Consortium News

[arthurhorsfield]

Firstly I would like to thank those who have offered support both financial and moral to the consortium efforts, at the right time I intend to do so personally.

The current CVA non payment fiasco came about following a routine discovery during due diligence and was a publicly available piece of information.

I do not believe that this issue would ever have been brought into the public domain without prompting, and would thereby have put the clubs survival at imminent and terminal risk.  Both creditors and shareholders (from a legal perspective) and fans (from a moral and customer care standpoint) have a right to know of financial or commercial factors which place the companies’ future viability at risk.  Shareholders are asked to elect or re-elect Directors on the basis of true and accurate statements at an AGM, this in my opinion has clearly not occurred.

The statements made by the CVA Supervisor regarding cash flow problems and management changes over the summer period require analysis:  If as stated the company was unable to make its CVA payment in June, why when over £1.2m was invested by Bill Power could this relatively small sum not be paid? At that stage no (alleged) serious overspend had been identified according to Club statements regarding Mark Devlin.

Furthermore significant income was received from the Bryan Adams concert and subsequently from compensation for Dennis Wise; increasing revenues from all areas has provided a significant boost to company turnover despite relegation.  The figures simply do not stack up and the failure of the Board to make CVA payments to The Revenue is an outrageous state of affairs given the seriousness of such an omission.

Turning to the consortium it is clear that urgent and substantial changes are required at the football club; it is no longer tenable for the Board to argue constantly that external factors beyond its control have produced the current financial plight. The implication of its statement is that somehow The Council is guilty of failing to allow a ground redevelopment, and whilst I have my own views regarding the Borough Council, it is both fatuous and incorrect to lay the blame at its door.  This Board has had over 6 years to produce a meaningful development plan and it has failed to do so, the only realistic attempt (after the Shaw Tip debacle) made so far has been undertaken by The Trust not the Board.  

The consortium has now secured significant financial backing and is in a position to commence realistic negotiations with the majority shareholder James Wills, attempts have been made over the past month to establish a basis for confidential negotiation and to date these have been frustrated by unknown parties. The consortium will continue to work towards such a meeting and will not allow unelected or unconnected parties to derail a solution to the clubs current plight.  Can I urge you to join the Trust and ensure that fans have a properly elected Board representative to ensure that never again do we have to endure recurring unmitigated financial crises every year.

Please continue to provide the fantastic support shown all season to the team and to Paul Sturrock, this club will come through this and emerge a stronger and much healthier body where fans and staff alike share a common purpose and open and honest relations.

Thank you.

[STFC Village]

Thanks AH, that's cleared alot of things up (in my mind anyway).

My blood is fucking boiling :evil:

[TalkTalk]

Fucking right on, Mike Wilks.

I'm going to marry you.

Or at least run off with your wife  :twisted:

http://www.redarmyloudnproud.org.uk/mikewife.jpg

[deltaincline]

Firstly I would like to thank those who have offered support both financial and moral to the consortium efforts, at the right time I intend to do so personally.

The current CVA non payment fiasco came about following a routine discovery during due diligence and was a publicly available piece of information.

I do not believe that this issue would ever have been brought into the public domain without prompting, and would thereby have put the clubs survival at imminent and terminal risk.  Both creditors and shareholders (from a legal perspective) and fans (from a moral and customer care standpoint) have a right to know of financial or commercial factors which place the companies’ future viability at risk.  Shareholders are asked to elect or re-elect Directors on the basis of true and accurate statements at an AGM, this in my opinion has clearly not occurred.

The statements made by the CVA Supervisor regarding cash flow problems and management changes over the summer period require analysis:  If as stated the company was unable to make its CVA payment in June, why when over £1.2m was invested by Bill Power could this relatively small sum not be paid? At that stage no (alleged) serious overspend had been identified according to Club statements regarding Mark Devlin.

Furthermore significant income was received from the Bryan Adams concert and subsequently from compensation for Dennis Wise; increasing revenues from all areas has provided a significant boost to company turnover despite relegation.  The figures simply do not stack up and the failure of the Board to make CVA payments to The Revenue is an outrageous state of affairs given the seriousness of such an omission.

Turning to the consortium it is clear that urgent and substantial changes are required at the football club; it is no longer tenable for the Board to argue constantly that external factors beyond its control have produced the current financial plight. The implication of its statement is that somehow The Council is guilty of failing to allow a ground redevelopment, and whilst I have my own views regarding the Borough Council, it is both fatuous and incorrect to lay the blame at its door.  This Board has had over 6 years to produce a meaningful development plan and it has failed to do so, the only realistic attempt (after the Shaw Tip debacle) made so far has been undertaken by The Trust not the Board.  

The consortium has now secured significant financial backing and is in a position to commence realistic negotiations with the majority shareholder James Wills, attempts have been made over the past month to establish a basis for confidential negotiation and to date these have been frustrated by unknown parties. The consortium will continue to work towards such a meeting and will not allow unelected or unconnected parties to derail a solution to the clubs current plight.  Can I urge you to join the Trust and ensure that fans have a properly elected Board representative to ensure that never again do we have to endure recurring unmitigated financial crises every year.

Please continue to provide the fantastic support shown all season to the team and to Paul Sturrock, this club will come through this and emerge a stronger and much healthier body where fans and staff alike share a common purpose and open and honest relations.

Thank you.

After the shit that's been going on today, Arthur's post takes the edge off it for me. Thanks for that Sir!

I hope the fans consortium blokes kick Diamandis's fat arse out of the club once and for all. I don't think it will be easy as Diamandis sounds like he's a right little ratchety cunt who'll fight till the end, specially when money is still up for grabs.

Still, Arthur and the rest have done very well to get us to this stage of new hope and possibly a Diamandis-free future.

Glad I joined the trust now

[millom red]

To Arthur!!
 :toppost:  :thumbs:  

Keep us informed sir.

Millom

[Reg Smeeton]

 Clarence Street boys united will never be defeated.

[yeo]

Thanks for that AH its great to hear that there is an option,just got to get the idiots to speak to you now.

[Samdy Gray]

This is great news, just hope those idiots in the boardroom see sense and sell up.

[Batch]

Cheers Arthur.

I hope the board see sense of the financial pickle we are in and open a dialogue forthwith. It would be crazy not to listen to what you are proposing.

[janaage]

I realise I'm out of touch on these matters, but who is this Arthur fella???

[Iffy's Onion Bhaji]

well its a great start. lets hope they sell.

[Whits]

I realise I'm out of touch on these matters, but who is this Arthur fella???

Mike Wilks, one of the tops boys of the consortium

[OOH! SHAUN TAYLOR]

Definitely the most encouraging thing I had read in a long time. I hate Diamond Mike and co with a passion. The sooner they are gone the better.

[Arriba]

what a great read!
i will be signing up today.the sooner the club is in the hands of the people who truely care the better

[STFC Bart]

Fantastic work Arthur.

Lets get Diamandis out as soon as possible