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E-Mail from the Trust

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headingly_mariner
February 17, 2012, 1:30pm

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All the trust needed to do was sit on the shares, they are not required to do anyhting with the running of the club when they are not involved with the board. The Trust for me are a safety net for when the rich men get it wrong and they should be preparing for having to take the club over not giving away their assets away.


The Trust board have really dropped a bollock and have failed at the first attempt.
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forza ivano
February 17, 2012, 2:03pm

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Quoted from headingly_mariner
All the trust needed to do was sit on the shares, they are not required to do anyhting with the running of the club when they are not involved with the board. The Trust for me are a safety net for when the rich men get it wrong and they should be preparing for having to take the club over not giving away their assets away.


The Trust board have really dropped a bollock and have failed at the first attempt.


oh dear, just when i said what a good thread this was........

have you read the letter from the trust headingly? obviously not so here we go with the relevant part.
are you sitting comfortably?
then I'll begin.........

The statements put out by the club suggested that without the injection of cash, there was a very real likelihood that assets would need to be sold in order to meet the budget shortfall, impacting not only the clubs ability to retain existing players, but could also hinder the process of resigning them as contracts expire.
With no new investor on the horizon and with the Trust lacking the financial means to meaningfully assist, the only person who is likely to assist the club is John Fenty.
The Trust Board after taking legal advice what could be done instigated meetings to try and find a solution. The Trust Board felt that in order to ensure the current squad were retained then urgent action needed to be taken to try and ensure interest in our players could be rebuffed. A decision was taken to transfer the voting rights of 200,000 shares to the chairman of any AGM/EGM of the football club and this decision meant John Fenty was more relaxed as to his own position. Prior to this he had expressed his vulnerability to the shareholding outside of the boardroom.


so in other words jf forced them into a corner , so the outcome from 'just hanging on to the shares' would mean that hearn would be sold and jf could conceivably walk away. can you imagine the posts from you/80's glory hole/roundballsovalholes etc - you'd be screaming that the trust had failed to deal with jf and due to their incompetence liam hearn had been sold. damned if you do , damned if you don't.....
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Rodley Mariner
February 17, 2012, 3:15pm
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I agree with the 'third way' being discussed. I know from my posts on the thread I probably come across as strongly 'No' but that's not the case. My concerns are that this is more short-termism. I get the feeling we'll keep spending at the same rate and come May 2013 we'll still be losing money and still dependent on JF. It is a really dangerous thing for the Club to be beholden to one person - not because I think he's crooked or that he's not a real fan but because who knows what the future brings? The Club cannot exit long-term spending way beyond its means, dependent on person to cover the loss - that ends one way, whenever that may be.

The letter isn't specific enough for me in terms of the Trust being 'Involved in budget setting'. What does that mean? If JF were to grant a place on the Board in return for the shares that, for me, shows a commitment to the fans and the Trust and a desire to work with them/us.
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roundballovalhole
February 17, 2012, 3:40pm
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Quoted from forza ivano




.  so the outcome from 'just hanging on to the shares' would mean that hearn would be sold and jf could conceivably walk away. can you imagine the posts from you/80's glory hole/roundballsovalholes etc - you'd be screaming that the trust had failed to deal with jf and due to their incompetence liam hearn had been sold. damned if you do , damned if you don't.....


Imagine no longer my friend, horses mouth coming up. . . .

The 'fact' that Hearn would have been sold if the trust had not handed over the voting rights to the shares is only a 'fact' because John Fenty said it is.

Imagine Fenty deciding himself that Hearn should be sold (not a wise move in business or in footballing terms IMHO), there would have been uproar and the responsibility would have fallen at the feet of Mr Fenty himself.  Would he have done this?  has he bluffed and the trust capitulated? Does he continue to make all of the decisons at the football club but take less responsibility now? No, Yes and Yes would be my guess!

If Fenty did walk away (as you say) would he have an expectation that he is still owed the money from his benign loans?  Fenty's record as a businessman is second to none, he seems to have got exactly what he wanted from this situation with formidable ease. . . . You cant blame the trust board, he had them over a barrel. . . a barrel that he has made and used to massive effect.  Fenty holds all of the cards, he alone knows the financial matters at the club., the transfers, the ins and outs etc etc.  We have been active in the transfer market in the recent window. . . I thought we had no money and we were being forced to consider selling our most valuable asset.  None of it adds up unless you are Mr Fenty's bank manager.  There seem to have been a lot of threats, half-truths and misleading manipulative comments made and Fenty seems to hold all of the cards.

I DO want a GTFC free from Fenty, I firmly believe we could be a club which could live within our means.  Fenty has made decisons about playing budgets and saddled the club with a lot of debt (to himself) these are decsions made by him and him alone.  All the power and not a lot of responsibility seems to sum it up.

Now, if you think my username is a by-word for unreasonableness then so be it but I want the best for GTFC and am on my way to Southport right now to back up these unreasonable words.  C'MON TOWN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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forza ivano
February 17, 2012, 4:11pm

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Imagine Fenty deciding himself that Hearn should be sold (not a wise move in business or in footballing terms IMHO), there would have been uproar and the responsibility would have fallen at the feet of Mr Fenty himself

WRONG!! you know damn well it wouldn't have panned out like that - fenty would have been on mariners world, look north, radio hullside, viking, holding press conferences and telling the whole world he had to sell hearn, just to keep the club going because the trust had been completely unreasonable and un cooperative and had refused to come to an agreement, which would have seen the club gain an extra £200k in funding, would have kept the club safe for 15 months ,and wopuld have kept our prize asset. the denials of the trust would've been drowned out in the bedlam.

f Fenty did walk away (as you say) would he have an expectation that he is still owed the money from his benign loans?  Fenty's record as a businessman is second to none, he seems to have got exactly what he wanted from this situation with formidable ease. . . . You cant blame the trust board, he had them over a barrel. . . a barrel that he has made and used to massive effect.  Fenty holds all of the cards, he alone knows the financial matters at the club., the transfers, the ins and outs etc etc.  We have been active in the transfer market in the recent window. . . I thought we had no money and we were being forced to consider selling our most valuable asset.  None of it adds up unless you are Mr Fenty's bank manager.  There seem to have been a lot of threats, half-truths and misleading manipulative comments made and Fenty seems to hold all of the cards

having said that i have to agree with much of this paragraph
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Harlem mariner
February 17, 2012, 4:41pm
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Long may hrh fenty reign over us without him we wouldnt have a club apparently
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80sglory
February 17, 2012, 5:05pm
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Quoted from forza ivano
can you imagine the posts from you/80's glory hole/roundballsovalholes etc - you'd be screaming that the trust had failed to deal with jf and due to their incompetence liam hearn had been sold. damned if you do , damned if you don't.....

I understand maybe you don't like me and I sincerely apologize for abusing you before, but why drag me into it ?

Firstly, I defintely wouldn't be saying all that because whilst I've read the letter, I don't really understand it clear enough to understand exactly what has gone on to make any judgement.

You may well be right that "Jf forced them into a corner" but that's your own interpretation.

That said I do admit I may be missing what is blindingly obvious regrads voting and player transfers.
If you or anyone could explain it to me I'd be grateful ! (I've already e-mailed the trust)

Personally I thought headingly made some fair points depending on what you think the trust role should be.

But most ironically, I was just about to compliment you on many of the excellent points you've raised in this discussion (and I mean that most sincerely !).

I was sat thinking "Wow, it IS possible to have a mature discussion on the fishy !"

Whether me agreeing with you narks you or not(I have no idea), I raised the same point as you about whether a no vote would necessarily mean lead to JF walking away - but at the same time I do think there is an element of "risk" as Meanwood points out.

I just would hope it may be possible to engage in mature discussion with you and others in the future because I think some of your points are very well made and well worthy of further discussion.

However, may I kindly suggest you don't simply guess what other people think and stick to speaking on behalf of your self ?
For one it makes things a lot easier - it's a complicated enough issue already without saying/guessing what eveyone else is thinking.

And to be crystal clear to put any lingering doubts to bed, I'm not "out to get the trust", John Fenty or anyone - I just want to ask my questions the same as you and anyone else to understand what's going on purely for benefit and ultimate success of Grimsby Town Football Club.
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headingly_mariner
February 17, 2012, 5:23pm

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Quoted from forza ivano


oh dear, just when i said what a good thread this was........

have you read the letter from the trust headingly? obviously not so here we go with the relevant part.
are you sitting comfortably?
then I'll begin.........

The statements put out by the club suggested that without the injection of cash, there was a very real likelihood that assets would need to be sold in order to meet the budget shortfall, impacting not only the clubs ability to retain existing players, but could also hinder the process of resigning them as contracts expire.
With no new investor on the horizon and with the Trust lacking the financial means to meaningfully assist, the only person who is likely to assist the club is John Fenty.
The Trust Board after taking legal advice what could be done instigated meetings to try and find a solution. The Trust Board felt that in order to ensure the current squad were retained then urgent action needed to be taken to try and ensure interest in our players could be rebuffed. A decision was taken to transfer the voting rights of 200,000 shares to the chairman of any AGM/EGM of the football club and this decision meant John Fenty was more relaxed as to his own position. Prior to this he had expressed his vulnerability to the shareholding outside of the boardroom.


so in other words jf forced them into a corner , so the outcome from 'just hanging on to the shares' would mean that hearn would be sold and jf could conceivably walk away. can you imagine the posts from you/80's glory hole/roundballsovalholes etc - you'd be screaming that the trust had failed to deal with jf and due to their incompetence liam hearn had been sold. damned if you do , damned if you don't.....


That is just rubbish, if you read what i have said it still stands. I have always said the the trust should not be involved in the funding the current regime at the club in any way. To fall for Fenty's ramblings on his telegraph mouthpiece is just weak. The trust did have a choice and they made the wrong one and Fenty has again shown  his true colours.  
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marinette
February 17, 2012, 5:40pm
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I'm only half-way through reading this thread.  I've had my letter from the trust and my head is exploding with it all.  Just stopped reading to express a sudden thought - if Mr Fenty has agreed to fund the football club until 2013 (or whenever) in exchange for some of our shares, would there be a case for saying, at the end of that period of time (2013 or whenever) he must hand the shares back to us?  So it's like - you're only getting our shares for as long as you fund the club?  A bit simplistic, I know.  Right, I'll carry on reading this thread now.






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LeightonMariner
February 17, 2012, 5:45pm
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Quoted from marinette
I'm only half-way through reading this thread.  I've had my letter from the trust and my head is exploding with it all.  Just stopped reading to express a sudden thought - if Mr Fenty has agreed to fund the football club until 2013 (or whenever) in exchange for some of our shares, would there be a case for saying, at the end of that period of time (2013 or whenever) he must hand the shares back to us?  So it's like - you're only getting our shares for as long as you fund the club?  A bit simplistic, I know.  Right, I'll carry on reading this thread now.


I think that was the intention with passing on the voting rights on 200k of shares, not sure if there was an outer time limit on that though.  Just had a thought, the voting rights were given to the chair not specifically JF.  It has to be a consideration though if legal.


When in doubt, start a conspiracy theory  
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