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Travel News Weblog
Eurotunnel Board sacked?
Before I start, let me say that I am very biased on this subject as I am one of the original shareholders in the Tunnel and have added to my holding in the following years. The news today is that rebel shareholders have blocked the reappointment of the existing board. This is what shareholder democracy is about. The shareholders led by Nicolas Miguet have been concerned about the very poor financial performance of the tunnel and want the UK and French government to bail it out. They also want to increase prices! My belief is that they are either very naive or very devious or even possibly both. The Treaty forbids this and anyway the UK and French Goverments would likley as not Nationalise it, before financing Eurotunnel. The tunnel is effectivelly owned by the banks anyway and they probably feel that it is better to let Eurotunnel struggle paying them interest than to take it over. They would have to write off a lot of their debt before another company could be persuaded to buy it. Then there is the differing treatment of French Shareholders in Bankruptcy to those in the UK. It is an extremely complex issue. Whatever happens the tunnel is built it will be there for future generations and I feel proud that I helped make that happen. What will happen to the shares is very uncertain and we could lose everything. Does anyone have any really good ideas for turning Eurotunnel around?. The BBC interviewed Stelios tonight and he said in effect that he would turn down the chance to run ET if he was asked. He said he was too busy with his other ventures. He did say he could do something with Eurostar though!
Madrid commuter trains bombings
The horrific bombings of commuter trains in Madrid and the senseless death and injury caused is little more than mass murder. Our hearts and prayers go out to families and friends who lost loved ones on the trains. I have travelled on these trains into Atocha Railway station myself and have memories of how civilised they were with their piped classical music. How different it must have been on Thursday.
The terror mongers must not win. I will still travel and take my chances. What I do urge everyone to do is to be very vigilant. Look out for suspicious packages, behaviour and the like and report it. Suggest ways of improving security on your everyday travels. Be aware not paralysed with fear of travel.
Eurapart sends its deep felt condolences to all victims and families of terror.
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