Abstract only
John Wilson

2 The rise of ISC HEN ON 21 September 1987 the Ferranti board formally announced the merger with International Signals & Control plc (hereafter, ISC), few contemporary commentators were publicly willing to make anything other than positive comments about the prospects for this amalgamation. Although coincidentally – some would say, prophetically – shareholders approved the merger on what has passed into financial history as ‘Black Monday’, on 19 October 1987, when share prices collapsed precipitously across the industrialised world, it is difficult to detect

in Ferranti: A History
John Wilson

3 A step too far? Merger with ISC of the last two chapters, attempts have been made to provide a balanced view of the relative positions of Ferranti and ISC by the mid-1980s. The dual analysis will be sustained in this chapter, especially in trying to explain why the two companies entered into a merger in September 1987, outlining how the relationship between Ferranti and ISC evolved slowly over the course of that decade, culminating in extensive rounds of detailed investigations by both executive teams and a plethora of professional advisors selected from

in Ferranti: A History
Abstract only
Volume 3 Management, mergers and fraud 1987–1993
Author: John Wilson

The final volume of this detailed history of Ferranti covers the last seven years of its operating existence, starting with the 1987 merger with ISC and culminating in a humiliating demise consequent upon GEC’s 1993 decision to withdraw its bid for what by then was an unprofitable rump. Extensive attention is paid to the way in which ISC evolved under James Guerin’s stewardship, providing insights into the shady world of international covert arms dealing. While in 1987 Ferranti purchased what was regarded as a highly profitable defence electronics business, by 1989 it was apparent that ISC’s net worth was marginal, creating an accounting hole in what by then was Ferranti International from which it never recovered, in spite of highly imaginative strategies enacted by a new chief executive, Eugene Anderson. The book provides detailed insights into international mergers, corporate governance issues and defence electronics that highlight the dangers associated with competing in one of the fastest-moving industries of that era.

John Wilson

4 From honeymoon to divorce ITH THE FERRANTI-ISC merger greeted by the business world as an astute response to a combination of market-cum-technological pressures and take-over threats, from November 1987 the two boards were then obliged to discuss in minute detail a wide range of issues. In the first place, it was crucial to decide on both the management structure and key appointments, assimilating the best talent into a hierarchy that would work effectively. Secondly, and very much linked to the first point, senior management was charged with the challenge of

in Ferranti: A History
John Wilson

examined at the end of the last chapter, it is indicative of the scale and complicated nature of Guerin’s fraud that as late as 2012 investigators were still searching for the money he squirrelled away as a result of his covert trading and fraudulent activities. Even though in 1991 James Guerin was jailed for a variety of crimes, including money-laundering through front companies, the fine details of all the fraudulent deals, arming embargoed nations and duping financiers and business executives into supporting ISC will probably never emerge. Furthermore, the trial of

in Ferranti: A History
Official inquiries into prewar UK intelligence on Iraq
Mark Phythian

of inquiry held into intelligence on Iraqi WMD in providing a full explanation of how the UK came to go to war on what Robin Cook famously termed a “false prospectus.” 2 In doing so, this chapter focuses on the inquiries conducted by (in chronological order): the Foreign Affairs Committee (FAC), a select committee of the House of Commons; the Intelligence and Security Committee (ISC), a committee of

in Intelligence and national security policymaking on Iraq
Claude McKay’s experience and analysis of Britain
Winston James

his syndicalist predilections. And he became deeply familiar with London proletarian life. Pankhurst and the WSF had their base in Old Ford Road in Bow, in London’s East End, where he lived for a time. His view of Britain was dominated by this perspective. The International Socialist Club The International Socialist Club (ISC) was McKay’s primary redoubt in London. Crystal Eastman

in West Indian intellectuals in Britain
The Manchester Quakers and refugees, 1938–1940
Bill Williams

8 ‘Serious concern’: the Manchester Quakers and refugees, 1938–1940 In the face of an increasing number of refugees reaching Manchester, the Quaker ISC could not justify any more than the Jewish community, what was at best a haphazard response to their needs. On 20 October 1938, the ISC declared itself ‘seriously concerned with the need to help the increasing number of Refugees in this country. We suggest that a panel of Friends be drawn up showing those able and willing to take refugees for varying periods.’ The causes of this sudden ‘serious concern’ are not

in ‘Jews and other foreigners’
Manchester Quakers and refugees, 1933–1937
Bill Williams

achieving this was through an ‘International Group’, ‘open to all visitors from overseas’, which met periodically at Mount Street or in the homes of its members for social events or ‘to discuss international problems and ways in which friendship between members of different nations may be encouraged and developed’.20 A more formal International Service Committee (ISC) of eighteen members, drawn 83 ‘Jews and other foreigners’ from all the Hardshaw East meeting houses, and equally committed to reconciliation, linked Mount Street to Quaker missions in Asia and Africa as

in ‘Jews and other foreigners’
Abstract only
John Wilson

6 The rescue strategy HILE THE LAST chapter has outlined the exhaustive nature of the multiagency investigation into the fraud and other crimes perpetrated by Guerin and his closest associates, culminating in a fifteen-year jail sentence for the former ISC chief executive, we now have to analyse how those left with the horrendous task of effecting a recovery of Ferranti International coped with this enormous challenge. The fraud had created a huge hole in the company’s accounts, estimated at approximately £400 million, while the acquisition of bank debt

in Ferranti: A History