New beginnings - 25% Truth, 80% Bollocks

[Audrey]

But there was nothing wrong in Clem seeking outside investment. Why he chose to hide it I have no idea. Whatever the reason, the outcome could not be worse than this.

[Mooneyraker]

Presume it’d be the Abramovich stuff

Well remembered. That was about three outrage cycles ago. It is hard to keep up.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

This isn't the role of the trust imo club and trust shouldn't be working alongside each other like this. The relationship needs to be distant and critical, trust needs to provide their own analysis separate to the club

This.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

The trust statement reads as though it was written by Anthony Hall himself.

Reiterating how 'rare' it is for the club to share such information. A totally un necessary line. It reads like we should be grateful and we've been done a favour.

It's like the trust have had a telling off and have now gone back with their tail between their legs.

As others have mentioned, I don't like the tone. It's like they've rolled over a bit. Just when we thought we were making progress.

Agreed. Shambolic. Been told to get back in their box and they've done just that.

[Audrey]

Well remembered. That was about three outrage cycles ago. It is hard to keep up.

Yeah. All of 2 weeks ago - and it’s a dreadful indictment that it’s been half lost in all the more recent guff.

[theakston2k]

So in summary, basically the club have just let the Trust see what will get put on companies house in a few months that basically gives no detail of where money is going. Suddenly that’s now acceptable as long as some half arsed exec summary accompanies it?

Absolutely staggering, the Trust are a sham these days.

[Bob's Orange]

But there was nothing wrong in Clem seeking outside investment. Why he chose to hide it I have no idea. Whatever the reason, the outcome could not be worse than this.

Could it simply be his ego? He's always banged the drum of owning the club 100% and maybe he didn't want to lose face by admitting he had to seek alternative investment. Whatever the actual reason, it was a pretty dumb way of going about it, especially given the open and transparent rhetoric that's basically now shattered.

[reeves4england]

So in summary, basically the club have just let the Trust see what will get put on companies house in a few months that basically gives no detail of where money is going. Suddenly that’s now acceptable as long as some half arsed exec summary accompanies it?

Absolutely staggering, the Trust are a sham these days.

The ledger isn't uploaded to Companies House. That's what they've seen and they should be able to explain £8m+ outgoings as a result. That information needs to be communicated asap.

[Mooneyraker]

So in summary, basically the club have just let the Trust see what will get put on companies house in a few months that basically gives no detail of where money is going. Suddenly that’s now acceptable as long as some half arsed exec summary accompanies it?

Absolutely staggering, the Trust are a sham these days.

Have been since the second Clem came onto the scene, if not before.

This pic from Dec 2018 tells you how deep the ties are.

Where were the Trust when Zavier Austin and Veljko Jovanovic were appointed non-exec Directors in 2015? Maybe some hard questions at that point might have made a difference...

I've always felt the ground purchase was a well intentioned pet project of people who didn't care how they got it over the line, or with whom. The fact that they were prepared to get into bed with Power on it showed that. That could never have been in the interests of the club, and nor is the current situation.

[Bennett]

The trust's september statement when the shareholding issues came to light says:

"An example of this is Friday’s agreement to allow a representative from the Trust Board to review the financial records and accounts of the Club, something which goes above that previously agreed and probably unheard of at other Clubs"

https://truststfc.com/2023/09/19/share-transfer-and-ownership-statement/

Which has changed to "clear analysis" to be shared by December.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

Could it simply be his ego? He's always banged the drum of owning the club 100% and maybe he didn't want to lose face by admitting he had to seek alternative investment. Whatever the actual reason, it was a pretty dumb way of going about it, especially given the open and transparent rhetoric that's basically now shattered.

Definitely more to it. Remember when someone asked about Chris Kiely and the most we could get was "uuuuuuhhhhh, he gives us good data". Wouldn't surprise me if Adam Hart is involved.

[RobertT]

If you simply apply basic logic, a fairly reasonable explanation can be found for why this all happened the way it did.

1) The potential sale of the CG and signing of a 298 year lease was coming to a head
2) That would involve the club receiving a sizeable asset
3) Power has purchased the Debentures from Black/Arbib
4) The Debentures were secured against any and all assets of the business - it was about to get one
5) Power knows the Debentures are about to have some real value and calls them in
6) Clem knows he has two options - a) pay Power and get his hands on 50% of the ground for FREE, or b) walk away from the deal and let the Trust/Eady take the ground in it's entirety, but Power likely walks away for the time being given the club has no assets to call in.
7) Clem decides the value of the ground is greater and finds a quick way to grab the cash to settle the debt, but is also well aware that if he transfers shares he'd need to tell the EFL and Trust/Eady (the former because of regulations, the latter because the deal on the ground demands it).
8 ) Clem decides to proceed but needs to keep it quiet for as long as possible, to ensure the deal for the ground proceeds smoothly

I reckon he part hoped, like he tried to do with Zav being appointed as Vice Chair, that everyone would just stop paying attention.

At all times, in this scenario, Clem has choices, it is not forced upon him.  Everything he did was calculated based on the risks and potential outcomes.  

His method of operating, possibly from the industry he works within, is nearly always the 'dodgy" route.  Lots of nods and winks, not least his original investment into the club.  It's why Power would have done business with him in the first place.  I mean, look back to his first days - the idea to pressure people to not ask for refunds on season tickets.  Who comes up with an idea like that?  The sort of person who has a very malleable moral compass when it comes to business.

[Mooneyraker]

If you simply apply basic logic, a fairly reasonable explanation can be found for why this all happened the way it did.

1) The potential sale of the CG and signing of a 298 year lease was coming to a head
2) That would involve the club receiving a sizeable asset
3) Power has purchased the Debentures from Black/Arbib
4) The Debentures were secured against any and all assets of the business - it was about to get one
5) Power knows the Debentures are about to have some real value and calls them in
6) Clem knows he has two options - a) pay Power and get his hands on 50% of the ground for FREE, or b) walk away from the deal and let the Trust/Eady take the ground in it's entirety, but Power likely walks away for the time being given the club has no assets to call in.
7) Clem decides the value of the ground is greater and finds a quick way to grab the cash to settle the debt, but is also well aware that if he transfers shares he'd need to tell the EFL and Trust/Eady (the former because of regulations, the latter because the deal on the ground demands it).
8 ) Clem decides to proceed but needs to keep it quiet for as long as possible, to ensure the deal for the ground proceeds smoothly

I reckon he part hoped, like he tried to do with Zav being appointed as Vice Chair, that everyone would just stop paying attention.

At all times, in this scenario, Clem has choices, it is not forced upon him.  Everything he did was calculated based on the risks and potential outcomes.  

His method of operating, possibly from the industry he works within, is nearly always the 'dodgy" route.  Lots of nods and winks, not least his original investment into the club.  It's why Power would have done business with him in the first place.

Good summary. Most plausible.

Which makes you wonder why the Eady Trust/Council/Trust haven't kicked up a stink. Or perhaps they have.

Either way, you get the Poirot nod for today.

[RobertT]

The Trust/Eady probably have had words, but the agreement is not really enforceable in any way, not financially or legally any way.  They can only enforce/prevent the sale of the asset itself, not the ownership of shares of the business that owns the asset.  STFC Ltd must own the ground and lease, but anyone can own STFC Ltd.

[Mooneyraker]

The Trust/Eady probably have had words, but the agreement is not really enforceable in any way, not financially or legally any way.  They can only enforce/prevent the sale of the asset itself, not the ownership of shares of the business that owns the asset.  STFC Ltd must own the ground and lease, but anyone can own STFC Ltd.

If they had included a clause that said "I hereby confirm I am the 100% owner of STFC" could the agreement have been voided if it turned out he had lied?

Not my area of expertise.