I think my tiny brain is just starting to get all this. Sorry ASSF people.
The 'controlling shares for ASSF' flag was raised most recently when macca posted in another thread:
Quote:
Originally Posted by maccawozzagod
the hearing started at 10'30 and by dinner time we may not have a football club
it all depends on how the HMRC want to play but The Don has accepted the offer made by ASSF to provide the funds to clear the debt. It is by no means categoric but the upshot will be that ASSF will become the majority shareholder at ASFC very shortly. If the grim reaper allows it.
There will be time for repercussions later but for now it is cross everything time.
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In my very basic understanding, the offer from ASSF will only become active (funds will only be released into the ASSF company account) in the event of two things:
- A valuation is allowed to be made of the club,
- Promise of a fresh share issue is made once a valuation is obtained.
With the valuation declaring that the club is basically worthless, the funds released to ASSF by Mr Khan would buy ASSF a gigantic amount of shares. The ASSF aren't demanding control of the club; it just so happens that the money available should O'Neill decide to play ball would (with just and fair proceedings) buy the company a controlling amount of shares. This money would go into the club rather than to the owner of any shares (as shares bought would be new) and therefore be available to bail out the club.
Questions of David O'Neill are asked because not everything adds up. I completely empathise with Jeff when he posts his cynical view (that it was O'Neill's plan all along to buy the club and fundraise for a bail-out to make his investment worthwile, as he knew of the club's troubles before he took over). O'Neill has also made up a story (akin to the tricks of EW) that he has received an unconditional offer of help from another party (if it was unconditional, why not accept it straight off?!). There is also the furore over why the funds intended to pay the tax man were used elsewhere, and the ridiculous "I'll investigate why it hasn't been paid" comment.
The O'Neill regime has polished the club up in its short time and no one from any party wants him to be removed, but it's pretty clear that he wouldn't invest the same amount of time or links or resources in the club without a controlling stake.
Obviously the only beneficiary of this post is me and my basic grasp. If I've made any glaring mistakes I'm sure VALAIRIAN & co. will amend accordingly!
