Coley & Jimmy Demand Contract Resolution

[VALAIRIAN]

Originally Posted by Pendle Red

WE ARE TOO SMALL A CLUB TO HAVE FACTIONS!!


Please somebody make a statement and let's put the whole sorry saga to bed once & for all and move on looking forward not backward all the time.

It's like sitting on a time bomb

If this thread goes any further off topic, it will be on topic

Let's just hope there is some good news tonight!!!!

[Tealeaf]

Originally Posted by Whalley Red

No, it doesn't include EW's shares ... that is irrelevant. If EW has 51% of the current number of shares and the number of shares doubles (i.e. there is a 200K NEW share issue), EW's share of the TOTAL shares would drop to 25%.

Am I banging my head against a brick wall here? The point is quite simple...If EW has 51% of the shares then he still in control of the club..and as such he has the final say on whether there is a new share issue or not - irrespective of the consequences.

There is another point that concerns me and that is the protracted time it has now taken to determin exactly what is owed to EW in the form of loans to the club and what is not. As far as I am aware, the accounts deposited at companies house were in the shortened form which gives a balance sheet and a summary P & L. None of these accounts to my knowledge have been qualified (that is, the auditors have not been entirely happy with the financial statements). Even with the shortened form of accounts, they need to see a fully reconcilied list of Directors Loans.

Given (I believe) that the last accounts deposited are for the year ending summer 2008, then the only issue should be the movement on loans for the year to 2009 when EW agreed to flog his shares. So what is the problem? Have the previous accounts been incorrect and if so why have they been signed off? Has there been a second (illegal) set of books? Any ideas, anyone?

[Redash]

I think the main problem with the accounts, is that nobody could find a pen to write in the books.

[Whalley Red]

Originally Posted by Tealeaf

Am I banging my head against a brick wall here? The point is quite simple...If EW has 51% of the shares then he still in control of the club..and as such he has the final say on whether there is a new share issue or not - irrespective of the consequences.

That is not the case under company law. Boards of Directors have the power to issue new share issues, it is not EW's decision. The only case in which Board of Directors are not allowed issue new share would be if the sole purpose was to undermine a voting majority. So long as the new share issue was to raise capital (which is clearly needed), it would be 'proper' and so EW cannot block it.

Originally Posted by Tealeaf

There is another point that concerns me and that is the protracted time it has now taken to determin exactly what is owed to EW in the form of loans to the club and what is not. As far as I am aware, the accounts deposited at companies house were in the shortened form which gives a balance sheet and a summary P & L. None of these accounts to my knowledge have been qualified (that is, the auditors have not been entirely happy with the financial statements). Even with the shortened form of accounts, they need to see a fully reconcilied list of Directors Loans.

Given (I believe) that the last accounts deposited are for the year ending summer 2008, then the only issue should be the movement on loans for the year to 2009 when EW agreed to flog his shares. So what is the problem? Have the previous accounts been incorrect and if so why have they been signed off? Has there been a second (illegal) set of books? Any ideas, anyone?

As outlined earlier and in previous threads, Ilyas is leading a full and proper investigation of the Club's financial affairs. Given the ad hoc nature these affairs in the past, this has clearly taken some time to complete. Unless you think that Ilyas has no incentive to find out the truth, there is no issue here other than for us to trust Ilyas' judgement when the facts become clearer. Because of the nature of what may be uncovered, not all the information may be put in the public domain, so once again, the issue to trust Ilyas with this.

[lancsdave]

Originally Posted by Redash

I think the main problem with the accounts, is that nobody could find a pen to write in the books.

The problem is they started to put health warnings on fag packets, this doesn't leave any room for the accounts

[Tealeaf]

Originally Posted by Whalley Red

That is not the case under company law. Boards of Directors have the power to issue new share issues, it is not EW's decision. The only case in which Board of Directors are not allowed issue new share would be if the sole purpose was to undermine a voting majority. So long as the new share issue was to raise capital (which is clearly needed), it would be 'proper' and so EW cannot block it.

OOps! My comment in red:
Boards certainly do have the power to issue new shares - that is one of the reasons they're there. But who elects the Directors? Last time I looked it was the shareholders and as there is technically still one majority shareholder then that means he has the clout. However there are certain minority shareholder rights which togeather with the Directors duties in protecting the interests of the company(club) suggest that EW would not take any action to undermine this. But after the events of the last few years, nothing would surprise me any more in what could happen.
As outlined earlier and in previous threads, Ilyas is leading a full and proper investigation of the Club's financial affairs. Given the ad hoc nature these affairs in the past, this has clearly taken some time to complete. Unless you think that Ilyas has no incentive to find out the truth, there is no issue here other than for us to trust Ilyas' judgement when the facts become clearer. Because of the nature of what may be uncovered, not all the information may be put in the public domain, so once again, the issue to trust Ilyas with this.

I certainly have every confidence in Ilyas sorting this mess out. But what surprises me is this - if the books are as bad as is now suggested by the time scale of the investigation and audit, how the hell were they deposited at Companies House?

[DAV007]

I have every confidence in Iyas, but arent we still waiting for the results of a detailed investigation into the gambling affair?

[nige b]

Originally Posted by lancsdave

The problem is they started to put health warnings on fag packets, this doesn't leave any room for the accounts

top quote however i like to think that we all beleive in iiyas and trust him implicitally and totally beleive that he will sort out the unbeleivable mess left by EW and co

[yonmon]

I guess, having read so many posts in relation to the D'oN/ EW purchase and transfer of shares situation, that I too, having heard Ilyas Khan's proclamations on the subject, tend to think that, as an astute, extremely experienced, and mega-successful individual were matters fiscal are concerned, that he and those working for him will , sooner rather than later reveal the truth relating to this worriesome thorn in the side of the Club's Financial Management.
I also guess that this thread, which long since ignored it's original purpose of deploring the handling of the task of ensuring the services of John Coleman and Jimmy Bell by treating them like decent human beings, recognising their lasting value to the Club and negotiating relevant Contracts for the pair of them, will continue to examine Company Law etc ad infinatum until that happy day when all will be made clear by Ilyas Khan.
So Gentlemen, do carry it on, because I for one find your deliberations both elucidating and fascinating, never once thinking that, as a simple Fan of our Great Club,I would be treated to such a display of Fiscal Fireworks !.
Meantime, I do hope that D o'N will, in a splurge of his well-circulated spirit of transparency, tell us all that although it might have taken from April until now to finalise, type and sign the contracts for John and Jimmy, that these have become a reality rather than a meaningless utterance to local News-hounds !.

QUO VADIS STANLEY ?.

[Wynonie Harris]

Originally Posted by DAV007

I have every confidence in Iyas

So let's get this right, you have every confidence in Ilyas, despite the fact that you think what he's doing is "morally wrong".

...and you're showing that confidence by...not turning up for home matches, refusing to buy a season ticket or merchandise and urging others to do the same.

I'd hate to see how you react to somebody you don't have confidence in!

[cashman]

Originally Posted by Wynonie Harris

So let's get this right, you have every confidence in Ilyas, despite the fact that you think what he's doing is "morally wrong".

...and you're showing that confidence by...not turning up for home matches, refusing to buy a season ticket or merchandise and urging others to do the same.

I'd hate to see how you react to somebody you don't have confidence in!

The mind Boggles.

[LongLostSon]

if Mr O'Neil doesn't get his finger out pdq, we could miss out on serious compensation when Liverpool come calling for King John.

[Outback Ozzy]

I think we are all worried about the John and Jimmy show because of what the Telegraph reported Jmmy had said! However, later reports show, in the same newspaper, show that John is quite happy to continue working without a contract, bcause that is what he has done for the last 11 years. However, if and when one finally becomes available, he will sign on the dotted line, as will Jimmy. As UKCowboy states in another thread Faux Pas!!!

[cashman]

May well be Outback, its summat i wouldn't like to have money on though.

[Pendle Red]

I would take it as a positive that JC is already making moves for players to shape the squad for next season