It looks to me like a 'family feud', and speaking with years of close up experience of being part of a family which has had deep seated rifts, all I can say is that when 'another woman' comes on the scene, there will be scores to settle. In my mothers case, the deed took place in 1956, but she still has a burning anger & resentment, even now. That's just my two pennorth.
DaveW '05 Red Roadster S1 '16 Yellow (Not the only) Narrow AR GDI Plus 4
I am sorry to read Charles Morgan's statement that his severance leaves him in desperate financial straits. However, it leads me to believe that the reason for the ouster is lack of profitability of MMC. Since he owns an outright 30% of MMC he should be receiving healthy dividends if the company is prospering.
I suspect that Charles was receiving a substantial salary with a nice expense account while the rest of the family were receiving little or no dividends.
Reading the tea leaves further, it appears to me that the Morgan family probably does not have plans to sell the company to some hedge fund or foreign buyer. If MMC were "in play" then Charles's 30% equity in MMC would make him a fairly rich man.
I received this additional information from MMC over the weekend:-
Quote:
Whilst there is an internal process being carried out on an employment issue relating to Charles Morgan the company is duty bound not to make any comment other than the press release which is in the public domain.
We are aware of a considerable number of inaccuracies being reported on.
We will be issuing a further statement once the internal employment issue is finalised.
It seems it is the old adage alas in family firms that generally by generation 3 they fail or morph into something else.
It will be interesting to see (having watched the 3 videos this w/end) how a hand off family will manage the board & how they keep the cachet of Morgan without a family figure head.
Frankly I bought one because not in any special order:- 1. My Dad dreamed of one but could only buy a BSA 250. He never drove in mine but I know he wolud have loved it. 2. I loved the Harvey Jones programmes as they showed love for the product & process 3. I admire my pre long door hand built not hand assembled car 4. i wanted a usable classic given a busy job 5. Most importantly they look and drive like nothing else
Long live the brand & I hope the ethos. John
JohnV6 2022 CX Plus Four 2025 Renault Scenic Alpine etech "Yvette"
TalkMorgan, Thanks for posting this information. The charts are a big help in understanding the company's owners and officers. The family tree chart makes it clear that Peter Morgan's intention was that the company would be owned by his entire family, with Charles being the most influential member but not the czar. (For some reason my software suspects a virus in the MT attachment and will not download it.)
