Martyn Starnes Interview - BBC

[Samdy Gray]

But why issue more shares without raising new capital? It just doesn't make sense.

Presumably because they believe Seton Wills will buy the new shares and it will raise capital. I guess if he doesn't buy them then they'll do a share issue to fans ...

It all amounts to one thing. They don't have any money.

But a bonus issue is free shares. So someone has been given an increased share holding, the holding company perhaps?

[Panda Paws]

Yes, most probably ...

[Piemonte]

Right.

I sort of understand why they used Powers money to cover the operating loss for last season. SSW has put a lot in and is not obliged to cover the clubs contiuning losses every year. I'm sure he was very happy that BP was there to cover this and keep his cheque book in his pocket for once.

What is not clear is how that loss was the reported £1.3m. Given the massive cuts in virtually every part of the club last season (or are we even talking about the season prior to that??)

Questions -

- How has the operating loss escalated to the claimed £1.3m despite cost cuts all round?
- How did this happen considering there have been player sales and increased commerial activity (ie concerts)
- When are we ever going to see these fucking accounts?
- Why not get SSW and BP to go halves on the CVA payment or some simlar artangement back in the summer?
- So if the loss for the last accounting period was £1.3m, does a £700k overspend this season mean that we are heading for a £2m loss in the current period?


The STFC accounting formula prior to this seasons seems to consist of: Lower Costs + Increased Turnover = Larger losses. WTF?

[janaage]

Keep up PM, this has already been posted

http://www.thetownend.com/forum/viewtopic.php?t=16373

 

[Ben-STFC]

Questions -

- How has the operating loss escalated to the claimed £1.3m despite cost cuts all round? 1
- How did this happen considering there have been player sales and increased commerial activity (ie concerts) 2
- When are we ever going to see these fucking accounts? 3
- Why not get SSW and BP to go halves on the CVA payment or some simlar artangement back in the summer? 4
- So if the loss for the last accounting period was £1.3m, does a £700k overspend this season mean that we are heading for a £2m loss in the current period? 5

1 - This is the worrying point - all extra revenue and sales of players we still are operating at a loss, remember only 5 months ago we had a 1 million pound cash injection. I suspect Dunwoody has alot to do with this.

2 - Again i think the money has gone to pay investors and property developers.

3 - You can publish accounts within 24 hours however untill the audits agree with everything they wont get published.

4 - Power wont come back to the club unless the dunwoody clowns go- especially after is money dissapeared in a matter of months

5 - quite possibly.

[Panda Paws]

http://www.bbc.co.uk/wiltshire/realmedia/stfc_starnes_wilkes_301106.ram

Interview

[Piemonte]

Questions -

- How has the operating loss escalated to the claimed £1.3m despite cost cuts all round? 1
- How did this happen considering there have been player sales and increased commerial activity (ie concerts) 2
- When are we ever going to see these fucking accounts? 3
- Why not get SSW and BP to go halves on the CVA payment or some simlar artangement back in the summer? 4
- So if the loss for the last accounting period was £1.3m, does a £700k overspend this season mean that we are heading for a £2m loss in the current period? 5

1 - This is the worrying point - all extra revenue and sales of players we still are operating at a loss, remember only 5 months ago we had a 1 million pound cash injection. I suspect Dunwoody has alot to do with this.

Look at the Dunwwody accounts though. There is no evidence that they make huge ammounts of cash though STFC, or that they even make a profit

2 - Again i think the money has gone to pay investors and property developers.

Eh? There was me thinking that investors are there to invest in the club not the other way round. To the best of my knowlege the only investors in the club in recent years have been SSW & BP

3 - You can publish accounts within 24 hours however untill the audits agree with everything they wont get published.

They can get published without agreement from the auditors, but the auditoirs would have to offer a qualified statement as to what they disagree with. Its happened before. Has anyone from the club said that the accounts have not been posted due to disagreemnts with the auditors? i dont know.
4 - Power wont come back to the club unless the dunwoody clowns go- especially after is money dissapeared in a matter of months

That wasnt really my point. I meant before the plane crash etc.
5 - quite possibly.

[mexico red]

that interview is an eye opener, starnes basically says fuck off no one is going to know the extent of shit we have fallen into.

mr horsfield, keep at it, there are so many of us willing you on.

[janaage]

How can we show our support of this consortium??

[Samdy Gray]

I hate to think what the consortium might uncover when/if it ever gets to that stage.

[mexico red]

well not sure, join the trust which i presume you already have, otherwise get as many people as you can to join.

i believe a good thing would be for the trust to outline the way it would run the club if a takeover was successful.

i believe a trust manifesto of sorts would bring round many a fence sitting supporter.

the trust should be as transparent as possible from the word go.

[janaage]

I mean more of a visable/audible support, something to show the current board that we fully support change at the top.

[Piemonte]

well not sure, join the trust which i presume you already have, otherwise get as many people as you can to join.

i believe a good thing would be for the trust to outline the way it would run the club if a takeover was successful.

i believe a trust manifesto of sorts would bring round many a fence sitting supporter.

the trust should be as transparent as possible from the word go.

100% agree

[pauld]

As do I. We're working on it

[RobertT]

Regarding the investor issue, most of the money that has been ploughed in over the past 5 years has been "loaned", so it's reasonable to assume debt repayment could include paying back loans.

SSW has recently been securing his land against these loans from other parties, like St Modwen (who I think have put in over £2m).  Without him we may not have survived, but SSW has not been "giving" the club money, on the whole he or other parties are owed the money back.