Official Statement - Taylor Steps Down

[Hammond Organ]

so FT can we expect any kind of conclusion now (either mm takes over or he walks away) within the next week-or is it set to drag on longer

Only we could have this drag on with so much in fighting...:icon_roll

 

[DesertFox]

I am SO BORED with this now.

 

[low roller]

so FT can we expect any kind of conclusion now (either mm takes over or he walks away) within the next week-or is it set to drag on longer

MM has, yet again, made a new(lower) offer for the board to consider.AT and GC resigned because they've had enough of MM continually changing the terms of the offer.
The whole process has been delayed by MM not by the board or the shareholders.What are they supposed to do when he continually keeps changing the offer.?
The whole process whereby the remaining members of the board recommend the offer and seek the approval of shareholders for a minimum of 75% of the shares must now start again from scratch.
It is now fairly certain that several of the shareholders will not give their approval of the latest offer because like the three senior directors who resigned they've had enough of MM changing the offer all the time. Yet at the same time MM keeps telling the Mercury that he wants to sign tomorrow-thereby implying that the delays have come about by procrastination on the part of the board(and even the shareholders)
AT and GC were the two senior and most respected members of the board who have worked long and hard to try and make this deal work.They have resigned because they felt they could no longer recommend to the shareholders the lower offer received from MM in the last few days-and who can blame them ?

 

[OldGit]

Thanks Low Roller. What you say is substantially what I had heard, though as I couldn't swear hand on heart it was true I was keeping silence for fear of sending a few more people into an emotional tail spin! However, I do understand that the further delay you imply is likely to be very short.

But then I seem to have heard that from somewhere before...

 

[PFKAKTF FOX]

Hinder, on the basis this follows the same path as the JJ resignation, that indicates 13% voting against the deal for the 3 resigned people combined, although target for approval isn't 90%.

Why didn't AT and GC stay around, surely if they felt the MM deal was not in the best long term interests of the club they have should have stayed in their positions and used their influence and power to persuade other shareholders of the potential pitfalls, not just walk away. Also if they felt the offer was not sufficient then why did they not stay and try and look for alternatives.

Are you sure and can you confirm that their resignations were due to the content and detail within Mandaric's offer and not internal politics and in fighting amongst some of the current board

Also now that their is a vacancy for the chairman's position available can MM be voted onto the board and assume the role prior to the takeover being finalised ?

 

[Melton Fox]

Why didn't AT and GC stay around, surely if they felt the MM deal was not in the best long term interests of the club they have should have stayed in their positions and used their influence and power to persuade other shareholders of the potential pitfalls, not just walk away. Also if they felt the offer was not sufficient then why did they not stay and try and look for alternatives.?

Great point A-Z, and if they are City fans then as you say, they are in a position of influence that most of us can only dream of.

They wouldn't give up on their club if the other shareholders weren't adamant. I'm sure if they felt they could influence the other shareholders, they would have stayed.

I'm guessing they walked because they were absolutely powerless to do anything to stop the deal.

That said, this is only the case if they were against the bid





edit....................Love the sig A-Z, you should be very proud

 

[Foxes_Trust]

Why didn't AT and GC stay around, surely if they felt the MM deal was not in the best long term interests of the club they have should have stayed in their positions and used their influence and power to persuade other shareholders of the potential pitfalls, not just walk away. Also if they felt the offer was not sufficient then why did they not stay and try and look for alternatives.

Are you sure and can you confirm that their resignations were due to the content and detail within Mandaric's offer and not internal politics and in fighting amongst some of the current board

Also now that their is a vacancy for the chairman's position available can MM be voted onto the board and assume the role prior to the takeover being finalised ?

The aim is for the board to recommend the MM offer to shareholders, therefore any board members who don't agree with recommending would have to resign (unless all board members were totally against, in which case the deal would not progress).

We can confirm the reasons as low roller stated above.

Jim McCahill has resumed as Chairman in the interim, MM couldn't join the board that would not be approved by the takeover panel

 

[Melton Fox]

We can confirm the reasons as low roller stated above.

Before we start slating MM, the FT or LCFC, do we have a valid reason why MM has lowered his bid?

 

[The Voice From Above]

Before we start slating MM, the FT or LCFC, do we have a valid reason why MM has lowered his bid?

league position?

 

[Melton Fox]

league position?

Never, that would be laughable, we're as we were really.

It could be possible that the delays have caused us to miss the transfer window, but again, that's laughable as it sounds like both parties were guilty.

FT, do we have an answer to the question. It's 15 minutes since I asked the question and you're still viewing the thread

 

[Melton Fox]

I've just seen them leave :icon_roll

Bad timing, didn't want to give the reasons, or didn't know?

 

[PFKAKTF FOX]

Before we start slating MM, the FT or LCFC, do we have a valid reason why MM has lowered his bid?

Could it be down to the current financial position of the club and the fact that now that the transfer window has slammed shut the club has no opportunity to cash in and sell players, there were rumours that 3 or 4 players were going to be sold to raise necessary funds to clear an unnamed debt and possibly allow the club to manage it's cash flow throught to the end of the season, possibly during the window weakening MM's bargaining position.

Now that opportunity has passed by MM has the club over a barrell even more so than before, my fear is if it does fall through and the club has no means of raising immediate cash by selling players then we are in real danger of administration.

 

[newtonfox]

Before we start slating MM, the FT or LCFC, do we have a valid reason why MM has lowered his bid?

the less he pays for the club the more he can put in to the club players etc

 

[Melton Fox]

I don't care if he's lowered his bid. Walk away boys, it's for the best.

 

[muzzysgal]

Great point A-Z, and if they are City fans then as you say, they are in a position of influence that most of us can only dream of.

They wouldn't give up on their club if the other shareholders weren't adamant. I'm sure if they felt they could influence the other shareholders, they would have stayed.

I'm guessing they walked because they were absolutely powerless to do anything to stop the deal.

That said, this is only the case if they were against the bid






edit....................Love the sig A-Z, you should be very proud

Greg Clarke has been a life-long City fan. I know because he went to school with a friend of mine.

 

[Melton Fox]

the less he pays for the club the more he can put in to the club players etc

Could be a good reason, he needs to spend lots of money and quick on higher profile wages until the end of the season to get us out of the shit

 

[newtonfox]

Could be a good reason, he needs to spend lots of money and quick on higher profile wages until the end of the season to get us out of the shit

indeed but thats was IMO melts :icon_wink

 

[homer]

Could be a good reason, he needs to spend lots of money and quick on higher profile wages until the end of the season to get us out of the shit

Or could be that he sniffs a rotting corpse, and wants to pay what it's worth

Or that he's a feckin' shrewd cookie and knows that we'll sell at any price 'cos we're desperate

 

[OldGit]

Or could be that he sniffs a rotting corpse, and wants to pay what it's worth

Or that he's a feckin' shrewd cookie and knows that we'll sell at any price 'cos we're desperate

He didn't get rich without being shrewd, or by being "nice". Some of us who said as much months ago were roundly lambasted for being "negative".

 

[PFKAKTF FOX]

Could be a good reason, he needs to spend lots of money and quick on higher profile wages until the end of the season to get us out of the shit

I dont agree, IMO the club was using the transfer window as a possible barginning tool, they had assets they could sell if needed and maybe they felt they could use that as a way of increasing the price, hence the rumours of possible departures, IMO the shareholders needed to conclude this deal sooner rather than later, the longer the process went on the weaker the clubs position became, as soon as the transfer window closed and the clubs main source for generating quick income was gone and it's arse was laid bare for MM to feck.

MM has played the waiting game and IMO the reasons for AT and GC resigning could be down to the fact that they had seen through MM's tactics and had recommended the sale of players get the club through to the summer and in buying the club this extra time give them an opportunity to explore other avenues.

IMO these latest developments confirm that the MM deal will go through sooner rather than later but also that the clubs true financial position was considerably worse than had ever been disclosed or alluded to. I know believe that with the transfer window closed that without MM administration would have been inevitable.