Marco Cereste apparently with his council Harry Potter Style 'sorting hat' on fending off incredulous tweets (and blocking most of Peterborough) justifying the role of a snake-oil salesman and using the Peterborough Telegraph as his personal mouthpiece is trumpeting that he's signed a deal with AVIC Electronics. BUT ITS NOT SO!
In reality its just a Letter of Intent or a MOU Memorandum of Understanding [MOU], which is a cigarette paper above a Gentlemans Agreement or simple handshake. In austerity reality its not worth diddly squat, either side could walk away ... but it might help the Chinese blag few employment Visas, who knows?
As some may suggest I don't understand the four corners of contract law (an easy cop out) this is my understanding (in basic simple terms) of a Letter of Intent:
Cereste however says he HAS SIGNED A DEAL, he hasn't. My comments therefore stand and hold good.
A Cereste MOU with the Chinese (or outer Pongolia for that matter), at the day of writing is effectively worth less than a Letter of Intent. In fact if you take his verbal/tweeted utterances, in contract law terms they might hold more water with the courts as a Verbal Contract. Simply if the Chinese want to walk away they can and at any time. If this isn't the case, then simply publish the MOU, and exactly when did it go through 'scrutiny' or has the Dear Leader dispensed with the accepted democratic process?
If any of the names of a string of Chinese directors and managers appear citing business in Peterborough, and then seen clambering over Victorian slate roofs in Central ward fitting solar panels, you read it here first!
But the canny Chinese have something in common with Cereste as they can also lose money as well:
Jan 30 (Reuters) - AVIC Electromechanical Systems Co Ltd
says 2014 preliminary net profit down 8.5 percent year on year at 383 million yuan ($61.28 million. Source text in Chinese: bit.ly/16480aY.
But there again Mr Cereste during his lack-lustre spell as leader then no overall control leader has watched over a massive Town Hall public money debt mountain, and ensured a red (as in loss) army of consultants and lawyers have trousered over £3million., for what? We'd also like to know where Lark Energy sources its solar panels and control gear, did anyone say CHINA? Wow, what a coincidence! And the £3million publicly funded 'seed money' for the latest Solar 'south sea bubble' madcap make us all rich rooftop scheme? Or it could be the Cereste idea of an Agreement follows the Carbolic Smoke Ball Company case of 1892 still a fascinating read the Dear Leader might like to consider over his morning latte? Read all about it here! http://www.bailii.org/ew/cases/EWCA/Civ/1892/1.html Ciao Baby!
The local newspaper nearly fell for it, but the new staff Journalist seems to have sussed it, and now questioning its worth. Mr Cereste as you will be aware is seeped in American law, and US law courts, he has a financial tie up with a Roswell firm (think of Aliens!) so the MOU takes on a totally different legal framework in the USA.
As for Peterborough? Mr Cereste is commercially heavily involved in the solar farm business, so his private companies might do well out of a tie up, as one of its many subsidiaries, is involved in the photovoltaic device manufacturing business, but as for the City Of Peterborough its a case of the Emperors new clothes.
CHINA AVIC ELECTRONICS CO.,LTD is principally engaged in the manufacturing and distribution of aviation and defense electronic products. The mainly provides aircraft data acquisition equipment, aircraft positioning and navigation equipment, aircraft navigation attitude systems, air data systems, autopilots, aviation lighting systems, cockpit control and dimming systems, aircraft warning systems, dedicated driving and actuation systems, flight indicating instruments, application controls, sensors and sensitive components, photovoltaic inverters, as well as textile machinery and spare parts, among others.
Through its subsidiaries, it also involves in the photovoltaic device manufacturing business.
(Reuters) - Aviation Industry Corporation of China (AVIC) is awaiting regulatory approval to take control of loss-making Xiamen XGMA Machinery Co Ltd, giving the firm a chance to diversify into the aviation industry amid a sustained downturn in China's construction machinery market.
The move, coming less than 4 months after Zoomlion Heavy Science and Technology Co Ltd bought control of a domestic farm machinery builder, highlights challenges facing Chinese machinery makers due to a supply glut created by Beijing's 4 trillion yuan stimulus program announced in 2008.
In October, Zoomlion issued its third profit warning in 18 months. Rivals such as Sany Heavy Industry Co Ltd and XCMG Construction Machinery Co are also feeling the pinch. Xiamen XGMA, a much smaller player, slipped into a 590 million yuan ($95.94 million) net loss for the year.
In a stock exchange filing, Xiamen XGMA said it would be joining AVIC's sprawling family after its previous state parent handed over its 54 percent stake in the firm to two subsidiaries of AVIC for free.
The State-owned Assets Supervision and Commission of the State Council (SASAC) and Xiamen's own parent, the local SASAC of Xiamen, are the brokers of the deal, it said, adding the transaction still needs government approval.
AVIC Heavy Machinery Co Ltd, a listed vehicle of the Chinese aviation group also issued a statement, saying the proposed restructuring should turn Xiamen city into a manufacturing base which would include aviation maintenance, special vehicles and construction machinery.
DUBLIN, Dec 1 (Reuters) - Ireland's Avolon Holdings IPO-AVOL.N launched an initial public offering valuing it at up to $1.86 billion on Monday, as a Chinese suitor confirmed it had dropped its bid for the world's ninth largest aircraft leasing firm.
The Dublin-based firm, founded in 2010 by leasing entrepreneur Domhnal Slattery, said it expected the sale of existing stock to be priced between $21 and $23 per share. Trading is expected to begin in the next two weeks.
Avolon filed for a New York listing in June, only to be approached by China Investment Corp (CIC) and Chinese state aerospace firm AVIC Capital.
Confirming an earlier Reuters story, AVIC said on Monday it had cancelled its approach after the Irish company's board turned down the offer..
The offering of 13.6 million shares, or just under a fifth of its capital, by Avolon's outside backers will raise about $314 million at the top end of the expected price range.
All the shares are being sold by existing investors, including private equity firms Cinven Ltd, CVC Capital Partners Ltd and Oak Hill Capital Partners, and the Singapore government, according to a regulatory filing. (1.usa.gov/1zHP4qL)
Leasing is playing an increasingly visible role in the $100 billion-a-year new jetliner market as the industry prepares to double its fleet size in 20 years.
Companies hope to capitalise on growing interest in aviation from longer-term investors such as insurers and pension funds, who are hoping to boost yields.
Solar panels and Pizza Cafes would seem to be at the bottom of their shopping list .. Follow more on hashtag #pizza4brains
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