Comments - thank you

21st May 2010 - I just want to say thanks to the people that posted comments to me:

Anonymous said...
well done Auric - hats off to you.
It is a shame that there isn't someone like you to highlight the terrible mismanagement in every pheonix operation. Unfortunately you may be back with another creditors list if the latest rumours are to be believed - they went to the money cupboard but the money cupboard is bare!!!!

Anonymous said...
Thanks for your efforts on highlighting the Midas collapse.
A few rumours about that the reformed business is struggling badly. Watch this space!

Is this the End?

17th May 2010 - What more can I say? I have done all I can. I've told the story, listed the creditors and thats all I can do. I guess that at least when anyone googles Midas Press that this site may come up and they can learn some more about the real goings on at Midas Press and read about the staff issues and the £2,301,872.65 that they owe the taxman and the creditors (including the milkman)

So that's it from Auric. I'm going to go back to melting down gold bars and driving my rollsroyce to switzerland and back and of course to play golf as well.

I will put the occasiional post up, if and when people send me the information, especially if anyone has news as to whether the first deferred payment of £45,252.50 (due on 29th April 2010) was made - or not.

Thanks
Auric

Clive Merritt in the news!

14th May 2010 - An article in Printweek appeared today about paper price hikes and quoted is Clive Merritt, the commercial director at The Midas Press said "Aprils price increase was passed on to customerswhere possible but added pricing was stil governed by market conditioons . Inevitably we absorb some of this cost and when June increases become apparent we'll be in a similar situiation" I reckon he forgot to mention that it's easier to absorb the costs if your phoenix company only cost £167,505 to buy.

Creditors List - Page 1

11th May 2010 - Midas Press Creditors List

Page 1

AES Ltd, Romsey SO51 9AQ £460.00
A1 Services Southern (Ltd), Camberley GU15 3JA £874.30
Acorn Stationary & Print Ltd, Guildford GU1 4HL £3,449.79
Adpack Machinery Systems Ltd, Nelson BB9 6RY £625.25
ADT Fire & Security plc, Manchester M16 9XY £716.75
Agfa Gevaert Ltd, Brentford TW8 9AX £46,275.87
All Signs All Print, Letchworth SG6 1QX £193.20
Allday Time Systems Ltd, Farnborough GU14 6JD £204.70
Allpoint Packaging Ltd, Hayes Middx UB3 1ET £3,813.86
Andrews Finishing Ltd, Iver SL0 9Hx £2,165.70
Andy Shore Garage, Basingstoke RG23 8BB £103.00

Midas Press Partnership, Farnborough, Hampshire GU14 0NZ - Creditor listing

Payments Due

1st May 2010 - This is an interesting article about whether new owners at Celinco have met there obligations or not: http://www.printweek.com/business/news/998918/Piggott-Black-Bear-buyer-Celinco-defaults-terms-purchase/

Coincidentally, under the terms of the new Midas Press PLC agreement ("SPA") to buy the company (for the total fee of £167,505) the first deferred payment of £45,252.50 was due for payment on 29th April 2010. Does anybody know if this payment has been made?

If not, there could be a Celinco style situation as in the Printweek article above.