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JD CLASSICS

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by Keith » Wed Sep 12, 2018 12:06 pm

Chris_R wrote: I've seen a report that he may also sue for loss of appearance fee.


Who would he sue?
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by Chris_R » Wed Sep 12, 2018 1:55 pm

Keith wrote:
Chris_R wrote: I've seen a report that he may also sue for loss of appearance fee.


Who would he sue?
He can sue the company, JD Classics. The company is still in existence unchanged and trading, run by the administrators.
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by Keith » Wed Sep 12, 2018 7:57 pm

Chris_R wrote:
Keith wrote:
Chris_R wrote: I've seen a report that he may also sue for loss of appearance fee.


Who would he sue?
He can sue the company, JD Classics. The company is still in existence unchanged and trading, run by the administrators.


Sue the company while it's in administration? Highly unlikely, that's what administration is, a "breathing period" in which no legal processes may be commenced against the company. There are exceptions of course, but in the case of JD Classics, the size of the debt and the complexities that the administrators are facing, Mr Button will not be suing them.
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by Chris_R » Wed Sep 12, 2018 9:00 pm

I don't know much about company law and administration and I didn't say he was suing, I just said I'd seen a report that he might be. That report may have been hearsay or simply supposition by the journalist.
All of which is by the by. The real story is that as a result of the company's founder's actions he has left the company and the company is in administration. Reportedly the 30th most wealthy person in Essex I would imagine he still has retained much of his wealth and will not suffer too much hardship. Unlike his employees who may lose their jobs if a buyer is not found who will keep the business running.
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by Chris_R » Wed Sep 19, 2018 7:51 pm

Announced today is that JD Classics has been sold to Woodham Mortimer.
Curious set of events though.
Jean-Marc Gales (a Luxembourger, resident in Italy) leaves Lotus on 4th June 2018 and is announced on 12th June that he joins JD Classics. Replaces Derek Hood as CEO. Appointed Director of JD Classics on 23rd July 2018.
Woodham Mortimer Ltd is incorporated on 10th September 2018. Jean-Marc Gales is appointed Director of Woodham Mortimer on 10th September.
JD Classics goes into administration on 11th September 2018.
JD Classics is bought by Woodham Mortimer on 19th September.
Jean-Marc Gales is announced as Chairman and CEO of Woodham Mortimer.
I'm sure this is all above board.

Footnote: In January 2017 Jean-Marc Gales was clocked at 102mph on the A11. In January 2018 he escaped a long ban after arguing he needed to test his company's products. With 8 points already on his license, no further points were added and he was given a 30-days ban and a fine of £666. In 2014 he was caught doing 96mph on the same stretch of road.
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by AH1951 » Wed Sep 19, 2018 8:45 pm

666
The fine of the Devil.
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by Clive Bishop » Thu Sep 20, 2018 7:28 am

This sort of deal is regular practice as they wipe off the debts of the old company and a new company buys it for a nominal amount and off they go again....
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by Barrie » Thu Sep 20, 2018 2:31 pm

Chris_R wrote:Announced today is that JD Classics has been sold to Woodham Mortimer.
Curious set of events though.
Jean-Marc Gales (a Luxembourger, resident in Italy) leaves Lotus on 4th June 2018 and is announced on 12th June that he joins JD Classics. Replaces Derek Hood as CEO. Appointed Director of JD Classics on 23rd July 2018.
Woodham Mortimer Ltd is incorporated on 10th September 2018. Jean-Marc Gales is appointed Director of Woodham Mortimer on 10th September.
JD Classics goes into administration on 11th September 2018.
JD Classics is bought by Woodham Mortimer on 19th September.
Jean-Marc Gales is announced as Chairman and CEO of Woodham Mortimer.
I'm sure this is all above board.


Curious indeed Chris.
The dates allow the imagination to run riot.
I think the less said about this the better.
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by DaveT » Thu Sep 20, 2018 8:11 pm

"Woodham Mortimer" is the name of a village close to Malden where JD Classics are / were based.
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