Will the deal really rid us of JF

Quoted from BobbyCummingsTackle

I think you're all missing something here - Stockwood is a real fan, he knows what's gone on and what's going on. Therefore, I think it's safe to assume that he knows that ongoing involvement from the Principal Funder would be about as popular as a fart in a spacesuit with the supporters.

He also wants the fans on his side (he needs the fans on his side) as the club will need the income and the team getting the right sort of support as we transition through the next phase.

I suspect that he knows the Principal Funder's involvement would make his job a lot harder from Day 1.

I also suspect that the Principal Funder will have been offered a Vice President role (meaningless and powerless) or a seat for life to keep him sweet. You may not agree with that bit would be a sensible thing to do to keep the deal moving, keep Fenty sweet and stop him being a difficult presence always chipping away at the sidelines.

Yes but a lot of us, me included, believed JSF when he said he was a "real fan". Don't get me wrong, I think the new "Dynamic Duo" will be good for the club and nothing like JSF but I like words to be followed by deeds. Only time will tell. It could transpire that other local businessmen and investors, who wouldn't work with JSF, might want to be involved in GTFC now that he is going.

The alternative to all of this is to vote AGAINST the takeover on May 5th.

Quoted from jimgtfc

Seen a few comments like this. Is this what people would want? Like seriously? I’m glad to see him detached from any involved in the club as much as anyone but I’d never want to stop him watching the club he’s supported as a kid, as a paying fan like the rest of us.

Can’t speak for everyone but most people I know like me want fenty never to set foot  in bp ever again , I can’t forgive him for what’s he’s done to my club nearly twenty years of dross and embarrassment

Quoted from malkamalka

The alternative to all of this is to vote AGAINST the takeover on May 5th.

Why would we do that? We want the takeover to happen don't we. We want Fenty out

Quoted from jimgtfc

Seen a few comments like this. Is this what people would want? Like seriously? I’m glad to see him detached from any involved in the club as much as anyone but I’d never want to stop him watching the club he’s supported as a kid, as a paying fan like the rest of us.

I wonder if Fenty will be surprised at just how much it costs to watch Town in the 21st century....

Isn't the point of the 1878 partnership to buy the shares and JF to resign as a director. Everything else is pure speculation and the partnership will look to determine how they will repay their loans as any company would. This could be via "normal" business finance of obtaining other loans, issuing of additional shares for purchase etc. who knows and this is normal business for such companies to finance themselves as the businessmen that they are.

They have had to give proof of being able to sustain the club for a future period which I suspect is longer than the 3 years it would take to pay the O/S loans. If they were not able to do so then the bid would have been blocked. Lets give them the benefit of their business knowledge which is undoubtedly more than a lot of us (mine is experience of playing monopoly).

As previously stated if you are not happy with the deal and you are a shareholder vote against it but then don't complain when JF remains as the "principal funder". I know which way I am voting !

Quoted from pen penfras

Ultimately, 1878 or GTFC could not have the funds to repay the loans when they are due,

In the quote above you have described the definition of insolvency. Insolvency = being unable to settle your debts as and when they fall due.

Any creditor can exert pressured to wind a business up if debts remain unpaid. Don’t think it will ever come to that though, if, as I questioned prior to Christmas, the consortium are in a position to financial position to support GTFC as John Fenty has over the years, as a very minimum commitment.

Just one thing though on the vote though that I am curious to understand. Assume at the EGM the vote is in favour of converting to a private limited company. That motion is then carried and implemented. But what happens then in the (unlikely) event that the deal with Stockwood and Petit falls over again, like it did with Shutes?

Does it then mean the business becomes a private limited company still with John at the helm?

Timing is essential in completing transactions like these

Quoted from dapperz fun pub

Can’t speak for everyone but most people I know like me want fenty never to set foot  in bp ever again , I can’t forgive him for what’s he’s done to my club nearly twenty years of dross and embarrassment

I get this completely but that's not Stockwood's style. He talks about working together, shared visions etc.

I am not having a go at you with this either - banning and 'never set foot in BP again' is petty, bitter and lacks class. It would reflect better on the new owners if they said 'JF is welcome at the club any time' knowing full well that we would make any visit to BP a miserable experience for him (although I suspect that he's so thick skinned that he wouldn't care).

Someone also said why should JF still be on the board after I suggested he might become vice pres - a vice pres position is not a board position, it's an honorary position with no voice on the board and no voting rights.

DO NOT see any of this as me being pro the Principal Funder.

I too think that banning him is not an answer. The point is to get the consortium to buy his shares and he is no longer able to exert influence. If the consortium cannot pay the loans JF will not have an automatic way back into the club as the ltd company would go into receivership or administration and he would be listed as a creditor. Generally creditors do not get all the amount owed back only a certain percentage and the administrators would be running the club not JF.

Lets get those votes submitted and get to where a significant proportion of fans (including me) want to be i.e. JF not involved as a director and the club looking to invest in the club, involve the fans and improve the team. If JF wants to turn up and pay for a ticket we cannot stop him unless he is banned under the FA/EFL rules of being convicted of hooliganism etc. (although the breaking of the Newport kid's flag in the play off semi-final may have been classed as such).

It depends mrbump. Currently Fenty’s loans are secured against the assets of the company, so if the club defaults he gets BP. Wonder if the contract between him and 1878 covers this.