Companies House Filing

[Bare Grills]

Anyone care to translate?

https://beta.companieshouse.gov.uk/comp ... download=0

[marky No.1]

Another interesting one. There are quite a few similar charges to Directors and ex Directors worded similar. There is also a debenture to Barclays Bank still outstanding. These pages are signed off by PMG, who also has/had a personal charge, so read into that what you like.
However you look at it, Mayfair Finance now have a finger in our pie, who specialise in personal asset loans - which is basically borrowing money off yourself

Maybe KenH or Gone Shrimping can throw some light

[Gone_Shrimping]

Another interesting one. There are quite a few similar charges to Directors and ex Directors worded similar. There is also a debenture to Barclays Bank still outstanding. These pages are signed off by PMG, who also has/had a personal charge, so read into that what you like.
However you look at it, Mayfair Finance now have a finger in our pie, who specialise in personal asset loans - which is basically borrowing money off yourself

Maybe KenH or Gone Shrimping can throw some light

I think it may be the Corporate version of a "Pay Day Loan".

Borrowing for current expenditure with a view to repaying it from the EFL Solidarity payment when it arrives.

[al1]

The way i read it says the payment was due before the end of january 2018?

[Posh]

Basically Mayfair Finance are a pawnbrokers who are based in Essex but claim to operate from Mayfair.

The company is run by Jason Whittingham, who is the signatory on the charge, and whose LinkedIn profile states, "Highly motivated, results driven Industry Professional with wide experience covering Pawnbroking Products...".

This isn't personal pawnbroking though, this is between Mayfair Fin Ltd and Morecambe FC Ltd, with PMG (who I thought didn't own the club any more) signing all the papers on behalf of the club.

We've borrowed some money and we've effectively secured it against all the club's remaining physical assets, notably "the Leasehold property known as the Globe Arena" and all "the freehold property at the Globe Arena".

Basically, we've pawned the lot to a company that themselves the government were looking to be struck off. https://beta.companieshouse.gov.uk/comp ... ng-history. I know they then filed accounts and avoided it, but... the most recent set of accounts shows £40,000 in the bank.

The other signatory is Colin Goldring, a Lawyer and Director of Bond Group Investments, a company he shares with Mr Whittingham and was only established three months ago.

His other companies include the interestingly titled:

Global Advanced Limitless Telecommunications Ltd
World Finance Federal Reserve Ltd
Terranga Grand Vision Development Ltd
Gold Legal Ltd

All run from this house - that's the one with the brown door https://www.google.co.uk/maps/@51.77440 ... 312!8i6656.

This could be to fill a gap while some deal is done or it could be the last desperate act of the dying. Who knows? And we may never know?

Someone will give a shit about all this at some point but after recent posts I've decided to join everyone in the stands watching.

https://www.youtube.com/watch?v=SJUhlRoBL8M

[al1]

Thanks Posh,not much wiser though!

[marky No.1]

I didn't want to stick my neck out like a meerkat, but you just done it like a giant giraffe

[al1]

There are more questions than answers! Johnny Nash 1972

[Posh]

I didn't want to stick my neck out like a meerkat, but you just done it like a giant giraffe

I was told to say only facts. I think I’ve stuck to the brief.

[Keith]

We've borrowed some money and we've effectively secured it against all the club's remaining physical assets, notably "the Leasehold property known as the Globe Arena" and all "the freehold property at the Globe Arena".

I thought the JB Trust control the freehold land at The Globe Arena?

[Posh]

We've borrowed some money and we've effectively secured it against all the club's remaining physical assets, notably "the Leasehold property known as the Globe Arena" and all "the freehold property at the Globe Arena".

I thought the JB Trust control the freehold land at The Globe Arena?

The freehold land in the charge is everything outside of the Trust land, so the gravel and, possibly, tarmac car parks.

[Bare Grills]

I think I understand it now

[Posh]

I think I understand it now

The more I think about it, the more I think this has to be a short-term loan until some sort of deal is completed.

[Keith]

We've borrowed some money and we've effectively secured it against all the club's remaining physical assets, notably "the Leasehold property known as the Globe Arena" and all "the freehold property at the Globe Arena".

I thought the JB Trust control the freehold land at The Globe Arena?

The freehold land in the charge is everything outside of the Trust land, so the gravel and, possibly, tarmac car parks.

Do we actually know what the trust owns/controls? It appears to be getting smaller & smaller every time it is mentioned.

[John L]

I think I understand it now

The more I think about it, the more I think this has to be a short-term loan until some sort of deal is completed.

Let's hope you're right!

[mrpotatohead]

The obvious worry would be that the money didn't stay in the club, as it were, but I would imagine anyone taking assets out of a business that is trading at such losses as MFC would be illegal.

[marky No.1]

The Director of Mayfair Finance is also a Director at Bond Group Investments

[P/T Indie]

I'm still worried that G50 set up a new company some time ago for the Freehold of the land, what was that about? What land were they putting in there and why?

[fulwoodshrimp]

A naive question but how can a company with modest assets afford to buy our club?

[KenH]

A naive question but how can a company with modest assets afford to buy our club?

Depends on what amount the majority shareholder(s) were willing to sell their shares for. Not so long ago, the retailer Comet was sold for a pound because it was worthless, loss making, and it's liabilities were higher than its assets. Sometimes, a shareholder is willing to sell their shares for very low amounts, or just a pound, simply to escape from their liabilities and requirements to continue funding losses. Sometimes, someone has given personal guarantees/commitments and offloading their shares for a quid is the only way to escape such guarantees if the buyer agrees to take them on instead.

[Posh]

I think I understand it now

The more I think about it, the more I think this has to be a short-term loan until some sort of deal is completed.

Do I get a prize?

[marky No.1]

I think I understand it now

The more I think about it, the more I think this has to be a short-term loan until some sort of deal is completed.

Do I get a prize?

Yes, you can be Chairman

[P/T Indie]

Of AFC Morecambe

[Posh]

Do I get a prize?

Yes, you can be Chairman

Job description: Screw stuff up, sell the business short and don't pay wages. Sounds easy.

[fulwoodshrimp]

Posh I think you need to add "naive and gullible" to the job description.