Potential Investor

[blue nige]

reading between the lines our directors will not entertain any offer that will not cover their loans,please someone correct me but as far as i can recall only one loan is repayable that is the one to st andrews engineering which was made against holker street sorry furness building society stadium,therefore how could they put these loans into the equation if they are not legally entitled to do this?
before someone goes off on one i do realise why they lent the club money but i am looking at the situation from a buyers prospective and i can`t see any businessman agreeing to their demands!

[Spanner]

More or less repeating what I said earlier on in this thread...if the legally binding caveats are in place to ensure all the debts are cleared, a set sum to be pumped in monthly for a set period, and specific areas of development earmarked clearly then my members vote will go to selling for a quid. I would not want to see a potential deal to save the club (and there is [SwearFilter] all else out there) scuppered because voting members are gimping about who should get money from an inflated selling price.
1. Clear all debts.
2. Secure the immediate future
3. Sell for a quid

Of course, this is my current opinion based on what is known or perceived right now. If conflicting info comes to the fore then it will/may change accordingly.

I understand what you’re saying, and this is probably be what the BoD would settle for (they’d get their loans back at least). But it is probably in our (the fans’) interest to negotiate a sale of the club’s assets for as much as possible.

For example, and using round figures which may or may not be close to accurate, let’s assume that the total debt (mortgage, debentures, Directors’ loans, and trade creditors) is £250k, and that Mr Casson has £1m to invest/spend which he initially invests as share capital (buying 1 million x £1 shares) in a new company (NewCo).

Scenario 1: NewCo pays £250k for the club’s assets, which the club uses to pay off all its debts with no surplus before the club is dissolved. As a result:
- NewCo has £750k cash left to spend
- NewCo is 100% owned by Mr Casson (1 million shares)

Scenario 2: NewCo pays £500k for the club’s assets. The club pays off its £250k of debts, and has £250k surplus which it transfers to a new Supporters’ Trust before the club is dissolved. NewCo then issues an additional 250,000 x £1 shares which the Supporters’ Trust buys with the £250k it received from the old club. In this scenario:
- NewCo still has £750k cash to spend (£500k of Mr Casson’s money and £250k of the Supporters’ Trust money)
- NewCo is 80% owned by Mr Casson (1 million shares) and 20% owned by the Supporters trust (250,000 shares)

[Spanner]

reading between the lines our directors will not entertain any offer that will not cover their debts,please someone correct me but as far as i can recall only one debt is repayable that is the one to st andrews engineering which was made against holker street sorry furness building society stadium,therefore how could they put these debts into the equation if they are not legally entitled to do this?

Because if the other debts aren't paid off (or waived) then the FA almost certainly (and rightly) wouldn't sanction the transfer of the club's registration to Mr Casson's new company.

The fact that some loans are secured against the ground and some aren't is basically irrelevant I think unless and until we end up in liquidation.

[Adam29]

Open letter from casson to the fans in today's mail

[spirit of 1990]

Without yet knowing what's in his open letter but assuming he's still interested, he needs to make himself (or a representative) available to a Q & A meeting otherwise we'll only be getting Paul Cassons view on things in his letter (as we did in the last one)

This could be a genuine offer & turn out to be a massive thing for the good of the club but we need to know more than the scraps we're getting from both sides like we are at the moment.

[Wintergreen]

Open letter from casson to the fans in today's mail

That's really going to put the foot among the pigeons...

[Casualobserver]

That's really going to put the foot among the pigeons...

Is that what you call pigeon-toed?

[Uncle Peter]

I belive Mr Casson will be holding a meeting to put his proposals direct to members, possibly to test the water.

I have no issue with this whatsoever, neither will any other board member, although I don't think it's strictly the right way to go about things. The board do not currently have any details of this offer.

The better way to do it would be to put details of his offer out there and allow the members to debate this at the agm. Just my opinion.

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[Barrowabc]

I belive Mr Casson will be holding a meeting to put his proposals direct to members, possibly to test the water.

I have no issue with this whatsoever, neither will any other board member, although I don't think it's strictly the right way to go about things. The board do not currently have any details of this offer.

The better way to do it would be to put details of his offer out there and allow the members to debate this at the agm. Just my opinion.

Sent from my C6903 using Tapatalk

I fully agree Pete as seems abit cloke and dagger to me
Why not be open and honest !
Or is this how business works ?

[Blue Ninja]

Seems to me like Mr Casson cant please the fickle people on here. He tries to go to the board with the intention of bailing the club out to which everyone wants to know every detail and when there is an agreement to keep stum everyone complains. Now he wants to put his proposals to the members people moan he is being cloak and dagger. Seem like he is damned if he does and damned if he doesnt. Mr Casson must have the patience of a saint if he ever reads this forum. This is a barrow born successful business man that wants to give something back to his town. Let the man go about his business in the professional manner he has done so right from the begining

[John Very Little]

Seems to me like Mr Casson cant please the fickle people on here. He tries to go to the board with the intention of bailing the club out to which everyone wants to know every detail and when there is an agreement to keep stum everyone complains. Now he wants to put his proposals to the members people moan he is being cloak and dagger. Seem like he is damned if he does and damned if he doesnt. Mr Casson must have the patience of a saint if he ever reads this forum. This is a barrow born successful business man that wants to give something back to his town. Let the man go about his business in the professional manner he has done so right from the begining

He isn't going about his business in a professional manner, he's putting his offers in the Evening Mail, not to the clubs board and has never actually made any formal offer.
The bid he put in the Mail wouldn't be acceptable to the FA as it doesn't pay off all the debts and doesn't take into account the value of the ground.
How long have the Mail had the latest particular story/letter?

[Paul]

Seems to me like Mr Casson cant please the fickle people on here. He tries to go to the board with the intention of bailing the club out to which everyone wants to know every detail and when there is an agreement to keep stum everyone complains. Now he wants to put his proposals to the members people moan he is being cloak and dagger. Seem like he is damned if he does and damned if he doesnt. Mr Casson must have the patience of a saint if he ever reads this forum. This is a barrow born successful business man that wants to give something back to his town. Let the man go about his business in the professional manner he has done so right from the begining

Couldn't agree more. How is it "cloak and dagger" If he's willing to come and meet the members and explain his proposals.
Shows how open and honest he wants to be.

GIVE THE GUY A CHANCE - WE CAN'T AFFORD NOT TOO.

[Wintergreen]

If Mr Casson wants to contact rank and file supporters someone should direct him to this Forum - even if he just wants to issue a statement.

[Paul]

Seems to me like Mr Casson cant please the fickle people on here. He tries to go to the board with the intention of bailing the club out to which everyone wants to know every detail and when there is an agreement to keep stum everyone complains. Now he wants to put his proposals to the members people moan he is being cloak and dagger. Seem like he is damned if he does and damned if he doesnt. Mr Casson must have the patience of a saint if he ever reads this forum. This is a barrow born successful business man that wants to give something back to his town. Let the man go about his business in the professional manner he has done so right from the begining

He isn't going about his business in a professional manner, he's putting his offers in the Evening Mail, not to the clubs board and has never actually made any formal offer.
The bid he put in the Mail wouldn't be acceptable to the FA as it doesn't pay off all the debts and doesn't take into account the value of the ground.
How long have the Mail had the latest particular story/letter?

You could also argue the fact that if he hadn't gone to the mail to outline his proposals, we would never have found out about his offer, given our board and their openess to divulge information - NOT. The board wanted the NDA in place - not Mr Casson it seems.

[McMark]

I Know The EM just see this as another story to sell papers. But just when the club was starting to unite on and off the field again, they conspire to divide us all!! Someone from the club needs to have a serious word in their shell like!