Foxes Trust e-mail

[Dour]

but thats just for stting the deal up and doind DD

That's just another of Anderson's silly numbers, isn't it? I can't see how DD on Leicester could cost that much, unless MM is a complete mug and his accountants and lawyers are spivs.

 

[newtonfox]

That's just another of Anderson's silly numbers, isn't it? I can't see how DD on Leicester could cost that much, unless MM is a complete mug and his accountants and lawyers are spivs.

Anderson and a LCFC source have said the same thing it could be the same person that told Anderson i dont know

 

[Naughty Fox]

like yourself im no expert but would think there some safeguards but also there has to be some risks

Without a doubt, Ken Bates bought Chelsea for a quid but took on all of the debt. MM although not buying for a quid is still taking a risk and as many have said, he doesn't have to buy us. He can see that we could go further than Pompey with the set up that we have and of course he is trying to get the best deal he can.
The thing that confuses me is his statement of not being able to take his 'football' money back with him (presume from sale of Pompey) so if this was 32 million, but then hearing/speculating he is financing it?

 

[From Gradel to Grave]

I know. That's what I call taking one for the team.

 

[newtonfox]

I know. That's what I call taking one for the team.

in more ways than one :icon_conf :icon_conf

 

[Real Sharapova]

who said anything about losing debts? If the buying price is pressured down the debts effectivly take care of themselves. i.e if someone was to buy for say £8M and happy to take everything on, but then waits, admin then seems certain, they buyer comes back with a much much reduced offer and the savings goes towards paying the debts. But I dont know ( if any ) what are debts are.

But you were talking about the present shareholders taking over weren't you, in which case they would be buying off themselves, therefore no savings. Unless I've got hold of the wrong end of the stick, which happens from time to time.

 

[Melton Fox]

c) We believed the formal bid document would be circulated to shareholders this week, however following a further conversation with the club today, we now understand it is more likely to be circulated w/c 15th Jan. Most delays in the takeover process have been blamed on the LCFC Board in the media, in reality both parties have played their part, as is the case with this latest delay.

I haven't read all of this thread yet, so I apologise if I'm covering this a second time but this jumped out at me immediately.

Nowhere does it say that the board haven't yet recieved the bid. It is implied that both parties are holding up the process. It is also implied that MM hasn't submitted the bid.

It could be that the board have the bid in their hands but are delaying putting it to their shareholders for some reason. I am always suspicious when documents are worded this way

 

[1966]

I am not an expert, but as OG says, if you are a Ltd company you have safeguards regarding your own personnel finances. Like if any company went bust the director/s do not have to loose their house if it was not put up as security.

Quite right.

The classic recent example is of course Farepack. When they went to the wall their multi-millionaire owner scuttled off with his money and assetts well and truly intact and everyone else fecked.

 

[Real Sharapova]

I haven't read all of this thread yet, so I apologise if I'm covering this a second time but this jumped out at me immediately.

Nowhere does it say that the board haven't yet recieved the bid. It is implied that both parties are holding up the process. It is also implied that MM hasn't submitted the bid.

It could be that the board have the bid in their hands but are delaying putting it to their shareholders for some reason. I am always suspicious when documents are worded this way

Melts, I would put it more down to documents having to be revised a lot, and then two sets of solicitors agreeing on them - I wouldn't read to much in the way of deliberate delaying tactics by either party.

 

[Redditch Fox]

Demonstrates once and for all what a truly pitiful state we are in

He's seen the books, knows we up shit creek, and therefore knows the shares a worth precisely feck all

Quite.

Although it's impossible to get a totally clear picture from the outside, it appears that the track the club is on would involve selling off playing assets and other assets just to remain viable. This assumption is made on the safe bet that as things are the club has no chance of significant football success.

The above being so - the shareholder's investments will inevitably shrink to the point of being worthless.

Everybody knows that MM's offer is not going to be generous. He would be off his head if it were. But I think the chances of existing investors effectively throwing more money away are practically nil. I'm sure that they have got more sense. So.....let MM get on with and let's hope for the best.

 

[OldGit]

being as MM will be the only shareholder its his debt will it not

No, it's the companys. The company is a limited liability company, Same as the old plc - the then directors did not have to stump up when it became insolvent. Neither did I as a shareholder.

still his money at the end of the day

Not if it is done through one of his companies. And if it's done to create a tax loss it's you and me that's paying a fair whack of it.:icon_cry:

 

[M17TT C]

Why is everyone getting worked up about MM paying the share holders only £500,000?? Wasn't MM offered Wolves for free and they are in a much better footballing position than us!!

 

[Fox Fan]

Why is everyone getting worked up about MM paying the share holders only £500,000?? Wasn't MM offered Wolves for free and they are in a much better footballing position than us!!

Only if he was willing to put money in. MM is not willing to do this, what he wants to do is loan us money, at god knows what rate of intrest and if it goes tits up, he can walk away having spent less than 1 million on the club....whilst LCFC goes into admin and possiably liquidation.

No doubt he would get his loans out first though, just as he was at Pompy (apparently)

 

[Bobby Smith]

Only if he was willing to put money in. MM is not willing to do this, what he wants to do is loan us money, at god knows what rate of intrest and if it goes tits up, he can walk away having spent less than 1 million on the club....whilst LCFC goes into admin and possiably liquidation.

No doubt he would get his loans out first though, just as he was at Pompy (apparently)

I don't understand what you are trying to say. How can he loan 'us' money? Doesn't he want to buy the club? He might borrow money for LCFC which he will be responsible for. Seems to me that some are losing their bottle for what might lie ahead.

 

[M17TT C]

what he wants to do is loan us money,

Maybe, but no1 actually knows the full extent of what he will loan us. Yes all of it may be loaned, but as someone else has previously posted, he may just use loans to purchase the shares and privately finance the purchase of some players.

IMO it is ridiculous for anyone to come to any conclusions about what and who will be best for the club as we do not posses the facts of the bids. Simple as! It is like people are saying someone is guilty of a crime without hearing their trial!

 

[Fox Fan]

I don't understand what you are trying to say. How can he loan 'us' money. Doesn't he want to buy the club? He might borrow money for LCFC which he will be responsible for. Seems to me that some are losing their bottle for what might lie ahead.

I am under the impression that whilst at Pompy he never actaully gave the club money, but rather loaned it to them. This money had to be paid back at some point, effectivly allowing the club to buy players when the funds were not in their bank, but on the basis that at some point they would be.

I think it was OG who looked in deatail at the Pompy accounts so he may be able to draw some light on it.

 

[Bobby Smith]

I am under the impression that whilst at Pompy he never actaully gave the club money, but rather loaned it to them. This money had to be paid back at some point, effectivly allowing the club to buy players when the funds were not in their bank, but on the basis that at some point they would be.

I think it was OG who looked in deatail at the Pompy accounts so he may be able to draw some light on it.

Isn't this just a way of gaining some security over your assets should things go wrong? Better than a bank or finance company having that sort of hold.

 

[SilverFox]

I don't understand what you are trying to say. How can he loan 'us' money? Doesn't he want to buy the club? He might borrow money for LCFC which he will be responsible for. Seems to me that some are losing their bottle for what might lie ahead.

You can't be personally liable for the debts of a company. He can loan LCFC money at little risk to himself.

 

[Fox Fan]

Isn't this just a way of gaining some security over your assets should things go wrong? Better than a bank or finance company having that sort of hold.

Im not certain that it is. Banks are bound by strict rules and regulations. I would doubt this would be the case for him loaning money to a company which he owns.

 

[SilverFox]

I wonder what will happen if Milan croakes it.

He is no spring chicken.