The Board, consultancy fees, Mercs and how to identify a duck

[Flashheart]

 

[Saxondale]

Crunch (ie) accounting.  Im getting that friday statement feeling.

[sonicyouth]

If the club is shortly being taken over entirely by Power and Crouch why are the incumbents holding this meeting tonight? The timing makes no sense to me. I'm still unconvinced that fredi is the oracle and not someone piecing together a number of established rumours and adding some more specifics that can't be easily proved or disproved.

Still, as I've trid to do everyone else over the past few months I will give him the benefit of the doubt.

[Batch]

This is the bit I had some contention with, as in why it seemed to be raised as a negative.  I'm not sure Jed even has ownership, he was publicised originally as the front man for people who had the money, which this now seems to be playing out like.  Just seems not all the money men were willing to go in so quickly without a full and rigourous audit of the affairs - this guy being an Accountant makes sense.
What is the problem with that? and why wouldn't the "owners" allow their employees who negotiated the deal be paid for their services.  It may well be that they all eventually step down fromt the board or one or two remain, ultimately, that is the perrogotive of the shareholders.

I didn't read Corner's post as a negative one.

If the money men hadn't invested money when Black sold, and the consortium took over without the investment guaranteed. Well that's one hell of a gamble on their part! And I don''t mean that in a bad way (assuming this all ends well!).

[BruceChatwin]

One thing that doesn't make sense to me in Fredi's version of events: if Jedco were acting as intermediaries on behalf of other parties who are actually going to put up the money for running the club, surely those other parties wouldn't be very happy about them taking £200,000 out of the club to pay themselves huge consultancy fees?

IF this particular accusation is true (and if it were a smaller fee I wouldn't even consider it an accusation), then while not illegal or falling under the banner of 'financial irregularity' ( Murrall), it would certainly be morally dubious to preach austerity and running the club on a sustainable footing while withdrawing unsustainably large consultancy fees out of the club.

[Notts red]

I find it very strange that the BBC has declined an invitation to attend, would have thought it right up Hodgetts and Wise's street.  Wonder if Wise overstepped the mark when asked not to mention Power coming in until this week - but went ahead and did it anyway!!  Has somebody had a word in his ear?

Sam has now said on Twitter BBC Wilts will now be in attendance tonight.

[ghanimah]

One thing that doesn't make sense to me in Fredi's version of events: if Jedco were acting as intermediaries on behalf of other parties who are actually going to put up the money for running the club, surely those other parties wouldn't be very happy about them taking £200,000 out of the club to pay themselves huge consultancy fees?

£200,000 for the risk of taking on the club while a full audit was being conducted before main backers were prepared to invest. If anything untoward cropped up the main backers would pull out leaving Jedco "lumbered" with the club. Obviously only a guess on my part.

[Frigby Daser]

And he's wearing a tie

Love him already.

[Saxondale]

Just wait.  He'll start tweeting nonsense with the duff English text speak that Jed seems to specialize in and you'll hate him again.

[BruceChatwin]

£200,000 for the risk of taking on the club while a full audit was being conducted before main backers were prepared to invest. If anything untoward cropped up the main backers would pull out leaving Jedco "lumbered" with the club. Obviously only a guess on my part.

A plausible guess in the circumstances. Might explain why we keep hearing so much about forensic auditing and the obsessive combing through of the old accounts Jed was going on about during the embargo.

[Simon Pieman]

We should release a game of STFC board member/owner/investor top trumps. Maybe sell them in packs of 5 - collect the whole set.

Money making idea.

[Mplanney]

We'll hopefully were have a much better picture after tonight.

I'm confused with whats going on and been going on and although we are all annoyed with lack of comms from coming from the club, personally I believe the short term plans from Jed may have had have constantly changed with investors etc backing out.  Not sure there was a long term plan, probably still working on it.

Although the communications seems particually poor, when we look back at previous directors many of us still new little of what was going on behine the scenes ie. near take over last July, who the main investor was. 

 

[Berniman]

You've just suggested that we won't get anything out of the meeting as it is staged. What does that mean other than you think the questionners are set up beforehand to ask easy questions.

What the fuck does staged mean otherwise.

I don't think we will get the level of information that we are after tonight - It's called an opinion.
It smells of a staged event to me - i.e. the board already know the questions that are going to be asked so are preparing answers, like a script, and like politicians avoid answering the question.
Which is why I stated that I hoped that the trust and the supporters club strive in the strongestest way possible to get some of the answers that we are all looking for - i.e. don't let them get away with rolling out a rehearsed answer and ask some further more probing questions to get to the bottom of what is going on.

Staged = Script, rehearsed.

How the fuck you managed to turn that into me questioning the trust's morals and suggesting that they were in the pocket of the board is beyond me.

Sometimes you come across as a complete loon.

[Frigby Daser]

Just wait.  He'll start tweeting nonsense with the duff English text speak that Jed seems to specialize in and you'll hate him again.

A succinct, accurate appraisal of what I look for in a chairman. That and loadsamoney.

[thepeoplesgame]

I don't think we will get the level of information that we are after tonight - It's called an opinion.
It smells of a staged event to me - i.e. the board already know the questions that are going to be asked so are preparing answers, like a script, and like politicians avoid answering the question.
Which is why I stated that I hoped that the trust and the supporters club strive in the strongestest way possible to get some of the answers that we are all looking for - i.e. don't let them get away with rolling out a rehearsed answer and ask some further more probing questions to get to the bottom of what is going on.

Staged = Script, rehearsed.

How the fuck you managed to turn that into me questioning the trust's morals and suggesting that they were in the pocket of the board is beyond me.

Sometimes you come across as a complete loon.

It might be worth pointing out that the Trust submitted its questions in advance to remove any opportunity for 'we'll have to get back to you'-style answers. Having given notice of their questions, the Trust representatives will expect full, open and honest answers to them, and I believe the people attending can be relied upon to follow those answers up and push for greater clarification where they deem it necessary.

I can also safely say that today's unfolding events will lead to a few more questions as well as the goalposts seem to be constantly shifting.