Toxic rumours? Penman & Stan

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NearlyDead

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Re: Toxic rumours? Penman & Stan

Postby NearlyDead » August 9th, 2018, 2:52 pm

My recollection was that the £300k (mentioned earlier here) was the debt in terms of director's loans owed to Les and so was repayable either by the trust or by any other party intending to buy the club.

And my recollection was that Les was to gift his shares (which was a separate item to the loans) to the trust and a schedule agreed to repay Les's director's loan over x years.

And my recollection was that HG and MS also said that they would gift their shares at some point. What I cannot recollect was whether any of this gifting of shares was ever accomplished, though I think in the case of Les's shares it was. Perhaps someone with a more perfect memory or certain knowledge can answer that.

As to
But as I said they put their own money into it
Just to be critised and slagged off


I'm afraid that's par for the course in a football director's life. Whether a director has put in their own money or not is immaterial, they still get criticised and slagged off.
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whoareya

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Re: Toxic rumours? Penman & Stan

Postby whoareya » August 9th, 2018, 3:16 pm

NearlyDead wrote:My recollection was that the £300k (mentioned earlier here) was the debt in terms of director's loans owed to Les and so was repayable either by the trust or by any other party intending to buy the club.

And my recollection was that Les was to gift his shares (which was a separate item to the loans) to the trust and a schedule agreed to repay Les's director's loan over x years.

And my recollection was that HG and MS also said that they would gift their shares at some point. What I cannot recollect was whether any of this gifting of shares was ever accomplished, though I think in the case of Les's shares it was. Perhaps someone with a more perfect memory or certain knowledge can answer that.

As to
But as I said they put their own money into it
Just to be critised and slagged off


I'm afraid that's par for the course in a football director's life. Whether a director has put in their own money or not is immaterial, they still get criticised and slagged off.


I have mentioned the same regarding share gifting but nothing has ever been confirmed so I've assumed it never happened - a pertinent question for the forthcoming meeting.

For someone to say that the incumbent directors thought £300k too high a price, when Les's actual expenditure must have far exceeded that and ultimately secured an annual Football League payment of nearly double that must have greatly increased the book value of the club, but then still stay silent about it all?

And what about this debt? Assuming it refers to the bank overdrafts that most organisations use to service operational debt. Seem to forget that pre-Trust the club was effectively subsidised by Les's money buffer, so they ultimately oversaw the debt as well.
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PMG

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Re: Toxic rumours? Penman & Stan

Postby PMG » August 9th, 2018, 4:38 pm

£300k was the figure Les agreed with T Pring the point is Les was willing to walk away for £50k
That’s until TP went in and offered Les the perfect scenario
He could walk away with his head held high giving the shares to the Trust and everyone thought he was a saint
The fact of the matter is Les had walked away many months before and wouldn’t communicate with the club or directors didn’t turn up at board meetings and fell out with JE and virtually everyone at the club,
He basically ditched the club resigned as a director and left HG with the baby
He funded the club to allow the trust to take it over,
I do believe that HG gifted his shares to the club a promise he made at one of the supporters meetings
That’s another question you can ask the Trust
Yes Les did put over a million into the club but no time, got fed up of it and walked away
He could afford it
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PMG

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Re: Toxic rumours? Penman & Stan

Postby PMG » August 9th, 2018, 4:43 pm

Apparently HG left the overdraft in place of £50-100k for six months after he left with personal guarantees on his house so that the trust could pay the wages
The new board of the trust refused to give any personal guarantees and take out an overdraft to fund the club but we’re more than happy to use HG’s whilst still slagging him off in the press
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whoareya

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Re: Toxic rumours? Penman & Stan

Postby whoareya » August 9th, 2018, 5:16 pm

PMG wrote:£300k was the figure Les agreed with T Pring the point is Les was willing to walk away for £50k
That’s until TP went in and offered Les the perfect scenario
He could walk away with his head held high giving the shares to the Trust and everyone thought he was a saint
The fact of the matter is Les had walked away many months before and wouldn’t communicate with the club or directors didn’t turn up at board meetings and fell out with JE and virtually everyone at the club,
He basically ditched the club resigned as a director and left HG with the baby
He funded the club to allow the trust to take it over,
I do believe that HG gifted his shares to the club a promise he made at one of the supporters meetings
That’s another question you can ask the Trust
Yes Les did put over a million into the club but no time, got fed up of it and walked away
He could afford it


I'd suggest that your last paragraph, particularly your last sentence, sums up the attitude towards him.......and the subsequent shitstorm of panic that ensued when he wised up and walked away.
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Amberexile

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Re: Toxic rumours? Penman & Stan

Postby Amberexile » August 9th, 2018, 5:36 pm

Going by the information available at companies house, HG still holds his shares.
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PMG

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Re: Toxic rumours? Penman & Stan

Postby PMG » August 9th, 2018, 5:39 pm

Les had walked away a long time before he officially resigned as a director
The club were left in the s**t he agreed a budget with JE which meant he had to fund the shortfall
Then ran off to Barbados
That’s why he fell out with JE
He left the club in a difficult situation holing all the shares and power and refusing to meet his commitments
That’s why the board who had an impossible position did what they had to
CUT COSTS accordingly and then got slughtered for trying to live within their means
And keep the club going with their own money trying to run the club as VOLUNTEERS
Playing youngsters
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PMG

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Re: Toxic rumours? Penman & Stan

Postby PMG » August 9th, 2018, 5:41 pm

That’s worth asking the Trust it should show up in the last accounts
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Alan G Bryant

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Re: Toxic rumours? Penman & Stan

Postby Alan G Bryant » August 9th, 2018, 5:49 pm

Bored bored bored
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PMG

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Re: Toxic rumours? Penman & Stan

Postby PMG » August 9th, 2018, 5:54 pm

Don’t like the truth do you Alan
Doesn’t suit your agenda
Which is support the trust regardless of the truth
Is there anything I’ve written that’s not true
I’d like to hear your version of events
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Alan G Bryant

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Re: Toxic rumours? Penman & Stan

Postby Alan G Bryant » August 9th, 2018, 5:54 pm

The fact Is every director has done what they felt is best for the football club at the time , none more so than Tony Pring it seems. Not only did he save the club from an uncertain future, he also saved the then board thousands and thousands of pounds they would have had to find to provide the working capital to keep us afloat. Why they feel such animosity towards him I do not know.
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PMG

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Re: Toxic rumours? Penman & Stan

Postby PMG » August 9th, 2018, 6:05 pm

It’s the fans that should feel animosity towards TP and the Trust because they spent £300k of the fans money that they didn’t need to be spent and lied about the state of the club and that there was no other option
They should have told the truth and would have had the same result with the old board helping the trust achieve their goal,
With everyone working together
Which is what R sant has tried and failed to do
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Alan G Bryant

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Re: Toxic rumours? Penman & Stan

Postby Alan G Bryant » August 9th, 2018, 6:29 pm

PMG wrote:It’s the fans that should feel animosity towards TP and the Trust because they spent £300k of the fans money that they didn’t need to be spent and lied about the state of the club and that there was no other option
They should have told the truth and would have had the same result with the old board helping the trust achieve their goal,
With everyone working together
Which is what R sant has tried and failed to do



No they did not. The fans raised £236k to provide the working capital to keep the club afloat based on the evidence that was presented to them. The £300k is repaid by the club in manageable monthly payments of £3k to Les Scadding.
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PMG

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Re: Toxic rumours? Penman & Stan

Postby PMG » August 9th, 2018, 6:57 pm

So we didn’t have to pay Les back then
I must have got that all wrong £3k a month for 100 months
Ok I know the £236k was to pay all the managers and staff off !
It’s all coming back to me now
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Alan G Bryant

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Re: Toxic rumours? Penman & Stan

Postby Alan G Bryant » August 9th, 2018, 7:12 pm

PMG wrote:So we didn’t have to pay Les back then
I must have got that all wrong £3k a month for 100 months
Ok I know the £236k was to pay all the managers and staff off !
It’s all coming back to me now


You are getting rattled I see. No , the £236k was to provide working capital to keep the club afloat. The managerial pay offs ( including butcher ) came later. Please try and keep to specifics.
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