Record Straight of the Trust Share Proposal

Clee town are a fantastic watch at the moment

Exactly as I have said previously those us who continually attend,and buy season tickets are tacitly condoning the situation.

Quoted from Bigdog

It's time he takes a good look at the output of the performance of all of his hard work and ask himself if it really is or was good enough for a club he loves. It's insanity if he thinks he's done a good job. I actually think he does and just berates everyone around him that thinks differently, paying customer or not. The results, performances and relegations on the pitch under his tenure are there in black and white and boardroom performance is no better. There's definitely a distinct correlation.

There's no doubt in my mind that Mr Fenty believes he has done a good job. This thread started as a matter of self-justification and there's seems to be some sort of bodged explanation for everything that has gone wrong over the last 15 years. Bodge seems to be another word that crops up too often - I'm all for running a tight financial ship but sometimes you've got to speculate, waiting for football fortune can be a very long wait.

I thought that the Trust was bullied into handing over the shares, and reading this seems to confirm it.
http://codalmighty.com/site/ca.php?article=3505
Also if you read the stories from late 2011 the trust was inactive with few members. Did they really manage to put together a proposal and approach fenty when they weren't even having meetings?
Somebody is not being truthful and it is time the truth came out

Quoted from HertsGTFC

My daughter was "saluted" at the game she's moved on some should follow her example!

Good for here but shes one of many and there are times in life you should make a stand.
If  Mr Fenty was that bothed about "genuine supporters" he would too.

Quoted from realist

I thought that the Trust was bullied into handing over the shares, and reading this seems to confirm it.
http://codalmighty.com/site/ca.php?article=3505
Also if you read the stories from late 2011 the trust was inactive with few members. Did they really manage to put together a proposal and approach fenty when they weren't even having meetings?
Somebody is not being truthful and it is time the truth came out

When Deadly John (Topcon) asked members of the Mariners Trust earlier this month to give him part of their shareholding in the club for free, several things got your original/regular Diary's spider sense tingling. One of these (as pointed out lucidly by Too Good To Go Down) was that the £200,000 of investment promised by Deadly in return was money he'd pledged previously. So the former chairman was belatedly attaching conditions to a promise he'd already made.

Indeed.

The club has become a joke it's beyond boring now, i have stuck with it as long as I can but I'm having a break till something drastically changes I'm done with it. I know lots of folk who have stopped going and many very loyal ones too I think that tells a story of what is slowly happening here. I never thought I would stop going but it's just too painful to watch now. If we carry on like this then we'll drop quicker than knickers on a hore!

Quoted from HertsGTFC

You say you don't lose money but surely that depends on the value of the shares, is the club worth more or less now than what it was when John put the loans in? I am now accountant but can loans be turned into shares as they are a liability rather than an asset?

All that apart RJL feels like a cracking suggestion to me.

I am not sure of the actual mechanics of how the transfer of loans to shares would be done.  GTFC as a company are not on any of the financial markets so therefore the shares do not fluctuate. So the £100 share you own will always be worth £100. In normal companies, shareholders would expect a dividend on their investments.  I wonder if any clubs pay a dividend?  

On a side note, how the hell can the club charge $125, for a £100 share in the club shop?? Daylight robbery.

Quoted from friskneymariner

Would that effect our tax liabilities though.

No, I don't think so, it doesn't go through the profit and loss account so wouldn't attract tax liabilities.

I was having a think last night as to my original question, as to why JF doesn't transfer his loans to shares. I came to the conclusion that it is because it is in JF best interest to keep them as loans.  The loans are secured over the clubs assets, so if the club went mammaries up, then he could try and get as much of his £2.2mil in loans back, before shareholders get a chance to reclaim their losses.  The clubs assets are currently £2.1, but only property is likely to be worth anything, and according to the statements is worth £1.6 mil.  

If JF transferred his loans to shares then he won't be first in the queue to get his money back. His shares would rise to 75-85% (Guestimate), if the club went mammaries up then he'd only get this percentage of his money back.

So to conclude, unless I am interpreting the whole situation wrong, then it's in JF interested to keep as loans and it's in the clubs interest to transfer as shares. and I refer you to my original quote:

Quoted from TheRealJohnLewis

Fenty is a tory, so therefore only has his own interests at heart, and doesn't give a intercourse about anyone else.

Disclaimer:  the above is based on figures from the May 16 financial statements, which I have used to form my own opinion of events, in no way do I present the intentions of JF as fact, only my opinion.

Quoted from grimsby pete

Well you admit that you are John Fenty's older brother and I will answer your questions  

if you want to go on Linked in you will find his date of birth, he was a very young lad if he went to the games 50 years ago.

Definitely the fishy under threat again after reading the last few pages