New beginnings - 25% Truth, 80% Bollocks

[RobertT]

As of STFC's last accounts, there were still amounts owed to Clem directly, although it had reduced.  He has channeled most of the debt via Axis Football Investments, which in turn owes that money to other group companies.  I think some of that is part of the case he is defending - creditor claiming he moved money around to fund STFC when he should have been paying them.

[No Longer Posh Red]

I’m assuming that Clem is taking the money out of Axis, so he’s not got that much money personally invested in STFC & if he puts the club into administration he won’t be out of pocket.

The fact that Axis would only get pennies in the pound is then less of an issue

[STFC_Manc]

I’m assuming that Clem is taking the money out of Axis, so he’s not got that much money personally invested in STFC & if he puts the club into administration he won’t be out of pocket.

The fact that Axis would only get pennies in the pound is then less of an issue

He owns 100% of Axis, so any money invested is still his money? So he will still be out of pocket.

[RobertT]

He owns 100% of Axis, so any money invested is still his money? So he will still be out of pocket.

He is paying back all the creditors he owed money when he liquidated a couple of Axis businesses then?  I presume he is operating with limited liability, not a sole trader.

[STFC_Manc]

He is paying back all the creditors he owed money when he liquidated a couple of Axis businesses then?  I presume he is operating with limited liability, not a sole trader.

I'm not sure the point you are making is relevant to my post? If Axis has to write off money, then Clem loses money as he owns all of Axis?

[Robinz]

Robert... would you agree from a distance it seems very clear and obvious he is short of cash and that he is hoping for a windfall.
Currently he seems to be robbing Peter to pay Paul so to speak. All about timing and hoping.
He must see STFC as his windfall.
Possibly he should be mindful of the uncertainty of owning and selling football clubs.

[Robinz]

Manc
Taking money from one place to another could be for many reason
Suggest on this occasion it means he is moving money rightfully owed to creditors from and to another of his companies (STFC).
All about timing and Smoke n mirrors.

[RobertT]

I'm not sure the point you are making is relevant to my post? If Axis has to write off money, then Clem loses money as he owns all of Axis?

He, allegedly, moved cash from Axis businesses through Axis Football Investments, through to STFC.  Cash that was owed to creditors of the liquidated Axis business.   I am not alleging that, the liquidator in Aus and the creditors are.

He is not personally on the line for that money, yet.  He enjoys limited liability as a Director/Shareholder of the business.  It was not "his" money, in a literal sense, it was money in the accounts of a business of which he wholly owned (as far as we know).

[RobertT]

In fact, the allegations go on to suggest he distanced himself after making those transactions, handing the business over to a friend to take on the liquidation.

[STFC_Manc]

He, allegedly, moved cash from Axis businesses through Axis Football Investments, through to STFC.  Cash that was owed to creditors of the liquidated Axis business.   I am not alleging that, the liquidator in Aus and the creditors are.

He is not personally on the line for that money, yet.  He enjoys limited liability as a Director/Shareholder of the business.  It was not "his" money, in a literal sense, it was money in the accounts of a business of which he wholly owned (as far as we know).

That doesn't have anything to do with my point though. All money that Axis is owed by the Club, will be Clem's money if repaid, so if it doesn't get repaid he will lose money.

[tans]

That Neil Ball bloke now floating the idea of a statue for Clem Morfuni.

Piss off.

[McGurk's Missus]

That doesn't have anything to do with my point though. All money that Axis is owed by the Club, will be Clem's money if repaid, so if it doesn't get repaid he will lose money.

Not when the money he has used from Axis, is likely money that ackshurly belongs to creditors that are chasing him for said money.

A bit like what Stockbrokers do when they hold funds, make money on said funds and then redistribute. Except Clem is seemingly a very shit yuppie and just likes to take other people's money. Classic cowboy construction type of move. It could be argued that Power did this fairly ''well'' - his undoing was the covid-19 pandemic and it revealed his true workings.

[Nemo]

That Neil Ball bloke now floating the idea of a statue for Clem Morfuni.

Piss off.

I don't know, it could get the Colston treatment...

[McGurk's Missus]

That Neil Ball bloke now floating the idea of a statue for Clem Morfuni.

Piss off.

Morfini. It's Morfini 

Surely he's got to be trolling at this point? Even the most commited of jizz-in-their-pants-at-seeing-clem types would think this can't be serious.

Although as Nemo states, definitely opportunity knocks if such a stupidity were to be realised.

[STFC_Manc]

Not when the money he has used from Axis, is likely money that ackshurly belongs to creditors that are chasing him for said money.

A bit like what Stockbrokers do when they hold funds, make money on said funds and then redistribute. Except Clem is seemingly a very shit yuppie and just likes to take other people's money. Classic cowboy construction type of move. It could be argued that Power did this fairly ''well'' - his undoing was the covid-19 pandemic and it revealed his true workings.

Again you are missing the point I was making. What your saying is correct but nothing to do with my point. I replied to a point that stated Clem wouldn't lose any money because it was through Axis.