Thetownend.com

Thought the final payment was due this year? £900k?

we would know if it was late, it all goes very public when it's missed or even delayed

And in any case, this question was asked at the AGM and we were assured that they were fully up to date with CVA payments. I know the board have a somewhat chequered record of telling the whole truth to the AGM (e.g. not revealing a winding-up order that had already been served several weeks prior to the AGM a couple of years ago), but surely they're not allowed to directly lie to the shareholders at the AGM? Surely that's illegal isn't it?

as of last Friday the 2006 payment had not been paid..does that constitute a fruadulant AGM then?

arthur, how do you know the payment hasn't been made?

Chris, you're confusing failure to meet CVA payment with a winding up order - the latter would be published in the London Gazette, defaulting on the CVA wouldn't. Although obviously it could trigger a winding-up order. I'd like to see something more solid as well, but if it is true, this is an extremely worrying development we'd do well not to dismiss out of hand as if the club have defaulted on the CVA, it could well threaten the club's future.

try ringing Hacker Young..they might know

Not confused at all. Believe me, I've written enough about this down the years.

Defaulting on the CVA wouldn't automatically trigger the winding up order, no, but it is very likely to which is why I pointed people to the gazette.

Simply, we don't know if its been paid and more crucially for me, we don't know *how* it's been paid. Are they paying over a year? Are they paying in one lump sum?

It would be very rare to pay it in instalments because by it;s nature the 100k is an instalment itself.  They suggested that they may try and negotiate with the administrator Hacker Young with regard to renegotiating the final payment - i.e ask the creditors to accept it in instalments.  This would suggest they'd have to had gone out to creditors if they wanted to make any deviation to the deadlines for payment.

How do we know they haven't paid?

I think we're supposed to take the hint on this one - anybody going to make the call?

Chris, all fair points and with any normal business I'd be inclined to agree. But given the track record, I'm going to assert my right to worry

OK, can I go for blind concern as a compromise?

I agree about Starnes. I can't quite put my finger on it but 'something of the night' is a good way of putting it.

Feel the love!

ask Andy King, he's one of the people listed in the CVA who receives some money.

:o Something of the night reminds me of a lady of ill repute at Kings Cross at 3am enquiring who would like a £5 knuckle shuffle

Does say in the supporter's meeting minutes that CVAs bang up to date...phew

So "bang up to date" once again = lying like fuck does it?

Quite a surprise, not.

Or do they mean for the next 900K big one?

Swindon are facing financial problems once again, reports BBC Radio Swindon.

The club have failed to pay £100,000 to creditors in June 2006 as part of the deal negotiated when they came out of administration in 2002.

Swindon have asked their administrator for more time to make payments, which also include a £900,000 final instalment in June 2007.

The club says it has received a positive response to its proposals and is confident a deal can be reached.

Club's excuses: Bill Power pulling out money, slow progress in ground redevelopment.

Nationwide Building Society has today announced its decision not to continue sponsorship arrangement with Swindon Town when the existing contract expires at the end of this season.

Nationwide has been a sponsor of Swindon Town since 1997 and the building society has supported the club through an extremely eventful period.

Peter Gandolfi, Nationwide's Head of Brand Marketing, said: "It has been a mutually rewarding period for Nationwide and Swindon - we wish them the very best in the future.

"Nationwide recently announced new team sponsorships with England, Scotland, Wales and Northern Ireland for a further four years and football continues to play an important part in our marketing communications mix."

Team Photo

Nationwide announce the end of Town's sponsorship

"However, we will be looking to continue to engage with Swindon going forward to build upon our on going programme of activities based in the local communities."

Swindon Town Director Sandy Gray commented: "We have had a fantastic relationship with Nationwide over the course of a decade and they have stood by the football club through some very difficult times.

"Although we must now secure a new club sponsor, it is great to know that we will continue to have a healthy dialogue with Nationwide going forward."

Leaving aside the moral aspects of misleading supporters, isn't misleading shareholders at an AGM like this actually quite a serious offence?

This is shocking on so many fronts. For a start, they're gambling with the club's future - six months overdue on a CVA payment means any of the creditors could put the club under at any time.

Second, this basically means that Sandy Gray stood up at the AGM and at a meeting with fans less than a week ago and when asked if we were up to date on CVA etc did not give a truthful (as in correct) answer. Leaving aside the moral aspects of misleading supporters, isn't misleading shareholders at an AGM like this actually quite a serious offence?

Third, what the hell happened to Bill Power's £1.2 million if it wasn't used to pay the CVA? And what happened to the money from the Bryan Adams concert? And what's happened to the greatly increased gate receipts, shirt sales etc this season? Just where is the money going?

At the very least, Gray must go. And the club should call an EGM and this time actually answer questions from fans and shareholders about the true financial state of the club.

Can we actually trust a single word they say anymore? Time to go Diamandis, and take your no-mark lackeys with you.

http://www.swindontownfc.premiumtv.co.uk/page/News/NewsDetail/0,,10341~933207,00.html

You left one word out of your statement mate. It begins with an L and ends with an R. I'll spell it out for you: LIAR!

Starnes and Gray both lied about the CVA being paid up.  I appreciate that your position requires that you remain guarded, so I'll say what just about everyone else is thinking. Starnes, Gray, Diamandis, Holt and the whole sheboosh in Newbury - kindly FUCK OFF. NOW!

Chris, can I start panicking now? Aaaarrrrrggggghhhhhhhhhhh!!!!!!!!!!

http://www.swindontownfc.premiumtv.co.uk/page/News/NewsDetail/0,,10341~932416,00.html

AR asked if all CVA/rate/rent payments were up to date. SG advised that all current commitments have been met.

Deltaincline.....avatar......think I've just wet myself.

Liar liar pants on fire. Um, apologies if I linked Sandy Gray and hot pants together mentally for you all.

That is class :D

Broomstick just out of shot

To be fair it should be pointed out that the cub have not confirmed the story yet.

After all the media are well known to report on internet gossip and half truths. Maybe BBC RS should ring the club for official comment.

 I suspect that RS will have done their own research on this....they're usually accurate.

CVA Update

When the CVA was structured five years ago it was envisaged that by now a new stadium would be in place. If this had taken place, as part of the agreement for the financing of the new stadium and the restructuring of the football club, the CVA would have been settled.

In recent days a rights issue has been launched to raise further funds to finance the cash shortfall that is forecast at the end of the season. This rights issue is within the holding company and not the Football Club. There will also be in the very near future a rights issue within the Football Club, thus restructuring the Football Club's finances and creating further shares.

The County Ground

The Board have for some time been discussing with the administrator the requirement for a variance of the CVA. With the additional problem of this years overspend, this years payment has been, with agreement, delayed until the rights issue is completed. The Board are also taking the opportunity to see if they can include this year's payment in the variance.

These negotiations have been ongoing for a number of months, commenced prior to the AGM, and will be concluded in the very near future.

All relevant parties have been kept informed at all times. The Board is acting in the best interests of the Football Club and the Board are confident that we will achieve a satisfactory solution.

I think we are all being a little over critical

As a lower league club we are hardly a gold mine for profit, hence making ends meet is hard enough let alone trying to pay off debts built up from previous years!

Lets face it, unless someone has some serious money and business nouse then the only way we can help is by getting as many people to games as possible and supporting the team!

Unless we do that they have no hope of making ends meet and complaining about it simply wont get any of us anywhere!

IMO

I think we are all being a little over critical

As a lower league club we are hardly a gold mine for profit, hence making ends meet is hard enough let alone trying to pay off debts built up from previous years!

Lets face it, unless someone has some serious money and business nouse then the only way we can help is by getting as many people to games as possible and supporting the team!

Unless we do that they have no hope of making ends meet and complaining about it simply wont get any of us anywhere!

IMO

I think we are all being a little over critical

As a lower league club we are hardly a gold mine for profit, hence making ends meet is hard enough let alone trying to pay off debts built up from previous years!

Lets face it, unless someone has some serious money and business nouse then the only way we can help is by getting as many people to games as possible and supporting the team!

Unless we do that they have no hope of making ends meet and complaining about it simply wont get any of us anywhere!

IMO

What??? Was Bill Power and £1.2M not serious money with business nous?

Are you mad?

I think we are all being a little over critical

As a lower league club we are hardly a gold mine for profit, hence making ends meet is hard enough let alone trying to pay off debts built up from previous years!

Lets face it, unless someone has some serious money and business nouse then the only way we can help is by getting as many people to games as possible and supporting the team!

Unless we do that they have no hope of making ends meet and complaining about it simply wont get any of us anywhere!

IMO

Where is Bill Power? If he was still here there would not be the problem would there we all know that!

The point is he isnt here, no one could have predicted that their plane would have crashed and he would have a re-think about the way he wanted to live his life!

If another Bill Power walked in tomorrow we would be fine and I am confident the board are not as bad as everyone makes out to have been the reason he left, hence if someone else came in their would be no problem.

Where is Bill Power? If he was still here there would not be the problem would there we all know that!

The point is he isnt here, no one could have predicted that their plane would have crashed and he would have a re-think about the way he wanted to live his life!

If another Bill Power walked in tomorrow we would be fine and I am confident the board are not as bad as everyone makes out to have been the reason he left, hence if someone else came in their would be no problem.

All irellevent points in all honesty we are more concerned with the fact they said just a few weeks ago that the CVA payments were all sorted and now were in the shit again because they lied to the fans.  Also the Power investment, plus increased gates etc does not explain why we are struggling so much financially, one thing for sure is something needs to be done and done soon  :shake:

I agree completely with this point as at some level I agree that despite not much to work with, if other cluns can do it so should we be able to, but making sweeping statements about their inability to do the job does not take away from the fact the job is still not being done.

I'd rather someone who thinks they can do a better job puts their money or business acumen where their complaining mouth is and steps in and grabs the situation by the balls as opposed to watching things go on as they are.

Thats all i'm trying to say

That's it.   Who in their right mind would buy shares being sold by this lot. Any ordinary fan with a bit of spare cash willing to give to the club, would surely be better off going down the Trust/Consortium route.....at least that way, you could expect some basic competence and not ecomomy with the truth.

I disagree Reg. We should all buy shares and hand the voting rights over to the trust thus increasing the trusts shareholding and influence within the club.

Bill Power was at the club in good health when the CVA payment was due.

His £1.2m did come to the club.

Why was the CVA fucked about with?

Do you know what his £1.2m was used for? Do we still have it?
was it feasible to pay the CVA with these funds (if they were available) without jeopardising any other commitments?

Unless we know ALL the facts (which rightly we will never) then we can not make these judgements.

No one on the board wants this club to go belly up - neither is it in their interests for that to happen - so why get on their backs about something they as the board probably have more reason to worry about than us fans?

Find a way to help, if you cant then there is nothing else you can do other than show up week in week out so there is no point in turning a business problem into a media frenzy by turning it into a fans vs board arguement!

Do you work for them?? I really dont understand what your point is lets just keep sitting back until we know facts we would have no club then.  This is a fans vs boards argument we give a crap about this club, wills family aside I doubt that anyone else on that board is bothered they can all find other jobs, the truth will come out at some point and people like yourself who chose to ignore it will be left very red faced  :x

I fully intend to buy some shares through the new issue and would encourage everybody else, especially trust memebrs to do so as well.  

It is a prime opportunity to achieve one of the trusts main goals - increase the shareholding in the club and get a seat on the board.

I never said lets do nothing you numpty - I said that moaning about it wont help anyone!If people want to help then I agree with Batch - get involved in the consortium or try to find some way of helping the club rather than ganging up on them.

And no I do not work for them - if i could get a job with them to help though I would quite my current job in a flash if I felt it would help (as i suspect most real fans would also!)

not moaning enough is whats got us in this mess.the fact that this board can just dismiss us when they think they need to tells you they dont give a fuck about the fans

well done starnes 3 weeks into your new role you have bullshitted the fans alreadyi

Something is seriously up when a board can get away with an outright lie. :evil:

I fully intend to buy some shares through the new issue and would encourage everybody else, especially trust memebrs to do so as well.  

It is a prime opportunity to achieve one of the trusts main goals - increase the shareholding in the club and get a seat on the board.

Sharky - I think that the issue is one of the board being less than truthful with their comments and people are frustrated (to say the least) that we seem to bumble along from problem to problem. I'd guess that as this is the upteenth time that this has happened, people's patience has been stretched too far.

Dont get me wrong I have no time for lies and misinformation, but at the end of the day their jobs are at stake with the future of this club and some of their own money in some cases is too - so they have nothing to gain by doing a piss poor job - i am certain they are simply doing what they think is best to handle the situation - whether this is right or wrong is up for debate but to make an impact on the situation surely the best course of action is to give ther board an alternative or help in some way?

And I am a fan too and have been for many years - I understand the frustration and I agree with some of it. As I said, I used to agree with you but everyone has a patience threshold and the board seem to be trying to stretch everyone's as much as possible.

My only problem with some peoples views on the matter is that it ca be very defeatist and unhelpful thats all....While there are some irrational postings, I think that the comments made by most are valid and are borne of being lied to time and time again.

Since when did moaning get you anything in life other than when you were 1 year old and wetting yourself?

That is one of the biggest problems with British culture , we do not Moan/Complain enough we just let the people get away with things.Every other free democratic culture in the world complains when things are not right.
If you went to a restaurant and you ordered your meal and it said it was £10 but when you got the bill it was £20  you would MOAN because you had been lied to , this is no different . The board have blatantly lied numerous times and this is just another episode in a very sorry tale of poor mismanagement of a business.

If this was a company listed on the stock exchange they would not get away with telling lies to investors and customers time and time again.

I'd be very careful about going down that route Piemonte until we see what the terms of the rights issue are - for example, quite often these kind of schemes actually serve mainly to dilute the existing shares, rather than to increase representation. And I'd be extremely concerned at the present time at recommending to fans that they should hand over any money to the current regime, certainly until we know in very great detail what the terms of any rights issue are.

Now I know that we should not be dodging the CVA and I dont incourage such an action but does this not make you slightly more content with the efforts being made?

Now I know that we should not be dodging the CVA and I dont incourage such an action but does this not make you slightly more content with the efforts being made?

http://www.thetownend.com/forum/viewtopic.php?t=16256&highlight=

No.

It's horseshit.

You do work for/with the club, don't you.

More here:

http://news.bbc.co.uk/1/hi/england/wiltshire/6180852.stm

They're going ask Seton Wills for more cash. What a surprise.

If it weren't for this bloke bailing us out every so often ...

they should perhaps think about shuffling the staff around a bit etc etc

The trouble is they can ask but will Seton Wills come to the rescue again?

I thought he was clean out of assets to mortgage...

I'd be very careful about going down that route Piemonte until we see what the terms of the rights issue are - for example, quite often these kind of schemes actually serve mainly to dilute the existing shares, rather than to increase representation. And I'd be extremely concerned at the present time at recommending to fans that they should hand over any money to the current regime, certainly until we know in very great detail what the terms of any rights issue are.

Shuffling the staff around a bit???

You really don't have any idea, do you?

I give up.

Out of interest, if we were to buy current shares of the club, where the hell could we get them and could we do the same as Man Utd did before that Glazier lot took over ... ie, buy them and register them with the trust as 'fans shares'?

The money has been going into Dunwoody/Diamandis other businesses

Gray/Starnes are not really incompetent, they are just following orders....

The truth will come out Piemonte... not gonna say any more

Erm, silly question and all but is a rights issue different to a normal share issue open to Joe public?

I always thought a ‘rights issue’ is only offered to existing shareholders in proportion to the amount they already hold but surely that would make an issue in the holding company pretty limited unless St Modwen are back on the scene.

The money has been going into Dunwoody/Diamandis other businesses

Gray/Starnes are not really incompetent, they are just following orders....

You make a scary amount of sense Bart. Never thought i'd say it, but you do. The huge profits our club generates have often left me perplexed. I finally learned it must be these tiny limited companies and their near infinate wealth that are to blame.

FUCK OFF TWAT.

Oh and you know jack shit bart, shut your cunt mouth and show us what you know you doom riding twat.

You only post when we have problems, you only post negative comments - apart from a very strange one after sturrock came in. Why do you spend so much time acting like a smarmy gloating little  merchant of misery? Does us having problems make you hard?

I will never find solace in watching town go down the plan and being the one to spread the word. It will hurt and i will do nothing but avoid the issue for a very long time. It will be like a death, not a celebration.

I will never see rationality in the thoughts of people like yourself. Life must really fucking suck.

You make a scary amount of sense Bart. Never thought i'd say it, but you do. The huge profits our club generates have often left me perplexed. I finally learned it must be these tiny limited companies and their near infinate wealth that are to blame.

FUCK OFF TWAT.

Oh and you know jack shit bart, shut your cunt mouth and show us what you know you doom riding twat.

You only post when we have problems, you only post negative comments - apart from a very strange one after sturrock came in. Why do you spend so much time acting like a smarmy gloating little  merchant of misery? Does us having problems make you hard?

I will never find solace in watching town go down the plan and being the one to spread the word. It will hurt and i will do nothing but avoid the issue for a very long time. It will be like a death, not a celebration.

I will never see rationality in the thoughts of people like yourself. Life must really fucking suck.

I think that is correct too (existing shareholders) because last time we did this someone gave every interested investor a share so they would be entitled to purchase more. Nothing to stop this happening again.

10-12,000 a game!

Because they aint got money going into funding other businesses working capital

wake up

The wills do not get enough credit for what they have done already, they really dont.

if they bails us out again, I will be personally writing to them with my thanks and gratitude for their continued help.

I may also place some sort of suggestions in there regards to should not have to do this etc etc. and they should perhaps think about shuffling the staff around a bit etc etc  but the main will be a big thank you for sure!!

Scary words there Delta. Very. Anyway...

Okay Bart, i've decided what I want to do. Tell me the names of all Diamandis' companies disolved, liquidated, active and closed and i will purchase all accounts. I will then publish these accounts.

Oh, and for your info, dunwoody is under a CVA, the same as towns infact. But please, humour me oh knowledgable one.

i think everyone is being a bit cuntish to bart..he has told us for ages to expect this,he doesnt get his point across well but everything he has said has been right to be honest

i think everyone is being a bit cuntish to bart..he has told us for ages to expect this,he doesnt get his point across well but everything he has said has been right to be honest

another question we should be asking is

who is arthurhorsfield?

 he starts this thread off by randomly asking if the cva payment has been paid,i got a feeling he knows quite a lot about what is going on at this club

another question we should be asking is

who is arthurhorsfield?

 he starts this thread off by randomly asking if the cva payment has been paid,i got a feeling he knows quite a lot about what is going on at this club

arutherhorsfield is mike wilkes

everyone knows that...

Can't believe you've accumulated the amount of posting you have so far without sussing out who Arthur is yet....

I'll send you electronic copies if you find out

Scary words there Delta. Very. Anyway...

Okay Bart, i've decided what I want to do. Tell me the names of all Diamandis' companies disolved, liquidated, active and closed and i will purchase all accounts. I will then publish these accounts.

Oh, and for your info, dunwoody is under a CVA, the same as towns infact. But please, humour me oh knowledgable one.

I assume you can get them free then?

I can through work, but i'm sure they'd cut my bollocks off if they found out!

If you're serious, i'll let you know when i've found out. I've so far found PIA and Dunwoody.

I assume you can get them free then?

I can through work, but i'm sure they'd cut my bollocks off if they found out!

If you're serious, i'll let you know when i've found out. I've so far found PIA and Dunwoody.