New beginnings - 25% Truth, 80% Bollocks

[Bogus Dave]

£2.5m increase in long term debt (presumably to Clem)

Short term debt down by £1m. Presuming that was paid off by being transferred to long term debt/clem - what’s the other £1.5m responsible for

[RobertT]

#Othersdoit

[Kent_Red]

The debt to Clem (if indeed it is him who's put the money in) has increased by £2.5m in a year - the club owes him £7.6m vs £5.1m the previous year.  Given this was at 31 May 24 you can guarantee he's owed more than this as at today.

[RobertT]

It's actually slightly less than the last set of Accounts filed  by Power, who at least included the Directors Loans details (to be fair to everyone, I imagine some of that was to try and cover his ass on the legal stuff about to come his way).

The club is losing what it lost under Power in that season (which was a promotion winning one interrupted by covid) and has a little bit more debt than at that point, similarly owed to the "owner".

[Andyred83]

The debt to Clem (if indeed it is him who's put the money in) has increased by £2.5m in a year - the club owes him £7.6m vs £5.1m the previous year.  Given this was at 31 May 24 you can guarantee he's owed more than this as at today.

The club didnt owe Clem £5.1m last year, that was the total of all the long term debt including the wives. In those accounts he was only owed £2.9m.

If he has invested £2.5m this year which seems likely (Creditors down £900K and losses of £1.3m totaling £2.2m) he is owed £5.4m which is way short of the £8m he told us. Has clem invested a further £2.6m since May?

[Matchworn Shirts]

#savedtheclub

[STFC_Manc]

The club didnt owe Clem £5.1m last year, that was the total of all the long term debt including the wives. In those accounts he was only owed £2.9m.

If he has invested £2.5m this year which seems likely (Creditors down £900K and losses of £1.3m totaling £2.2m) he is owed £5.4m which is way short of the £8m he told us. Has clem invested a further £2.6m since May?

I thought the wives had shares and are not owed money?

[Andyred83]

I thought the wives had shares and are not owed money?

Clem did convert some of the value to shares but the club still owed someone else the difference between the £5,127,405 other long term borrowings and the £2,937,405 (£2,190,000)within the related party transactions which discloses all amounts due to the directors if it still isn't them as that should have been written off.

[Kent_Red]

The club didnt owe Clem £5.1m last year, that was the total of all the long term debt including the wives. In those accounts he was only owed £2.9m.

If he has invested £2.5m this year which seems likely (Creditors down £900K and losses of £1.3m totaling £2.2m) he is owed £5.4m which is way short of the £8m he told us. Has clem invested a further £2.6m since May?

We don't know whether the wives lent Clem the money which he then lent to the club, or they lent it direct.  Either way the 'shareholder' debt stands at £7.6m and rising fast no doubt.

[Andyred83]

We don't know whether the wives lent Clem the money which he then lent to the club, or they lent it direct.  Either way the 'shareholder' debt stands at £7.6m and rising fast no doubt.

As i said in my last post its not clem as that has to be disclosed in the accounts and we can see last year it wasnt due to him. The wives dont appear to trust clem with there money hence why they are shareholders now. this debt is outside clem and more than likely outside the wives. Standing maybe?

[RobertT]

I thought the wives had shares and are not owed money?

We do not know for sure - the terms of the deal were never disclosed and these would be the first accounts produced to cover the transaction I think (which may explain the brevity).

We can use public statements if we like - Clem said he was loaned the money in return for giving them shares in the business (after first saying it was an admin error).  He also stated he was going to pay them back, but hasn't, and has now said there is no rush.  This comes from his interviews.

IIRC said he "loaned" 50% of the amount of the Debenture from them, 1.45m.

The fact that an actual share transfer seems to have occurred would not suggest it was simply a case of using the business as security, and no charges have been registered, so who knows I guess!

[jimbob]

How many of us have heard (no matter who the source is and whether we believe it or not) that Power is still pulling the strings? Wouldn’t surprise me.

[RobertT]

How many of us have heard (no matter who the source is and whether we believe it or not) that Power is still pulling the strings? Wouldn’t surprise me.

Nah, I would think the knee capping effort on Zav would be enough to dispel any notion that Power and Curran remained on the scene.

[Nemo]

We'd be able to get the Merc back if he were.

[tans]

We'd be able to get the Merc back if he were.

Longest legal dispute ever that thing

Probably spent more on legal fees than what the fucking thing is worth now