Deleted
Joined: January 1970
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Post by Deleted on Mar 23, 2016 12:33:17 GMT
Reading this made me shudder. I cannot imagine for a minute we could survive had there not been this buyout. It does raise the question, if Higgs had the money to repay MSP then why did he take the loan in the first place?
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Post by PessimistGas on Mar 23, 2016 12:42:35 GMT
Reading this made me shudder. I cannot imagine for a minute we could survive had there not been this buyout. It does raise the question, if Higgs had the money to repay MSP then why did he take the loan in the first place? He did have the money but wasn't prepared to risk his own cash on a watertight case. Well, he may have deluded himself that had a very strong case, but it shows he hadn't lost all touch with reality.
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Post by johnanagram on Mar 23, 2016 13:13:41 GMT
Reading this made me shudder. I cannot imagine for a minute we could survive had there not been this buyout. It does raise the question, if Higgs had the money to repay MSP then why did he take the loan in the first place? I'm not sure what you mean by this because the debt appears to have been settled as part of the takeover? The chairman said as such at the AGM.
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Post by didlesknowmydad on Mar 23, 2016 13:18:00 GMT
It does raise the question, if Higgs had the money to repay MSP then why did he take the loan in the first place? I'm not sure what you mean by this because the debt appears to have been settled as part of the takeover? The chairman said as such at the AGM. Think they're talking about the scenario prior to the takeover.
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Deleted
Joined: January 1970
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Post by Deleted on Mar 23, 2016 13:23:24 GMT
It does raise the question, if Higgs had the money to repay MSP then why did he take the loan in the first place? I'm not sure what you mean by this because the debt appears to have been settled as part of the takeover? The chairman said as such at the AGM. Yes, it's now been repaid, but that wasn't my point, and it wasn't intended to be cryptic in any way. You would assume that Higgs had £2.1m in the bank, so why take the MSP loan at 1.2% per-month (compounded-OUCH), and as it was secured against the stadium there would have been costs attached to valuing the asset, searching existing liens etc. That loan probably cost the thick end of a million quid in total, why do that when you have the money sat in the bank?
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Deleted
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Post by Deleted on Mar 23, 2016 13:25:42 GMT
I still think the UWE will be built but it looks like it's going to take longer than I'd hoped to sort out the mess left behind which I can't help but being a bit dissapointed about. To be fair, this has been dragging on for years and I think that many of us, including me, have just run out patience. When the previous regime were proven to be so evasive, duplicitous and misleading time and time and time again it's hard not to view any updates about the project with cynicism. I'm trying hard to believe after being let down so many times. The talks are currently at a relentless level and have been increasing in recent weeks, a professional team have been assembled to make this happen, the cowboys have left the building. Rest assured you will be fed more consistent positive news as each month passes, none of this watertight nonsense, factual progress on and off the field. It might be difficult for many to adjust and some will want more and more, this will be the next challenge for the board in managing supporter expectations. I'm really impressed personally by what is going on behind the scenes that supporters aren't yet privvy to, and hopefully the vast majority of fans will keep a sensible head on, rather than waffle on about it being 2 weeks since the last stadium update etc, to make comparison to previous years and draw criticism in the name of the past is just fool hardy IMO.
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Deleted
Joined: January 1970
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Post by Deleted on Mar 23, 2016 13:48:28 GMT
The talks are currently at a relentless level and have been increasing in recent weeks, a professional team have been assembled to make this happen, the cowboys have left the building. Exactly this. We just need to sit back and relax. As you say, just look at the calibre of the team assembled to make the stadium happen. We've moved on from Higgs stood on a baron piece of land, staring at what looked like a blank piece of paper with what looked like a blank expression on his face and every detail hidden behind confidentiality agreements. Wael and his family are the real deal, but it's going to take time to unravel what's gone before.
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Teigngas
Steve White
Joined: June 2014
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Post by Teigngas on Mar 23, 2016 13:53:02 GMT
I still think the UWE will be built but it looks like it's going to take longer than I'd hoped to sort out the mess left behind which I can't help but being a bit dissapointed about. To be fair, this has been dragging on for years and I think that many of us, including me, have just run out patience. When the previous regime were proven to be so evasive, duplicitous and misleading time and time and time again it's hard not to view any updates about the project with cynicism. I'm trying hard to believe after being let down so many times. The talks are currently at a relentless level and have been increasing in recent weeks, a professional team have been assembled to make this happen, the cowboys have left the building. Rest assured you will be fed more consistent positive news as each month passes, none of this watertight nonsense, factual progress on and off the field. It might be difficult for many to adjust and some will want more and more, this will be the next challenge for the board in managing supporter expectations. I'm really impressed personally by what is going on behind the scenes that supporters aren't yet privvy to, and hopefully the vast majority of fans will keep a sensible head on, rather than waffle on about it being 2 weeks since the last stadium update etc, to make comparison to previous years and draw criticism in the name of the past is just fool hardy IMO. Well that all sounds very positive. If there is no regular updates it is only natural to assume things have gone tits up because that`s what happened in the past. Hopefully this is now a thing of the past.
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Post by a more piratey game on Mar 23, 2016 13:53:53 GMT
"I'm sure it is a mighty relief to those who set up the loan and to those who had offered personal guarantees in order to obtain it."
so it seems that it wasn't secured against the stadium after all, or at least a material part of it wasn't
and it does seem to imply that by meeting the full range of partners they have found out some non-positive things about which they weren't previously aware. As noted above, the dig wasn't subtle, and that's not been their style so far
sounded a bit cross to me, though it might have been playing to some particular constutuency (not the fans I would think) for a specific reason
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nerdgas
Joined: May 2014
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Post by nerdgas on Mar 23, 2016 14:02:30 GMT
I'm not sure what you mean by this because the debt appears to have been settled as part of the takeover? The chairman said as such at the AGM. Yes, it's now been repaid, but that wasn't my point, and it wasn't intended to be cryptic in any way. You would assume that Higgs had £2.1m in the bank, so why take the MSP loan at 1.2% per-month (compounded-OUCH), and as it was secured against the stadium there would have been costs attached to valuing the asset, searching existing liens etc. That loan probably cost the thick end of a million quid in total, why do that when you have the money sat in the bank? I dunno what all you moaning tosspots are whinging about. It's clear that this 'lone wolf' approach and piling debt on the club was all part of the masterplan to turn us into the most attractive footballing purchase outside of the premier league. In Higgs we tru....... No I can't bring myself to say it....
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Deleted
Joined: January 1970
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Post by Deleted on Mar 23, 2016 14:03:42 GMT
so it seems that it wasn't secured against the stadium after all, or at least a material part of it wasn't
A personal guarantee could take the form of a lien on an asset held in the name of a company of the applicant. I seem to remember that a charge was recorded against the stadium at the time?
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Deleted
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Post by Deleted on Mar 23, 2016 14:09:18 GMT
The talks are currently at a relentless level and have been increasing in recent weeks, a professional team have been assembled to make this happen, the cowboys have left the building. Rest assured you will be fed more consistent positive news as each month passes, none of this watertight nonsense, factual progress on and off the field. It might be difficult for many to adjust and some will want more and more, this will be the next challenge for the board in managing supporter expectations. I'm really impressed personally by what is going on behind the scenes that supporters aren't yet privvy to, and hopefully the vast majority of fans will keep a sensible head on, rather than waffle on about it being 2 weeks since the last stadium update etc, to make comparison to previous years and draw criticism in the name of the past is just fool hardy IMO. Well that all sounds very positive. If there is no regular updates it is only natural to assume things have gone tits up because that`s what happened in the past. Hopefully this is now a thing of the past. I guess its down to interpretation and how you view 'regular updates', most of us would like to know about important developments and milestones reached in the project, yet you will have some fans who want to know every single intricate detail, to that end it sounds like it is going to be probable that stadium tours will take place during construction, as they have done at other stadiums such as the Liberty Stadium, this will appease those fans who want to know how many parts sand to cement are used on the stadium, how the paint is sprayed on to the seats etc. Personally I think (and hope) that the club will follow the american way and make the stadium a destination to spend the entire day/evening, as opposed to a 90 minute experience, with a music license, a full pitch length bar area that when the dividing curtain is removed can house 3000 in one room for a live band after a game, and of course for those who need to travel a hotel on site as well, lots of exciting times ahead.
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Deleted
Joined: January 1970
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Post by Deleted on Mar 23, 2016 14:13:24 GMT
The talks are currently at a relentless level and have been increasing in recent weeks, a professional team have been assembled to make this happen, the cowboys have left the building. Rest assured you will be fed more consistent positive news as each month passes, none of this watertight nonsense, factual progress on and off the field. It might be difficult for many to adjust and some will want more and more, this will be the next challenge for the board in managing supporter expectations. I'm really impressed personally by what is going on behind the scenes that supporters aren't yet privvy to, and hopefully the vast majority of fans will keep a sensible head on, rather than waffle on about it being 2 weeks since the last stadium update etc, to make comparison to previous years and draw criticism in the name of the past is just fool hardy IMO. Well that all sounds very positive. If there is no regular updates it is only natural to assume things have gone tits up because that`s what happened in the past. Hopefully this is now a thing of the past. ** Double Post**
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Post by didlesknowmydad on Mar 23, 2016 14:16:13 GMT
I still think the UWE will be built but it looks like it's going to take longer than I'd hoped to sort out the mess left behind which I can't help but being a bit dissapointed about. To be fair, this has been dragging on for years and I think that many of us, including me, have just run out patience. When the previous regime were proven to be so evasive, duplicitous and misleading time and time and time again it's hard not to view any updates about the project with cynicism. I'm trying hard to believe after being let down so many times. The talks are currently at a relentless level and have been increasing in recent weeks, a professional team have been assembled to make this happen, the cowboys have left the building. Rest assured you will be fed more consistent positive news as each month passes, none of this watertight nonsense, factual progress on and off the field. It might be difficult for many to adjust and some will want more and more, this will be the next challenge for the board in managing supporter expectations. I'm really impressed personally by what is going on behind the scenes that supporters aren't yet privvy to, and hopefully the vast majority of fans will keep a sensible head on, rather than waffle on about it being 2 weeks since the last stadium update etc, to make comparison to previous years and draw criticism in the name of the past is just fool hardy IMO. You appear to speak with some authority? I'm intrigued!
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Post by droitwichgas on Mar 23, 2016 14:19:47 GMT
I'm not sure what you mean by this because the debt appears to have been settled as part of the takeover? The chairman said as such at the AGM. Yes, it's now been repaid, but that wasn't my point, and it wasn't intended to be cryptic in any way. You would assume that Higgs had £2.1m in the bank, so why take the MSP loan at 1.2% per-month (compounded-OUCH), and as it was secured against the stadium there would have been costs attached to valuing the asset, searching existing liens etc. That loan probably cost the thick end of a million quid in total, why do that when you have the money sat in the bank? How can you assume NH has got £2.1m just stuck in the bank we've no idea of his personal circumstances or what he did with his own money? Even if he did have £2.1m in the bank I doubt it was in a instant access savings account! If the annual interest rate was 14.4% how could a loan of £2.1m cost £1m as that's almost an interest rate of 50%? As far as today's BP article it's virtually the same as Hammer said in his Made in Bristol interview but I thought he said then the car park work had to start this summer and be completed by October, which would make sense as that's when most students return after the summer?
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Post by Centenary Gas on Mar 23, 2016 14:55:04 GMT
Well that all sounds very positive. If there is no regular updates it is only natural to assume things have gone tits up because that`s what happened in the past. Hopefully this is now a thing of the past. I guess its down to interpretation and how you view 'regular updates', most of us would like to know about important developments and milestones reached in the project, yet you will have some fans who want to know every single intricate detail, to that end it sounds like it is going to be probable that stadium tours will take place during construction, as they have done at other stadiums such as the Liberty Stadium, this will appease those fans who want to know how many parts sand to cement are used on the stadium, how the paint is sprayed on to the seats etc. Personally I think (and hope) that the club will follow the american way and make the stadium a destination to spend the entire day/evening, as opposed to a 90 minute experience, with a music license, a full pitch length bar area that when the dividing curtain is removed can house 3000 in one room for a live band after a game, and of course for those who need to travel a hotel on site as well, lots of exciting times ahead. Very impressed with Wael and the new owners. They know what they are doing, and that is get in people for specific areas that know exactly what they are doing. This for me is where we have an advantage over BCFC. Despite the riches of the owner, they appoint SL's son for example, who was less than popular last time I bothered having a look.
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Post by PessimistGas on Mar 23, 2016 15:26:19 GMT
Yes, it's now been repaid, but that wasn't my point, and it wasn't intended to be cryptic in any way. You would assume that Higgs had £2.1m in the bank, so why take the MSP loan at 1.2% per-month (compounded-OUCH), and as it was secured against the stadium there would have been costs attached to valuing the asset, searching existing liens etc. That loan probably cost the thick end of a million quid in total, why do that when you have the money sat in the bank? How can you assume NH has got £2.1m just stuck in the bank we've no idea of his personal circumstances or what he did with his own money? Even if he did have £2.1m in the bank I doubt it was in a instant access savings account! If the annual interest rate was 14.4% how could a loan of £2.1m cost £1m as that's almost an interest rate of 50%? As far as today's BP article it's virtually the same as Hammer said in his Made in Bristol interview but I thought he said then the car park work had to start this summer and be completed by October, which would make sense as that's when most students return after the summer? Wasn't the 14.4% per MONTH??
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Deleted
Joined: January 1970
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Post by Deleted on Mar 23, 2016 15:31:52 GMT
No it was 1.2% per month
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Post by PessimistGas on Mar 23, 2016 15:49:16 GMT
Yes, of course it was. Still a ridiculous interest rate.
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Post by johnanagram on Mar 23, 2016 15:49:17 GMT
Yes, it's now been repaid, but that wasn't my point, and it wasn't intended to be cryptic in any way. You would assume that Higgs had £2.1m in the bank, so why take the MSP loan at 1.2% per-month (compounded-OUCH), and as it was secured against the stadium there would have been costs attached to valuing the asset, searching existing liens etc. That loan probably cost the thick end of a million quid in total, why do that when you have the money sat in the bank? I dunno what all you moaning tosspots are whinging about. It's clear that this 'lone wolf' approach and piling debt on the club was all part of the masterplan to turn us into the most attractive footballing purchase outside of the premier league. In Higgs we tru....... No I can't bring myself to say it.... You are of course completely right!
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