Cheshiregas
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Post by Cheshiregas on Sept 24, 2015 15:25:49 GMT
With whom? I thought the only debt secured on The Mem was with "Wonga" now that Barclays called in the mortgage? If we didn't raise the money from Wonga to pay Barclays, what do you think the outcome would have been? I don't know if the Woga loan is secured on the Mem or not but I suspect it is. MSP has charges over the Mem. If we get to the point we can't repay the loan they could call in the Administrator who would sell the Mem to get their money back and pay any other creditors a percentage of their money owed back.
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Post by Deleted on Sept 24, 2015 15:52:23 GMT
With whom? I thought the only debt secured on The Mem was with "Wonga" now that Barclays called in the mortgage? If we didn't raise the money from Wonga to pay Barclays, what do you think the outcome would have been? I don't know if the Woga loan is secured on the Mem or not but I suspect it is. If we didn't waste a million quid on a doomed court case we might not have needed to pay off Barclays at all. What would the outcome of that have been?
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Post by badbloodash on Sept 24, 2015 15:54:34 GMT
If we didn't raise the money from Wonga to pay Barclays, what do you think the outcome would have been? I don't know if the Woga loan is secured on the Mem or not but I suspect it is. MSP has charges over the Mem. If we get to the point we can't repay the loan they could call in the Administrator who would sell the Mem to get their money back and pay any other creditors a percentage of their money owed back. So why would the bod let this happen if there is a consortium ready to take over the club as a going concern administration is a costly business with usaualy the only people coming out of it happy are the administrators with there high fees / costs plus the points deduction that would follow could send us back to the conference
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Peter Parker
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Post by Peter Parker on Sept 24, 2015 15:56:35 GMT
If we didn't raise the money from Wonga to pay Barclays, what do you think the outcome would have been? I don't know if the Woga loan is secured on the Mem or not but I suspect it is. If we didn't waste a million quid on a doomed court case we might not have needed to pay off Barclays at all. What would the outcome of that have been? What was the outstanding mortgage?
Never thought about it before, but in amongst the magic financial plans that were to build UWE I presume paying off the mortgage would have eaten a chunk of the £30m. debt free as we were going to be and all
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Post by Jon the Stripe on Sept 24, 2015 16:00:24 GMT
MSP has charges over the Mem. If we get to the point we can't repay the loan they could call in the Administrator who would sell the Mem to get their money back and pay any other creditors a percentage of their money owed back. So why would the bod let this happen if there is a consortium ready to take over the club as a going concern administration is a costly business with usaualy the only people coming out of it happy are the administrators with there high fees / costs plus the points deduction that would follow could send us back to the conference Administration is not an option
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Cheshiregas
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Post by Cheshiregas on Sept 24, 2015 16:02:12 GMT
MSP has charges over the Mem. If we get to the point we can't repay the loan they could call in the Administrator who would sell the Mem to get their money back and pay any other creditors a percentage of their money owed back. So why would the bod let this happen if there is a consortium ready to take over the club as a going concern administration is a costly business with usaualy the only people coming out of it happy are the administrators with there high fees / costs plus the points deduction that would follow could send us back to the conference All sorts of reasons, lack of a decent offer (in their view), ego, arrogance, greed, petulance, dislike of potential suitors, lack of willingness to take losses, fear, stupidity, lack of awareness of the seriousness of the situation, fear of letting go.... I have seen all sorts of reasons for mergers and takeovers failing. I am sure there are plenty more!
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brizzle
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Post by brizzle on Sept 24, 2015 16:12:46 GMT
If we didn't raise the money from Wonga to pay Barclays, what do you think the outcome would have been? I don't know if the Woga loan is secured on the Mem or not but I suspect it is. If we didn't waste a million quid on a doomed court case we might not have needed to pay off Barclays at all. What would the outcome of that have been? When you say ''we,'' who exactly are we talking about? Is it the Chairman, the BoD or the club itself? Just for clarity you understand, because so long as the club itself isn't responsible then I don't care too much. After all it's his/their money . . . just so long as it is.
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Post by alloutofgas on Sept 24, 2015 16:32:46 GMT
Ok, I'll ask this question again. If anyone was to buy BRFC1883 ltd what would they actually get?
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Post by Deleted on Sept 24, 2015 16:36:51 GMT
Ok, I'll ask this question again. If anyone was to buy BRFC1883 ltd what would they actually get? all bar the ground [ im pretty sure ]
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Post by Deleted on Sept 24, 2015 16:59:52 GMT
If we didn't waste a million quid on a doomed court case we might not have needed to pay off Barclays at all. What would the outcome of that have been? When you say ''we,'' who exactly are we talking about? Is it the Chairman, the BoD or the club itself? Just for clarity you understand, because so long as the club itself isn't responsible then I don't care too much. After all it's his/their money . . . just so long as it is. Bad luck, it's the club itself. That's what's in debt, and borrowed millions from MSP against its stadium, at a huge rate of interest, repayable later this year. Directors have previously loaned the club money, but it's the club that's in debt (and wastes a fortune on legal bills).
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Post by The Concept on Sept 24, 2015 17:16:00 GMT
Just the Devil in me wonders if this consortium was a move instigated by Sainsburys ? I know I am being daft but it would be evil genius for them to do something like this and totally undermine the club, prior to an appeal hearing. As I say, just me and my crazy mind. If it were them, using other people to do this, it really has put the cat amongst the Pigeons. I k ow it's daft and probably very stupid of me to post it but you just never know. Didn't they say the consortium was from Birmingham? Mike Coupe studied at the University of Birmingham.
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Post by Topper Gas on Sept 24, 2015 17:39:06 GMT
We own the Mem like most people own there own home which is a fallacy as they part own the home and the balance is owned by the bank /building society who hold a charge over the property. Barclays held the mortgage on the mem so why wouldn't they exercise their charge on the mem and repossess them mem. They wanted their money, how else was BRFC going to pay it without defaulting on the payment? The Barclays mortgage was around £1m, the BoD have loans owed by the club far greater than that, so why would the BoD let Barclays repossess the Mem and let them sell it in a fire sale to the highest bidder and so lose millions between them, when they only needed to find £1m between 4 or 5 quite wealthy individuals? Problem now is the £1m loan has become over £3m and that's going to take some paying off if we eventually lose the Sainsbury's case. Perhaps NH should have just called it quits when Sainsbury's pulled out and sold up, if there was a consortium interested. I certainly want all this stress if I had millions in the bank at his age.
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Thatslife
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Post by Thatslife on Sept 24, 2015 18:55:34 GMT
We own the Mem like most people own there own home which is a fallacy as they part own the home and the balance is owned by the bank /building society who hold a charge over the property. Barclays held the mortgage on the mem so why wouldn't they exercise their charge on the mem and repossess them mem. They wanted their money, how else was BRFC going to pay it without defaulting on the payment? The Barclays mortgage was around £1m, the BoD have loans owed by the club far greater than that, so why would the BoD let Barclays repossess the Mem and let them sell it in a fire sale to the highest bidder and so lose millions between them, when they only needed to find £1m between 4 or 5 quite wealthy individuals? Problem now is the £1m loan has become over £3m and that's going to take some paying off if we eventually lose the Sainsbury's case. Perhaps NH should have just called it quits when Sainsbury's pulled out and sold up, if there was a consortium interested. I certainly want all this stress if I had millions in the bank at his age. Not arguing but are you sure the mortgage was £1m? I thought it was £2.1m. Also you cannot know how wealthy those 4 or 5 directors are and even if they had the money, you don't know if they were even willing to put money into what on the face of it is a loss making club. I still think NH is doing the right thing in playing the sainsbury farce to the end.
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Peter Parker
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Post by Peter Parker on Sept 24, 2015 19:19:54 GMT
The Barclays mortgage was around £1m, the BoD have loans owed by the club far greater than that, so why would the BoD let Barclays repossess the Mem and let them sell it in a fire sale to the highest bidder and so lose millions between them, when they only needed to find £1m between 4 or 5 quite wealthy individuals? Problem now is the £1m loan has become over £3m and that's going to take some paying off if we eventually lose the Sainsbury's case. Perhaps NH should have just called it quits when Sainsbury's pulled out and sold up, if there was a consortium interested. I certainly want all this stress if I had millions in the bank at his age. Not arguing but are you sure the mortgage was £1m? I thought it was £2.1m. Also you cannot know how wealthy those 4 or 5 directors are and even if they had the money, you don't know if they were even willing to put money into what on the face of it is a loss making club. I still think NH is doing the right thing in playing the sainsbury farce to the end. The ground was 2.something million. We have been paying it for 20 years so presumably the balance has gone down a bit
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Post by Deleted on Sept 24, 2015 19:27:04 GMT
Not arguing but are you sure the mortgage was £1m? I thought it was £2.1m. Also you cannot know how wealthy those 4 or 5 directors are and even if they had the money, you don't know if they were even willing to put money into what on the face of it is a loss making club. I still think NH is doing the right thing in playing the sainsbury farce to the end. The ground was 2.something million. We have been paying it for 20 years so presumably the balance has gone down a bit You would have thought so, but this is Bristol Rovers. Never mind the fact we could have cleared it in one fell swoop with the proceeds of certain player sales.
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Post by Deleted on Sept 24, 2015 20:17:05 GMT
Ok, I'll ask this question again. If anyone was to buy BRFC1883 ltd what would they actually get? The ground, a 4th div football club and a shed load of debt.
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Post by Deleted on Sept 24, 2015 20:18:27 GMT
Not arguing but are you sure the mortgage was £1m? I thought it was £2.1m. Also you cannot know how wealthy those 4 or 5 directors are and even if they had the money, you don't know if they were even willing to put money into what on the face of it is a loss making club. I still think NH is doing the right thing in playing the sainsbury farce to the end. The ground was 2.something million. We have been paying it for 20 years so presumably the balance has gone down a bit Only 50% was raised by mortgage the other 50% was raised from private investors.
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Post by Deleted on Sept 24, 2015 20:21:06 GMT
Mr Higgs stated at the Q+A before last season the outstanding Mortgage was 900,000
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Post by Deleted on Sept 24, 2015 20:22:14 GMT
Mr Higgs stated at the Q+A before last season the outstanding Mortgage was 900,000 Looks like he was telling the truth there.
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Post by Deleted on Sept 24, 2015 20:30:28 GMT
So why would the bod let this happen if there is a consortium ready to take over the club as a going concern administration is a costly business with usaualy the only people coming out of it happy are the administrators with there high fees / costs plus the points deduction that would follow could send us back to the conference All sorts of reasons, lack of a decent offer (in their view), ego, arrogance, greed, petulance, dislike of potential suitors, lack of willingness to take losses, fear, stupidity, lack of awareness of the seriousness of the situation, fear of letting go.... I have seen all sorts of reasons for mergers and takeovers failing. I am sure there are plenty more! Have you ever seen a company with a single asset worth £15m go into administration due to £2.6m external debt?
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