| tomorrow can't come quick enough 14:17 - Oct 16 with 2021982 views | batman |
Not for us, but for Bury.
i was credit checking a potential customer and decided to nosey onto
BFC's file and was (or maybe not) supprised to see a new CCJ for circa £22k lodged
only Wednesday this week.
looks like they are in need of a bumper crowd tomorrow to settle some bills |  | | |  |
| tomorrow can't come quick enough on 03:55 - Sep 8 with 6098 views | Cleedale |
| tomorrow can't come quick enough on 20:56 - Sep 7 by Thacks_Rabbits |
My view on it cleedale, not as a lawyer but as someone who has worked in financial services for years is this, will keep it brief as my Mrs is getting fed up of me spending more time on here than on her!!!
Dale basically bought bURY via a limited company for a quid, and also set up a couple of subsidies for various parts of bURY fc, and assets were transferred, all of that is legal, but the key thing is Dale is not personally liable for any debt, the company is, so in essence he has paid a quid on a punt, knowing the worst that can happen, as long as he does everything legally is he loses a quid!
The assets in bURY, assuming merdeco debt is real (I think it is) are way below the net value of the borrowing on the club and property, even if the merdeco debt is not real borrowing probably is above asset value, hence the club is worthless and uninvestable, so they then go for cva to reduce debt overall.
That goes through fine, as somehow the 7.1 million merdeco debt was sold to SD2’s daughters boyfriend, and that’s the bit where it will get messy. That would normally mean the merdeco insolvency guy approved the sale of above debt for a penny in the pound, meaning the debt was so toxic nobody would touch it, but it gave the new owner of the debt the right to vote on accepting the cva, the majority vote, which means they receive 25p in the pound after all secured and football creditors are paid off. So if Gigg is worth 5 million, secured creditors owed 2 million and even if unsecured amounts to 12 million, 7/12ths of what remain go to days daughters boyfriend, add in SD2 debts owed, he won’t do bad for his quid.
I don’t know any of this is fact but I can’t see anything illegal SD2 has done, he is too smart. I would question why someone would buy a debt at 1p in the pound, unless they knew it would come good, that’s where the real question lays, with the purchaser and the person that signed off the sale of the debt!
Either way bURY are fooked, can’t make Dale sell and he does not want to, as his son laughed ages ago, why would we want to sell!!!! [Post edited 7 Sep 2019 21:17]
|
Many thanks Thacks, that appears much clearer - will have another read later for it to sink in.
Sure you'll have been asked before but is Thacks_Rabbit anything to do with Andy Thackeray? (Also not a legal question)!!
Seem to remember him scoring a great volley against bURY once from outside the box but can't remember whether that was towards the old Pearl Street end or at Gigg. | | | |
| tomorrow can't come quick enough on 05:54 - Sep 8 with 6048 views | AlexF |
| tomorrow can't come quick enough on 20:56 - Sep 7 by Thacks_Rabbits |
My view on it cleedale, not as a lawyer but as someone who has worked in financial services for years is this, will keep it brief as my Mrs is getting fed up of me spending more time on here than on her!!!
Dale basically bought bURY via a limited company for a quid, and also set up a couple of subsidies for various parts of bURY fc, and assets were transferred, all of that is legal, but the key thing is Dale is not personally liable for any debt, the company is, so in essence he has paid a quid on a punt, knowing the worst that can happen, as long as he does everything legally is he loses a quid!
The assets in bURY, assuming merdeco debt is real (I think it is) are way below the net value of the borrowing on the club and property, even if the merdeco debt is not real borrowing probably is above asset value, hence the club is worthless and uninvestable, so they then go for cva to reduce debt overall.
That goes through fine, as somehow the 7.1 million merdeco debt was sold to SD2’s daughters boyfriend, and that’s the bit where it will get messy. That would normally mean the merdeco insolvency guy approved the sale of above debt for a penny in the pound, meaning the debt was so toxic nobody would touch it, but it gave the new owner of the debt the right to vote on accepting the cva, the majority vote, which means they receive 25p in the pound after all secured and football creditors are paid off. So if Gigg is worth 5 million, secured creditors owed 2 million and even if unsecured amounts to 12 million, 7/12ths of what remain go to days daughters boyfriend, add in SD2 debts owed, he won’t do bad for his quid.
I don’t know any of this is fact but I can’t see anything illegal SD2 has done, he is too smart. I would question why someone would buy a debt at 1p in the pound, unless they knew it would come good, that’s where the real question lays, with the purchaser and the person that signed off the sale of the debt!
Either way bURY are fooked, can’t make Dale sell and he does not want to, as his son laughed ages ago, why would we want to sell!!!! [Post edited 7 Sep 2019 21:17]
|
Great summary that Thacks. I’m sure an investigation will look at the source of funds for the £70k purchase, but as you say, SD2 will be way too clever to leave any evidence there. [Post edited 8 Sep 2019 6:11]
| | | |
| tomorrow can't come quick enough on 08:15 - Sep 8 with 5960 views | EllDale |
Flitcroft has a really tarnished reputation these days.
There was the Joe Thompson episode and now he's in denial about the Chur. | | | |
| tomorrow can't come quick enough on 09:10 - Sep 8 with 5887 views | nordenblue |
| tomorrow can't come quick enough on 08:15 - Sep 8 by EllDale |
Flitcroft has a really tarnished reputation these days.
There was the Joe Thompson episode and now he's in denial about the Chur. |
Whats "the Joey Thompson episode", I await another rib tickling reply similar to last time I asked.. | | | |
| tomorrow can't come quick enough on 09:13 - Sep 8 with 5882 views | 1907 |
| tomorrow can't come quick enough on 09:10 - Sep 8 by nordenblue |
Whats "the Joey Thompson episode", I await another rib tickling reply similar to last time I asked.. |
Thompson goes to town on Flitcroft in his autobiography.
It really is surprising as it’s probably the only negative things he says about anyone. | | | |
| tomorrow can't come quick enough on 10:11 - Sep 8 with 5789 views | Thacks_Rabbits |
| tomorrow can't come quick enough on 03:55 - Sep 8 by Cleedale |
Many thanks Thacks, that appears much clearer - will have another read later for it to sink in.
Sure you'll have been asked before but is Thacks_Rabbit anything to do with Andy Thackeray? (Also not a legal question)!!
Seem to remember him scoring a great volley against bURY once from outside the box but can't remember whether that was towards the old Pearl Street end or at Gigg. |
Indeed it is reference to our much maligned / useless bastard (delete as applicable) attacking right back / right midfielder. I always thought he was a decent player tbh and the user name comes from an EGP poll, where I think the question was “What would you like EGP to do?” And somebody replied “kill Thackerays Rabbits” - to this day I still don’t really understand!!!!
Thacks has a habit of scoring against bURY, probably got more goals vs bURY than everyone else put together, last I heard he had a carpet shop in Mossley! |  |
| |
| tomorrow can't come quick enough on 11:40 - Sep 8 with 5704 views | TVOS1907 |
| tomorrow can't come quick enough on 03:55 - Sep 8 by Cleedale |
Many thanks Thacks, that appears much clearer - will have another read later for it to sink in.
Sure you'll have been asked before but is Thacks_Rabbit anything to do with Andy Thackeray? (Also not a legal question)!!
Seem to remember him scoring a great volley against bURY once from outside the box but can't remember whether that was towards the old Pearl Street end or at Gigg. |
He scored FOUR goals for Dale at bury in 92/93 - two in the Autoglass Trophy and two in the league. |  |
| When I was your age, I used to enjoy the odd game of tennis. Or was it golf? |
| |
| tomorrow can't come quick enough on 12:42 - Sep 8 with 5619 views | electricblue |
| tomorrow can't come quick enough on 20:56 - Sep 7 by Thacks_Rabbits |
My view on it cleedale, not as a lawyer but as someone who has worked in financial services for years is this, will keep it brief as my Mrs is getting fed up of me spending more time on here than on her!!!
Dale basically bought bURY via a limited company for a quid, and also set up a couple of subsidies for various parts of bURY fc, and assets were transferred, all of that is legal, but the key thing is Dale is not personally liable for any debt, the company is, so in essence he has paid a quid on a punt, knowing the worst that can happen, as long as he does everything legally is he loses a quid!
The assets in bURY, assuming merdeco debt is real (I think it is) are way below the net value of the borrowing on the club and property, even if the merdeco debt is not real borrowing probably is above asset value, hence the club is worthless and uninvestable, so they then go for cva to reduce debt overall.
That goes through fine, as somehow the 7.1 million merdeco debt was sold to SD2’s daughters boyfriend, and that’s the bit where it will get messy. That would normally mean the merdeco insolvency guy approved the sale of above debt for a penny in the pound, meaning the debt was so toxic nobody would touch it, but it gave the new owner of the debt the right to vote on accepting the cva, the majority vote, which means they receive 25p in the pound after all secured and football creditors are paid off. So if Gigg is worth 5 million, secured creditors owed 2 million and even if unsecured amounts to 12 million, 7/12ths of what remain go to days daughters boyfriend, add in SD2 debts owed, he won’t do bad for his quid.
I don’t know any of this is fact but I can’t see anything illegal SD2 has done, he is too smart. I would question why someone would buy a debt at 1p in the pound, unless they knew it would come good, that’s where the real question lays, with the purchaser and the person that signed off the sale of the debt!
Either way bURY are fooked, can’t make Dale sell and he does not want to, as his son laughed ages ago, why would we want to sell!!!! [Post edited 7 Sep 2019 21:17]
|
Going off that the questionis!
Are SD1 and SD2 in cahoots! [Post edited 8 Sep 2019 12:47]
|  |
| My all time favourite Dale player Mr Lyndon Symmonds |
| |
Login to get fewer ads
| tomorrow can't come quick enough on 14:40 - Sep 8 with 5514 views | Thacks_Rabbits |
| tomorrow can't come quick enough on 12:42 - Sep 8 by electricblue |
Going off that the questionis!
Are SD1 and SD2 in cahoots! [Post edited 8 Sep 2019 12:47]
|
Without prejudice.
The merdeco debt selling, i would suggest someone very close to the debt is!!!! | |
| |
| tomorrow can't come quick enough on 17:10 - Sep 8 with 5403 views | electricblue |
| tomorrow can't come quick enough on 14:40 - Sep 8 by Thacks_Rabbits |
Without prejudice.
The merdeco debt selling, i would suggest someone very close to the debt is!!!! |
Lets hope the fraud investigation unearths everything....... | |
| My all time favourite Dale player Mr Lyndon Symmonds |
| |
| tomorrow can't come quick enough on 17:26 - Sep 8 with 5352 views | Molly |
The same David Flitcroft that claimed Bury had one of the smallest budgets in the league?
Hahahahahahahahahahahahahahahahahahahahahahahahahahahahhahahahahahahaha | | | |
| tomorrow can't come quick enough on 12:09 - Sep 9 with 4827 views | D_Alien |
Great find
Sets out the basics in the clearest way possible
Makes good reading for us too. Be interesting to see if there's any follow-up to 442's absolutely vital question about the sudden urge to borrow from our board. Without cast iron guarantees, must be resisted - and there are very few cast iron guarantees, if any, when it comes to borrowing
Beware of euphemisms such as "inward investment"
[Post edited 9 Sep 2019 12:13]
|  |
| |
| tomorrow can't come quick enough on 12:21 - Sep 9 with 4778 views | boromat |
One of the graphs Players Wages vs Income is pretty daunting only a couple of clubs below the 60% mark that year. I thought the EFL FFP states you have to be below 60%? | |
| |
| tomorrow can't come quick enough on 13:51 - Sep 9 with 4644 views | judd |
Sociopathic narcissist?
Football does seem to attract them!!! |  |
| |
| tomorrow can't come quick enough on 15:31 - Sep 9 with 4504 views | 49thseason |
| tomorrow can't come quick enough on 13:51 - Sep 9 by judd |
Sociopathic narcissist?
Football does seem to attract them!!! |
Tee Hee! Wonder who that might be then? |  | | |
| tomorrow can't come quick enough on 15:56 - Sep 9 with 4439 views | DaleiLama |
| tomorrow can't come quick enough on 19:33 - Sep 4 by TVOS1907 |
It's currently up to £1,812, so 0.1812% of the way there.
I'm sure they can do it. |
Your mathematical overtures will make you no friends with those who cant add up |  |
| |
| tomorrow can't come quick enough on 16:29 - Sep 9 with 4368 views | Sandyman |
| tomorrow can't come quick enough on 19:33 - Sep 4 by TVOS1907 |
It's currently up to £1,812, so 0.1812% of the way there.
I'm sure they can do it. |
Now a massive £9,905 raised of £1,000,000.
A massive 0.9905% of the way there. |  | | |
| tomorrow can't come quick enough on 18:18 - Sep 9 with 4222 views | 442Dale |
| tomorrow can't come quick enough on 12:09 - Sep 9 by D_Alien |
Great find
Sets out the basics in the clearest way possible
Makes good reading for us too. Be interesting to see if there's any follow-up to 442's absolutely vital question about the sudden urge to borrow from our board. Without cast iron guarantees, must be resisted - and there are very few cast iron guarantees, if any, when it comes to borrowing
Beware of euphemisms such as "inward investment"
[Post edited 9 Sep 2019 12:13]
|
In response to this, I have been informed via email from the Trust the best way of raising any issues with them is face to face in the Dale Bar or via email to their address. I raised the point that the Trust have posted and answered questions from members and supporters on here before and that a simple reply around process could have seen this established, but we all know the agreed method now.
You would hope the Trust will have had the same question around “why such investment was necessary for us to continue at the level we are”, but I’ll clarify this ahead of their next meeting with the club via email or at the Trust desk and ask that responses are available to all supporters via their website.
Will also post this in the Trust thread for clarity and to assist supporters/the Trust/the club in maintaining clear, informative and consistent methods of communication. |  |
| |
| tomorrow can't come quick enough on 18:33 - Sep 9 with 4182 views | Shun |
Reading those stats just goes to show how bloody well we’re run! |  | | |
| tomorrow can't come quick enough on 08:43 - Sep 10 with 3748 views | SuddenLad |
Mederco BFC update:
[Post edited 10 Sep 2019 8:48]
|  |
| “It is easier to fool people, than to convince them that they have been fooled†|
| |
| tomorrow can't come quick enough on 11:14 - Sep 10 with 3526 views | judd |
| tomorrow can't come quick enough on 08:43 - Sep 10 by SuddenLad |
Mederco BFC update:
[Post edited 10 Sep 2019 8:48]
|
Jesus, it's this thread all pulled into one report. | |
| |
| tomorrow can't come quick enough on 15:08 - Sep 10 with 3244 views | 442Dale |
Who’s sending them the link to this thread... | |
| |
| tomorrow can't come quick enough on 15:18 - Sep 10 with 3227 views | judd |
| tomorrow can't come quick enough on 15:08 - Sep 10 by 442Dale |
Who’s sending them the link to this thread... |
Just send them the list of creditors. | |
| |
| tomorrow can't come quick enough on 17:37 - Sep 10 with 3039 views | Shun |
| tomorrow can't come quick enough on 11:14 - Sep 10 by judd |
Jesus, it's this thread all pulled into one report. |
What does that mean in non-business talk? | | | |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
