New beginnings - 25% Truth, 80% Bollocks

[RobertT]

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.

It was their debt - four Debentures all satisfied on 30th September 2022.

[ChalkyWhiteIsGod]

It was their debt - four Debentures all satisfied on 30th September 2022.

Confirmed on CH? Thanks for clarifying. Makes me trust Clem a little more knowing that is actually true.

[Bob's Orange]

mid-table mediocrity going forward then ladies and gents!

[horlock07]

It was their debt - four Debentures all satisfied on 30th September 2022.

Confirmed on CH? Thanks for clarifying. Makes me trust Clem a little more knowing that is actually true.

I really don't have the time not ability to go back and check but I would be amazed if this wasn't actually clarified on this very thread at the time.

[RobertT]

Yes, registered on Companies House - three for Arbib and one for Black.  All satisfied on the same day, with the same legal firm filing the notification.

As I hypothesised - it would make sense they HAD to be satisfied to ensure they didn't immediately lose the 50% share of the CG they were about to be gifted, given that was held as security for the Debentures.

[Oaksey Moonraker]

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.

That debenture was reported in the accounts for years and was believed to be triggered on the sale of the club or ground redevelopment.

If the rumours, Lee Power bought the debenture off Andrew Black are true, it sounds like he then played hardball seeking repayment. It was either pay it off or refuse to pay and risk administration or another court case.

Clem has put in the best part of £10m clearing old debts but is getting a kicking for borrowing £3M from his 'mates' despite now owning 50% of the ground.

[ChalkyWhiteIsGod]

Thanks for clarifying. Didn't realise this was part of the public record.

[RobertT]

That debenture was reported in the accounts for years and was believed to be triggered on the sale of the club or ground redevelopment.

If the rumours, Lee Power bought the debenture off Andrew Black are true, it sounds like he then played hardball seeking repayment. It was either pay it off or refuse to pay and risk administration or another court case.

Clem has put in the best part of £10m clearing old debts but is getting a kicking for borrowing £3M from his 'mates' despite now owning 50% of the ground.

If Power ever believed he purchased them, he certainly never updated Companies House.  All four remained unchanged until they were satisfied in September last year.

[ChalkyWhiteIsGod]

Honestly satisfying the black debt should be something we should be really happy and shouting about positively (when the loan is paid back). The fact its turned in to this just shows what a colossal foot in mouth moment its been.

[The Artist Formerly Known as Audrey]

So without Clem managing to scare up £3m from his mates Power would have got his grubby mitts on 50% of the CG.

[ThreeDrawsMentality]

That debenture was reported in the accounts for years and was believed to be triggered on the sale of the club or ground redevelopment.

If the rumours, Lee Power bought the debenture off Andrew Black are true, it sounds like he then played hardball seeking repayment. It was either pay it off or refuse to pay and risk administration or another court case.

Clem has put in the best part of £10m clearing old debts but is getting a kicking for borrowing £3M from his 'mates' despite now owning 50% of the ground.

That's the thing though, some of the people asking the questions have absolutely no problem with Clem having to borrow money to satisfy the Debentures, that's not the issue some people have.

The issue is with the 'open and transparency' line Clem has continually peddled, only to then bare face lie about how this debenture was satisfied afterwards and the impact this had on him being the 100% shareholder of the club, something again he hasn't been honest about.

Him 'saving' the club doesn't excuse him from that and if the exact same was to have occurred under Power, the outrage would have been even louder.

[RobertT]

So without Clem managing to scare up £3m from his mates Power would have got his grubby mitts on 50% of the CG.

'
I don't think so, it still looked like it was Black and Arbib to me.  Powers claim may well have been bullshit, or related to another one (there have been over 40 in our time, but not sure any of the dates I looked at aligned).

[ChalkyWhiteIsGod]

I'd lean towards the Power buying the debt thing being horse shit.

[horlock07]

So without Clem managing to scare up £3m from his mates Power would have got his grubby mitts on 50% of the CG.

I suspect its more like without Clem managing to scare up £3m from his mates no one would have got the cash form the Eady trust and Swindon Council would still be the proud owners of a football ground.

[DiV]

Honestly satisfying the black debt should be something we should be really happy and shouting about positively (when the loan is paid back). The fact its turned in to this just shows what a colossal foot in mouth moment its been.

The more I read on this thread the more convinced I am Clem did absolutely the right & best thing for this football in borrowing the money needed in return for shares. I think that is now a pretty universal opinion.

The need to hide it still seems a bit odd to me.

It’s almost coming across now Clem’s too proud to admit he needed help and hoped no one would notice.

Think now the worst thing in this thread is that odious cunt Ranford is still knocking about. About time someone gave him a good kicking…