The Debt.
Moderator: Zulus Thousand of em
Re: The Debt.
Even if I accept all that, which I very much do not by the way, but even if I do, why on earth would he do it? What is he getting?
He owes the money to himself. If he did that, Burnden Leisure (him) would now not owe £160m - HOORAY. Moonshift (also him) would no longer be owed £160m - BOOOO.
What's the upside?
He owes the money to himself. If he did that, Burnden Leisure (him) would now not owe £160m - HOORAY. Moonshift (also him) would no longer be owed £160m - BOOOO.
What's the upside?
In a world that has decided
That it's going to lose its mind
Be more kind, my friends, try to be more kind.
That it's going to lose its mind
Be more kind, my friends, try to be more kind.
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Re: The Debt.
He's free to walk away, I'm guessing with a small but not inconsiderable payout from ourselves. Its all hypothetical. But we do have a mountain of debt, and I am starting to wonder as to what mechanisms they'll use to clear it. Involuntary administration is less preferable than voluntary, by the way.
You can judge the whole world on the sparkle that you think it lacks.
Yes, you can stare into the abyss, but it's staring right back.
Yes, you can stare into the abyss, but it's staring right back.
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Re: The Debt.
And he doesn't owe himself any money. A company he is director of owes money to another company he is director of. Its really not as simple as "its his money". Its technically company money. He has to deal with that in a legal way.
You can judge the whole world on the sparkle that you think it lacks.
Yes, you can stare into the abyss, but it's staring right back.
Yes, you can stare into the abyss, but it's staring right back.
Re: The Debt.
He's free to walk away now! As you say, the companies owe/are owed the money, not him. What do you think the actual benefit to ED is from going into administration? End game of your reasoning, imagine this happens as you're saying, what he would get out of it that he would need to put BL into administration to get?
Coz I can't see anything!
Coz I can't see anything!
In a world that has decided
That it's going to lose its mind
Be more kind, my friends, try to be more kind.
That it's going to lose its mind
Be more kind, my friends, try to be more kind.
Re: The Debt.
Or what? He get sued by himself for breaching his fiduciary duties to himself?Lord Kangana wrote:And he doesn't owe himself any money. A company he is director of owes money to another company he is director of. Its really not as simple as "its his money". Its technically company money. He has to deal with that in a legal way.
In a world that has decided
That it's going to lose its mind
Be more kind, my friends, try to be more kind.
That it's going to lose its mind
Be more kind, my friends, try to be more kind.
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Re: The Debt.
I'm surprised his company allowed him to "Borrow" £150 Million without questions. Could be a tax benefit thing or maybe the Stadium and surrounding area are collateral, though I can't see the value being anything like the debt. Don't his partners invest in supermarket construction and maybe schools? On the other hand he might just be an eccentic fan.
Don't try to be a great man. Just be a man and let history make up its own mind.
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Re: The Debt.
He'd get pursued by the authorities for not acting in the best interests of his company - in this case Moonshift.Prufrock wrote:Or what? He get sued by himself for breaching his fiduciary duties to himself?Lord Kangana wrote:And he doesn't owe himself any money. A company he is director of owes money to another company he is director of. Its really not as simple as "its his money". Its technically company money. He has to deal with that in a legal way.
You can judge the whole world on the sparkle that you think it lacks.
Yes, you can stare into the abyss, but it's staring right back.
Yes, you can stare into the abyss, but it's staring right back.
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Re: The Debt.
... and get barred from being a director of any business for a good while.Lord Kangana wrote:He'd get pursued by the authorities for not acting in the best interests of his company - in this case Moonshift.Prufrock wrote:Or what? He get sued by himself for breaching his fiduciary duties to himself?Lord Kangana wrote:And he doesn't owe himself any money. A company he is director of owes money to another company he is director of. Its really not as simple as "its his money". Its technically company money. He has to deal with that in a legal way.
Now THAT would be interesting !!
Not advocating mass-murder as an entirely positive experience, of course, but it had its moments.
"I understand you are a very good footballer" ... "I try".
"I understand you are a very good footballer" ... "I try".
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Re: The Debt.
He is old. Would he care that much? (I'm not saying he will, by the way!)
You can judge the whole world on the sparkle that you think it lacks.
Yes, you can stare into the abyss, but it's staring right back.
Yes, you can stare into the abyss, but it's staring right back.
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Re: The Debt.
It'd fck us up though !!Lord Kangana wrote:He is old. Would he care that much? (I'm not saying he will, by the way!)
Not advocating mass-murder as an entirely positive experience, of course, but it had its moments.
"I understand you are a very good footballer" ... "I try".
"I understand you are a very good footballer" ... "I try".
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Re: The Debt.
Anyway, I was only reading in the paper yesterday of a business that went tits up with liabilities of abou £600k, but they couldn't pursue the directors appropriately because the record keeping was so shoddy! We could all learn a lesson from that! They got a ban, but what does that even mean?
You can judge the whole world on the sparkle that you think it lacks.
Yes, you can stare into the abyss, but it's staring right back.
Yes, you can stare into the abyss, but it's staring right back.
Re: The Debt.
Does it mean they nominate the wife and labrador as directors of the next venture?Lord Kangana wrote:They got a ban, but what does that even mean?
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Re: The Debt.
Aye, but what will they know about 4-4-2 or a 3 central defenders with wing backs formation ?Enoch wrote:Does it mean they nominate the wife and labrador as directors of the next venture?Lord Kangana wrote:They got a ban, but what does that even mean?
OK, the dog may be able to grasp it, but ....
Not advocating mass-murder as an entirely positive experience, of course, but it had its moments.
"I understand you are a very good footballer" ... "I try".
"I understand you are a very good footballer" ... "I try".
Re: The Debt.
Maybe that's the future! We sign three alsatians and a rottweiller to play at the back.bobo the clown wrote:Aye, but what will they know about 4-4-2 or a 3 central defenders with wing backs formation ?Enoch wrote:Does it mean they nominate the wife and labrador as directors of the next venture?Lord Kangana wrote:They got a ban, but what does that even mean?
OK, the dog may be able to grasp it, but ....
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Re: The Debt.
Is that's what's known as dogged doggerel and would they hound him if he was found out.
Don't try to be a great man. Just be a man and let history make up its own mind.
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Re: The Debt.
I'm happy that other people have as much foresight as me.Bijou Bob wrote:There seem to be growing rumours doing the rounds about us going into administration on a voluntary basis. Can't see what the advantage would be as the debt is owed to one man, but then I have no understanding of global finance.
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Re: The Debt.
The debt isn't the issue. It's the fact we're leaking money left right and centre to the tune of 50M+ a year.
In the best case scenario that he left the club and wiped all the money we owe him that doesn't stop the fact that this time next year we'll be looking at another 50M+ loss with no one to pick up the bill.
In the best case scenario that he left the club and wiped all the money we owe him that doesn't stop the fact that this time next year we'll be looking at another 50M+ loss with no one to pick up the bill.
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Re: The Debt.
It's not a case of him getting his money back. It's too late for that. To make his money back not only do we have to turn round a 50M+ per year loss and turn it into a profit but we need to make 150M+ worth of profit. LookingPrufrock wrote:He's free to walk away now! As you say, the companies owe/are owed the money, not him. What do you think the actual benefit to ED is from going into administration? End game of your reasoning, imagine this happens as you're saying, what he would get out of it that he would need to put BL into administration to get?
Coz I can't see anything!
How many years would it realistically take for the club to make a profit of 150M to pay that debt back? Even if you say from next year we turn in a 15M profit it would still take 10 years to pay it all back. It's just not feasible.
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Re: The Debt.
Haven't we established that there is no payout for him in the event of administration?Lord Kangana wrote:He's free to walk away, I'm guessing with a small but not inconsiderable payout from ourselves. Its all hypothetical. But we do have a mountain of debt, and I am starting to wonder as to what mechanisms they'll use to clear it. Involuntary administration is less preferable than voluntary, by the way.
I think there is more chance of us being promoted this season than there is of administration.
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Re: The Debt.
Er, no we haven't. In administration the principle creditors (those who are owed money) will be made an offer of p/£. That could be 100. It could be 1. Moonshift is the principle creditor. What Moonshift then do with that money is entirely up to their directors and shareholders, and what, if any loans may or may not have been made to it. Etc etc. It becomes a Moonshift issue.
You can judge the whole world on the sparkle that you think it lacks.
Yes, you can stare into the abyss, but it's staring right back.
Yes, you can stare into the abyss, but it's staring right back.
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