Dave_Og Posted September 3, 2017 Share Posted September 3, 2017 1 hour ago, underdog said: maybe not so much loan but a selling on of the 97% shares Corney has. But they are very, very different things. No? Link to comment Share on other sites More sharing options...
underdog Posted September 3, 2017 Share Posted September 3, 2017 11 minutes ago, Dave_Og said: But they are very, very different things. No? I think that's the crux of it.....what is it exactly? loan, shares in OAFC, buy in/buy out of Brass bank?....who knows at this stage but I'm sure checks will need to be done before the board, trust and fans find out. Link to comment Share on other sites More sharing options...
al_bro Posted September 3, 2017 Share Posted September 3, 2017 1 hour ago, underdog said: That's what the Trust believe too, maybe not so much loan but a selling on of the 97% shares Corney has. Just want to see if MM had let anything slip It's the money trail in my mind and who is funding the investment/share buying. Legitimate source of cash? If it is a third party model and Abdullah is an agent only then the EFL /FA fit an proper testing as well as the clubs own articles of association, and I presume companies house stuff too. But then again people have mention Watford and Port vale I think, have tied or done something similar theres also the train of thought that any players brought in under the new set up and are sold on...who bags the money? Agent/corney/money men?....I have a feeling not our club. it's going to take a bit of time to pull all this together and boxes to be ticked off, dare I say due dilligence. in the meantime, if we can get a reserve team out of it to help our current squad get back to fitness/dropped to prove your self/youth to step up. Then let's take advantage. We are not going to no more until corney tells us. That's not allowed though is it. Didn't West Ham get into trouble over that a few years ago with Mascherano and Tevez? Link to comment Share on other sites More sharing options...
underdog Posted September 3, 2017 Share Posted September 3, 2017 10 minutes ago, al_bro said: That's not allowed though is it. Didn't West Ham get into trouble over that a few years ago with Mascherano and Tevez? I must admit I I can't remember sometimes what I did last week...heheh. Maybe be that is why Corney has gone to the EFl/FA for guidance/approval,as per the club statement. Getting it right before we are further down the line so to speak Link to comment Share on other sites More sharing options...
Fruitygoo Posted September 3, 2017 Share Posted September 3, 2017 With all due respect the Trust shouldn't think.... It should really know by now what is going on. Whats being suggested in termsof loans and shares cannot happen... Eithet they're buying the shares or investing and coming on board. The club has stated this will need to go through EFL financial fit and proper checks which woild only happen if someone is taking at lease 50% of a club Link to comment Share on other sites More sharing options...
bozman Posted September 3, 2017 Share Posted September 3, 2017 12 minutes ago, Fruitygoo said: With all due respect the Trust shouldn't think.... It should really know by now what is going on. Whats being suggested in termsof loans and shares cannot happen... Eithet they're buying the shares or investing and coming on board. The club has stated this will need to go through EFL financial fit and proper checks which woild only happen if someone is taking at lease 50% of a club I think the fit and proper person test now kicks in for anyone taking a 30% stake in a club, but that doesn't detract from the point you are making that he must be intent on buying a stake in the club for the test to be applicable. If the Trust and Corney don't have a close relationship at present, I can understand why he might want to see the test and due dilligence completed before informing the Trust of his intention to sell some or all of his shares. Link to comment Share on other sites More sharing options...
kowenicki Posted September 3, 2017 Share Posted September 3, 2017 With respect Underdog... once again you are summising the worst possible scenario and some of what you are saying is unfathomable nonsense. Bit like the early summer all over again. Link to comment Share on other sites More sharing options...
Midsblue Posted September 3, 2017 Share Posted September 3, 2017 I think we need to accept that the owner has not involved or considered the Trust in this process. The fans Trust own 3% but is this of the club excluding land/stadium so we're talking a hell of a lot less of 3% of £9m i.e. £300k?! I recall we generated around £130k didn't we? Don't wish to offend those involved with the Trust and the hard work they've done over the years but we're insignificant in the process now. My view, as long as the sale - and it sounds like a sale - safeguards the future of the club then I'm happy to allow them to crack on. Link to comment Share on other sites More sharing options...
underdog Posted September 3, 2017 Share Posted September 3, 2017 2 hours ago, latics22 said: The club statement on Thursday said "on going potential sale of the club" " due diligence on any pontential new owners" it's pretty clear that means the club is being sold. Not shares or percentages. Be interesting to see who the new owner(s) is/are, if EFL approval is given. exciting times. Link to comment Share on other sites More sharing options...
leeslover Posted September 3, 2017 Share Posted September 3, 2017 1 hour ago, Midsblue said: I think we need to accept that the owner has not involved or considered the Trust in this process. The fans Trust own 3% but is this of the club excluding land/stadium so we're talking a hell of a lot less of 3% of £9m i.e. £300k?! I recall we generated around £130k didn't we? Don't wish to offend those involved with the Trust and the hard work they've done over the years but we're insignificant in the process now. My view, as long as the sale - and it sounds like a sale - safeguards the future of the club then I'm happy to allow them to crack on. People need to see beyond the 3% factor. In any company the Board of Directors oversee important decisions, and all the Directors have legal responsibility for the actions of the Company, regardless of holding any shares. As a Director of the Trust I am entitled to ask Simon Brooke what is happening with the Trust shareholding in the Club. He as a Club Director should be aware of the details of massive changes such as are going on. It isn't his fault that he can't give the answers. It raises (more) serious worries about the corporate governance at Latics. Link to comment Share on other sites More sharing options...
yarddog73 Posted September 3, 2017 Share Posted September 3, 2017 7 minutes ago, leeslover said: People need to see beyond the 3% factor. In any company the Board of Directors oversee important decisions, and all the Directors have legal responsibility for the actions of the Company, regardless of holding any shares. As a Director of the Trust I am entitled to ask Simon Brooke what is happening with the Trust shareholding in the Club. He as a Club Director should be aware of the details of massive changes such as are going on. It isn't his fault that he can't give the answers. It raises (more) serious worries about the corporate governance at Latics. I'm sure Kim Jong-Corney will give us the relevant updates in due course. Link to comment Share on other sites More sharing options...
Fruitygoo Posted September 3, 2017 Share Posted September 3, 2017 40 minutes ago, leeslover said: People need to see beyond the 3% factor. In any company the Board of Directors oversee important decisions, and all the Directors have legal responsibility for the actions of the Company, regardless of holding any shares. As a Director of the Trust I am entitled to ask Simon Brooke what is happening with the Trust shareholding in the Club. He as a Club Director should be aware of the details of massive changes such as are going on. It isn't his fault that he can't give the answers. It raises (more) serious worries about the corporate governance at Latics. Spot on... Link to comment Share on other sites More sharing options...
bozman Posted September 3, 2017 Share Posted September 3, 2017 53 minutes ago, leeslover said: People need to see beyond the 3% factor. In any company the Board of Directors oversee important decisions, and all the Directors have legal responsibility for the actions of the Company, regardless of holding any shares. As a Director of the Trust I am entitled to ask Simon Brooke what is happening with the Trust shareholding in the Club. He as a Club Director should be aware of the details of massive changes such as are going on. It isn't his fault that he can't give the answers. It raises (more) serious worries about the corporate governance at Latics. I get what you are saying and agree with it. But the fact is nothing at all will happen unless he gets EFL approval to takeover and both sides are comfortable with their own due dilligence. Until that happens there's nothing concrete to tell you really. Link to comment Share on other sites More sharing options...
laticsmarra Posted September 3, 2017 Share Posted September 3, 2017 4 minutes ago, bozman said: I get what you are saying and agree with it. But the fact is nothing at all will happen unless he gets EFL approval to takeover and both sides are comfortable with their own due dilligence. Until that happens there's nothing concrete to tell you really. The shares aren't the Trust's shares they are our the supporters shares held in a trust. When Simon Corney and his cronnies set up the arrangement It was all about a stake in the club and transparency.Transparency has long gone,but we as supporters with a shareholding in trust are entitled to more information than we are being given. We have shares in the company and are entitled to be more informed than is currently the case. We do not need every bit of detail or information that would prejudice a deal, but come on Simon be a bit more transparent and stick by the principles you promised around transparency when you set up the Trust. At the very least show our representatives on the Trust Board more respect. Link to comment Share on other sites More sharing options...
simplythemostimportantkick Posted September 3, 2017 Share Posted September 3, 2017 Like has already be mentioned no cunt in the know knew anything about this deal before Corney himself brought it up. Yet now said cunts are suggesting we are gonna be screwed over etc etc. Just the same old doom Sayers as usual. Maybe it's just a takeover and we will actually benefit from it instead of get screwed over ? Maybe SC has always been honest by saying he wants to sell to the right geezers ? I for one hope that's what it is but only cos that suits my agenda of fucking loving this club and wanting success !! Link to comment Share on other sites More sharing options...
mikeroyboy Posted September 3, 2017 Share Posted September 3, 2017 2 hours ago, leeslover said: People need to see beyond the 3% factor. In any company the Board of Directors oversee important decisions, and all the Directors have legal responsibility for the actions of the Company, regardless of holding any shares. As a Director of the Trust I am entitled to ask Simon Brooke what is happening with the Trust shareholding in the Club. He as a Club Director should be aware of the details of massive changes such as are going on. It isn't his fault that he can't give the answers. It raises (more) serious worries about the corporate governance at Latics. I'm not privy to the full or any terms of the Trusts shareholding in the club but... (1) How many shares do the Trust hold in their 3%? (2) Are the Trust liable for 3% of all or any of the club dept? Example: In the Ltd company I was involved in, the the bank could chase all or individual directors for dept recovery. Are you, or are you prepared, or have you ever been under a legal understanding that since the Trust purchased the shares you have been under any pressure to fund the many cash crises' endured by Corney and any of his backers? I suspect the answer is no. The Trust does a worthy job in being a link between the club and the fans but surely you can identify that when it comes to selling the club it must be classified as honorary post. Link to comment Share on other sites More sharing options...
OAFC_ULTRA Posted September 3, 2017 Share Posted September 3, 2017 2 hours ago, simplythemostimportantkick said: Like has already be mentioned no cunt in the know knew anything about this deal before Corney himself brought it up. Yet now said cunts are suggesting we are gonna be screwed over etc etc. Just the same old doom Sayers as usual. Maybe it's just a takeover and we will actually benefit from it instead of get screwed over ? Maybe SC has always been honest by saying he wants to sell to the right geezers ? I for one hope that's what it is but only cos that suits my agenda of fucking loving this club and wanting success !! Could have been such a good point if you hadnt resorted to such foul language Link to comment Share on other sites More sharing options...
mcfluff1985 Posted September 3, 2017 Share Posted September 3, 2017 32 minutes ago, OAFC_ULTRA said: Could have been such a good point if you hadnt resorted to such foul language Bet you're fucking fun at parties Link to comment Share on other sites More sharing options...
OAFC_ULTRA Posted September 4, 2017 Share Posted September 4, 2017 6 hours ago, mcfluff1985 said: Bet you're fucking fun at parties I bet your embarrassing at parties Link to comment Share on other sites More sharing options...
simplythemostimportantkick Posted September 4, 2017 Share Posted September 4, 2017 Bet some are not even invited to parties ? Link to comment Share on other sites More sharing options...
leeslover Posted September 4, 2017 Share Posted September 4, 2017 8 hours ago, mikeroyboy said: I'm not privy to the full or any terms of the Trusts shareholding in the club but... (1) How many shares do the Trust hold in their 3%? (2) Are the Trust liable for 3% of all or any of the club dept? Example: In the Ltd company I was involved in, the the bank could chase all or individual directors for dept recovery. Are you, or are you prepared, or have you ever been under a legal understanding that since the Trust purchased the shares you have been under any pressure to fund the many cash crises' endured by Corney and any of his backers? I suspect the answer is no. The Trust does a worthy job in being a link between the club and the fans but surely you can identify that when it comes to selling the club it must be classified as honorary post. I believe it's 3 shares with a liability limited to £3. % shareholding however has nothing to do with the rights of board members Link to comment Share on other sites More sharing options...
mikeroyboy Posted September 4, 2017 Share Posted September 4, 2017 2 hours ago, leeslover said: I believe it's 3 shares with a liability limited to £3. % shareholding however has nothing to do with the rights of board members I wonder what the Trusts board member's rights are. Do they sit at every board meeting, no matter how sensitive, or are they sometimes excluded on agreed parameters? Link to comment Share on other sites More sharing options...
Midsblue Posted September 4, 2017 Share Posted September 4, 2017 2 hours ago, latics22 said: Let's face it they would probably give Kim Jong un the green light. There hardly known for knocking back investors Leeds, Blackburn, Leyton. They shouldn't be a problem. Knowing our luck we'll be the first knocked back Link to comment Share on other sites More sharing options...
leeslover Posted September 4, 2017 Share Posted September 4, 2017 30 minutes ago, mikeroyboy said: I wonder what the Trusts board member's rights are. Do they sit at every board meeting, no matter how sensitive, or are they sometimes excluded on agreed parameters? The Trust rep is a full, legal board member Link to comment Share on other sites More sharing options...
Andy Perimeter West Posted September 4, 2017 Share Posted September 4, 2017 Oh It's almost guaranteed the EFL will say no BUT as ROY said while doing his commentary the new guy is putting money into the stand now i doubt that be the new stand especially with the workings going on also setting up a development team why put all this money in now if its not gone through Link to comment Share on other sites More sharing options...
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