Coley & Jimmy Demand Contract Resolution - Page 5

Wynonie Harris · 03-06-2010, 11:31

Quote:

Originally Posted by cashman

Shurm many are confused,

but from my viewpoint if he don't get paid, he don't benefit, if the shares stay in his name, they are worthless to him. thats my 2 pennorth.

...would agree and, also, the shares give him no power, despite him having 51% because if Ilyas's investment were converted into shares, it would be much larger than EW's shareholding. That's my understanding of the situation, anyway!

cashman · 03-06-2010, 11:35

Quote:

Originally Posted by Shurm

Right so really it ain't ever going to get sorted then ? But it's nothing to worry about either ?

it will get sorted at some point no doubt, but as fer worry, i am delighted he's having to wait fer his dosh.

only thing concerns me is the contract fer coley n jimmy.

Tealeaf · 03-06-2010, 11:45

The problem as I see it is that if EW is reluctant to sell off all or some of his current shareholding - probably because the price cannot be agreed upon - then the only alternative is to force a debt/equity swap on the basis that that is the best course of action for the club and it's creditors. The problem with this is that it involves a rather complex legal procedure under company law which may well lead to the courts placing the company into administration while the matter is sorted out. And none of us want that, do we?

Whalley Red · 03-06-2010, 11:58

The sale and price of the shares had been agreed last year. Reading the posts on this matter (which are therefore always second-hand at best), there are sticking points of which the main one being that EW claims that he is owed money by the Club which was in the form of loans.

Ilyas has taken overall charge of a financial investigation of the Club's affairs and therefore there has been a full audit. Once the results of this are presented to Ilyas, the issue of whether EW is rightfully owed money for loans can be resolved.

Therefore it will get sorted at some point, one way or another. I am in no position to bid for these shares myself, so my only interest is in how it affects the funds available for the team. Unless we have to pay back hundreds of thousands of pounds to EW (I don't know the proper figure, but I would imagine it would be tens of thousands at most), I can't see how it makes much difference to the team's finances. However I have confidence in Ilyas' ability to make a proper investigation into the Club's finances and ensure that we have a solid footing for the future.

Stanleymad · 03-06-2010, 12:05

Eric got us in debt how on earth can the club owe him owt

without Ilyas taking the debt on so we survive, its Ilyas we owe not eric as far as im concerned

Tealeaf · 03-06-2010, 12:18

Quote:

Originally Posted by Whalley Red

The sale and price of the shares had been agreed last year. Reading the posts on this matter (which are therefore always second-hand at best), there are sticking points of which the main one being that EW claims that he is owed money by the Club which was in the form of loans.

Ilyas has taken overall charge of a financial investigation of the Club's affairs and therefore there has been a full audit. Once the results of this are presented to Ilyas, the issue of whether EW is rightfully owed money for loans can be resolved.

Therefore it will get sorted at some point, one way or another. I am in no position to bid for these shares myself, so my only interest is in how it affects the funds available for the team. Unless we have to pay back hundreds of thousands of pounds to EW (I don't know the proper figure, but I would imagine it would be tens of thousands at most), I can't see how it makes much difference to the team's finances. However I have confidence in Ilyas' ability to make a proper investigation into the Club's finances and ensure that we have a solid footing for the future.

Surely the share sale at an agreed price and the matter of what is on the balance sheet are seperate issues? If the sale was agreed last year, then why has it still not gone through some 12 months later?

Both the club and EW as a successful businessman should have had full documention as to what monies he made as loans and what monies entered the revenue accounts. This should be a relatively simple matter. If the books have become muddied, however or were never right in the first place then the agreed sale could only have been done on a conditional basis. This was not what the supporters and people of Accy were told at the time - we were told that the share transfer was a clear cut matter.

Anyway, I certainly don't envy Ilyas in sorting out this mess.

PS...I think we've got a bit of a thread wonder here...the reason Coley and Jimmy have not signed is probably far more innocuous.

JEFF · 03-06-2010, 12:44

Quote:

Originally Posted by Shurm

Surely it should be DO buying the shares of EW not the club ? Have I got that wrong ? If so yeah pay the fella and get rid of him once and for all what's wrong with that ?

Of course it's not the Club buying the shares. What gave you that idea ? Why don't you 'pay the fella and get rid of him once and for all' ?

Shurm · 03-06-2010, 13:52

Surely those two agreed a deal to buy the shares in the first place for DO to take over ? So why has he not just paid him for them ?

Sorry I'm only asking simple questions, no need to get upset pal

Pendle Red · 03-06-2010, 13:59

The longer all the uncertaintity drags on the worse it seems to make the situation and around in circles we go

It wouldn't take too much to put the record straight maybe just an Satement of exactly where we are?

JEFF · 03-06-2010, 14:10

Quote:

Originally Posted by Shurm

Surely those two agreed a deal to buy the shares in the first place for DO to take over ? So why has he not just paid him for them ?

Sorry I'm only asking simple questions, no need to get upset pal

Probably for the same reason that you haven't bought them HE HASN'T GOT THE MONEY.

Shurm · 03-06-2010, 14:38

When did I say I didn't have the money

So DO agrees to buy EWs worthless 51% of shares but decides not to pay.
So have these shares anything to do with who owns what within the football club ? And because we now have a debt to ilyas these shares can be reduced to around 25% so no one has overall control ?

Is that ok Jeff am I getting there pal

anyway hope JC and JB sign soon

Shurm · 03-06-2010, 14:40

Quote:

Originally Posted by Pendle Red

The longer all the uncertaintity drags on the worse it seems to make the situation and around in circles we go

It wouldn't take too much to put the record straight maybe just an Satement of exactly where we are?

that would be a really good idea get Jeff off my back.

JEFF · 03-06-2010, 14:51

Quote:

Originally Posted by Shurm

So DO agrees to buy EWs worthless 51% of shares but decides not to pay.
So have these shares anything to do with who owns what within the football club ? And because we now have a debt to ilyas these shares can be reduced to around 25% so no one has overall control ?

I think that's about it yes. So it doesn't really matter who has EW's worthless shares, but as long as DON doesn't pay for them then EW has nothing to put in his back pocket. So let EW keep his worthless shares. Let's stop bothering about it and let Ilyas get on with it.