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Quagmire |
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I would wager that within a minute JF is voted off the board he'll want he loans paid in full and a short time limit placed on it. Didn't Ramsden do this with the £400k he had in loans when JF took over.
I think you're right, I'd expect the loan to be called in, but the club wouldn't have the means to repay the loan, so what can he do about it other than to take legal action to force the club to sell any assets it has / force the club out of business - and that isn't the action of someone who has the club at heart and who's loans are genuinely benign.
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KingstonMariner |
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Meths Drinker
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So, because you had your much publicised meeting with JF, that enables you to take the moral high ground. Well let's take a look at the facts, Devon, flasks, flags, Radio Humberside, The Cleethorpes Chronicle, sacking countless managers that you've mistakenly appointed etc etc. Despite various attempts at a new stadium nothing happens and we, once again, are looking down towards the National League rather than up at League 1. We've spent most of the summer signing dross for a manager that has zero promotions to his name. Oh yes, the Fenty era has been a roaring success, hasn't it?
You left out the ambulance fiasco, Mighty Mariner farrago, Checkatrade Trophy "I'm not listening" stance, "the fans are not listening", Tampongate, blackmailing the Trust to give up shares (though more the fool those who voted for it) and the small matter of the LOWEST EVER LEAGUE POSITION (the previous time we were out of the League it only had two divisions).
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| Through the door there came familiar laughter, I saw your face and heard you call my name. Oh my friend we're older but no wiser, For in our hearts the dreams are still the same. |
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rancido |
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We've been robbed by Fenty again , every year we wait until the end of the transfer window and end up with the dregs , I'd never get a season ticket until I see some decent signings again
That is absolute boll*x! Slade has made 10 signings and sourcing players is nothing to do with JF. It is Slade who has procrastinated in bringing players in , not JF. For all of Slades experience and contacts , it is he and he alone who has dithered in the transfer market.
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| The Future is Black & White. "The commonest thing on this planet is not water , as some people believe, but stupidity ". Frank Zappa |
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cannylad68 |
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I know Scunthorpe get a lot of criticism on here but, they have to be admired for their progress over the years. It's a pity we've been unable to follow suit.
John Fenty will still be on the board, whilst he has breath in his body.
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Cloudy |
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Whiskey Drinker
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JF cannot call his loans in unless the club can afford to pay them back.This applies to all loans made by directors.
Being the majority shareholder JF effectively has total control. Mike Parker and The Trust combined don't have the capacity to oust JF ieven if they wanted.
Although Johns shareholding is less than 51% if you take account the number of (literally) dead shareholders then he has total control ( and god does he know it)
What isn't widely known is if the current budget was highly competitive and RS has wasted it, or if it was a bottom 8 budget and that is why we haven't been able to deliver thus far
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MuddyWaters |
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Barley Wine Drinker
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JF cannot call his loans in unless the club can afford to pay them back.This applies to all loans made by directors.
Being the majority shareholder JF effectively has total control. Mike Parker and The Trust combined don't have the capacity to oust JF ieven if they wanted.
Although Johns shareholding is less than 51% if you take account the number of (literally) dead shareholders then he has total control ( and god does he know it)
What isn't widely known is if the current budget was highly competitive and RS has wasted it, or if it was a bottom 8 budget and that is why we haven't been able to deliver thus far
Maybe the 2 year plan is to go down and come back up again just to get Slade a promotion?
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rancido |
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Maybe the 2 year plan is to go down and come back up again just to get Slade a promotion?
The Nearly Man will never get a promotion as long as there is a hole in my anus ! Even MB had a promotion with Solihull and before it is pointed out that it was only a non-league club, RS couldn't achieve that when he was a non-league manager.
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| The Future is Black & White. "The commonest thing on this planet is not water , as some people believe, but stupidity ". Frank Zappa |
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Quagmire |
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Table Wine Drinker
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Do directors need re-electing? I thought it was only the chair, treasurer and secretary in a board constitution, As JF is a "non chairman" his power base is even stronger in reality.
Directors are elected / re-elected, although I'm unsure how regular this event is. According to the latest available accounts (end May 2016) both Chapman and JF were up for re-election at the AGM (sometime December 2016) and were re-elected - I'm not sure when JF will come up for re-election again. In terms of holdings, again looking at the latest accounts available, it appears JF holds 43% of issued shares. Assuming MP still holds 500k, the Trust 300k, Mullen 130k this gives this group approx 41% of issued shares, with the remaining 16% held by 'others'. Someone better at maths than me could (if they wanted) work out what kind of share purchase would be necessary to be in a position to vote JF off the board at the next AGM where his directorship comes up for re-election.
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headingly_mariner |
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As others have said the main thing holding the club back are the director loans. They have stopped people taking over previously. Nobody with money wants to work with the current administration.
The honorouble thing to do would be to free the club from the debt.
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malkamalka |
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What the fook is a happy clapper anyway and why is it their fault?
I saw a mini bus once on the A66. It was called the "Happy Clappers Christian Revival" Didn't realise they were Town fans
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