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Author Topic: The Board, consultancy fees, Mercs and how to identify a duck  (Read 132557 times)
Ardiles

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« on: Tuesday, April 23, 2013, 09:12:59 »

Have a read of the comments section, particularly the post by 'fredi'

Reproduced here...

Quote

fredi says...
8:16am Tue 23 Apr 13

Sam, please ask the following questions:

1) At the time of the takeover from Andrew Black, 1.2 m had to be shown to FL to satisfy them that STFC had sufficient funds to see out the season. Greg Hall's money, sitting in a solicitor's account to his order was shown. This satisfied the FL to allow takeover to proceed. Yet before any monies were invested into STFC, Jed and his three directors saw fit to pay consultancy fees to themselves to the tune of nearly 200,000. Why do they consider this an appropriate way to run our football club ? (Please do not deny this occurred, or I will post more details, including the director whose home address matches that of the consultancy company paid)

2) When Greg Hall decided to walk away, no investment had been forthcoming and another investor was urgently required. for the record, please will Jed confirm that neither he nor any of his original directors have invested one penny into our club.

3) I posted on here some weeks ago that the club was being sold, the directors all removed and Jed being kept on until the end of the season. This was because the sale, to two people I did not name, had already been signed by Jed. Lee Power's name has since been in the public domain as one of the two people but the second name S. C. (I will refer to him as Russell, that being his middle name) has not. Will Jed please confirm that this takeover will occur ( subject to FL approval ).

4) It is noted that Greg Hall's name has quietly disappeared as a director followed now by two more.....why does Jed not consider it appropriate to announce properly when directors stand down or are removed ?

5) Back to the FL. After Greg Hall walked away, 1.2m was still required to lift the embargo, but the FL insisted that this time the money was actually paid in to STFC. Russell made the payment and the embargo was lifted. With the FL now satisfied, why was it deemed appropriate behaviour for the 1.2 to be immediately withdrawn from STFC and paid back to Russell (thereby leaving total investment to date at a nice round zero)

6) At least Russell has funds and has pledged a further 500k so that the club can pay wages at the end of this month. But all his funding is subject to the takeover receiving FL approval and this is clearly taking much longer than hoped - if Russell and Lee fail the fit and proper person test, what is the Board's back up plan ?

7) In view of the tight state of the club's finances, why was it considered appropriate to lease four new Mercedes for the directors? (again please don't deny this took place, since it is a term of the takeover that the directors when they step down will be allowed to keep their cars)

This is not a witch hunt on my part, merely a determination that our club is run in an honest and open way. There are too many examples of clubs being destroyed by "inappropriate" behaviour by directors. I lived through Diamandis and watched as some of my friends vented their anger outside his house. By then the damage had been done and I quietly determined to become vigilant and use the tools at my disposal (I have an "interesting" job) to ensure my club was run properly. When Fitton arrived, it was quickly evident that I could afford to sleep on the job. I wish for nothing more then to return to being an anonymous fan watching the club I love safe in the knowledge it is being properly run. Training has taught me however, that when it looks like a duck, walks like a duck and quacks like a duck, regrettably in this instance I may have to conclude it is a duck.

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tans
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« Reply #1 on: Tuesday, April 23, 2013, 09:16:00 »

Wheres he get that info from? Just out of interest
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herthab
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« Reply #2 on: Tuesday, April 23, 2013, 09:16:28 »

I think the above is worthy of its own thread. If accurate, there's some interesting times ahead...
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Nemo
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« Reply #3 on: Tuesday, April 23, 2013, 09:32:35 »

Well that doesn't sound ideal.
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Bob's Orange

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« Reply #4 on: Tuesday, April 23, 2013, 09:38:06 »

DuckTales!
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise,
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Arriba

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« Reply #5 on: Tuesday, April 23, 2013, 09:39:23 »

Interesting stuff
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Bob's Orange

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« Reply #6 on: Tuesday, April 23, 2013, 09:41:48 »

'This satisfied the FL to allow takeover to proceed. Yet before any monies were invested into STFC, Jed and his three directors saw fit to pay consultancy fees to themselves to the tune of nearly 200,000.

There was a thread about how these people can make money out of STFC, is this the way they could (alledgedly) do it? Pay themselves consultancy fees, and then get out of dodge?

Is this possible?
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise,
the gorgie boys, for Hearts in Europe.
jonny72

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« Reply #7 on: Tuesday, April 23, 2013, 09:44:55 »

Quote
Training has taught me however, that when it looks like a duck, walks like a duck and quacks like a duck, regrettably in this instance I may have to conclude it is a duck

Or will.i.am
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TheMajorSTFC

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« Reply #8 on: Tuesday, April 23, 2013, 09:53:14 »

Who is this Russell guy? Have I missed something?!
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#VivaKenBarlow!
Ardiles

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« Reply #9 on: Tuesday, April 23, 2013, 09:56:45 »

I've missed a lot.  No idea who 'Russell' is either, but the rumours circulating appear to have more than one source, which lends credibility to them I guess.

Fredi has done everyone a favour by publishing, because it's out there now.  The Chairman is going to have to confirm or deny.
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suttonred

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« Reply #10 on: Tuesday, April 23, 2013, 10:19:03 »

It could also be an elaborate wind up. I hope it is anyway.
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Bob's Orange

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« Reply #11 on: Tuesday, April 23, 2013, 10:19:45 »

S.C?

Anyone?
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise,
the gorgie boys, for Hearts in Europe.
suttonred

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« Reply #12 on: Tuesday, April 23, 2013, 10:20:12 »

S.C?

Anyone?

Simon cowell
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thedarkprince

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« Reply #13 on: Tuesday, April 23, 2013, 10:22:26 »

Can a Mod move this to its own thread?
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Bob's Orange

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« Reply #14 on: Tuesday, April 23, 2013, 10:24:56 »

Simon cowell

Thats who I thought at well. Does that mean we're going to get lots of X Factor wannabe's performing on the CG?
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise,
the gorgie boys, for Hearts in Europe.
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