RobertT
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« Reply #5610 on: Tuesday, September 5, 2023, 11:56:03 » |
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Yes, sorry, I was meaning more would it be normal/possible for their shares to have those rights?
It isn't my area of expertise!
Pure logic would suggest nobody would hand over nearly 3m quid without something of real value being put up against it and strict terms on repayment etc. The question would be whether or not getting 10% of the County Ground would be enough (which is all they really got from having 20% of STFC). Nothing as yet shows that they were secured loans, so that would be one good thing 9although I do not know how long after the event such a thing would need to be reported?). |
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DMC
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« Reply #5611 on: Tuesday, September 5, 2023, 11:57:23 » |
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I thought they said they were short term loans and they were nearly paid off
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Ides of March
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« Reply #5612 on: Tuesday, September 5, 2023, 11:57:45 » |
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It’s the naivety that people won’t find out that bugs me. Everything, well, nearly everything, is available online these days. Did Clem really think these things wouldn’t get out?
Yes, think this is the issue I have with it all. Most of the stuff that has come out isn't the end of the world as such, but it's the attempts at disguising them/brushing them under the carpet that give off the impression that something more troubling is occurring. |
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The Artist Formerly Known as Audrey
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?Absolute Calamity!?
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« Reply #5613 on: Tuesday, September 5, 2023, 11:58:58 » |
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What did Clem get for his £1.1m? Absolutely fuck all not even his shares. Maybe this is the pointer as to why things are unravelling now. It’s pure naivety.
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RobertT
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« Reply #5614 on: Tuesday, September 5, 2023, 12:00:34 » |
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I thought they said they were short term loans and they were nearly paid off
Clem said that he had nearly paid them off - problem with that is the paper trail is not being presented and Clem has form in recent times. Even if they were nearly paid off, and were sort of short term in nature, we don't actually know the agreed terms. Just because he actually did pay them off, we really do not know what was on the hook. |
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Mooneyraker
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Beware Aussies in bucket hats bearing gifts
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« Reply #5615 on: Tuesday, September 5, 2023, 12:02:25 » |
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Pure logic would suggest nobody would hand over nearly 3m quid without something of real value being put up against it and strict terms on repayment etc. The question would be whether or not getting 10% of the County Ground would be enough (which is all they really got from having 20% of STFC). Nothing as yet shows that they were secured loans, so that would be one good thing 9although I do not know how long after the event such a thing would need to be reported?).
Indeed. I can't imagine that either the Eady Trust or SBC are delighted by recent events, assuming Clem was presented as the sole owner of STFC. |
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The Artist Formerly Known as Audrey
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?Absolute Calamity!?
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« Reply #5616 on: Tuesday, September 5, 2023, 12:02:57 » |
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Even if they have been paid off, nobody lends £3m for no return - no matter how short a period.
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Batch
Not a Batch
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« Reply #5617 on: Tuesday, September 5, 2023, 12:04:02 » |
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I thought they said they were short term loans and they were nearly paid off
He's sold 20% of his shares. That's all we know as fact until a CH statement says otherwise Even if they have been paid off, nobody lends £3m for no return - no matter how short a period.
I guess who is paying for interest (if any) does concern running of the club and budgets. But we don't know. I'm not even sure it's unreasonable for the club to pay if that were the case. Just the cover up. Massive *if* as it might be something else entirely, etc |
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« Last Edit: Tuesday, September 5, 2023, 12:08:26 by Batch »
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RobertT
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« Reply #5618 on: Tuesday, September 5, 2023, 12:06:15 » |
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I also add, the term "paid off" can have more than one meaning. Given the money was owed by STFC to Arbib, one option is that STFC were loaned the money (legally speaking) and that STFC paid their own Debenture off. It's then possible that Clem has "sourced" the funds to repay those loans - what we would not know is what the source was. It need not be him, or it could be him and STFC is now a further 3m in debt to Directors loans, or he could have simply chucked some extra capital into the business to repay the debts. A real variety can exist - I'd suggest the Trust ask all those pertinent questions and not just leave it at "repaid"
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Mooneyraker
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« Reply #5619 on: Tuesday, September 5, 2023, 12:14:45 » |
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JoeMezz
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« Reply #5620 on: Tuesday, September 5, 2023, 12:22:26 » |
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So they announced selling shares… but didn’t |
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JoeMezz
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« Reply #5622 on: Tuesday, September 5, 2023, 12:44:39 » |
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Thought they did?
Not in that article above |
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tans
You spin me right round baby right round
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« Reply #5623 on: Tuesday, September 5, 2023, 13:34:32 » |
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Not in that article above
Just says Morfuni paid the debenture doesnt it |
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JoeMezz
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« Reply #5624 on: Tuesday, September 5, 2023, 13:39:33 » |
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Just says Morfuni paid the debenture doesnt it
The move signals a huge step towards complete financial security for the football club, with £2.95million cleared by our owner, Clem Morfuni, with the help of our dedicated fans, sponsors and partners.Sponsors and partners i.e. we sold shares |
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