New beginnings - 25% Truth, 80% Bollocks

[DMC]

Robert... end of the day it seems Morfuni is being chased by a liquidator who will smell blood available in North Wilts. CM has assured everyone he owes and has personally loaned cash to STFC.
Suggest there will be soon a demand placed on the club requesting the monies owed.

That just isn't going to happen or even possible. This is wat i mean when people just start shit and go with it

[Trashbat?]

Anyone know any Saudi Arabians?

I actually do! But he lives in a 4 bed semi in Hitchin and drives a 19 plate Q5. Not quite sure he is what we are looking for.

[Mooneyraker]

I actually do! But he lives in a 4 bed semi in Hitchin and drives a 19 plate Q5. Not quite sure he is what we are looking for.

So what you are saying is he is richer than Clem… might be just the fresh start we all need!

[4D]

https://truststfc.com/2021/03/19/axis-group-due-diligence-by-truststfc/

[Legends-Lounge]

So what you are saying is he is richer than Clem… might be just the fresh start we all need!

The only way we’re going to get some fuck off wealthy industrialist, Arab Sheikh, dictator or minted megalomaniac is if the free hold of SN1 or more importantly the footprint of the football club includes the land behind the DR, the car park, the CH hotel, foundation park and the cricket club. With the spare cash to buy all the houses from and on the Side of the road of the CG hotel to the magic roundabout, the cricket club entrance, the park behind and the row of houses on Shrivy road up to Mitchell’s cycles. And the cash to actually nip to the local builders merchant for the materials.

Outside of the above a new site somewhere close to the M4, A419 or A420. The reality is we stay pretty much as we are, a bottom feeding selling club with owners or an owner just about keeping our heads above water in L2

Oh and the small matter of the sporting covenant..

As for things like share holders, borrowed money dodgy back grounds etc, etc fucking get used to it. We are where we are and that isn’t going to change anytime soon.

[RobertT]

That just isn't going to happen or even possible. This is wat i mean when people just start shit and go with it

To the extent as described, it certainly isn't going to happen that way and is not certain.

However, there is a chain of events where STFC could be impacted.

Lets say Robinz has local knowledge that the Liquidator believes Clem to be responsible for that business.  If he chases down ownership of debts he could squeeze Clem's cashflow sufficiently to place pressure on Clem to try and sell up at STFC to liquidate some assets.  It's a longer and more convoluted chain, and requires buyers to move swiftly.

More likely, even if he needed the cash, I presume Clem would be more likely to try and secure a loan using his assets instead, like he did for the Debenture.  He could ultimately place a proportion of his ownership down as security, which would have an indirect to direct impact on STFC.

So it's not like we are completely protected, but it's not a simple case even if someone did apply enough pressure to make Clem have to take action.

[Batch]

What liquidator?

creditor I assume.

but limited liability you'd assume would protect Clem.

[Mooneyraker]

The only way we’re going to get some fuck off wealthy industrialist, Arab Sheikh, dictator or minted megalomaniac is if the free hold of SN1 or more importantly the footprint of the football club includes the land behind the DR, the car park, the CH hotel, foundation park and the cricket club. With the spare cash to buy all the houses from and on the Side of the road of the CG hotel to the magic roundabout, the cricket club entrance, the park behind and the row of houses on Shrivy road up to Mitchell’s cycles. And the cash to actually nip to the local builders merchant for the materials.

Outside of the above a new site somewhere close to the M4, A419 or A420. The reality is we stay pretty much as we are, a bottom feeding selling club with owners or an owner just about keeping our heads above water in L2

Oh and the small matter of the sporting covenant..

As for things like share holders, borrowed money dodgy back grounds etc, etc fucking get used to it. We are where we are and that isn’t going to change anytime soon.

After 30+ years of supporting the Town this news has come as a huge shock to me. Thanks for opening my eyes!

[RobertT]

creditor I assume.

but limited liability you'd assume would protect Clem.

He is referring to the appointed Liquidator in Australia, who is actively seeking to recover funds to pay off the list of creditors.  Clem left his role as a Director a few months prior to the thing collapsing/going dormant (one sounds nasty, other sounds benign, it seems it was actually the former).  There would be an open question for the Liquidator to determine if Clem was actually responsible or not.

[Batch]

Oh, I read the article earlier and thought it was the owed company chasing it. Obviously didn't read it properly.

Edit: aaah. Resigned 2 months before. Was the new guy called Lee Majors..

[RobertT]

There is certainly a growing body of evidence that Clem has been juiced as far as he can be - the Australia case, the original UK one a few years back (he did owe 1m to others, including HMRC) and now his current UK firm being served a winding-up order in April (no outcome I can see), and that company's latest accounts showing a big jump in money owed < 1 year, including significant sums to the tax man.

Again, I'll be clear, none of that means bad news for STFC or some sort of criminal conspiracy.  It does mean we should hold feet to the fire though, if we care about the club.  We clearly can't trust them to give us insight, as much as we had hoped we could.

[Legends-Lounge]

After 30+ years of supporting the Town this news has come as a huge shock to me. Thanks for opening my eyes!

You my friend are so very, very ,very fucking welcome 😁

[Mooneyraker]

You my friend are so very, very ,very fucking welcome 😁

 

[Ides of March]

From the Trust on Twitter:
“RE: STFC Shares

We have asked the club for a date to discuss our concerns. No date has been set but we have been reassured our concerns will be fully addressed. We remain in communication with the club and will not cease until receiving detailed answers to our questions”

[tans]

Reassured doing a fair bit of heavy lifting there!