It's now clear the O'Brien's DON'T sell cars any better than they play basketball!
Word around town is that John's daughter Juanita is responsible for the Pacific Toyota liquidation. Unlike John's carefully managed company growth, Gen-Y Juanita has pushed the family companies into a grossly over-leveraged position, all pledged to the Toyota dealership. Gen-Y's "gotta have it all now" philosophy looks to have tragically reduced the O'brien family to paupers.
Another anon comment from an ill informed idiot with no idea. There is so much wrong with your email I don't know where to start. But how about you look up Gen Y for starters. Then do one tenth of what the O'Briens (John, Trish and Juanita) have done instead of making dumb, ill informed comments from behind the safety of your computer where I can only imagine the other things that you play with!!!! Grow up.
Note that Andrew Griffiths is the paid shill for the O'Brien family (along with CEC), lol.
The CP reported yesterday about all the local businesses that have been stiffed by Pacific Toyota, some being stalled for months and months. It is against the law for companies to continue to "trade while insolvent", because of exactly this problem - innocent small businesses get screwed. The definition of "trading while insolvent"? Inability to pay bills as they come due. Was Pacific Toyota "trading while insolvent", Mr. Griffiths? Keep in mind that making misleading statements to ASIC in this regard is also a violation of the law.
No one disputes that the O'Brien's have been benefactors to the local community, although in my experience in the several communities I have lived in over my 60+ years, car dealers are generally "deep pockets" that community organisations rely on. In part because of the marketing benefits that accrue to the car dealer. Funny how quickly it all goes pear shaped - all the community support in the world isn't going to help if we find out that local businesses have been stiffed.
Small business always gets screwed when the big boys play with other people's money. Difference is that their personal fortunes are usually safely stashed away somewhere... while the small bloke risks losing his house. What beats me though is how these big players all got caught up in this mess. After all they got access to the best advise money could buy and the credit crisis didn't exactly come out of the blue. If you got a successful business why risk everything trying to go bigger and bigger ? Greed, ignorance ? How much money is enough ?How do you suddenly end up with debts of $ 20-30 Million. On the other hand if it took so little to wipe this business out, maybe it wasn't as well run as people make out. I know if I suddenly could not pay my suppliers anymore and had to lay off my apprentices that there would be very little sympathy for me in the business world. It's guys like me that provide free credit to the big companies and it's guys like me who get caught out when things go pear-shaped. Then you go to a creditors meeting and you find out that a company that could not pay their suppliers, still managed to fork out massive director and management fees to themselves.
...grumble, grumble... and then you find out that no super has been paid and holiday pay also might be lost.. how can that be ? This is money that belongs to the employees and is not for the business to gamble with. Yet this happens again and again. Not if you are a small business with 4 employees of course.. if you don't pay your super on time, you can expect an phone call real quick. So how do big companies get away with it?
The real farce stars when the liquidators move in. They usually rent a flash venue, fly in an expert at $ 500 an hour, have secretaries at $ 80 an hour and proceed to pick the bones clean. If there is anything left over it will go to the banks and the ATO.
It will be interesting to follow closely what washes up in this corporate collapse. Probably a new company moves in and wipes the slate clean, without having to honour outstanding debts.
I hope I will be proven wrong, because this is not a good thing for Cairns.
As for so-called business-gurus.. how did the term "guru" (spiritual teacher) ever get mixed up in this context ?
6 comments:
The Tiapans is largely overseas players anyway... hardly an 'Aussie' team.... by any means.
It's now clear the O'Brien's DON'T sell cars any better than they play basketball!
Word around town is that John's daughter Juanita is responsible for the Pacific Toyota liquidation. Unlike John's carefully managed company growth, Gen-Y Juanita has pushed the family companies into a grossly over-leveraged position, all pledged to the Toyota dealership. Gen-Y's "gotta have it all now" philosophy looks to have tragically reduced the O'brien family to paupers.
Another anon comment from an ill informed idiot with no idea. There is so much wrong with your email I don't know where to start. But how about you look up Gen Y for starters. Then do one tenth of what the O'Briens (John, Trish and Juanita) have done instead of making dumb, ill informed comments from behind the safety of your computer where I can only imagine the other things that you play with!!!! Grow up.
Note that Andrew Griffiths is the paid shill for the O'Brien family (along with CEC), lol.
The CP reported yesterday about all the local businesses that have been stiffed by Pacific Toyota, some being stalled for months and months. It is against the law for companies to continue to "trade while insolvent", because of exactly this problem - innocent small businesses get screwed. The definition of "trading while insolvent"? Inability to pay bills as they come due. Was Pacific Toyota "trading while insolvent", Mr. Griffiths? Keep in mind that making misleading statements to ASIC in this regard is also a violation of the law.
No one disputes that the O'Brien's have been benefactors to the local community, although in my experience in the several communities I have lived in over my 60+ years, car dealers are generally "deep pockets" that community organisations rely on. In part because of the marketing benefits that accrue to the car dealer. Funny how quickly it all goes pear shaped - all the community support in the world isn't going to help if we find out that local businesses have been stiffed.
Small business always gets screwed when the big boys play with other people's money.
Difference is that their personal fortunes are usually safely stashed away somewhere... while the small bloke risks losing his house.
What beats me though is how these big players all got caught up in this mess. After all they got access to the best advise money could buy and the credit crisis didn't exactly come out of the blue.
If you got a successful business why risk everything trying to go bigger and bigger ? Greed, ignorance ? How much money is enough ?How do you suddenly end up with debts of $ 20-30 Million. On the other hand if it took so little to wipe this business out, maybe it wasn't as well run as people make out.
I know if I suddenly could not pay my suppliers anymore and had to lay off my apprentices that there would be very little sympathy for me in the business world. It's guys like me that provide free credit to the big companies and it's guys like me who get caught out when things go pear-shaped. Then you go to a creditors meeting and you find out that a company that could not pay their suppliers, still managed to fork out massive director and management fees to themselves.
...grumble, grumble... and then you find out that no super has been paid and holiday pay also might be lost.. how can that be ? This is money that belongs to the employees and is not for the business to gamble with. Yet this happens again and again. Not if you are a small business with 4 employees of course.. if you don't pay your super on time, you can expect an phone call real quick. So how do big companies get away with it?
The real farce stars when the liquidators move in. They usually rent a flash venue, fly in an expert at $ 500 an hour, have secretaries at $ 80 an hour and proceed to pick the bones clean. If there is anything left over it will go to the banks and the ATO.
It will be interesting to follow closely what washes up in this corporate collapse. Probably a new company moves in and wipes the slate clean, without having to honour outstanding debts.
I hope I will be proven wrong, because this is not a good thing for Cairns.
As for so-called business-gurus.. how did the term "guru" (spiritual teacher) ever get mixed up in this context ?
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