Cala Corporation

[Posh]

OK let's make this absolutely abundantly clear so we know who has bought the club.

Today's announcement said:

We have been informed by representatives of G50 Holdings that Abdulrahman Al-Hashemi has agreed to sell his interest in G50 Holdings Ltd that has a controlling interest in Morecambe Football Club to the Cala Corporation.

So we've been sold to the Cala Corporation and they will go to the EFL to seek fit and proper status to run a football club.

So a few important questions to ask. Firstly, is this the same Cala Corporation that was subject to sanction by the US Securities and Exchange Commission on 1 December 2016? According to the filing https://www.sec.gov/alj/aljdec/2016/id1086jeg.pdf :

"Cala Corporation, Central Index Key (CIK) No. 794107 and ticker symbol CCAA, is an Oklahoma corporation located in Houston, Texas, with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). The company is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-K for the period ended December 31, 2013, which reported a net loss of $312,956 for the prior year."

"Under Exchange Act Section 12(j), the Commission is authorized, “as it deems necessary or appropriate for the protection of investors,” to revoke the registration of a security..."

"For the reasons described above, it is necessary and appropriate for the protection of investors to revoke the registration of each class of [Cala Corporations]’ registered securities."

Surely if this were true then having your company removed from a stock market in order to "protect investors" and for "repeated violations" by the SEC would mean that, if it is the same Cala Corporation, it could not be a fit and proper organisation to run an EFL football club?

P.S. All the indexes showing shares for Cala Corp show a value of $0.

IMG_6210.PNG (97.71 KiB) Viewed 3096 times

Their office in Houston is marked as "Permanently Closed"

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This makes interesting reading though. Read from top to the very bottom. Note the football club section, the number of employees and the turnover. http://www.businesswire.com/news/home/2 ... areholders.

So is this all the same Cala Corporation that has bought Morecambe Football Club or something else. If it is the same then very serious questions need to be asked by the EFL.

[steve mfc]

Top club, global brand name, well if I was a shareholder I would have a few question's to ask.

[Joel Ninety]

Research by Portsmouth fans into Cala Corporation's financials back when he arrived there: http://www.fansonline.net/pompey-fans/a ... php?id=395

[Christies Child]

Excellent research. Is it in the interest of our club that we provide this info to the Efl by some means and definitely let our current Board be aware of the details? Some may say No and that it's for the Efl to find this info but in my opinion it's too important for our club to be sold to a right and proper organisation and on the face of it Call Corp are certainly not that.

[Keith]

Excellent research. Is it in the interest of our club that we provide this info to the Efl by some means and definitely let our current Board be aware of the details?

This is potentially our new chairman you're talking about...

As if the debate about the sale of our club wasn't bad enough...

Talk about washing ones dirty linen in public......

If prospective investors read all this crap would anybody seriously want to take a second look....

Some may say No and that it's for the Efl to find this info but in my opinion it's too important for our club to be sold to a right and proper organisation and on the face of it Call Corp are certainly not that.

Anyone who said 'no' is a moron (or a friend of Abdullah/PMG/That lot from the north east/Diego/anyone else who claims they own Morecambe FC and is trying to sell it)

[fulwoodshrimp]

I think we should provide the details of the Cala Corporation to the EFL. I could be wrong but it looks like we are going from the frying pan into the fire! I love the research Posh does on these matters. Reading the research by Portsmouth the whole thing looks very worrying!!

[Wild Bill]

So basically we are better off hoping the EFL reject the deal and getting our tin hats out for administration.

[Gnasher]

Yeah, the guy that's paying the wages coz no one else seems to want to, let's drop him in the shit. Nice move

[underbank]

So basically we are better off hoping the EFL reject the deal and getting our tin hats out for administration.

Hobson's choice.

Staff and suppliers don't get paid, meaning administration is inevitable,

or

Hope for the best that Cala can come up with the money.

[fulwoodshrimp]

It remains to be seen that the new owner will pay the wages! The details of his corporation don't inspire confidence. Whichever way you look at it we are close to being finished.

[Gnasher]

It remains to be seen that the new owner will pay the wages! The details of his corporation don't inspire confidence. Whichever way you look at it we are close to being finished.

Let's hope he can because no one else is going to.

[P/T Indie]

If PMG and rod have already been to London and talked to tge EFL about all the options maybe the EFL don't have a problem with cala. Which just proves even more what a joke there test is.

[Gnasher]

If PMG and rod have already been to London and talked to tge EFL about all the options maybe the EFL don't have a problem with cala. Which just proves even more what a joke there test is.

MFC Ltd, any financial irregularities are for the FCA to investigate, not the EFL. It also rests on the seller to do their own due diligence. By the time it gets to the EFL, it should just be a paper exercise.

[mrpotatohead]

He already passed an EFL test for Portsmouth, in 2012.

[paschahound]

Yeah, the guy that's paying the wages coz no one else seems to want to, let's drop him in the shit. Nice move

This.

If Cala pays the staff's wages on Tuesday, then the staff and all supporters should be thankful to him. He's been persistent in trying to buy the club, so in my view this says a lot positive about him. I would be happy to have him as our Chair so we can finally move on from the nonsense of Lemos, the Qataries, Burnard and the rest. Let's see if the staff are paid, what he has to say, give him a chance and get behind him fully.

[mrpotatohead]

Fookin deluded, or what?

[KenH]

Yeah, the guy that's paying the wages coz no one else seems to want to, let's drop him in the shit. Nice move

This.

If Cala pays the staff's wages on Tuesday, then the staff and all supporters should be thankful to him. He's been persistent in trying to buy the club, so in my view this says a lot positive about him. I would be happy to have him as our Chair so we can finally move on from the nonsense of Lemos, the Qataries, Burnard and the rest. Let's see if the staff are paid, what he has to say, give him a chance and get behind him fully.

Exactly, it's end game anyway. Without him, staff don't get paid and it's curtains for the club. With him, *maybe* things will be OK. If none of the Board members are willing/able to pay the wages, there's no other option. The Board and PMG should never have let it get to this - it's not just the last 6 months, the writing's been on the wall for the last six years - you can't keep making huge losses and selling off assets without taking action other than hoping for the best.

[steve mfc]

The way I see it we are hanging over the edge of a precipice Cala has put his hand out do we just let go and drop into oblivion or grasp his hand and hope he pulls us up, we might not trust him and he might just let go and the end result will be the same but realistically what choice do we have.

[mrpotatohead]

So by the same token, how is replacing a dubious chairman with an even worse one going to lead to anything but more chaos?

[fulwoodshrimp]

You can only judge people by their track record. It's naive in the extreme to think a leopard will change his spots. As mr. potatohead says chaos lies ahead. Lets hope its not the beginning of the end for our club.

[KenH]

So by the same token, how is replacing a dubious chairman with an even worse one going to lead to anything but more chaos?

So what's your alternative plan?

[Keith]

So by the same token, how is replacing a dubious chairman with an even worse one going to lead to anything but more chaos?

Because the alternative is...???

[Shrimpy]

So by the same token, how is replacing a dubious chairman with an even worse one going to lead to anything but more chaos?

So if you were in charge of Morecambe Football Club and decided that you didn't want to accept Cala's offer to take over the club what would your plan be now to keep the club from going out of business?

[George Dawes]

if the Cala dude can afford to bankrolll us every year, then good stuff.

[mrpotatohead]

If I were in PMG's position I would have sold my half my shares to the existing board , for a token amount, retained 20%, and given tbe remaining 30% to a reponsibly run supporters trust, safeguarding the future of the club and then stepped down from the board, content with the knowledge that I had done the right thing and in 100 years time might be remembered fondly by the towns football fans.