New beginnings - 25% Truth, 80% Bollocks

[Batch]

I was thinking about this last night...cue conspiracy theory.

What if Lee Power called in the debenture and rather than it being paid off to him, he was given back 20% of the club in shares hidden by others names. The way we are currently being run is not a million miles off how it was before under him.

What if Clem is Power's stooge as a man on the inside for the v Standing case.

Actually most likely in the CT (or is it) theory is Power was a fron man for someone, now Clem is.

If he was just a plumber trying his best I'd have massive sympathy. But every day makes that less and less likely,

[Batch]

"I won’t put up with bullshit. That’s how I am."

A producer not a consumer.

[RobertT]

On the 2.9m vs 1.45m thing - he did make some sort of comment (at the time) in relation to that when trying to explain it all.  It was a rambling response and wasn't clear, I want to say it was one of the interviews rather than a news article, but could be wrong.

edit:  although he seems to have changed his tune on the details - he has previously implied the reason for the loan was the short time frame and getting money moved.  In the Forbes article he suggests he had half the money but not the rest.

On the short notice, I imagine this was indeed an output of the deal to provide the ground, not some written demand in the Debenture itself.   The Debentures would have been activated by the sudden arrival of an asset on the clubs books, as they were secured against any and all assets of the business.  They essentially became due - just as they could have been when he purchased the club as well.  Clem mentions previous owners - it could be Black, it could be Power, either way, both would have known it was pointless trying to recoup them on the sale to Clem, but the Ground is worth something.

[Batch]

On the 2.9m vs 1.45m thing - he did make some sort of comment (at the time) in relation to that when trying to explain it all.  It was a rambling response and wasn't clear, I want to say it was one of the interviews rather than a news article, but could be wrong.

Yeah that sounds plausible.

It would reduce the value of the club to a sane level.

[ThreeDrawsMentality]

Some town fan on twitter is claiming it is them who is getting referred to in the article as the one Clem offering out, rather than Whelan et al. So lost - doesn't make sense given how the article is structured.

[horlock07]

On the short notice, I imagine this was indeed an output of the deal to provide the ground, not some written demand in the Debenture itself.   The Debentures would have been activated by the sudden arrival of an asset on the clubs books, as they were secured against any and all assets of the business.  They essentially became due - just as they could have been when he purchased the club as well.  Clem mentions previous owners - it could be Black, it could be Power, either way, both would have known it was pointless trying to recoup them on the sale to Clem, but the Ground is worth something.

I still suspect that paying off the debentures was simply a requirement imposed by the Eady Trust before they released the cash to buy the ground.

[Mooneyraker]

I still suspect that paying off the debentures was simply a requirement imposed by the Eady Trust before they released the cash to buy the ground.

Something you’d think the Trust could clear up…

[ThreeDrawsMentality]

I still suspect that paying off the debentures was simply a requirement imposed by the Eady Trust before they released the cash to buy the ground.

That's where my head's at as well. And use the Lee Power boogeyman comment is an easy disguise for it all.

The person's entitled to the debentures has always remained as Black and Arbib. I know the regs changed in 2013, but is there a legal obligation for the person's entitled to the debenture to be kept up to date on Companies House?

[Power to people]

I like the bit where Clem says he is getting whatsapp etc from fans and he answers them - there cant be that many that have his personal number - although I suppose if you look hard enough you can find it considering he owns a business. clearly some fans somewhere trying to lick Clem's ar$e (other than the Trust)

He's due over in December - I'm sure he will be doing lots of media interviews and podcasts while he is here and holding a fan's forum to clear things up.

[mexico red]

I find it interesting that are a few old trust board members on here from dark times under mikey D and their vitriol and lack of patience with Clem is quite a contrast to the current trust board members treading carefully policy.

Maybe we do need Yeo to storm the boardroom again in January

[horlock07]

Something you’d think the Trust could clear up…

Rather depends, one would assume Clems ability (or not) to pay money off and/or who that money went to and why could be construed as commercially sensitive information and thus the Trust would be bound by the proviso's of the JV MoU.

Worth bearing in mind that there remain outstanding court proceedings relating to Power and Standing, and as a potentially associated transaction what is being said public would need to be very carefully managed and legaled.

Not saying its black of white (because I like literally everyone on here and other Sm has no fucking clue what's actually going on), but I suggest the Trust are operating under much more constraint (which they should be for simple diplomatic purpose) than many assume.  

[Mooneyraker]

Here’s a question: is Clem such a duff businessman that he didn’t get access to the accounts under Power, when he was a significant investor?

[The Artist Formerly Known as Audrey]

So if we believe Clem paid half of the debenture and then raised the other half by borrowing from the gruesome twosome then, roughly, it’s not far off what Clem paid for his 15% from Power.

Clem pays £1.1m for 15%

Gruesome Twosome pays £1.45m for 22%

[The Artist Formerly Known as Audrey]

Here’s a question: is Clem such a duff businessman that he didn’t get access to the accounts under Power, when he was a significant investor?

Seems a reasonable conclusion. It’s back of a fag packet stuff. Same goes for Standing.

Thus from the Trust in August re the debenture

‘ As the settlement of the debentures was critical to the Eady Trust releasing the funds to buy the County Ground, we would have expected the openness and transparency initially promised so that we were fully aware of the ownership structure of Swindon Town Football Club before entering the Joint Venture Agreement.’

[ChalkyWhiteIsGod]

So if we believe Clem paid half of the debenture and then raised the other half by borrowing from the gruesome twosome then, roughly, it’s not far off what Clem paid for his 15% from Power.

Clem pays £1.1m for 15%

Gruesome Twosome pays £1.45m for 22%

Makes the £15m asking price seem silly doesn't it?