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AtW
19th June 2005, 15:55
MG Rover asset 'sold by mistake'

The MG TF model is the subject of press speculation
Administrators for MG Rover have declined to comment on reports that the car maker has sold one of its key assets - the MG TF sports car.

Rover mistakenly transferred the rights to the car when it sold China's SAIC the rights to the Rover 25 and 75 last year, a Financial Times report claimed.

Receiver PricewaterhouseCoopers is currently investigating the legality of the £67m deal for the two Rover models.

The news comes ahead of Wednesday's deadline for offers for parts of Rover.

Assets sale

PwC set the 22 June deadline for selected applicants to submit their final offers for parts of the business - which is thought to include the sale of the intellectual property rights to the TF brand.

However, the FT report said that details of the transfer of the brand had been listed at the UK Patents Office register.

The FT added that a Patent's Office spokesman said any attempt to reverse the situation would require the permission of SAIC as legal owners.

PwC refused to comment on the report, while MG Rover was unavailable for comment.

However, a source close to the situation denied the brand had been sold, saying the only uncertainty surrounding the MG TF surrounded the rights to a small part of the car's engine.

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And Rover had about 10 or more legal firms to advise it! :eek

threaded
19th June 2005, 16:31
Sounds like another bunch who should be retraining as shelf stackers...