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The benign debt

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Marinerz93
January 4, 2018, 8:28pm

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1. How much does the club currently owe John Fenty in the so called benign debt?

2. Why can't this benign debt be converted into shares in full or part?

3. What would be the maximum he could convert without Article 9 forcing him to offer to buy out other shareholders like the trust or MP?

4. Why is there no repayment plan set to reduce the benign debt?


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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moosey_club
January 4, 2018, 8:38pm
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Quoted from Marinerz93
1. How much does the club currently owe John Fenty in the so called benign debt?

2. Why can't this benign debt be converted into shares in full or part?

3. What would be the maximum he could convert without Article 9 forcing him to offer to buy out other shareholders like the trust or MP?

4. Why is there no repayment plan set to reduce the benign debt?


1. 2 million ish
2. he doesnt want to otherwise he loses any chance of getting some money back
3.as above
4. you cant schedule to repay a loan unless you make money...we dont budget to make money....we budget to break even at best or to lose a swallowable amount and then fingers crossed for a football fortune event such as great cup run or unearthing a talent and selling it....


I wonder if the Trust would consider polling its members on whether to divert any monies it makes into repaying the benign debt rather than a youth set up where we dont even play the best players that come through anyway ?



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MuddyWaters
January 4, 2018, 8:49pm
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Quoted from Marinerz93
1. How much does the club currently owe John Fenty in the so called benign debt?

2. Why can't this benign debt be converted into shares in full or part?

3. What would be the maximum he could convert without Article 9 forcing him to offer to buy out other shareholders like the trust or MP?

4. Why is there no repayment plan set to reduce the benign debt?


Whilst it's a loan, it's worth what it says. Shares in the club are effectively worth nothing as the club has no value - ie its' assets are worth less than its' debt.
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TheRealJohnLewis
January 4, 2018, 8:54pm
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Quoted from MuddyWaters


Whilst it's a loan, it's worth what it says. Shares in the club are effectively worth nothing as the club has no value - ie its' assets are worth less than its' debt.


So therefore if the club when mammaries up, the first in line to cash in any of the assets (Blundell Park, etc) would be debtors i.e those with loans or that GTFC owes money to.  Shareholders would get sweet FA.  Which is why I think he keeps it this way.  

If Fenty was to sell his shares for what was originally paid and cash in his loan, then he will have made money (MP/Trust shares) after 15 years of failure. Unbelievable Jeff!
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Cambs Mariner
January 4, 2018, 9:02pm
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Does anybody know if the loans are secured or unsecured?
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MuddyWaters
January 4, 2018, 9:02pm
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Quoted from TheRealJohnLewis


So therefore if the club when mammaries up, the first in line to cash in any of the assets (Blundell Park, etc) would be debtors i.e those with loans or that GTFC owes money to.  Shareholders would get sweet FA.  Which is why I think he keeps it this way.  

If Fenty was to sell his shares for what was originally paid and cash in his loan, then he will have made money (MP/Trust shares) after 15 years of failure. Unbelievable Jeff!


According to the accounts, the club's liabilities are 2.5 million (not all to JF) and the assets are worth 1.8 million so the club is effectively bust to the tune of 700k on paper, however this shows a marked improvement as that figure was 1.6 million at the year ending May 31st 2016
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headingly_mariner
January 4, 2018, 9:03pm

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Surely it only stops the club going forward. It should be written off.
Any notion of the Trust paying it off should is crazy. The Trust should be saving money in case it ever has to run the club.  
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crusty ole pie
January 4, 2018, 9:03pm

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For intercourse sake not again have we not debated this to death
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TheRealJohnLewis
January 4, 2018, 9:07pm
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Quoted from Cambs Mariner
Does anybody know if the loans are secured or unsecured?


Quoted from GTFC Accounts
Mr J S Fenty has provided financial guarantees amounting to £325,000. These guarantees, together with his
loans, are secured by way of a debenture, dated 6th July 2007, creating a fixed and floating charge over all of the
company's assets.


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MuddyWaters
January 4, 2018, 9:14pm
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Quoted from crusty ole pie
For intercourse sake not again have we not debated this to death


The thread title is fairly clear so I'm struggling to know why you would look at it if you don't like it?
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