Here we go again!

[Keith]

https://audioboom.com/posts/6433984-shrimpsofficial-directors-and-g50-holdings-have-met-today-to-discuss-the-future-of-the-club

posted on Radio Lancs 12.40 today.

Still listening to it as I type

Thanks Shrimp Girl. Positive interview as we enter 'interesting times'... ...not that we ever really left them!

[Bare Grills]

I feel for Rod and the other Directors who have put their heart and soul into this club over a number of years and will again be dragged through the mud. I'd like to place on record my thanks to each one of them for all their time and effort in bringing the club we love this far. Whatever happens, you're respected and admired by many many people who love this club.

+1

The thing is, though, that no-one can force PMG to write off his loans. Even if the rest of the Board agreed, they have no power to force PMG to accept it. The club owes PMG his loan and other guarantee monies until either HE agrees to waive his rights or the club goes into administration - no one else can change that without his approval.

No one can force anything but they can withhold funds with the threat of the club folding. Then we'll know whether the directors are in it for the money or love of the club. I think I know where all but 1 stand on that.

[Gone_Shrimping]

It will be interesting to find out who the interested parties are.

Who has Mr Burnard found ?

Who are the current Board of Directors talking to ?

[Ntini]

With the loans left outstanding to PMG, it's surely a conflict of interest him trying to negotiate a deal for the club

The thing is, though, that no-one can force PMG to write off his loans. Even if the rest of the Board agreed, they have no power to force PMG to accept it. The club owes PMG his loan and other guarantee monies until either HE agrees to waive his rights or the club goes into administration - no one else can change that without his approval.

Nobody can force him to write off his loans, he's a legitimate creditor of the business. However, he can be removed from his position as Chairman.

I guess the problem then is that although he wouldn't be part of the negotiations, the underlying problem of settlement of his loans doesn't get sorted.

[Bare Grills]

I guess the problem then is that although he wouldn't be part of the negotiations, the underlying problem of settlement of his loans doesn't get sorted.

Burnard could negotiate a pre-packed administration deal, take the Ltd company under, take the penalty points hit and wipe out all the debts in 5 minutes. Horrible, horrible situation to be in and it's boiled down to a game of chicken.

[John L]

So, there was a breakdown in communication yesterday that got some people into an almighty flap, when the reality is we have more than one possible new owner on the cards. Sounds like good news to me as it stands!

[Phil Anderer]

Surely the directors with loans would be more likely to want that loan repaid if they were removed from the board than if they were retained. If I were buying the club, or at least interested (chance'd be a fine thing), I'd be wanting to speak to them constructively, not pi$$ing them off before we even got started.

[Ntini]

I guess the problem then is that although he wouldn't be part of the negotiations, the underlying problem of settlement of his loans doesn't get sorted.

Burnard could negotiate a pre-packed administration deal, take the Ltd company under, take the penalty points hit and wipe out all the debts in 5 minutes. Horrible, horrible situation to be in and it's boiled down to a game of chicken.

As Burnard mentioned in his press release, any form of administration equals 12 points deducted from us. That would spell disaster for him and Abdul. The ramifications of that would see us with only 2 points and a third of the season gone. Avoiding relegation would be an uphill battle.

That leaves a club out of the football league, with debts and no money to try and rebuild - not a very sellable project is it?!

As for the pre-pack you mentioned, we would have to be re-administered as a new club wouldn't we?

[Bare Grills]

As Burnard mentioned in his press release, any form of administration equals 12 points deducted from us. That would spell disaster for him and Abdul. The ramifications of that would see us with only 2 points and a third of the season gone. Avoiding relegation would be an uphill battle.

That leaves a club out of the football league, with debts and no money to try and rebuild - not a very sellable project is it?!

As for the pre-pack you mentioned, we would have to be re-administered as a new club wouldn't we?

Avoiding relegation is an uphill battle most seasons recently. Administration is a threat on 2 levels, 1) screwing the club the directors love and 2) removing any chance of recovering their loans.

Also need to separate the club, as in ground, team, etc and the Ltd company which could be pre-packed any time. Yes, a new Ltd would have to go through the league's formalities but the new owner is in charge of that process with a new, debt-free football ground.

[George Dawes]

this obsession of buying/selling the club debt free, how long to people seriously think it's going to stay debt free for?

where losing £500.000+ a season with poor attendees and not reaching crowds of 2000+ to become self sufficient.

surly any new owner with any good intentions will have a long term business stratergy to amend this.

[Bare Grills]

What obsession? Just pointing out Burnard's options and the position they put him in. Doubt it'll happen but gives him leverage with the incumbent directors.

[George Dawes]

What obsession? Just pointing out Burnard's options and the position they put him in. Doubt it'll happen but gives him leverage with the incumbent directors.

it's not at you, just read the thread, it's in general with the thread and the deal in question with people writing their debts off.


anyone buying us as to finish off building the ground off properly first and then invest into the team on the pitch aswell, in order to try and get a extra 1000+ more paying fans through the turnstiles, in order to makes us self sufficient.

[Kendalshrimp]

It will be interesting to find out who the interested parties are.

Who has Mr Burnard found ?

Who are the current Board of Directors talking to ?

Joseph Cala is one apparently

[Bare Grills]

it's not at you, just in general with the thread and the deal in question with people writing their debts off.

What isn't about money these days?

[broadwayshrimp]

It will be interesting to find out who the interested parties are.

Who has Mr Burnard found ?

Who are the current Board of Directors talking to ?

Joseph Cala is one apparently

You're having a laugh

[MFC-Manc]

Article on the BBC website

http://www.bbc.co.uk/sport/amp/football/41775187

[Christies Child]

Words fail me for once....

[Bare bum]

Divorce negotiations over McGuexit then

[Shrimp Girl]

Its not helpful that the beeb is rehashing yesterday's 'statements' in the light of the updated interview on radio Lancashire, where we're all friends again (in public at least). A perceived spat between owners and directors doesn't do much for the sales pitch..

[Christies Child]

Didn't get chance to listen tonight but I hope that someone asked if Cala was one of the bidders.

G*d help us if he is.....

[black morse]

Makes you wonder whether the undercover plan was for Cala to come back once the dust had settled. Was an EFL 'fit and proper' test ever done on him

[BerlinWaller]

I am sure that Burnard said he would never sell to Cala and that Cala would never pass the fit and proper test.

I have noticed on twitter that the peoplr lurking in Cala's shadow are now being quite vocal again.

[Posh]

Fascinated to know what these loans and debentures are.

My understanding was that PMG converted all his loans into shares, sold them and then got sharked by Diego. In that scenario, I don’t see how the club is the debtor?

As regards other directors, some will have loans owing but not in the millions like PMG had. I’d imagine the biggest loan was Nigel Adams after that and he’s not on the board.

Who knows? Frankly, the whole thing is a massive shitstorm of money, lawyers and paperwork. If we wrote a book about it, it might be the only thing that would keep us solvent because it would be an epic piece of fiction (no one would believe it was true).

[John L]

I am sure that Burnard said he would never sell to Cala and that Cala would never pass the fit and proper test.

Yep, I asked at the recent forum and PMcG and Burnard categorically stated he would not be seen here again, so I do hope that's true as the "bin the board" approach from G50's interested party raised my suspicions...

[Westgate Wanderer]

Perhaps with all this speculation and upheaval going on the team might have an upsurge on the pitch! Pete Johnson for Chairman