There's more!!! - Joseph Cala

[Posh]

Just when you thought it couldn't get even more extraordinary!

I'd heard several rumours that the board were in talks with an un-named investor. It turns out it is no less than Joseph Cala. Marvellous The Bay have done their bit.

You know owned Italian side Salernitana for 11 days and tried to raise half a billion dollars to build giant underwater casinos. Who told porkies about his MBA because he has a "psychological orgasm to be Joseph Cala". Yeah that Joseph Cala!

http://www.inthebay.co.uk/Morecambe-mes ... ff4e28f-ds
http://www.telegraph.co.uk/sport/footba ... -deal.html
https://www.thesun.co.uk/archives/footb ... no-master/

If you read today's article by the team at The Bay - it's great that someone is investigating this - he wanted to come in and sack the entire board, "because the board is the problem at Morecambe".

Is it any wonder the administrator changed the locks with all these people roaming around?

[mrpotatohead]

It's all on ..the bay'' and facebook.

[morecambegeek]

One wonders which "prominent" Morecambe hotel this gentleman stayed at.

[Posh]

It's all on ..the bay'' and facebook.

And everyone is looking him up and doing some basic due diligence of their own.

For example, why did his takeover of Salernitana fail? Excerpts from an article in the Italian press.

SALERNO, February 22 - Twist in Salernitana football. Antonio Lombardi returns to the helm of the club. In the afternoon the club said it was terminating the contract for the sale of the club to Italian-American entrepreneur Joseph Cala.

Lombard is back in the saddle after relying on a "termination clause for non-compliance." The meeting at the notary's office in Vallo della Lucania was held to to terminate the agreement. So after just eleven days so ends the era of Joseph Cala, it began with announcements and proclamations ambitious. " I will take Salernitana to Serie A in two years."

WITHOUT MONEY - The volcanic Italian-American launched a scathing attack on the former management for the disastrous situation.

" Since he arrived in Salerno - said yesterday Lombardi - [Joseph Cala] has not pulled from his pocket a euro."

"I love Salerno and Salerno - Cala said in his farewell - but the fans have a right to transparency."

[Shrimpy]

I know PMG has done a lot for this football club but how can he seriously come away from this with any credit? First he sells us to Diego / whoever it is that actually owns the club and now he's having talks with Joseph Cala!

[halftimeresults]

The way I see it is the club are being read it's last rights so I'd be open to giving Calas a go

[Seasider9601]

What was PMG said in The Bay interview the other week about himself?

He "can't look at himself in a mirror" ???

Wonder why........

[KenH]

PMG will be desperate to find a buyer to try and get some of his money back. As it stands, before the Diego fiasco, his loans were "secured" against the club's assets meaning he'd be first in the queue if the club was wound up or the ground sold. As part of the deal, he converted those loans into shares which means (even if he gets his shares back) he's now at the back of the queue behind everyone else who's owed money, so is facing getting nothing back because share capital is last in line in winding up.

[Joel Ninety]

The Bay are surpassing themselves with this investigation. Brilliant work. The Visitor, however...

[Gone_Shrimping]

Didn't Kendal Shrimp mention Italian interest at one time.

The one thing these possible buyers have in common is they don't seem to have a pot to pee in.

[P/T Indie]

The Bay are surpassing themselves with this investigation. Brilliant work. The Visitor, however...

Just what I was thinking.

I still don't understand how PMG can look at bringing someone else in because he is not the owner unless the new person was just a director to begin with or had 49% of the shares.

[Gone_Shrimping]

The Bay are surpassing themselves with this investigation. Brilliant work. The Visitor, however...

Wait till tomorrow's paper.

Gemma Sherlock will live up to her name and have an exclusive scoop !!

[Seasider9601]

The Bay are surpassing themselves with this investigation. Brilliant work. The Visitor, however...

Wait till tomorrow's paper.

Gemma Sherlock will live up to her name and have an exclusive scoop !!

I corrected your quote Gone_Shrimping :

Gemma Sherlock will live up to her name and have an exclusive scoop full of fibs and untruths.

[Joel Ninety]

The Bay are surpassing themselves with this investigation. Brilliant work. The Visitor, however...

Wait till tomorrow's paper.

Gemma Sherlock will live up to her name and have an exclusive scoop !!

I corrected your quote Gone_Shrimping :

Gemma Sherlock will live up to her name and have an exclusive scoop full of fibs and untruths.

They are called alternative facts now.

[Seasider9601]

An interesting read:

http://www.fansonline.net/pompey-fans/a ... php?id=395

[halftimeresults]

Well if we're honest I probably believe more from the Visitor than anything our club says

[parceldave]

PMG will be desperate to find a buyer to try and get some of his money back. As it stands, before the Diego fiasco, his loans were "secured" against the club's assets meaning he'd be first in the queue if the club was wound up or the ground sold. As part of the deal, he converted those loans into shares which means (even if he gets his shares back) he's now at the back of the queue behind everyone else who's owed money, so is facing getting nothing back because share capital is last in line in winding up.

Hi Ken im just curious but has PMG got anything to sell . I thought this G50 group now owned what Diego allegedly owned , which basically is the club isn't it.

[KenH]

PMG will be desperate to find a buyer to try and get some of his money back. As it stands, before the Diego fiasco, his loans were "secured" against the club's assets meaning he'd be first in the queue if the club was wound up or the ground sold. As part of the deal, he converted those loans into shares which means (even if he gets his shares back) he's now at the back of the queue behind everyone else who's owed money, so is facing getting nothing back because share capital is last in line in winding up.

Hi Ken im just curious but has PMG got anything to sell . I thought this G50 group now owned what Diego allegedly owned , which basically is the club isn't it.

If the contract wasn't honoured, i.e. G50 didn't pay PMG then ultimately, PMG should be able to get his shares back via legal action for breach of contract. Once he has his shares back, he can then sell them to someone else. Given the perilous financial situation and the bad publicity, his shares are now worth a lot less. An interested parties may choose to wait it out in case the club appoints administrators and then make a cheeky offer to buy it, potentially leaving PMG with nothing.

[Joel Ninety]

An interesting read:

http://www.fansonline.net/pompey-fans/a ... php?id=395

He claims to have a €100m fortune but there seems to be no immediately available information to specify how he would have come by this money. Indeed, in his News interview it was claimed; “Mr Cala, who said he is worth an estimated 100m euros, said he has worked in Mexico and Japan but would not fully disclose how he made his wealth.”

Very Trumpian. Very dodgy.

[P/T Indie]

PMG will be desperate to find a buyer to try and get some of his money back. As it stands, before the Diego fiasco, his loans were "secured" against the club's assets meaning he'd be first in the queue if the club was wound up or the ground sold. As part of the deal, he converted those loans into shares which means (even if he gets his shares back) he's now at the back of the queue behind everyone else who's owed money, so is facing getting nothing back because share capital is last in line in winding up.

Hi Ken im just curious but has PMG got anything to sell . I thought this G50 group now owned what Diego allegedly owned , which basically is the club isn't it.

If the contract wasn't honoured, i.e. G50 didn't pay PMG then ultimately, PMG should be able to get his shares back via legal action for breach of contract. Once he has his shares back, he can then sell them to someone else. Given the perilous financial situation and the bad publicity, his shares are now worth a lot less. An interested parties may choose to wait it out in case the club appoints administrators and then make a cheeky offer to buy it, potentially leaving PMG with nothing.

So instead he gets his shares backs and sells us off to anyone who is willing, you just hope that as bad as the fit and proper test is that even this Cala guy would hopefully fail it.

[marky No.1]

An interesting read:

http://www.fansonline.net/pompey-fans/a ... php?id=395

"an agreement has been signed which commits no-one to anything, no money changed hands and nothing has happened."

"spent five years being Founder, President, CEO, Principal Accounting Officer and Chief Financial Officer of a company that has lost millions of dollars and has nothing to show for it barring an appalling website and a line drawing of a ship. There are no meaningful contracts, no up to date accounts, nothing built, nothing about to be built, no customers, no revenue and no takers for the stock."



I think Steven Spielberg should get hold of this, it makes the Temple of Doom sound plausible

[parceldave]

With his previous history of dealings he shouldn't be allowed anywhere near a football club .
Why cant he just stick with what he does best in running Bingo Halls .

[John L]

After dealing with Diego, you really wouldn't expect PMcG to fall for another one...

[mrpotatohead]

really?, you wouldn't, I think he'd sellthe place to the yorkshire ripper if he made an offer.

[Shrimpy]

After dealing with Diego, you really wouldn't expect PMcG to fall for another one...

If he's talking to Cala you have to question whether he's "falling for another one" or he simply doesn't care who he sells it to as long as he gets his money.