Shrimpsvoices

Durham police are now involved. Court case for ownership starts tomorrow and our General Manager resigns today.

http://www.thebay.co.uk/news/local-news ... stigation/

I might be stating the obvious but I assume Durham Police's involvement must mean any possible crime has been committed in their patch! Its allegations of fraud relating to G50 registered in Durham.

Wonder if the outcome of any fraud investigation could see the return of Pmcg's shares as it may well be that money for the purchase is outstanding possibly in full.....

Pass the parcel?

I believe a major revelation is in the pipeline.

mrpotatohead wrote:I believe a major revelation is in the pipeline.

Oil?

fulwoodshrimp wrote:I might be stating the obvious but I assume Durham Police's involvement must mean any possible crime has been committed in their patch! Its allegations of fraud relating to G50 registered in Durham.

Registered office address of G50 holdings limited is the N/e, so that's probably why it's Durham police, regardless of where any alleged fraud actually happened.

Will the judge be able to take the investigation into account tomorrow or can they only look at the evidence infringement of them. Wondering if it will be adjourned pending the fraud case.

P/T Indie wrote:Will the judge be able to take the investigation into account tomorrow or can they only look at the evidence infringement of them. Wondering if it will be adjourned pending the fraud case.

The High court won't be able to take into account any "evidence" which is subject to the fraud case until the police have investigated and come to a conclusion.

marky No.1 wrote:

mrpotatohead wrote:I believe a major revelation is in the pipeline.

Oil?

Nah, probably just my beef stew and dumplings. Give it 10 minutes...

http://www.thebay.co.uk/news/local-news/morecambe-fc-battle-goes-back-to-court/

anyone made it to court, Supermarket Shrimp?

At the moment it feels like we are in the eye of the storm, we have taken a severe battering followed by a period of calm and now we are about to enter back into the storm to hopefully emerge out of the other side still intact.

I cant see anything but turbulent times ahead regardless of who wins this court case, Burnard says he doesn't want to own the club and it looks as if he would sell it to anyone then we have Diego who wants it but doesn't have any funds so as far as I can see its a no win situation.

This battle is Burnard vs Lemos, neither have put their hands in their pockets to pay the wages so the outcome is unlikely to be much of an improvement and the first thing they'll do is try to sell their shares for a quick profit.

We would be well shut of both these "gentlemen". We need an owner committed to our club not someone out to make a quick buck.

steve mfc wrote:At the moment it feels like we are in the eye of the storm, we have taken a severe battering followed by a period of calm and now we are about to enter back into the storm to hopefully emerge out of the other side still intact.

I cant see anything but turbulent times ahead regardless of who wins this court case, Burnard says he doesn't want to own the club and it looks as if he would sell it to anyone then we have Diego who wants it but doesn't have any funds so as far as I can see its a no win situation.

Which goes back to my original questions as to whether he's actually paid for the shares or has it been our Qatary friend or has no money actually changed hands to date.... This is a question that to date nobody has confirmed the answer other than made assumptions...

Christies Child wrote:

steve mfc wrote:At the moment it feels like we are in the eye of the storm, we have taken a severe battering followed by a period of calm and now we are about to enter back into the storm to hopefully emerge out of the other side still intact.

I cant see anything but turbulent times ahead regardless of who wins this court case, Burnard says he doesn't want to own the club and it looks as if he would sell it to anyone then we have Diego who wants it but doesn't have any funds so as far as I can see its a no win situation.

Which goes back to my original questions as to whether he's actually paid for the shares or has it been our Qatary friend or has no money actually changed hands to date.... This is a question that to date nobody has confirmed the answer other than made assumptions...

I overheard on the Bay that in court today as part of Burnard's case, his counsel has asked "how can Diego own the club when he hasn't paid a penny?"

I understand that Diego seems not to have paid any money for the club but has Mr. Burnard? My understanding is the only person to come up with actual money is Abdullah. Where has Diego got the money to pay his legal fees for he clearly has none? Will that be another unpaid bill?

If my memory is right PMG said he had received a small amount but I don't think he indicated where that payment had come from.

He said he had recieved ''some money'', not all of it, his idea of a small amount could possibly feed a small 3rd world nation for quite a while.

What an absolutely load of bollox all this is, thanks to those that have got us here

marky No.1 wrote:What an absolutely load of bollox all this is, thanks to those that have got us here

That would be one person?

shrimpnsave wrote:

marky No.1 wrote:What an absolutely load of bollox all this is, thanks to those that have got us here

That would be one person?

Well on the face of it yes, but would it not be a board decision really, I know with 80% it doesn't have to be....

Maybe I've just answered the question

It's all very strange. The sale announcement says the club was for sale and Nigel was dealing with it on behalf of the board. What was sold was an individual's shares.

mrpotatohead wrote:He said he had recieved ''some money'', not all of it, his idea of a small amount could possibly feed a small 3rd world nation for quite a while.

We know that PMG owned about 800,000 shares. He then converted his loans, believed to be around £2 million into shares on a £1 per share basis. These numbers are very loose. He then sold his shares for a very large discount. In a conversation on Christmas Eve the implication was that it was a figure around £400,000. Then it was implied that payments were staged and that an initial sum was received, indicated as a small proportion, which I took as 10% or £40k. And it now looks as if Burnard has picked up the club for £1,000.

P.S. I don't believe anything anyone tells me about any of this but this is what I was told.

I think those figures are about right, Posh. I suspect Diego and Abdul agreed to put in half each and Abdul paid his share. Perhaps that's where the £400,000 quoted in the court case comes from- £200,000 as Abdul's share of the purchase of the club and £200,000 for wages etc. I still think there's something not right about the whole transaction and wonder why we have only attracted people like Diego,Burnard and Cala- people essentially with no money, not interested in the club and seeing the club as a way to make a quick buck.