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Phil Whalley · 03-06-2009, 20:53

What time scale are we looking at, Rob? I agree that a trust is a good idea, but aren’t you looking at weeks if not months of preparatory work?

If the worst happens next week and the R&C demand immediate payment of arrears on the basis that we have already reneged on a previous arrangement, then won’t it come down to cash in hand?

I can see why people are reluctant to throw their hard-earned at an ad-hoc fighting fund without the legal backing of a trust. But if the club receive a final demand a week today, what alternative is there?

Could SD confirm whether it’s possible for some kind of promissory safety net to be established at short notice? For example:

(a) that the club can confirm its intent to issue new ordinary shares (with all relevant details) alongside a legally-binding pledge that donations made immediately will be so honoured in due course;
(b) that a fighting fund, accepting cash from supporters on the understanding that it is used solely to purchase new shares, can transfer the shares to a ST once it is established.

I know this is very ‘pie in the sky’ (would Ilyas commit without full disclosure of liabilities?) but I’m sick with worry that the R&C might hit us with a red letter for the whole lot, in which case something has to be in place. Please deconstruct/ridicule/improve at your pleasure, but we have to pull together and be prepared for any eventuality, no alternative.

03-06-2009, 20:53	#2
Phil Whalley Full Member Join Date: May 2006 Posts: 181 Liked: 253 times Rep Power: 2121	Re: Supporters Direct contact What time scale are we looking at, Rob? I agree that a trust is a good idea, but aren’t you looking at weeks if not months of preparatory work? If the worst happens next week and the R&C demand immediate payment of arrears on the basis that we have already reneged on a previous arrangement, then won’t it come down to cash in hand? I can see why people are reluctant to throw their hard-earned at an ad-hoc fighting fund without the legal backing of a trust. But if the club receive a final demand a week today, what alternative is there? Could SD confirm whether it’s possible for some kind of promissory safety net to be established at short notice? For example: (a) that the club can confirm its intent to issue new ordinary shares (with all relevant details) alongside a legally-binding pledge that donations made immediately will be so honoured in due course; (b) that a fighting fund, accepting cash from supporters on the understanding that it is used solely to purchase new shares, can transfer the shares to a ST once it is established. I know this is very ‘pie in the sky’ (would Ilyas commit without full disclosure of liabilities?) but I’m sick with worry that the R&C might hit us with a red letter for the whole lot, in which case something has to be in place. Please deconstruct/ridicule/improve at your pleasure, but we have to pull together and be prepared for any eventuality, no alternative.