Fans meeting with John Mackay

[Reg]

It's irrelevant whether or not they continued to use the ticket. They bought a product and didn't pay for it. End of.

This.

[John Very Little]

The thing that has surprised me in all of this is the lack of perspective in that everyone is arguing about a few season tickets which cost a couple of grand yet nobody is bothered about the bigger things such as the debentures where the club may have to fork out something like £20,000 they haven't got?

[DaveP]

John the debenture issue hasn't suddenly appeared from nowhere though has it? Part of the financial planning for the last few years should have taken this into account should it not?

[Adam29]

John the debenture issue hasn't suddenly appeared from nowhere though has it? Part of the financial planning for the last few years should have taken this into account should it not?

From what I heard last night it seems as though they are just hoping people will be generous

[John Very Little]

I can imagine that there will be quite a few people over the last 10 years (who are also debenture holders) that the club have upset and those people will not write off their debentures and want their money back?
If someone like Colin Moore is a debenture holder do you think he'd write his off? I'd guess not?
It seems that from the comments so far that no contingency has been provided?

[Steelworks End]

John the debenture issue hasn't suddenly appeared from nowhere though has it? Part of the financial planning for the last few years should have taken this into account should it not?

From what I heard last night it seems as though they are just hoping people will be generous

Quite a number of supporters probably will. To be honest, in the situation the club was in when the debentures were taken out, I would guess that many supporters who contributed never expected to see their money again. At the time, it was either cough up or lose the club.

As for others who perhaps do not have the interests of the club at heart, who knows how much will have to be repaid? Or how it can be afforded?

[Lancaster Branch]

John the debenture issue hasn't suddenly appeared from nowhere though has it? Part of the financial planning for the last few years should have taken this into account should it not?

Agreed. There's been ample opportunity to set money aside - whether it is through unbudgeted income like Cup prize money or by not sanctioning loan deals when they aren't necessary (e.g. bringing £dwards back). I'm not saying the whole lot would come from one source but bits and bobs from here and there.

[John Very Little]

While we’re discussing the debentures there were a number of people who asked to be paid the annual interest on their debenture amount but have never received it.
This would mean there is also 10 years of cumulative interest on whatever total of their debentures equates to that needs to be added?
This interest amount doesn’t seem to mentioned in the clubs accounts – the total of the outstanding debentures is mentioned but not the interest on them unless its summarised elsewhere?

[Stephen Leonard]

While we’re discussing the debentures there were a number of people who asked to be paid the annual interest on their debenture amount but have never received it.
This would mean there is also 10 years of cumulative interest on whatever total of their debentures equates to that needs to be added?
This interest amount doesn’t seem to mentioned in the clubs accounts – the total of the outstanding debentures is mentioned but not the interest on them unless its summarised elsewhere?

John

Note 6 on the 30/6/10 accounts shows a figure for accrued debenture loan interest of £7054. This is the total amount of interest that would be due to debenture holders who had not specifically indicated that they wanted to waive the interest. I suspect that even some who had not formally waived the interest, will not actually claim it.

Steve

[John Very Little]

Thanks for that Steve.
Quite a figure if that's just the interest but I guess it remains to be seen how many will claim their interest and/or debentures.

[DaveBarter]

Has the club looked into rolling the debentures over into a new 10 year scheme? I'd be happy to continue like this rather then put the club into a financial squeeze.

[John Very Little]

Has the club looked into rolling the debentures over into a new 10 year scheme? I'd be happy to continue like this rather then put the club into a financial squeeze.

Debentures - A debenture holders meeting will take place in September for those who lent the club money to buy the ground back in 2002. There will be 3 options, write off the debenture, keep hold of it but don't ask for interest or ask for money back. (In last accounts we have 93K of debenture holders). It was mentioned that a number of debenture holders have agreed to write off what they lent to the club.

I presume the second option of keeping hold of the debenture without receiving interest would be for another 10 year period, we'll find out more at the debentures meeting in September I expect.
Alternatively, writing it off wouldn't put any financial squeeze on the club

[beyond]

I think if you read the constitution of the club John Mckay, it says every 15 months for an AGM. So the BOD are not following their own set of guide lines. What if a member has fallen upon hard times between last years membership payment and the one due 1/8 - hardly seems fair does it that they can't come to the AGM as they have different priorities this year. Play fair and 'do it right!'

[GTBLUE]

Ive always thought that "annually" meant every 12 months.What a surprise it does'nt, when it suits.
If I had a birthday when it suited me and not annually, I would only be 21 !!!!!

[Adam29]

Ive always thought that "annually" meant every 12 months.What a surprise it does'nt, when it suits.
If I had a birthday when it suited me and not annually, I would only be 21 !!!!!

You missed a 0 off at the end graham