Sack him off

[fulwoodshrimp]

As each day passes it becomes clear that Diego Lemos isn't the person he purported to be when he came to buy the club. He clearly hasn't the funds to own and run our club and being "hands on" seems to mean he is thousands of miles away and out of contact! If he hasn't paid for all his shares from PMG then surely there must be a case for sacking him off and finding new, responsible, caring owners. I have contacted the EFL asking them to investigate the purchase of our club by Diego Lemos and invite other fans to do the same.

[Keith]

If he hasn't paid PMG then yes, I'd expect that to happen pretty quickly.
If he has paid PMG but then hasn't got any other funds, then we're screwed, as we can't 'sack him off' and neither can anyone else.

If the remaining directors don't know what is going on, then we've got no hope of knowing

[mrpotatohead]

Correct Keith, I genuinely believe that the directors from Nigel downwards are totally in the dark, and the only reassurance they have had regarding Diego has been off PMG, who , as owner, could sell to whoever he liked, regardless of the boards opinions, Nigel has stepped down realising Diego and co. aren't ''suitable'', you would think other directors are torn between a sense of responsibility to the club, and following Nigel's stance, a tough one.

[fulwoodshrimp]

The key point is has PMG been paid for his shares. If he hasn't, then Diego is on dodgy grounds but only PMG will know if he has paid up.

[mrpotatohead]

If he hasn't, and PMG returned, would you expect that he would finance additions to the beleagured squad in january, steer us to safety, and then sell the club to a wealthy, benevolent new owner at the end of the season, Fullwood?.......me neither.

[BoroRedShrimp]

Doubt PMG has if they cannot afford a bean to pay players wages, loans or debts off. However the whole matter needs investigating as to why these two were ever allowed to be near a football club in the first place without any capital. Surely if you are buying shares it should be normal as if you were buying a property but don't have any idea if that is the case. I smell a rat here.

[Wild Bill]

If he hasn't, and PMG returned, would you expect that he would finance additions to the beleagured squad in january, steer us to safety, and then sell the club to a wealthy, benevolent new owner at the end of the season, Fullwood?.......me neither.

I think he probably would. His asset would be worth a lot less if in the National League.

[KenH]

If the remaining directors don't know what is going on, then we've got no hope of knowing

They could follow company law procedures and carry on by side-tracking him. Company decisions are voted on by the Board as a whole. As long as Board meetings are properly convened, the other directors can make decisions and carry on - assuming he doesn't attend nor sends a proxy/alternate. It extends to shareholder meetings - the rest of the Board can agree to call an annual general meeting or an extraordinary general meeting - if Diego doesn't turn up or send a proxy, any votes will hinge on the other shareholders who do turn up, so the minority shareholders would have powers to change the set-up, i.e. to sack Diego/Abdul as directors and potentially even change the share capital structure. I'd hope the remaining directors/shareholders are talking to the club's accountants/solicitors along these lines. If Diego ignores properly convened meetings of the Board and shareholders, he can effectively be removed.

[mrpotatohead]

So effectively they would be trying to clean up his mess, using their time and their money?

Why would anyone want to do that.

[thedoc]

I just don't buy this `can't be contacted' lark. In this day and age? He could be in Brazil; Barbados or even Blackburn but satellite communication means you are only the press of a Send button away from being held responsible for your actions in any walk of life these days. Where was the `due diligence' in letting Lemos buy the club in the first place? The whole deal stinks and although it is easy to blame Diego for the entire mess, you have to ask what has happened to all the grandiose plans we as fans were sold when the Shrimps moved from Christie Park: that stinks too. The crisis at Morecambe hasn't developed overnight: it is a situation that has got worse year on year ever since that soul-less glorified bus shelter called the Globe Arena was first built.

[John L]

Only 4 days ago Radio Lancashire said that they'd spoken to Rod Taylor, who had, along with a number of other board members, been in touch with Diego and were expecting further communication. That seems at odds with what PMcG told NWT's Richard Askham yesterday, however.

[Posh]

Let's imagine this scenario.

PMG agrees to sell his shares to a company controlled by Diego Lemos but where the long-term money intended to grow the club is supposed to come from other sources, namely the wealthy Al-Hashemi family (whose at that point London-based son is the driving force).

At the point of the sale a staged payment process is agreed. On signing the documents a nominal sum, let's say £50,000 is transferred to PMG's bank account and everything is signed. Diego Lemos, through his company is now the owner of a majority of Morecambe FC and has the documents to prove it.

However, it turns out that Mr Lemos is just a small-time football agent with no money and Mr Al-Hashemi, a wealthy playboy, is the backer of a small London tech company that has had its website hacked (3dizzy.com) and doesn't look like it exists anymore. The money they promised doesn't exist or the family won't give them it and the money they did put up was sourced, by various parties including people from the North East, through a Middlesborough-based finance brokerage. Having realised all this the principle owners leave the scene for good as they could be liable in the UK courts.

As it grows increasingly unlikely that Mr Lemos will cough up the remaining money to buy his shares PMG realises he can't simply rip up the deal and walk back in. He now has to pursue a lengthy legal process to take back ownership of the shares he sold. This delays the process and means Morecambe FC's financial position becomes worse by the day with directors and staff working to secure the club's future with limited information. This rings alarm bells at Barclays and HMRC.

At the same time PMG is in no rush to take back the shares that he was so keen to sell. The media stories will only alarm any prospective buyer and the price will fall. Prior to the sale a variety of desperate measures had been taken to secure the club's short-term future, including taking money from the PFA, selling land, bridging loans etc.

This I think is something along the lines of where we're at.

[BoroRedShrimp]

Great post Posh. 1+

[John L]

Thanks for that educated guess, mate! That sounds pretty reasonable to me after all the hysterics.

[marky No.1]

Agree a deal - yes
Sign an agreement - yes
Take a deposit - yes
Hand over all your share certificates after taking a relatively small deposit -

[fulwoodshrimp]

Great insightful post Posh.

[Dazzer]

Let's imagine this scenario.

PMG agrees to sell his shares to a company controlled by Diego Lemos but where the long-term money intended to grow the club is supposed to come from other sources, namely the wealthy Al-Hashemi family (whose at that point London-based son is the driving force).

At the point of the sale a staged payment process is agreed. On signing the documents a nominal sum, let's say £50,000 is transferred to PMG's bank account and everything is signed. Diego Lemos, through his company is now the owner of a majority of Morecambe FC and has the documents to prove it.

However, it turns out that Mr Lemos is just a small-time football agent with no money and Mr Al-Hashemi, a wealthy playboy, is the backer of a small London tech company that has had its website hacked (3dizzy.com) and doesn't look like it exists anymore. The money they promised doesn't exist or the family won't give them it and the money they did put up was sourced, by various parties including people from the North East, through a Middlesborough-based finance brokerage. Having realised all this the principle owners leave the scene for good as they could be liable in the UK courts.

As it grows increasingly unlikely that Mr Lemos will cough up the remaining money to buy his shares PMG realises he can't simply rip up the deal and walk back in. He now has to pursue a lengthy legal process to take back ownership of the shares he sold. This delays the process and means Morecambe FC's financial position becomes worse by the day with directors and staff working to secure the club's future with limited information. This rings alarm bells at Barclays and HMRC.

At the same time PMG is in no rush to take back the shares that he was so keen to sell. The media stories will only alarm any prospective buyer and the price will fall. Prior to the sale a variety of desperate measures had been taken to secure the club's short-term future, including taking money from the PFA, selling land, bridging loans etc.

This I think is something along the lines of where we're at.

So in the words of Blackadder - 'Up a certain Creek without a certain instrument'

[fulwoodshrimp]

Very careless of PMG if he has sold the club after receiving only a small deposit. I thought he was a shrewd businessman. If this scenario is correct, how do we retrieve the situation?

[Posh]

Very careless of PMG if he has sold the club after receiving only a small deposit. I thought he was a shrewd businessman. If this scenario is correct, how do we retrieve the situation?

I sense with the removal of Abdullah as a Director that the wheels are now turning much quicker. It all depends on how fast PMG gain regain control but it sounds like its happening as we speak.

Expect some news very soon.

[mrpotatohead]

If I wasn't a man of my word, sworn to secrecy, I would probably say ''yes posh,thats about right''.

[fulwoodshrimp]

The sooner Diego is sacked off the better. Would be a good Christmas present. We are still in the mire but if board and supporters work together anything is possible. Also introduction of Supporters Trust is beneficial move. Lets fight to maintain league status.

[Keith]

A few additional points that I hadn't considered or thought about in Posh's post but similar to what I considered likely.

The only hope is that PMG returns soon and decides he has to invest to avoid administration and relegation, or his investment will be wiped out. Or, take a huge hit and sell at a cut price to a consortium of current or recent directors?

Sad & worrying times

[glagys]

on the brighter side look what happened to AFC Bournemouth
there were in the mire and climbed out
we can all dream a little