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#520441

canucklad
Participant

Fly Globespan went bust because they were due money from a credit card clearing company…..that company withheld payments due ( black mailed ) to Globespan…without that revenue stream they couldn’t buy fuel and the rest is history…..

If I remember right the Court of Session up held Globespan’s administrators claim to the money that the card clearing company had with held, and basically blamed the company for the demise of Globespan.

Another example of greedy financial practices causing the collapse of a sound business.