New beginnings - 25% Truth, 80% Bollocks

[horlock07]

a dick of the highest order

Don't be so tough on yourself 

Fair play, more spike in that Trust statement than many would have expected, whilst still being professional.

Indeed, albeit no doubt there will be some fumin' that they haven't said that everyone is corrupt or some such nonsense!

[ChalkyWhiteIsGod]

Yeah and the guy who keeps phoning him ain’t to clever either

 

[Bogus Dave]

Good statement. I wish everyone would drop the phrase ‘open and transparent’

[Nemo]

Good statement. I wish everyone would drop the phrase ‘open and transparent’

I think it's being used pointedly in the statement no? as in "you promised openness and transparency"

[Bogus Dave]

I’m sure it is, it just sounds like a catchphrase now. Minor gripe in the scheme of things

[Power to people]

Good statement from the trust but this is also a tester for them, many have accused them on cosying up to Clem & Co and being to close so they need to ensure the answers they get are fed back to the fanbase in the correct way (which I'm sure they will).

Will be interesting though what Clem is willing to divulge, you do wonder if there is a reason he was not going to make the share transfer public ?

[RobertT]

I think it is very clear that the people with influence and ownership of the business have a very different view over what Transparency means vs. what the fans/Trust may believe it to mean.  Clem makes that very clear in his statement, where he says he had no intention of sharing the details of this arrangement.

The Trust should approach this differently, not ask for some vague statements or feelings, instead specify the type of transactions they would the request the club agree to share.  Be that types, values etc.  Clem can refuse to do any of that, can negotiate or completely agree, up to him.  But asking for Transparency will get you nothing if you have different definitions that are not even shared.

[ChalkyWhiteIsGod]

https://truststfc.com/2023/08/18/truststfc-statement-response-to-clem-morfuni-statement-on-companies-house/

Good work. Really good starting point.

[ChalkyWhiteIsGod]

Good start.

On the Debenture front, the pressing need to pay got me digging - originally, the public information shared at the time Power and Jed had their face off was that it related to the sale of the business.

Why then did it become pressing only in September 2022?

Clearly the timing, based on the Trust statement, aligns with the legal work being done to fund the purchase of the CG and not the sale of the business itself.

Looking at the Debentures, of which there were actually four in total, it would appear they were secured against everything the club owned, which was not that much, even after sale.  My hypothesis here would be that the imminent purchase by Eady, which would give the company a 50% stake in a Freehold, would have invoked Black & Arbibb exercising their rights to call in the secured debt.  Essentially, the club would have been given an asset over night that would give Black and Arbib a way of getting their money back, calling in their debt or taking control of the 50% owned by the club.  The golden goose (which really is copper at best) would have flown the nest as soon as the ink was dry.

That makes it a choice, one I can well think I would make in the same situation.

It all still reverts back to why on earth they felt the need to keep all of that behind closed doors, especially given the fact Eady was giving them this opportunity alongside the Trust.  You'd think a moral compass would compel you to share that information.

The problem they have created for themselves is that hiding it makes everyone ask - why?  It must mean they have something to hide, will be the general feeling.

I think we're all assuming the debt was the Andrew Black/Martin Arbib debt. It wouldn't surprise me to find out its something different (or worse entirely made up). Very little would surprise me at this point really.

[The Artist Formerly Known as Audrey]

Although Clem says the loan have, almost, been repaid, I presume the loans themselves attracted some interest. Nobody is going to loan £3m for a good period of time without getting something - stick it in a basic savers account would get £150,000.

[Power to people]

Would also be good to know if Clem is still fine continuing to fund the club or will he be seeking further investment ?

[Mooneyraker]

Good start.

On the Debenture front, the pressing need to pay got me digging - originally, the public information shared at the time Power and Jed had their face off was that it related to the sale of the business.

Why then did it become pressing only in September 2022?

Clearly the timing, based on the Trust statement, aligns with the legal work being done to fund the purchase of the CG and not the sale of the business itself.

Looking at the Debentures, of which there were actually four in total, it would appear they were secured against everything the club owned, which was not that much, even after sale.  My hypothesis here would be that the imminent purchase by Eady, which would give the company a 50% stake in a Freehold, would have invoked Black & Arbibb exercising their rights to call in the secured debt.  Essentially, the club would have been given an asset over night that would give Black and Arbib a way of getting their money back, calling in their debt or taking control of the 50% owned by the club.  The golden goose (which really is copper at best) would have flown the nest as soon as the ink was dry.

That makes it a choice, one I can well think I would make in the same situation.

It all still reverts back to why on earth they felt the need to keep all of that behind closed doors, especially given the fact Eady was giving them this opportunity alongside the Trust.  You'd think a moral compass would compel you to share that information.

The problem they have created for themselves is that hiding it makes everyone ask - why?  It must mean they have something to hide, will be the general feeling.

I'm not sure that these abound amongst our possible ownership group.

[Formerly Drummer Boy]

Yup, it is definitely more robust than the soft soaping of the last two years.

Thanks for the update.

"Establishing the roles and influence of key individuals" should have been done a long time ago, before these people stood to benefit from the generosity of the Eady Trust.

The best thing that can happen now is that this is all confronted head on, and it looks like yesterday's reality enema might have reminded the Trust of their actual role, which isn't to dole out crystal trinkets to 'heroes' or fraternise with ex-cons.

Better late than never.

Better late than never? Dear lord… Of course, it’s much easier to bash on a keyboard behind an online name representing yourself. You forget the Trust represents the entire fanbase.

There are 11 board members, all with full time jobs, with a lot of information being revealed with no pre-warning, time needed to work through what has been said, assess a range of options on how best to strategically move forward, discuss as a board and agree the next steps.

Before you type, stop and have a think. Just because you demand something immediately and it doesn’t happen, doesn’t mean nothing is happening. Of course, you could always join the Trust, stand for election, roll up your sleeves and put those keyboard warrior fingers to some better use?

[ChalkyWhiteIsGod]

Will be interesting though what Clem is willing to divulge, you do wonder if there is a reason he was not going to make the share transfer public ?

Does Clem know we have Companies House in this country? Does something similar not exist in Australia? Seems incredibly naive to think it was never going to come out.

[Mooneyraker]

Better late than never? Dear lord… Of course, it’s much easier to bash on a keyboard behind an online name representing yourself. You forget the Trust represents the entire fanbase.

There are 11 board members, all with full time jobs, with a lot of information being revealed with no pre-warning, time needed to work through what has been said, assess a range of options on how best to strategically move forward, discuss as a board and agree the next steps.

Before you type, stop and have a think. Just because you demand something immediately and it doesn’t happen, doesn’t mean nothing is happening. Of course, you could always join the Trust, stand for election, roll up your sleeves and put those keyboard warrior fingers to some better use?

I think you've misunderstood, or I haven't been clear. I mean 'better late than never' that the roles and influence of key individuals are established.