glagys wrote:So the sale of the club drags on !
Think we better get used to the fact JW has no intention of selling the club
he’s just putting us into administration and declare bankruptcy and wiping his debts like he did at WW
Hope I’m wrong but that’s the scenario that seems to be panning out
And this is why the EFL should have more power,
they can see what’s happening but are powerless to stop it
glagys wrote:So the sale of the club drags on !
glagys wrote:So the sale of the club drags on !
Think we better get used to the fact JW has no intention of selling the club
he’s just putting us into administration and declare bankruptcy and wiping his debts like he did at WW
Hope I’m wrong but that’s the scenario that seems to be panning out
And this is why the EFL should have more power,
they can see what’s happening but are powerless to stop it
sandgrown wrote:glagys wrote:So the sale of the club drags on !
Think we better get used to the fact JW has no intention of selling the club
he’s just putting us into administration and declare bankruptcy and wiping his debts like he did at WW
Hope I’m wrong but that’s the scenario that seems to be panning out
And this is why the EFL should have more power,
they can see what’s happening but are powerless to stop it
I have posted before that bankruptcy was his way out to clear his debts !
Keith wrote:sandgrown wrote:glagys wrote:So the sale of the club drags on !
Think we better get used to the fact JW has no intention of selling the club
he’s just putting us into administration and declare bankruptcy and wiping his debts like he did at WW
Hope I’m wrong but that’s the scenario that seems to be panning out
And this is why the EFL should have more power,
they can see what’s happening but are powerless to stop it
I have posted before that bankruptcy was his way out to clear his debts !
Not saying you are wrong, but 'how?' He would have to somehow restructure his other businesses, so that their debt became our debt, then Morecambe FC goes bankrupt, leaving his other businesses debt free and [presumably] solvent? BUT, to do that, he'd need our Board of Directors to sign up to those other debts, which they'd never do. Even then, I'm not sure if he could legally manage that?
If Whittingham sacks our Board, so he can appoint his own stooges, or, our Board choose to all resign, then I'd be seriously worried, and feel the time to boycott games had arrived, but until then, I'm not convinced that is his tactic. I remain convinced that when they bought us, he thought Morecambe FC owned the land, as well as the buildings, in which case, we'd be a housing estate by now.
Keith wrote:Not saying you are wrong, but 'how?' He would have to somehow restructure his other businesses, so that their debt became our debt, then Morecambe FC goes bankrupt, leaving his other businesses debt free and [presumably] solvent? BUT, to do that, he'd need our Board of Directors to sign up to those other debts, which they'd never do. Even then, I'm not sure if he could legally manage that?
redrobo wrote:Could be wrong (again ) but wasn't his partner in crime a Solicitor.....
redrobo wrote:Could be wrong (again ) but wasn't his partner in crime a Solicitor.....
KenH wrote:Keith wrote:Not saying you are wrong, but 'how?' He would have to somehow restructure his other businesses, so that their debt became our debt, then Morecambe FC goes bankrupt, leaving his other businesses debt free and [presumably] solvent? BUT, to do that, he'd need our Board of Directors to sign up to those other debts, which they'd never do. Even then, I'm not sure if he could legally manage that?
Pretty sure there's a separate company, owned by Jason, which is lending the money to MFC, for which loans are being advanced by a lender, secured over the land and assets of MFC via legal charges.
A bit like PMG did with the 3g pitches and gym building.
If the loan repayments aren't made up the chain, the legal charge holder can call in administrators, to recover as much of their debt as possible, i.e. by selling the clubs land and assets to the highest bidder. Just as happened with the 3g/gym under PMG Leisure Ltd!
It may well be that Jason personally never invested anything in the first place, and just structured a deal to borrow money from a third party (bank etc) against the land and assets of MFC via a separate limited company.
In that case, he's literally nothing to lose by letting the club go into administration, all he'll lose is the future "profit" he makes between the intermediary company is paying to the lender and the inflated rate he charges MFC!
Heads he wins, tails we lose.
EDIT - it appears to be Bond Group Investments Limited, whose accounts show a 80% investment in MFC, financed by huge loans taken out to buy the club and then cover ongoing losses. Current deficit (i.e. loans and debts in excess of value of assets) over £2 million in debt - that's what is funding our ongoing losses!
KenH wrote:Pretty sure there's a separate company, owned by Jason, which is lending the money to MFC, for which loans are being advanced by a lender, secured over the land and assets of MFC via legal charges.
If the loan repayments aren't made up the chain, the legal charge holder can call in administrators, to recover as much of their debt as possible, i.e. by selling the clubs land and assets to the highest bidder. Just as happened with the 3g/gym under PMG Leisure Ltd!
Billy bodger wrote:No I don’t believe Golding was ever a registered Solicitor, that was the problem!!, that lead to them being disqualified as members of the BOD’s.
glagys wrote:So the sale of the club drags on !
Think we better get used to the fact JW has no intention of selling the club
he’s just putting us into administration and declare bankruptcy and wiping his debts like he did at WW
Hope I’m wrong but that’s the scenario that seems to be panning out
And this is why the EFL should have more power,
they can see what’s happening but are powerless to stop it
Keith wrote:But it would be fraud, to secure a loan against the land. That would be like me taking out a loan, secured against someone else's house. The administrators still couldn't sell the land, as it isn't Morecambe FC's asset.
KenH wrote:Not if the MFC Limited has agreed the legal charge
Keith wrote:KenH wrote:Not if the MFC Limited has agreed the legal charge
But Morecambe FC don't own the land, so they can't do that either. The land is 'held' by the 'Christie Trust'. The sale of land to Sainsbury's required approval at Government Office level.
KenH wrote:[
A potential outcome is that the administrators grant a lease to use the buildings, i.e. shop, hospitality suite, bar, etc to someone for use other than football, and just leave "community sports" being done on the pitch itself. Then sell the land around the trust land for other purposes such as housing (I don't think the trust land includes one of the car parks for example). All depends on the Trust deed and the lease given to MFC by the trust of course. The devil will be in the detail of the exact wording of the Christie Trust deed and the lease! But I don't think it's beyond the realms of possibility, that the only "sports" on the site would be use of the pitch itself via an access road to comply with the terms of the Christie trust, and the buildings and some of the surrounding land used for other purposes, completely unconnected to MFC nor sport at all.
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