has Bahar left Lotus

[ruadh08]

All very sad for the whole of the "British" motor manufacturing industry. All the hype of the planned multi car launches, and high profile car shows and celebrity endorsements, smack of megalomania from the CEO! Great plans, and could have worked if toned down a bit, to concentrate on the core development of cars they are good at.

As main car headliner and sponsor for Goodwood in a couple of months, it will be interesting to see how quickly that will be pulled, or wether the monies have already been paid to Goodwood.

It will be a very embarrassing situation for Lotus if they very publicly have to cancel that!

[Dominic]

As main car headliner and sponsor for Goodwood in a couple of months, it will be interesting to see how quickly that will be pulled, or wether the monies have already been paid to Goodwood.

Hmmm.... had planned to go to the FOS on the Thursday before Tut Towers,... might wait for a while till I order my ticket now.

[douglasgdmw]

Hmmm.... had planned to go to the FOS on the Thursday before Tut Towers,... might wait for a while till I order my ticket now.

Already bought mine so will be going regardless. If Lotus goes to the walls then may as well get the mileage up on the Evora as it won't be worth much anyway

George

[Justin]

Hmmm.... had planned to go to the FOS on the Thursday before Tut Towers,... might wait for a while till I order my ticket now.

Already bought mine so will be going regardless. If Lotus goes to the walls then may as well get the mileage up on the Evora as it won't be worth much anyway

George

You won't have lost anything until you sell it

Thats what I keep telling myself!

Doesn't sound good for Lotus..

[campbell]

may as well get the mileage up on the Evora as it won't be worth much anyway

George

Don't be so sure. It will have instantly become rarer!

[neil]

Autocars thoughts on the situation

[campbell]

Good spot, Neil...and GaryDVO posting in the comments sounds a bit like a few of us around here

[neil]

It looks like Proton/DRB can't sell off Lotus for at least 2 years even if they want to, going by this

Company’s post-completion covenants and undertakings:
The Company’s post-completion covenants and undertakings are, amongstothers, the following:
(ii) Within two (2) years from the Completion Date, the Company shallnot carry out any dealing with any Proton Shares, including anyattempt to deal or take any steps for the purpose of dealing but shallnot include any dealing in the nature of giving of security relating toany financing arrangement to be entered into by the Company for theProposals or to propose in any way any contract, arrangement or commitment to dispose of the assets of Proton (or any of its groupcompanies) which will result in a significant change in the businessdirection or policy of Proton which includes the manufacture,assembly and sales of motor vehicles and related products, or constitutes a Major Disposal (as defined under the Main MarketListing Requirements of Bursa Securities)

[BiggestNizzy]

2 year stay of execution then

[kerryxeg]

It looks like Proton/DRB can't sell off Lotus for at least 2 years even if they want to, going by this

Company’s post-completion covenants and undertakings:
The Company’s post-completion covenants and undertakings are, amongstothers, the following:
(ii) Within two (2) years from the Completion Date, the Company shallnot carry out any dealing with any Proton Shares, including anyattempt to deal or take any steps for the purpose of dealing but shallnot include any dealing in the nature of giving of security relating toany financing arrangement to be entered into by the Company for theProposals or to propose in any way any contract, arrangement or commitment to dispose of the assets of Proton (or any of its groupcompanies) which will result in a significant change in the businessdirection or policy of Proton which includes the manufacture,assembly and sales of motor vehicles and related products, or constitutes a Major Disposal (as defined under the Main MarketListing Requirements of Bursa Securities)

The fact that such a clause exists is interesting, I guess it could be a standard although that seems unusual, or may have been included for a specific reason. If the company went into administration this clause would be irrelevant, and it probably doesn't stop the company being split into useful bits and less useful bits.

I'm not clear what is fact and what is rumour, but the business model does not seem viable unless you are an extreme optimist. Hopefully a more realistic model will emerge and the company can re-align staying in existance.

[StiflerMR2]

Was very interested to find out that Saward is on Caterhams board - I knew he was best mates with Fernades however. I'm not a big fan of his, I always find his articles very 'loose' IYSWIM

[woody]

I'm not a big fan of his

This. Never knew he was on their board, but it does explain a fair bit.

[campbell]

Joe has a certain style. Understandable that it's not to everyone's tastes. I generally like it though.

However I'd always had him down as strongly independent. To find out he's big buddies with Big Tone is interesting, right enough...

[j2 lot]

Part of a press release from Lotus:
"Despite various rumours in the media to the contrary, at no point has DRB-HICOM indicated to Group Lotus that they intend to put the company into administration. We welcome the opportunity to put that rumour - along with incorrect speculation that production has stopped , that Dany Bahar is no longer CEO and that we are no longer involved in F1- to bed.

[StiflerMR2]

ooft!

http://www.f1fanatic.co.uk/groups/f1/fo ... ff-petrol/