39-40 Market Australia production and sales..........................................39-40 Argentina production and sales.............45 Brazil production and sales ....................45 Data Book Top 100 global suppliers...................46-50 Mary Raetz Anne Wright Curtis Dorota Kowalski, Debi Domby Senior Statistician Global Market Data Book Editor Researchers [email protected] [email protected] [email protected], [email protected] Paul McVeigh, News Editor e-mail: [email protected] Irina Heiligensetzer, Production/Sales Support Tel: (49) 8153 907503 CZECH REPUBLIC: Lyle Frink, Tel: (49) 8153 907521 Fax: (49) 8153 907425 e-mail: [email protected] Tel: (420) 606-486729 e-mail: [email protected] Georgia Bootiman, Production Editor e-mail: [email protected] USA: 1155 Gratiot Avenue, Detroit, MI 48207 Tel: (49) 8153 907511 SPAIN, PORTUGAL: Paulo Soares de Oliveira, Tony Merpi, Group Advertising Director e-mail: [email protected] Tel: (35) 1919-767-459 Larry Schlagheck, US Advertising Director www.automotivenewseurope.com Douglas A. Bolduc, Reporter e-mail: [email protected] Tel: (1) 313 446-6030 Fax: (1) 313 446-8030 Tel: (49) 8153 907504 Keith E.
    [Show full text]
  • Alpine Loop a Success Sepmber Evenfs
    A Chapter of the North American MGB Register BrtishMotor Cluh of Utoh Volume14 Number 2 prizes,as well. After we're finished at the sepmberEvenfs DQ, we'll seewhat develops. AlpineLoop a The seasonis still in full bloom. so So bring your car and your favorite co- it's too to put the car up for the driver for food fun and prizes.To donate success winter. a look at what the BMCU has prizes for or additional information, By Karen Bradakis in store contactBill Robinsonat947-9480 or 947- 5750. At 9AM on a cloudymorning, August 18, Miner's Parade. Unforhrnately,the peopleand British carsbegan to gatho ut is later dranthis event,which lVlount Nebo Fall Color Run. On the Southeastcomer of the Southtown took on Monday, September3rd Saturday,September 29,we'll renewthe Mall parkinglot. Somepeople brought (Labor in Park City. The meet-up BMCU traditim of circurnnavigatingMt. itemsto donateto be givan awayto lucky point was SwedeAlley, with the parade Nebo to partakeof brisk air and fall color. ticketholders later on at the pioric. down Main Streetin Park CiA. This is a long (200+miles) but very gathered After the the groupheaded to the enjoyabletour and will treat your eyesand The srmcame out as the drivers at City Park a reservedparking al.ea'- cleanyour exhaustvalves. lOAM for a brief meetingto discussthe thanksto efforts of Floyd lnman-and route to be takento reachthe first (pt| stop a plcnlc . Look for an accountofthis Rendezvousat the R C. Willey Clearance in Alpine. The drive beganwith over2O event in comingmsrths. Outlet,90l0 S.
    [Show full text]
  • Competition and the Workplace in the British Automobile Industry, 1945
    Competition and the Workplace in the British Automobile Industry. 1945-1988 Steven To!!iday Harvard University This paper considers the impact of industrial relations on competitive performance. Recent changesin markets and technology have increased interest in the interaction of competitive strategies and workplace management and in particular have highlighted problems of adaptability in different national systems. The literature on the British automobile industry offers widely divergent views on these issues. One which has gained widespread acceptance is that defects at the level of industrial relations have seriously impaired company performance. Versions of this view have emanated from a variety of sources. The best known are the accountsof CPRS and Edwardes [3, 10], which argue that the crisis of the industry stemmed in large part from restrictive working practices, inadequate labor effort, excessive labor costs, and worker militancy. From a different vantage point, Lewchuk has recently argued that the long-run post-War production problems of the industry should be seen as the result of a conflict between the requirements of new American technology for greater direct management control of the production processand the constraints resulting from shopfloor "production institutions based on earlier craft technology." This contradiction was only resolved by the reassertion of managerial control in the 1980s and the "belated" introduction of Fordist techniques of labor management [13, 91. On the other hand Williams et al. have argued that industrial relations have been of only minor significance in comparison to other causes of market failure [30, 31], and Marsden et al. [15] and Willman and Winch [35] both concur that the importance of labor relations problems has been consistently magnified out of proportion.
    [Show full text]
  • British Motor Industry Heritage Trust
    British Motor Industry Heritage Trust COLLECTIONS DEVELOPMENT POLICY British Motor Museum Banbury Road, Gaydon, Warwick CV35 0BJ svl/2016 This Collections Development Policy relates to the collections of motor cars, motoring related artefacts and archive material held at the British Motor Museum, Gaydon, Warwick, United Kingdom. Name of governing body: British Motor Industry Heritage Trust (BMIHT) Date on which this policy was approved by governing body: 13th April 2016 The Collections Development Policy will be published and reviewed from time to time, at least once every five years. The anticipated date on which this policy will be reviewed is December 2019. Arts Council England will be notified of any changes to the Collections Development Policy and the implication of any such changes for the future of collections. 1. Relationship to other relevant polices/plans of the organisation: 1.1 BMIHT’s Statement of Purpose is: To collect, conserve, research and display for the benefit of the nation, motor vehicles, archives, artefacts and ancillary material relating to the motor industry in Britain. To seek the opportunity to include motor and component manufacturers in Britain. To promote the role the motor industry has played in the economic, technical and social development of both Great Britain and Northern Ireland. The motor industry in Britain is defined by companies that have manufactured or assembled vehicles or components within the United Kingdom for a continuous period of not less than five years. 1.2 BMIHT’s Board of Trustees will ensure that both acquisition and disposal are carried out openly and with transparency. 1.3 By definition, BMIHT has a long-term purpose and holds collections in trust for the benefit of the public in relation to its stated objectives.
    [Show full text]
  • Trane TVRTM II DC Inverter System
    Master Slave 1 Slave 2 Trane TVRTM II September, 2015 Ingersoll Rand (NYSE:IR) advances the quality of life by creating and sustaining safe, comfortable and efficient environments. Our people and DC Inverter System our family of brands—including Club Car®, Ingersoll Rand®, Thermo King® and Trane®—work together to enhance the quality and comfort of air in homes and buildings; transport and protect food and perishables; secure homes and commercial properties; and increase industrial Innovation for superior efficiency and productivity and efficiency. We are a $14 billion global business committed to a world of sustainable progress and enduring results. all year-around comfort Trane has a policy of continuous product & product data improvement and reserves the right to change design & specifications without notice. www.ingersollrand.co.in , www.traneindia.com We are committed to using environmentally conscious print practices that reduce waste. [email protected] For more details logon to www.traneindia.com We are Trane, global leaders in heating, ventilation and air conditioning (HVAC) systems. Our legacy of trust and innovation is what we bring to Indian homes. We always keep introducing revolutionary and technologically evolved products that promise a Comfort, convenience and new level of comfort, convenience & control at your fingertips. control at your fingertips In the league of coming up with new innovations, we bring a new generation of Trane TVR™ II DC Inverter System, a modular system embodied with most advanced architectural concepts and leading technology in providing an ideal environment in villas, condominiums and residences. The TVR™ II system sets a new standard in meeting the end user’s highest expectations by providing the best-in-class high energy efficiency level with up to 4.24EER and sheer reliability.
    [Show full text]
  • 5Th Annual Classic Go-Kart Challenge
    May, 2005 vol. IV, no. 5 5th Annual Classic Go-Kart Challenge Which club took home the trophy? See page 3 Marque Clubs of the Upper Midwest British Iron Society of (www.mini-sota.com) MAY, 2005 Greater Fargo (701-293- VOLUME IV, ISSUE 5 MINI-sota Motoring Society 6882) ([email protected]) PUBLISHER Citroën Car Club of Minne- Minnesota Morgans Vintage Enterprises sota (www.citroenmn.com) ([email protected]) EDITOR Glacier Lakes Quatro Club Minnesota SAAB Club Andy Lindberg (www.glacierlakesqclub.org) (www.mnsaabclub.org) Minnesota Triumphs SENIOR COPY EDITOR Jaguar Club of Minnesota (www.mntriumphs.org) Linda Larson (www.jaguarminnesota.org) Lotus Eaters (TYPE45@aol. Nordstern Porsche Club (www. CONTRIBUTORS com) nordstern.org) Bob Groman Lotus Owners of the North - North Star BMW Car Club SUBSCRIPTION INFORMATION LOON ([email protected]) (www.northstarbmw.org) To subscribe, send e-mail address to Pagoda Club of Minnesota andylindberg@ earthlink.net with the Mercedes Benz Club of secret message, “Subscribe me to America, Twin Cities (651-452-2807) the monthly.” Section (www.mbca-tc.org) The Regulars Twin Cities Vintage Scooter Club SUBSCRIPTION RATES Metropolitans from Minne- U.S. One Year: free; Two Years: free; (www.minnescoota.com) One year foreign: free; Overseas: sota (www.metropolitansfrom free. Subject to change with or minnesota.com) Stella del Nord Alfa Romeo without notice. Owners Club (esolstad@ Minnesota Austin-Healey pressenter.com) ADDRESS CHANGES Club (www.mnhealey.com) To insure no issues are missed, send Twin Cities VW Club e-mail message to Minnesota Ferrari Club (www.twincitiesvwclub.com) ([email protected]) [email protected] Vintage Sports Car Racing COPYRIGHT 2005 by IMM.
    [Show full text]
  • Family Cars with an MG Twist
    Family cars with an Intriguing four­ What door alternatives car? from the great Abingdon marque he two-seater sports cars are 1947-53 1953-58 not the only Octagon-badged YAIYB MqnetteZA/Z8 T classics worthy of your Price £13,000 Target Price £8000 attention. If you're a long-time lover of MGs you'll know this already, but even What's so ~ It's an MG TC engine in a Morris ~ It's a giant leap from the pre-WWII seasoned fans might need their special 8-sized saloon. There's a four-speed origins of the Y-type, both in styling horizons expanded somewhat. After about it? floor change, lovely rack-and-pinion and also in engineering: the B-series all, it's rare to find people who like both steering, independent front engine makes its MG debut here small family saloons from the 1940s suspension and almost a Jaguar's and you also get f ull-width looks and bodykitted road-burners from the worth of leather and wood inside. and unitary construction t hat make 21st Century. Yet both, in their own Instant kudos at any MG gathering. the most of t he car's modest size. way, flew the flag for MG's uniquely British combination of affordable performance and sporting appeal. Is there ~ Yes, but to be honest it's more in ~ Magnettes have a well-deserved The strength of every MG was its a fun the time-shift experience of 1940s reputation as drivers' cars thanks close relationship to something more factor? motoring - string-back gloves, to excellent road holding, a close­ modest.
    [Show full text]
  • Official Publication of the Austin Healey Sports & Touring Club May
    May 2010 | Issue 393 Official Publication of the Austin Healey Sports & Touring Club THE AUSTIN HEALEY SPORTS & TOURING CLUB www.austin-healey-stc.org IN THIS ISSUE... CORPORATE OFFICERS President: Ray Donovan What’s In The Flash 3 Membership: Rick Brodeur Secretary: Del Border Membership 5 Treasurer: Gerry Kunkle Flash Editor: Steve Jekogian Letters to the Editor 6 PAST PRESIDENTS Michael Haran This Month in Healey History 7 John P. Morrison George E. Null Philadelphia Region 8 Don Schneider Steve Jekogian Brandywine Region 10 HARRISBURG REGION President: Joe Spear Long Island Region 11 Editors: Don & Dot Hoffer Harrisburg Region 12 LEHIGH VALLEY REGION President: Mike Bradley Editors: Mike Bradley North Jersey Region 14 PHILADELPHIA REGION DMH & The 1st Austin-Healey Tour of the US 16 President: John Heffron Editors: Al Tocci Replacement of Rear Wheel Bearings 18 BRANDYWINE REGION President: Chuck Ott Car Video of the Month 20 Editors: Ernie Leser NORTH JERSEY REGION Lehigh Valley Region 21 President: Richard Ippoliti Editors: George Crombie Concerning Rotors 22 LONG ISLAND REGION President: Paul Parfrey New Encounter 2010 Event! 23 Editors: Paul Parfrey Excerpts from Gordon Whitby’s Book 24 Classifieds & Calendar 28 Main Cover Photo: Ed Buchbinder at April 34th Gymkhana Right: North Jersey Meeting; Harrisburg Meeting; Philadelphia Luncheon What’s In The Flash EDITor’s by Steve Jekogian NOTE Do you know what the T stands for in AHSTC? Yes some of you do, it stands for Touring. In last month’s “what’s in the Flash” article I challenged club members to answer a question about Donald’s sunburned head.
    [Show full text]