E-Mail from the Trust

Quoted from 1054

The club undet fenty's dictatorship havr dropped 60+ places thru the pyramid. . . A return to this and we will rot down here forever more mark my words!

whats the answer then? or should i say who is/are the answer?

cos, last time i checked, only smarties have the answer! pmsl

Quoted from STB

Just to lighten the mood a bit, I tried to set fire to one of my farts and got a bit of blowback which singed some scrotal hairs resulting in minor nad discomfort.

I'll bet it was nothing compared to this.....

One thing I'm unsure about is that Mr Fenty wants the 200,000 shares and in return he will cover losses until the end of May 2013. However, during that period money will be coming in from the Ryan Bennett sale. It also seems distinctly possible that Liam Hearn will be sold in the Summer and we'll receive money for that. What if we also get to Wembley twice? Could we potentially trade profitably during this period?

In that case is Mr Fenty effectively getting the shares for nothing?

Anyone fancy a pint?

Quoted from 1054

Fenty has held the trust board to ransom and they have buckled at the slightest bit of pressure.  Fenty has all the power and the trust were set ti get the blame shiuld hearn be sold.

I wonder if the trust took any legal advice about their position? I wonder if the trust have a position.

The club undet fenty's dictatorship havr dropped 60+ places thru the pyramid. . . A return to this and we will rot down here forever more mark my words!

There's reasonable argument and then there's speculative bo11ocks, guess where I think yours sits?  Despite my thoughts on JF's ability to run a football club he has risked his money so some credit is due.  However up until around mid-november there wasn't any obvious improvement and he was making it clear that enough was enough.  Then we start to show a bit of promise and he changes tac to not wanting to support further while.control lay outside the boardroom.  Let's just pause for a moment and consider who must have played a part in sanctioning a share purchase transaction that started that particular chain of events?

Move on now to the trusts decision to pass on voting rights for a number of shares in exchange for JF not selling the family heirlooms.  Good decision by the Trust board IMO, a decision that can be reversed if necessary.  Now comes a more important decision, whether to take the opportunity to have a real say in the club or to simply posture.

How about this, the Trust sells enough shares to JF for £200k so that he has a controlling interest while not exposing himself to having to offer on all of the other shares.  In exchange the Trust receive a place on the board and immediately loan the £200k to the club and insist that this becomes the minimum 'investment' for existing directors.  If the other two don't like it then give them their loans back and send them away, I really don't see what they offer.

The club has a serious asset in Liam Hearn that can fund the medium term future, along with realistic budgeting of the club.  JF shouldn't need to keep dipping into his pockets.  The club simply has to become self sufficient and if they choose to use their influence now, the Trust can play a vital role in facilitating that.

That is all.

Quoted from LeightonMariner

There's reasonable argument and then there's speculative bo11ocks, guess where I think yours sits?  Despite my thoughts on JF's ability to run a football club he has risked his money so some credit is due.  However up until around mid-november there wasn't any obvious improvement and he was making it clear that enough was enough.  Then we start to show a bit of promise and he changes tac to not wanting to support further while.control lay outside the boardroom.  Let's just pause for a moment and consider who must have played a part in sanctioning a share purchase transaction that started that particular chain of events?

Move on now to the trusts decision to pass on voting rights for a number of shares in exchange for JF not selling the family heirlooms.  Good decision by the Trust board IMO, a decision that can be reversed if necessary.  Now comes a more important decision, whether to take the opportunity to have a real say in the club or to simply posture.

How about this, the Trust sells enough shares to JF for £200k so that he has a controlling interest while not exposing himself to having to offer on all of the other shares.  In exchange the Trust receive a place on the board and immediately loan the £200k to the club and insist that this becomes the minimum 'investment' for existing directors.  If the other two don't like it then give them their loans back and send them away, I really don't see what they offer.

The club has a serious asset in Liam Hearn that can fund the medium term future, along with realistic budgeting of the club.  JF shouldn't need to keep dipping into his pockets.  The club simply has to become self sufficient and if they choose to use their influence now, the Trust can play a vital role in facilitating that.

That is all.

http://www.thisisgrimsby.co.uk.....30-detail/story.html

I'd urge all GTFC supporters to join the Trust and give us the voice we all crave. JF's views on the trust's shares are laid bare in the article linked above.

The current Trust board needs strengthening, with skills sets from all walks of life needed to compliment those already on the board. There are plenty of posters on here who display all the intellectual capacity to ensure the Trust is run with level heads, realism and enthusiasm, and while we already have this on the board now, we'd very much like more of it. We're not 'YES' men, we want what is best for the club, but in an ideal world we'd have 4,000 members not 400. You can't ignore a number that large.

Why does this need to be done now? At a time when the fans are united and the club is doing great on the pitch, Fenty splits everyone AGAIN. We should be talking about Southport and York not yet ANOTHER boardroom squabble. As soon as we lose the fans will  jump on Fenty as the man who caused the distraction. It's the wrong time to discuss this. He says in the Telegraph today we have enough money to last until the end of next season - so wait until the end of this one to sort out the share issue. We could be in League 2 with extra TV revenue, higher gates etc

I'll be voting no simply because it's the wrong proposal at the wrong time.

I've ranted away in a bit more length at http://tooggodtogodown.wordpress.com if anyone fancies a read.

I agree with Bax - this proposal needs to be put to one side until the end of the season when it will be clear what additional funding may be required to get us through to May 2013 - we could for once not require additional funding and there wouldn't be any need for Fenty to have the control he seems to crave.

Why can't we continue with the current arrangement?

Plus it gives more time for questions and answers, counter proposals etc not forgetting other potential issues such as conflict of interest amongst Trust members related to Fenty voting on whether he gets 200k of shares for free.

1)  That the Trust Transfer's 200,000 shares in GTFC to John Fenty for a non cash consideration, In return, Mr Fenty purchases a further 200,000 of new shares in the club. This represents 'new money'

2)  Mr Fenty agrees to cover any losses for the current season and for the year ending May 2013.
3)  The Trust agrees not to accept any further shares from Mr Mike Parker.
4)  The football club involves the Trust in the on-going budget setting.
5)  The football club agrees to work hand in hand with The Trust to promote the trust activities in a positive manner

1)  I'm split with the pro's and cons to this.  It can be read either as an incentive or ultimatum depending were it came from.  Why not include an executive position on the board.

2)  So he'll honour the budget set by the board.

3)  Why, this stinks on many levels.  This leads me to believe that there was a falling out and if MP tried to oust JF it will cost MP more than it did for JF to bring to were we are now with JF's share holding and benign debt.

4)  This is were the trust must stop JF saddling the club with more loans.

5)  This is a gimmie and a no brainer.

This deal is too one sided, a plan to pay back JF and stop him increasing the benign debt should have been included.  He could have all the £500K shares if he wiped £1 million off the benign debt.  We have the gates for a top 3 side in this league without running up debt.

Quoted from Quagmire

I agree with Bax - this proposal needs to be put to one side until the end of the season when it will be clear what additional funding may be required to get us through to May 2013 - we could for once not require additional funding and there wouldn't be any need for Fenty to have the control he seems to crave.

Why can't we continue with the current arrangement?

Plus it gives more time for questions and answers, counter proposals etc not forgetting other potential issues such as conflict of interest amongst Trust members related to Fenty voting on whether he gets 200k of shares for free.

Thirded, assuming that the sell on windfall will see us through to the end of the season and assuming that it's used to service operating costs and football creditors.