Winding up proceedings

[Nickelson]

The reason Eric wont sell is this - Preston and Leyland Citizen - NON LEAGUE SOCCER: Khan fury over Stanley response and if he thought the club was worth around the 750,000 mark ten years ago. Imagine what he is demanding now.

[JEFF]

Originally Posted by Nickelson

The reason Eric wont sell is this - Preston and Leyland Citizen - NON LEAGUE SOCCER: Khan fury over Stanley response and if he thought the club was worth around the 750,000 mark ten years ago. Imagine what he is demanding now.

"

Despite the fact that I only asked Mr Whalley whether it was 'worth talking about his shares' he proceeded to tell me that he thought his shares were worth £750,000 and that, if I was able to offer him this amount, he would happily sell.

He didn't think that the club was worth around the £750,000 mark - he thought his then 60% was worth that, thus making the club worth £1.25 million. The man lives in cloud cuckoo land.

[expatriate]

Hello Chaps.

Just in terms of the mini-debate going on about the past, I thought it would be useful to let you know that just over a year ago I sat down opposite Mr Whalley in the ASFC offices. He offered to sell his shares for £1million, valuing the club at over £2million. You wont be surprised to hear that I politely refused his very kind offer and wished him luck on his quest to sell his shares. It is clear that he has been trying to sell for a while now, and, for what its worth, I do believe that Mr O Neil was a genuine possible buyer before things broke down. I do not have any confirmed facts about the price or the conditions, so I do not know and cannot comment on why Mr O Neil's offer fell away. I can confirm that if Mr O Neil's offer would have included creating further indebtedness, I would have opposed the deal.

Also, switching to the present time, I do not know what value Mr Whalley ascribes to his shares now, nor do I have a very clear view of the value that any independent auditor would attach to the club. However, I do know that the club needs capital - and fresh equity capital "with no strings attached" (ie not debt, or future recievable funding or some sort of funny promissory note). I assume that Mr Whalley's interests and the club's interest diverge at this point since Mr Whalley will want the maximum amount of cash going into his pocket, whilst the club needs cash going into its till to be able to not only pay off creditors but keep a reserve for players and ground improvements.

I do not have any idea about how the club or Mr Whalley might finance their way out of the current situation, and I clearly wish them luck, but I reiterate that I have no interest in buying anyone's shares. My interests are to maximise the cash inflow to the club.

Also, to all those who follow this board, I can confirm that the club finally DID contact me directly this morning. I repeated and clarified my position, including the fact that I cannot and will not be able to run the club, but that I can think of others who would do a great job if Mr Whalley were to move aside in the event that the club were to issue more shares, and if Mr Whalley were not to subscribe to that share issue then if his shares became less than 56%.

Also, finally, I will be in Accrington on Friday and would extend an open invitation to anyone who wishes to meet to talk about the club, including the fighting fund or anything else, at 5.30pm at my family home at Stanhill Hall. I am an absolute believer in transparency of action and of intent, so anyone who wants to come along is welcome. Its not a press event or a time for speeches, but just a chance for all of us who hold ASFC dear to meet and maybe even come up with ideas that can bridge the gap. We must not let the club fall. that is the bottom line. I am the first to acknowledge the success that the club has enjoyed whilst Mr Whalley was in charge, but my focus now is the present, not the past.

Ilyas
(monday june 1st 1.20pm)

[Nickelson]

Ilyas, thanks for replying to this thread and clarifing your postion within the club. Although the local rag (or indeed regional rag) use this site to quote you, so i wouldnt be suprised if you find parts of that post within the paper. As others have indeed.

Stanley hit by winding-up order - Accrington Stanley FC - Football - Sport - Accrington Observer

I think i speak on the vast majority of fans in saying, we would love you to own the club as you come across as a 100% genuine fan. Not a John Batchelor or Uri Geller. Although i agree that a million pounds is a totally unreasonable valuation for the club. The whole takeover embargo is starting to further drag the club down in both financial and fan relationships.

[JEFF]

Originally Posted by expatriate

and if Mr Whalley were not to subscribe to that share issue then if his shares became less than 56%.

That is probably what he is afraid of. If his shareholding became less than 50% he would have to hold board meetings to make decisions and may even get out voted on occasions. A thing that he wouldn't like.

[churchman phil]

So basically Eric's holding out for a fortune he won't get and will thus drag the club down to it's demise....

[slerpy]

Originally Posted by expatriate

Hello Chaps.

Just in terms of the mini-debate going on about the past, I thought it would be useful to let you know that just over a year ago I sat down opposite Mr Whalley in the ASFC offices. He offered to sell his shares for £1million, valuing the club at over £2million. You wont be surprised to hear that I politely refused his very kind offer and wished him luck on his quest to sell his shares. It is clear that he has been trying to sell for a while now, and, for what its worth, I do believe that Mr O Neil was a genuine possible buyer before things broke down. I do not have any confirmed facts about the price or the conditions, so I do not know and cannot comment on why Mr O Neil's offer fell away. I can confirm that if Mr O Neil's offer would have included creating further indebtedness, I would have opposed the deal.

Also, switching to the present time, I do not know what value Mr Whalley ascribes to his shares now, nor do I have a very clear view of the value that any independent auditor would attach to the club. However, I do know that the club needs capital - and fresh equity capital "with no strings attached" (ie not debt, or future recievable funding or some sort of funny promissory note). I assume that Mr Whalley's interests and the club's interest diverge at this point since Mr Whalley will want the maximum amount of cash going into his pocket, whilst the club needs cash going into its till to be able to not only pay off creditors but keep a reserve for players and ground improvements.

I do not have any idea about how the club or Mr Whalley might finance their way out of the current situation, and I clearly wish them luck, but I reiterate that I have no interest in buying anyone's shares. My interests are to maximise the cash inflow to the club.

Also, to all those who follow this board, I can confirm that the club finally DID contact me directly this morning. I repeated and clarified my position, including the fact that I cannot and will not be able to run the club, but that I can think of others who would do a great job if Mr Whalley were to move aside in the event that the club were to issue more shares, and if Mr Whalley were not to subscribe to that share issue then if his shares became less than 56%.

Also, finally, I will be in Accrington on Friday and would extend an open invitation to anyone who wishes to meet to talk about the club, including the fighting fund or anything else, at 5.30pm at my family home at Stanhill Hall. I am an absolute believer in transparency of action and of intent, so anyone who wants to come along is welcome. Its not a press event or a time for speeches, but just a chance for all of us who hold ASFC dear to meet and maybe even come up with ideas that can bridge the gap. We must not let the club fall. that is the bottom line. I am the first to acknowledge the success that the club has enjoyed whilst Mr Whalley was in charge, but my focus now is the present, not the past.

Ilyas
(monday june 1st 1.20pm)

Ilyas, Just one question , how much are you prepared to put into the fighting fund ?

[Nickelson]

Originally Posted by slerpy

Ilyas, Just one question , how much are you prepared to put into the fighting fund ?

He has already spoken on here saying he is prepared to put £200,000 in providing new shares are released.

[JEFF]

I believe that Eric has 51.14% of the shares, David Andrew Styring has 14.59% of the shares, I. Khan has 12.05% of the shares, and Peter Marsden has 10% of the shares. They are the four major shareholders, the rest are minor shareholders the largest being O. Lucas with 1.06%.

Have we heard anything from David Andrew Styring or Peter Marsden ?

[maccawozzagod]

Originally Posted by JEFF

David Andrew Styring has 14.59% of the shares,

presumably Terry Styrings son?

[Bagpuss]

Originally Posted by churchman phil

So basically Eric's holding out for a fortune he won't get and will thus drag the club down to it's demise....

That is how I see it as well.

[Outback Ozzy]

Originally Posted by Nickelson

He has already spoken on here saying he is prepared to put £200,000 in providing new shares are released.

Ilyas actually upped his offer to a quarter of a million just after the press release of the winding up order so that means if that money were to be used to appease the taxman etc, the club would only have to find £125,000 for the remainder of the debt. Time for Eric to swallow his pride and ask for help from Ilyas and others.

[fatgaz182]

ERIC NEEDS TO SWALLOW HIS PRIDE AND GET MORE PEOPLE ON BOARD.

3-5 people investing £200,000 and thats wages covered for the year so gate reicepts and sponsership can be spent on others things

[derekgas]

It would be interesting to know what, if anything, Eric has taken from the club in terms of lining his own pocket, if he has not taken anything from the club, then I could understand a little more why he wants so much for his shares, also, if the other shareholders have taken money from the coffers, this could explain the silence from them, I was always given to understand that Eric had the clubs best interests at heart, and had used a considerable amount of his own money on the club, I havnt heard much in that direction this week, and sympathise with supporters who are obviously very concerned for Accrington Stanley.

[maccawozzagod]

Originally Posted by expatriate

Also, finally, I will be in Accrington on Friday and would extend an open invitation to anyone who wishes to meet to talk about the club, including the fighting fund or anything else, at 5.30pm at my family home at ...

get t'kettle on cocker