MG Rover, last British car maker, collapses in Enron-sized mismanagement.

[Mugsy]

MG/Rover, the last all-British owned, 100 year old car maker, collapses under Enron-sized mismanagement.
http://msnbc.msn.com/id/7513201/

Administrators for MG Rover Group said Friday that the Shanghai Automotive Industry Corp. has decided not to renew talks about a joint venture and ruled out the prospect of selling Britain’s last major car manufacturer to another buyer.

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PwC (PriceWaterhouse/Coopers), which revealed last week that Rover is losing 20 million pounds to 25 million pounds ($38 million to $47 million) each month, said that in addition to exploring the potential of a deal with SAIC, PwC had looked into “a number of other inquiries.”

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The four directors of Phoenix Venture Holdings (the original owners) bought Rover (back) from BMW for a token 10 pounds in 2000, after BMW suffered losses of around $6 billion in six years. Unions are unhappy about a 13 million pound ($25 million) trust fund they set up that mainly benefits directors.

[whistle]

1. I wonder how many privatized British social security/retirement

...accounts will disappear over this fiasco?