blackandtangerine wrote:

PatReilly wrote:

Having little knowledge when it comes to financial analysis, the question which concerns me surrounds the timing of this revelation. 

The board need the fans supporting the club right now, as they are expecting us to:-

a) back the team as we attempt to negotiate difficult play off games

and

b) purchase season tickets for the next campaign.

Why, at this point rather than the close season, has this move been made? It is incumbent on the board to make a statement before this weekend to attempt to allay the fears of the support. 

Correct Pat. No one in their right mind should be parting with any season ticket money until thompson comes out and tells the truth of what is actually happening. 
 

 
Keep your eyes out for a planning application for the car park

Canadian Arab wrote:

I don't think for a second that there's anything underhand going on here. But there's no doubt that the finances are a mess and I think there's probably a bit of panic behind the scenes as I'm not sure anyone has a good strategy for getting us out of this. Shifting deck chairs on the Titanic.

 
If there is nothing underhand I'm sure the club will be putting something on the website or azone or the newsletter to keep fans informed just as quickly as they do when they are trying to sell season tickets. Given its their club not ours and given they have created the financial mess should they not be dipping into their own pockets to rectify the situation. No one to blame but themselves their bad decisions and strategies. They should be the ones to lose out.

Agree that the club needs to make a statement on this asap.

Re admin though, maybe I'm missing something here as I am no financial expert but I just can't see how that would be beneficial to the Thompson family with regards to these loans.  Liquidation yes, but not admin.

Billy_Hainey wrote:

WeeDude_83 wrote:

See the £500k figure being banded about - how do we know that's accurate? 
Has Cath maybe sanctioned a bigger loan to the club? 
Anyone with inside info know? 

The £500k is mentioned in each of the top 4 documents dated 18 April. It's on the page after the Table of contents.

https://beta.companieshouse.gov.uk/company/SC013690/filing-history
 

So I'm guessing that the £200K unsecured loan from January has been upped to a £500K secured loan.

With reference to the loan/asset side of things I didn't notice any meltdowns when Tannadice was securitised against a £1.2m loan.

I agree though that the board needs to make a clear statement on this Asap with some real detail on the finances going forward - they'll also have an opportunity to clarify at the meeting between ST and fan groups - not holding breath as usual though.
 

No sure m8. No a financial whizz by any sense. Some of the more knowledgable chaps might be able to answer that. But yeah, see here you're coming from. 4 properties. Gussie Park. Car Park, Club Shop, and another bit of land.

PatReilly wrote:

scarpia wrote:

 

With reference to the loan/asset side of things I didn't notice any meltdowns when Tannadice was securitised against a £1.2m loan.
 

I don't think there has been a meltdown here, but the £1.2m loan came from Hugh Duncan, while the present situation(s) involve(s) the chairman's mum. That's where the concern arises, imo.
 

 
Exactly. It's far more worrying where there is potential financial gain to the board running things if the club fails.  Where's the motivation to succeed?

Canadian Arab wrote:

I'll preface this by saying I am no financial expert.

If the club goes into administration, the debts will essentially be written off and all players, management etc. will be released (including Southern). The stadium, training field, club shop etc., which are currently being used as security against several loans (from the Thompson family and other fans?) would become the property of the Thompsons and other fans, rather than being sold off to whomever in order to bring some funds in to pay off our creditors. Is that correct?

The stadium, training complex and shop could then be sold to a new owner for a relatively modest fee (a couple of million?) which would recoup the Thompsons and others the recent loans and a chunk of the funds previously invested. The new owners would have a debt-free club with all facilities in place and a clean slate in terms of management team and signing players.

That might leave us in a far healthier position than we are in now.

I could be completely incorrect in my understanding of what happens if we go into administration. But just maybe, the Thompsons are actually protecting the club's assets by using those assets as security over loans they give to us? Stops them being sold off to the American owners of the Dees, etc.?

The only fly in the ointment I can think of is if we bring in a sell-on fee when Robbo or some other ex-player is sold, that money would go to paying off creditors, rather than coming back into the club.

I dont know about the debt being "simply written off. I'd imagine that the individuals and organisations who are out of pocket by a collective million or 2 or more might regard their loss in different/stronger terms.

You completely lost me when you suggested the Thompsons  might be protecting the clubs assets. Whatever their motivation is, I don't think protecting the "club assets" is a credible objective - protecting/maximising their own personal wealth seems to be more consistent with their actions to date..

No problems when an external investor seeks security in return for a loan but when the owners do this alarms bells ring very loudly.
 

And now another 5 charges listed on Companies House today against the club
What on earth is going on. What do have left to sell?

"Alastair Borthwick" must surely/hopefully be the same Alastair Borthwick who was rumoured to be investing £300,000 earlier in the year. The Glaswegian (?) who was at St Andrews University and while there supported United. Now a major banker in USA, he bought a house in Manhattan two years ago for............












........................ over £11million!

http://observer.com/2015/03/the-british-are-coming-boa-honcho-snaps-up-park-avenue-candela-co-op-for-14-5m/


 

All this money from January. How the fuk do they get through it all??

Doom and Gloomer. Honest to fuk.

HeggyHandshake wrote:

Tangy wrote:

Presumably the lynch mob would be waiting at the gates?

In all seriousness, if ST let the club go into administration he and his family would likely need to leave the area - they are already getting stuff shouted at his family / libellous things being posted online - you think that wouldn't intensify?

As a businessman, it's not in STs best interests to have such a high profile administration - but guess it doesn't hurt to have a back up plan.

Would you lend him or any other business large amounts of money without a guarantee.

I Think (hope) this is being blown out of proportion. Don't get me wrong - clubs finances appear to be in a dire state but not sure the lights are ready to be turned off, as some are indicating.

Sooner ST meets the fans groups, the better

​'As a Businessman' Has he owned business before he inherited United??

Nope,he hasn't.

Worth remembering that Eddie wanted to appoint Justine as Chairwoman when he was on the way out.

This despite ST having been on the Board for what?5 years previous?

Speaks volumes.Now more so than ever.

Think it will be Januarys 200k then another 300k fae America. £1 million from the end of January.

'Businessman'