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 BlackBoots |
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Voting 'yes' would leave the club back relying on one man. The man who has overseen some of the worst financial management of the club in its history. That is a fact. Would you like to rely on this one man, with his dwindling fortune and past financial record, to somehow miraculously turn everything around? Things cannot continue this way. The club cannot continue to be run like it has been. A 'yes' vote would only see the same question being raised 18 months down the line.
One of the most significant, perhaps the most significant, reasons the club remains an unnatractive investment to external parties is because it currently owes Mr Fenty over £2m in 'benign' loans. These are loans that Mr Fenty has stated he never expects to see repaid and that have already been written off 'in his head' - but he remains reluctant to write them off on the balance sheet. Why?
Where is the money going to come from? Who knows, but I imagine we'll be a damn sight closer to finding out if we didn't have £2m of loans to pay back to this man.
A 'yes' vote is not a vote for progression. In my opinion, it is the coward's way out and another 'bending over' for Honest John.
A 'no' vote would, at the very minimum, open the door for further discussion and would allow for greater representation of the views of the fans through increased membership in the Trust.
I can only see Fenty leaving the club if a relocation takes place. As you rightly say nobody will buy the club with the level of currently held. Therefore can the Trust held stop/slow the level of spending/debt creation? Surely they have a better chance from within? A NO vote will see Fenty dig his heels in. A Yes vote MAY give the Trust a chance of slightly reducing the debt over a term. Fenty IS here, he has a hold over the club but a NO vote will make it worse in my opinion, not better |
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| forza ivano |
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well that's my NO vote sent off.did add that i wished we'd been given a 3rd way option - i.e. it's no to the present proposal but the agreement is a good starting point for further negotiation.
i couldn't vote yes to give away 200,000 shares in return for some stale crumbs brushed off fenty's table
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| sonik |
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well that's my NO vote sent off.did add that i wished we'd been given a 3rd way option - i.e. it's no to the present proposal but the agreement is a good starting point for further negotiation.
i couldn't vote yes to give away 200,000 shares in return for some stale crumbs brushed off fenty's table
I have to laugh at that Forza. 200,000 shares that we as part of the trust received for nothing and £200 000 sterling cash that John's putting in out of his own pocket for shares that we all know are worthless unless some other Knight in shinning armour comes along. Stale crumbs that we would all welcome! |
| The Futures Bright Its Black And White! |
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| forza ivano |
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I have to laugh at that Forza. 200,000 shares that we as part of the trust received for nothing and £200 000 sterling cash that John's putting in out of his own pocket for shares that we all know are worthless unless some other Knight in shinning armour comes along.
Stale crumbs that we would all welcome!
200 000 sterling cash that John's putting in out of his own pocket for shares urrr don't you mean the balance of the £500,000 that he'd agreed with parker to put in? of course if you tell me that the £200,000 is actually new money instead of a repackaged previous promise then i'll happily change my vote? you also conveniently forget to say what the stale crumbs actually consist of - 1) a promise to help promote future trust activities - well, whooppe feckin doo - thanks very much for doing something they should be doing anyway, as the trust is one of the very few bodies actually trying to help the club 2) a vague statement that they'll consult the trust on future budgets - am sure jf will be taking an intense interest in their thoughts - NOT |
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| psgmariner |
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urrr don't you mean the balance of the £500,000 that he'd agreed with parker to put in?
That's still a hell of a lot of money. Hardly crumbs is it? I voted no already for what it's worth. |
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| forza ivano |
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That's still a hell of a lot of money. Hardly crumbs is it?
I voted no already for what it's worth.
i wasn't referring the £200,000 which is really a red herring, because he isn't putting in £200,000 in return for the shares, it is merely the balance of the £500,000 from a previous agreement (which the other party had paid up long ago) when i say crumbs i am referring to what the trust actually gets in return for giving Fenty the shares and control he so desperately wants ,and in reality it adds up to diddly squat. IF the £200,000 was new money and/or the Trust had a guarenteed place on the board then the situation might have been very different |
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| Marinerz93 |
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I have to laugh at that Forza. 200,000 shares that we as part of the trust received for nothing and £200 000 sterling cash that John's putting in out of his own pocket for shares that we all know are worthless unless some other Knight in shinning armour comes along.
Stale crumbs that we would all welcome!
Whilst it is commendable to be sticking up for your brother, one of the several points he hasn't addressed is the why did he and the board allowed MP to buy £500K of shares if JF wasn't going to stand shoulder to shoulder with him and match it. This current mess stinks, why do we need a shining knight, just get someone in to manage the club better and let's get that benign loan paid back and off the clubs back. Paddy Hamilton didn't have anywhere near the amount of financial clout JF has. |
| Supporting the Mighty Mariners for over 30 years, home town club is were the heart and soul is and it's great to be a part of it.
Jesus’ disciple Peter, picked up a fish to get the tribute money from it, Jesus left his thumb print on the fish, bless'ed is the Haddock. |
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| MuddyWaters |
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Whilst it is commendable to be sticking up for your brother, one of the several points he hasn't addressed is the why did he and the board allowed MP to buy £500K of shares if JF wasn't going to stand shoulder to shoulder with him and match it. This current mess stinks, why do we need a shining knight, just get someone in to manage the club better and let's get that benign loan paid back and off the clubs back. Paddy Hamilton didn't have anywhere near the amount of financial clout JF has.
The current mess does stink - because if Mr Fenty is such a fan, even he must accept that the club doesn't have a chance of a solid financial future whilst the balance sheet shows such levels of debt. There is zero chance of any outside investment, and I question how Mr Fenty can even think why anyone might be interested in our current state. |
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| Harlem mariner |
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And how will a 'yes' vote help the club "move forward", may I ask? Is it not just another case of putting off the inevitable? There will come a time when Fenty packs his bags and drives gets a taxi off into distance, it may be next month or it may be (god forbid) in ten years' time. What then?
Voting 'yes' would leave the club back relying on one man. The man who has overseen some of the worst financial management of the club in its history. That is a fact. Would you like to rely on this one man, with his dwindling fortune and past financial record, to somehow miraculously turn everything around? Things cannot continue this way. The club cannot continue to be run like it has been. A 'yes' vote would only see the same question being raised 18 months down the line.
One of the most significant, perhaps the most significant, reasons the club remains an unnatractive investment to external parties is because it currently owes Mr Fenty over £2m in 'benign' loans. These are loans that Mr Fenty has stated he never expects to see repaid and that have already been written off 'in his head' - but he remains reluctant to write them off on the balance sheet. Why?
Where is the money going to come from? Who knows, but I imagine we'll be a damn sight closer to finding out if we didn't have £2m of loans to pay back to this man.
A 'yes' vote is not a vote for progression. In my opinion, it is the coward's way out and another 'bending over' for Honest John.
A 'no' vote would, at the very minimum, open the door for further discussion and would allow for greater representation of the views of the fans through increased membership in the Trust.
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| BlackBoots |
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Table Wine Drinker Posts: 555
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Whilst it is commendable to be sticking up for your brother, one of the several points he hasn't addressed is the why did he and the board allowed MP to buy £500K of shares if JF wasn't going to stand shoulder to shoulder with him and match it. This current mess stinks, why do we need a shining knight, just get someone in to manage the club better and let's get that benign loan paid back and off the clubs back. Paddy Hamilton didn't have anywhere near the amount of financial clout JF has.
I though JF had said that in HIS view the agreement was broken by Mike Parker when he walked away, despite having an agreement in place to jointly fund the club going forward??  How should the club be managed better? I read regularly about the number of staff we have compared with Lincoln, Scunthorpe. I dont think that is true having done work at Scunthorpe Utd previously. Perhaps the club should use more volenteers? Seriously would many give up their match day to steward, flip burgers or pull pints? I wouldn't |
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