JJ's summary of the MM deal
(the reported convo with the FT earlier) would seem to fall in line with informed sources, c/f the shareholder spokesman quoted in the Guardian piece yesterday. And he would appear to have the right to be disgruntled.
The only thing MM is actually trying to buy is the stock at purchase price minus 22.5%, the rest being be loaned. This is no more than cheap trickery. If the Club is sufficiently attractive to be the subject of a £25M investment, is it too much to ask for the shareholders to be recompensed at cost, or even +5%?
One other festering bone of contention which this speculation has decloseted is the restructuring of the stadium debt. If ever anyone is in the slightest doubt as to the sheer ineptitude of our people at the top, take a look at the millstone (courtesy Oadlad) with which they have landed us, the enormity of which with skilled, firm negotiation could easily have been avoided.
At the time of Administration, Teachers must have been cacking themselves that we would go under and leave them with a stadium no-one (then) wanted. As our experience at Filbo taught us, the bricks and mortar of the building belong on the liability side of the balance sheet rather than the asset side. Being generous, the land would be worth no more than £5M (we paid £3.5M for it I believe) and once demolition costs have been entered onto the Purchase Ledger one would be staring at residual value of basically f'ck all.
What value did our bright boys put on it? About £18M! I bet Peter Tom wouldn't have. I certainly wouldn't. But a golden opportunity to screw over a company who foreclosed on a deal which left us with debts of £5.3M owing to the construction company (+ a whole lot of ill-will from everyone in the world it seems) was passed over by Toytown Post Office tycoons masqerading as businessmen. Pathetic.
BLUE ARMY !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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