Quote:
Originally Posted by JEFF
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.
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Sorry, Jeff, but I think you're wrong. If those shares are worhless then EW would have got rid of them in a fire sale long ago. Without looking at the latest balance sheet I would guess that net assets are somewhat less than net liabilities, taking into account the various loans put into the club by EW, Ilyas, Peter Marsden and others.
However, you are failing to take into account goodwill and - more importantly - the brand name that ASFC has. Quite honestly, that brand name - if correctly managed - has a value far higher than any of the tangible assets of the club and that probably includes the players on contract. I really can't put an estimation on it but it is without doubt substancial.
EW has the club by the short 'n'curlys here; if he does not get back what he is asking for - loans, donations, or whatever he now wants to call them - then he holds on to his shares. The other creditors can of course, then ask for their loans back but but where does that money come from? If they then decide to pursue the matter then they will not be held in the best shining light as at most they can probably only recover a few pennies in the pound and they will then be held for the financial demise of ASFC.
The only good news in this is that we are not the only club in the boat; look at what is happening at both Liverpool and MUFC, where obstinate owners are holding out for maximum financial gain at the expense of their respective clubs.