Notice of CVA meeting this morning at the Mermaid Conference Centre, London

At 4pm yesterday afternoon HMRC informed Oddbins and Deloitte that they did not support the CVA. Since HMRC are owed between 30%-33% of the £21 million total deficiency the CVA was immediately dead in the water. Deloitte did, however, continue right up to this morning's meeting at the Mermaid Conference Centre to try to win HMRC round to voting for the CVA proposal but in vain. The tax authorities could not see that the proposal was 'viable'.

I understand that one of the sticking points for HMRC was the long payment time – spread over 46 months. They may also have concluded that multiple drink retailing is a risky business given the failures of Unwins and Threshers.

Given HMRC's stance the CVA was never put to the vote. Had there been a vote, the CVA would have failed with 68% voting against by value. However, if you take out HMRC then 84% were in favour of the CVA.

There will be a hearing in the High Court (London) on Monday and, unless British Gas press their winding up order, Oddbins will enter administration. It is expected that Lee Manning, a partner in Deloitte's reorganisation services, will be appointed director. After the meeting Manning said that Oddbins' stores would continue to trade and that the remaining 400 staff would be paid. He hopes to sell the business as a going concern and that they had received two or three offers. One of these offers is from within the wine trade and one from outside. There were also some other very recent offers that Manning had not yet had time to study. His message to creditors was pretty grim. "I think it is unlikely that the payout to creditors will exceed 7.5p in the pound."

'It may, of course, be that Oddbins will be more attractive in administration than it was as a potential CVA.

I suspect that the biggest long-term implications of Oddbins going into administration, apart from staff made redundant, will be for some of the suppliers, especially those in for large sums and who may also have been hit by Threshers and Unwins. There were some very glum and grim faces leaving the CVA meeting this morning. Most gave a terse 'No comment" as they left.

However. Nick James, managing director of Pol Roger (owed £273,612), was more forthcoming. "A sad day and for smaller companies like us it's a hell of a blow. It will have implications throughout the trade. We stopped supplying Oddbins before Christmas as we had an agreed payment plan that fell into abeyance, so we refused any further supplies. Our sales manager, who lives in Wimbledon, virtually camped out in Oddbin's headquarters. On several occasions he burst in and confronted Baile."

"Baile could have communicated far better with his suppliers. We were kept in the dark. There has been a lack of clarity and information. It's been pretty poor." James also said that he along with many others in the trade didn't fully understand the relationship between Ex Cellars Investments Ltd, Nicolas UK Ltd and Castel. "

Although it must have been evident during last year that Oddbins was running into problems, a number of suppliers may have felt that they had little option but to supply. Furthermore it seems clear that some payment arrangements with Oddbins were not kept. Large importers have increasingly few large retailers to sell to and some presumably decided that they had to take the risk and they may now unfortunately pay a high price.

Also present were a number of angry ex-Oddbins staff bitter about the way they had been treated and fearful that they will not get their redundancy money.

Statement from Simon Baile, managing director of Oddbins Ltd, after the meeting. ‘Despite ongoing negotiations over the last four weeks the decision was made by HMRC not to support the CVA.

As HMRC is a significant creditor this means that the CVA cannot proceed. Oddbins is expected to go into administration on Monday 4^th April following a hearing in the High Court on Monday.

I very much regret the need to make so many staff redundant and we are working diligently to find a buyer for the majority of the business so that as many jobs as possible may be saved.'

Inside the meeting, hearing the news of administration

So stylish that even you would want to pose like a model with it! Wondering what I am talking of, well the all new MINI Scooter E Concept that is here to take urban mobility to a green future. Originally scheduled to be unveiled at the 2010 Paris Auto Show next week, this stunning scooter made its grand debut at London Fashion Week yesterday. Rolled out by MINI, an automotive brand owned by the BMW Group, MINI Scooter E Concept is powered by an electric motor, whose lithium-ion battery can be recharged at any conventional power socket using an on-board charging cable.

This trendy electric scooter will help in reducing CO2 emissions without any compromises on spontaneity and independence. The Scooter E Concept includes three designs for electric scooters - a double seat in racing green and leather, a single-seat sporty version and a third with styling inspired by popular culture in the 1960s. The one that is a tribute to the swinging sixties has already been unveiled yesterday, while the other two will be officially unveiled at the Paris Motor show next week.

After making the aircraft engines during the Second World War, the Bavarian Motor Works is now a big name in the field of car and bike manufacturing. The brand, every now and then, hits with one technological invention or the other that makes others appreciate and follow the suit. Well, the latest invention that we are to introduce you with is the remote controlled parking.

Whereas the park Assist system in the new BMW 5 Series helps driver during parallel parking, the remote controlled parking is a step ahead in the technology and performs the whole parking maneuvers during the forward, perpendicular or garage parking. All the driver needs to do is to park the vehicle outside the lot, come out of it, activate the automatic parking maneuver using the vehicle key and the vehicle moves inside and outside with remote control.

Unlike using a camera and reflector of its prototype, the current system uses the vehicle’s existing sensor systems and is guided by the six ultrasound sensors of the Park Distance Control and Park Assist systems. And, as soon as the driver presses the automatic parking system, it reins in the acceleration, braking and steering functions. It maneuvers the vehicle autonomously at a speed of approximately 2km/h aligning itself centrally into the narrow garage or out of it.

BMW Remote Controlled Parking F10 535i

Picture this. Fire has engulfed an apartment of a high rise tower. Inside is a family screaming for help but a veil of fire separates them from the posse of fire-fighters who are trying their very best to extinguish the raging fire with the help of water, foam and powder. But the fire doesn’t seem to relent. Gallons of water and tonnes of foam have been used so far but no avail. Just then a fireman, loaded with special equipment, enters the scene; taking everyone by surprise. He points a wand at the flame, and shoots a beam of electricity that opens a path through the flame. The other firemen now easily reach the stranded family and rescue them to safety.
Unbelievable? Not if a team of Harvard researchers have their way. These masterminds are working towards inventing a way to snuff out flames not with a physical suppressant but with a blast of electric current. This extraordinary discovery of extinguishing fire with electricity was discussed at the 241st National Meeting & Exposition of the American Chemical Society (ACS), a few days ago.


The confidence of Ludovico Cademartiri, Ph.D., and his colleagues in the group of George M. Whitesides, Ph.D., at Harvard University, is based on a 200-year-old observation that electrical charges can bend, twist, turn, flicker, and even snuff the flames. Banking upon this fact the researchers have developed an electrical wave blaster that could replace the traditional hose pipes and more modern foam as a means to extinguish fire. The announcement heralds a revolution in fire-fighting technology and promises to make the lives of fire-fighters little less difficult.


“Controlling fires is an enormously difficult challenge,” said Cademartiri, who reported on the research. “Our research has shown that by applying large electric fields we can suppress flames very rapidly.”


According to the scientists, the new technology will help bring fire under control without the use of standard materials thus saving water and the environment at the same time. In the experiments they carried out, the scientists connected a powerful electrical amplifier to a wand-like probe and used the device to shoot beams of electricity at an open flame more than a foot high. Almost instantly, to the fascination of the researchers, the flame was snuffed out entirely not just once abut over and over again.


The reasoning behind this happening is complex, to the extent that it still to be well understood, claim the scientists. Though there are several effects happening simultaneously, what possibly seems to be happening is that the carbon particles generated during combustion are easily charged, and once charged they respond to electric fields in strange ways that affect the stability of the flame. Shake that stability hard enough, and the flame collapses.


What can be an added boon for the fighters is the fact that the wave blaster requires one-tenth of the wattage required to power a car stereo, which is 600 watts to be precise, to tame the fire. This makes it possible for fire-fighters to carry the device as a backpack making their job more efficient and easy.


This futuristic electrical wave blaster with a wand can be used in place of sprinklers in buildings or ships. It can be of immense use in enclosed quarters, such as armored trucks, planes, and submarines. However, the system may not be useful in case of large fires like in the forests, notes Cademartiri. However, the blaster’s ability to control the heat and distribution of flames can improve the efficiency of a wide variety of technologies that involve controlled combustion such as automobile engines, power plants and welding equipments.

An enthusiastic Chilean product and car designer Roberto Vackflores has come up with an innovative Control Safety Traffic Light concept that aims to substitute manual traffic controls with a smart traffic light system. The proposed solar-powered system features an interactive LED display that keeps changing colors from red, yellow to green.

The interactive system also lets the drivers know their maximum speed limits, road condition, weather, etc. The lights disperse traffic in a tick by utilizing smart sensors to allow emergency vehicles like ambulances and fire brigades reach their destinations sans delay. A security camera is there to check road nuisances. The system is comparatively safer for pedestrians than the otherwise passable traffic controls.

Traffic Light Smart Concept. Seoul Design Contest 2010.

After the immense success of the Android OS, Google is foraying into a newsphere – the development of self driven or autonomous commuters. The internet behemoth is currently testing the possibility of self driven autonomouscommuters on the road, using the artificial-intelligence software that can sense anything near the car and mimic as well as make quicker and more accurate decisions than a human driver.

The artificial-intelligence software replicates driver’s behavior in real time trafficconditions and Google has already got a considerable success by running seven of its cars to 1,000 miles without human intervention and 140,000 miles with little or occasional human intervention. To the surprise of many, one of the seven Toyota Prius drove itself down the Lombard Street lane in San Francisco, which is one of the steepest and curviest streets in the country.

Even though self driven cars are miles away from the mass production, yet Google entering the race may make the dream to come out true soon. Google’s Robot driven cars react quickly to any challenge, have 360-degree perception and do not get distracted, sleepy or intoxicated and it’ll surely going to play a major role in reducing the number of accidents.

Apart from these, autonomous commuters can double the capacity of the road by driving more closely yet safer. And with the reduced possibilities of accidents, these cars can be manufactured light, thus not only playing a major role in reducing the fuel consumption but coming out a more reliable, safer than today’s personal computers, which crash on occasion and are frequently infected.

HMRC refuse DVA. Oddbins into administration. Further details later.

Brief update:

Oddbins will go into administration on Monday if application is approved in High Court, London.

The potential administrator expects that the stores will continue to trade and the staff will be paid and hopes to sell company as going concern. We were told that two or three offers have been received.

Less good news for Oddbins staff who were made redundant. I suspect that the biggest hit, apart from staff made redundant, will be some of the suppliers, especially those in for large sums and who may also have been hit by Threshers and Unwins. There were some very glum faces leaving the CVA meeting this morning.

HMRC pulled plug at 4pm yesterday.

More details shortly.

Yesterday it was announced that 1855 had bought ChateauOnLine, one of the first internet wine companies.

Extract from the press release:

'1855 annonce l'acquisition de ChateauOnline
    Le pionnier de la vente de vins sur internet
 

Paris, mercredi 30 Mars 2011 - Communiqué de presse

 1855 annonce aujourd'hui avoir réalisé l'acquisition de ChateauOnline, le pionnier de la vente de vins sur internet en France et en Europe.'

More details later.

Alain Kerbriand-Postic

The overall result of the election in the canton of Bléré saw the Socialist Party's Alain Kerbriand-Postic elected. He was the sitting member and won, in the second tour, a total of 4004 votes (51.4%) against Jocelyne Cochin (UMP) with 3786 votes (48.6%). Only 45% of the electorate voted. The canton of Bléré comprises the following communes:

Athée-sur-Cher, Azay-sur-Cher, Bléré, Céré-la-Ronde,

Chenonceaux, Chisseaux, Cigogné, Civray-de-Touraine,

Courçay, Dierre, Epeigné-les-Bois, Francueil, Luzillé - 

Saint-Martin-le-Beau, Sublaines

The result in Epeigné-les-Bois was a little different, although it was a close race. Here Cochin came out on top with 86 votes (50.6%) with Kerbriand-Postic close behind on 84 votes (49.4%) – just two votes in it.  58.02% of the electorate voted.   

See report in The Drinks Business:

'Oddbins lowers administration payout forecast

Oddbins creditors face receiving just 7.5 pence in the pound should the Company Voluntary Arrangement not be accepted at tomorrow’s creditors meeting in London, after forecasts for payouts should the retailer enter administration were downgraded.'

Does this mean that Oddbins is in an even worst state than was initially thought? Furthermore if this is the case shouldn't the estimated pay out through the CVA also be cut by a similar amount?

Comment from a spokesperson:
'The amount payable under Administration is only ever a forecast. Threshers payout is now down to 2 pence but the creditors haven't actually received anything yet.

The amount payable under the CVA remains at 21 pence, plus 50% of any outcome from the court case. A payment schedule appears within the CVA documentation (www.deloitte.com/oddbins).

Although Simon Baile continues to have discussions with investors it is still too early for anything to be announced. The reduction is a reflection of the fact that no purchasers have come forward.'

What you see above is a solar-powered robot that could amaze you when it runs on its four wheels. Created by American inventor and kinetic artist Dan Roe, the minimally designed sculptural robot is autonomous in energy acquisition and control. The unpredictably moving Trilobot is also fitted with compound eyes and caudal legs to generate a weak phototropism.



The offset legs allow this creature to move over bumps and cracks with extreme ease. Designed with open source 1381 solar engine circuits, the zero-emission, battery-less robots also flaunt off-the-shelf technologies (including o-rings and hose clamps).

Trilobot - Dan Roe

The technology

The advancement in technology is what our future solely relies on. Lamborghini seems to realize it before others do. As a result, the Italian brand is all set to replace its current V12 engine with all new beating heart, code-named LP837. Thenew engine is the first clean-sheet Lamborghini powerplant, since it first appeared in the 350GT nearly fifty years ago. The latest version will be an all-new 6.5-liter V-12 producing a blistering 700hp and will be built from the scratch. It promises better performance, high-revving exhilaration, and moderate gas emissions yet tips to the scales at only 235kg. Lamborghini has promised that next year’s Murciélago replacement will maintain the high-horsepower rage by confirming that it will have an all-new V12 engine.

What’s new?


The new V12 from the brand isn’t a tweaked version of the current 6.2 liter engine but Lamborghini is building it from scratch with enhanced performance, lightness and moderate emissions in mind. The new version will have an output of 700hp at 8,250 rpm and maximum torque of 690 Newton meters. Enhancing the performance of the new engine will be automated manual lightweight gearbox. The all new engine with reduced weight and added with more ponies plus a new light weight gearbox will surely ensure far more thrilling experience than current 6.2 liter unit offers.

What else is new?

Apart from all new V12 engine, the Murciélago replacement will be mated to a new ‘ISR’ (Independent Shifting Rod) automated manual transmission that will combine minimal shift times half that of a dual-clutch transmission while still boasting low weight of merely 79kg, giving it edge over comparable DSG transmissions that are considerably heavier. The shift time in the gearbox is reduced with one shifting rod moving out of one gear already engages the next. Both – V12 and automated manual transmission – are developed in-house and will be hand-built in company’s headquarter in Sant’Agata Bolognese.

What’s refreshing?

The current V12 is a 6.2 liter engine while the new one will be upgraded to 6.5-liter. New gearbox, ISR, has been added for the optimum performance. The new engine will power the Lambo to race from standstill to 62mph in less than three seconds, with a top speed over 217mph. The older version V12 is capable of sprinting from 0-60mph in 2.8 seconds, from 0-100mph in 6.8 seconds and has atop speed of 213mph. The new V12 engine will boast 700hp and 690Nm of torque that is much high in case of its earlier version that boasts 661hp @ 8000rpm and a maximum of 660Nm torque.

Slideshow
Lambo V12 engine at a glance

The engine will be mounted 60mm lower in the chassis to ensure the new car’s centre of gravity is as low as possible. Additionally, the LP837 will be made of lightweight carbon-fiber chassis that will make it weigh at least 168 pound less than the Murcielago LP640. The new V12 equipped Lambo will have 20% emission improvements, courtesy to reduced weight and the engine will itselfhave emissions improvement closer to 5% which is the result of Lamborghini sticking to multipoint fuel injection than direct-injection system it already uses on its V10 Gallardo.

How the technology works?

The new technology uses a larger bore and a shorter stroke of 95.0mm by 76.4mm to reduce friction, the bore centers are farther apart, and the engine has been given a stratospheric 11.8:1 compression ratio. LP837’s paddle-shift manual gearbox, made with Italian transmission specialist Graziano, will be a thing of wonder for two good reasons: for it’s too fast on one hand and has all that emotion need for supercars, on the other. The seven speed unit changes gears in 50 milliseconds. Lamborghini managed this with “turning the idea of sequential shifting on its head. Recognizing that disengaging and engaging the gear was the major waste of time during each shift; Lamborghini broke up the traditional 1-2, 3-4, 5-6 gear pairings so that the transmission can be engaging the next gear’s synchro at the same time as it disengages the one that’s already hooked up”. This gear box is the first to move two synchros at once and allows the smooth and low speed shifting on light throttle openings and hard, aggressive shifting on fast shifts. The all new ISR shifts gear 40% faster than the Gallardo Superleggera’s E-Gear, and that’s already incredibly fast.

The Impact

The impact of low weight engine and an incredibly fast ISR transmission will not only add more to the driving experience but will also give thrill with more ponies and reduced emissions. The all wheel drive will thunder the road with mammoth 700hp and extremely generous torque curve, meaty pulling power in every situation, extremely reflexive responses and, not least, the finely modulated but always highly emotional acoustics make the L539 a stunning power unit for a super sports car of the highest order. Lamborghini’s technological advancementwith New V12 and ISR transmission many lead its rivals like Ferrari, Porsche andMaserati to pursue something similar in the future.

The new Lamborghini V12 engine and the new ISR transmission

Volcanic eruptions are ill-famed for their hazardous effects on the environment, climate, landscape and people. Volcanic ash can blanket the landscape for miles, while the ash clouds can disrupt aircraft travel. What if there was a way to predict them in advance? Well, the disastrous effects could be tamed a little. Researchers at the universities of Leeds, Purdue, Indiana and Addis Ababa have been investigated volcanic activity occurring in the remote Afar desert of Northern Ethiopia from 2005 to 2009.




The team studied a rare sequence of 13 magmatic events, where hot molten rock was intruded into a crack between the African and Arabian plates. It was found that the location of each intrusion was linked and these findings could help in predicting more accurately the location where volcanic eruptions could strike. The study has demonstrated that volcanic eruptions can influence each other.