Re Last nights meeting
 

Most of us probably know the outcome of last nights meeting with Ilyas, however I thought this article may be of interest:-


Accrington Stanley fans agree to set up survival fund (From Lancashire Telegraph)

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Thanks for that UK :) Just wonder what one or two will think of this, when they see it all in print... Not a bad write up though :)

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I thought that report was a fair reflection of what went on last night, you could add extras but lets just wait and see.

One thing I didn't like was hearing that it's 99% certain Kenny Arthur will not be a Stanley player next season.

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One thing I will add IMHO if Whalley refuses to talk then Stanley will go into administration and his shares will be worthless, will people still support Eric the Legend then?

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Yes Baggy, the Kenny stuff did take me back, but if we ain't got the cash then..... we will not be able to keep players like Kenny! Sad but true. Wish I'd have bumped into you last night, one of the poster's I would have relished meeting :) Still there maybe other occasions :):):)

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Why do you think that Stanley will go into admin? Bearing in mind that Ilyas said last night that as a shareholder, he will take EW to court "Duty of care" and all that??? And as you will be aware because you where there last night "Admin" was not a thing that Ilyas wanted. :):)

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I received a phone call asking me why nobody seemed to be discussing last night, I thought if I mentioned admin someone would respond to show we are not operating a code of silence, admin could still happen but we won't let it without a damn good fight.

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Where you the guy with the black hair stood next to Rob?
Did the meeting carry on after in the pub?:(

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With you all the way on that, admin will be the very very last resort, but I feel after last nights meeting, we are along way away from that...:cool::)

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I was with Rob, stood just to the right, bits of grey mixed in with the black.. Stanhill afterwards, I was driving back home so it was just crisps and nuts for me... :(

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ew . needs to sell sell sell before he kills off the club he loves and take a year or to out of football and just be a fan again and let the club back into is hart

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hmm, I thought there may have been a little more discussion on here today as well.

so anyway, from what I can remember (got a little hazy not long after The Stanhill Pub - Bat out of Hell on the Karaoke etc )

Ilyas started by telling everyone what he knew about various things and answered as many questions as he could in as brief a way as possible. The only one I can really remember (cos it went on the longest) was relating to the terms of borrowing of the Do'ns takeover bid. Apparently this surrounds a firm in the Midlands who specialise in loans to football clubs to see them through short term requirements and the money is paid back based on Football League payments and Sponsorship. The projected loan fell through because of Fraser Eagle collapsing (major source of repayment). It was inferred that the offer has been reopened. This source of borrowing is apparently common place in football but as most of us are aware this could potentially be lethal to us because it would seriously reduce our monthly incomings. This was at the point where Ilyas got involved because he was not prepared to let this happen. As a shareholder he would be entitled to oppose the deal via the courts.

After numerous other questions that perhaps other people can remember Ilyas went on to outline his proposal. In a nutshell he wanted the fans to form a new company that would exist solely to provide a fighting fund for Accrington Stanley. This fund would be kicked off with the £250,000 that he had offered for the share issue. He explained that he thought the club needed around £500,000 of injection and this was the figure we should aim to raise within 12 months (but as quick as possible). If for any reason we fall short of that figure he will put in the remaining figure this time next year.

The new company will be signed up on tuesday and directors will be appointed. Volunteers were requested and seven people stood forward - 3 of those people were myself, UKCowboy and Loweiy. We won't necessarily become directors of the company as seven may be too many so we will thrash that out between ourselves and the lawyers on tuesday. If you weren't able to attend the meeting but still feel like you could or should be considered for one of these positions then you need to contact Ilyas as soon as possible. He gave his mobile number out to anybody who wanted it so if you haven't got it and would like to speak to him regarding this matter then PM me and I will PM it back to you. You could PM him yourself but there may be no guarantee that he gets the message quickly enough. The remaining volunteers will form the initial committee. Once we are up and running we could sort out a more formal basis for election of a committee.

I raised the subject of whether a Supporters Trust would be a similar, better or more intricate version of this company and he dismissed the Trust as 'not a quick alternative at this moment as time is of the essence' which is true - especially as the meeting was called initially with a view to heading off the Inland Revenue on wednesday if the worst came to the worst. I personally think that we should review this decision at a later date as a Supporters Trust can get a great deal of back up through various other agencies.

The aims of the company will be to seek a greater control of the club through board representation and/or share issue. We were all under no illusion that EW does not have to sell any shares to us as he will then relinquish his majority shareholding which would force him into greater transparency via shareholders meetings etc. But, and here is the big but, the offer which the Fans will be putting to him is of such magnitude and benefit to the club that he would be daft not to accept it. There are legal proceedings that could be followed that Eric is not acting in the best interests of the club (which he has a duty to adhere to) by refusing.

As has been pointed out in various places, his shares are technically worthless at the moment, working with us we can all manoeuvre the club into a healthier position where his shares will be worth something. It is a win win situation but is reliant on EW losing his two handed grip on the club.

Somebody then asked a question relating to whether we as a club should just join the rest of the footballing world and take administration with its various penalties and thus reduce our overall debt to next to nothing. Ilyas was very definitive in his answer of no, first and foremost because it is a dishonourable way to conduct business. As Accrington Stanley we will pay our debts regardless of whether we are the poorest club in the football league.

I would like to also make special mention to a lady who was in the room who I dont know. When we were all muttering amongst ourselves about possible fundraising activities she said that she had wrote to various of our bigger neighbours requesting any help they could offer. Yesterday morning she had received a reply from Preston North End saying they would certainly send a strong reserve team to play a fund raising friendly. The offer itself is not the outstanding thing here but rather the fact that she had taken it upon herself to do this. The room quite rightly gave her a round of applause for her actions. This gave way to one of the quotes of the night from Ilyas to further explain why he thought we could raise a lot of money "we are not to proud to ask anybody for help". Nobody missed the inference that perhaps somebody else might be.

Lastly I would like to apologise for whistling the theme tune to Thomas the Tank Engine whilst Mr K was explaining that he is also involved with trying to save the West Midlands Train line. I was bloody whistling it all night after that!

A very constructive night and it was a pleasure to see a reasonable amount of people attend a meeting that was arranged at short notice and early evening. Once we get going we will hold a public meeting (I assume) with more notice and then we can start signing people up to the cause.

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No the Mid Hants Railway. Like the club it came back from the dead after British Rail took its tracks up.

Mid Hants Railway (Watercress Line) Official Website - Index

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who are you then? the Fat controller :p

was good to meet you Haggis :)

Re: Re Last nights meeting
 

Somebody then asked a question relating to whether we as a club should just join the rest of the footballing world and take administration with its various penalties and thus reduce our overall debt to next to nothing. Ilyas was very definitive in his answer of no, first and foremost because it is a dishonourable way to conduct business. As Accrington Stanley we will pay our debts regardless of whether we are the poorest club in the football league.

Just too add to this also Macca, Ilyas was also very much of the opinion that Eric should receive monies back for his shares and for the fact that he has put so much in to the club and taken us to heights that most of us - if we are honest - did not think possible.... :):) That was yet another good point of the night :) When most clubs go into admin at the drop of a hat :( THE STANLEY conduct things in a proper and proud manner :)

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Sounds like a constructive meeting. Thanks for the post Macca, won't quote it in reply as I hate people who quote whole long posts to make a little point. Wish I could have been there, but unfortunately it was not to be. However will defo PM you for the mobile number and will definitely supporting the cause. Don't know if I could take up a post because my time is cluttered with work, university degree and health and safety work. However, when you have the next meeting, will try and juggle time and work etc to attend. Once gain thanks.

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My understanding RR is - and please put me right if I am wrong anybody else who was there - the club is at the moment worthless, therefore so are EW's shares. Having a company set up, with the sole purpose of raising/generating funds/capital for Accrington Stanley should in the future mean that the club has value therefore so do EW's shares!. These funds are to be used for players Etc. Not to buy-out EW. Buying out EW does not put money into the club, which is the aim of the new company. I believe that the club will sort out the HMRC debt with FL2 cash, plus on-going payments, leaving the club OK at the moment, but maybe tight for cash in the coming season, enter the new company funds.. It is hoped that the fact that the club is operating almost debt free that we can attract other sponsorship Etc. Espescially when the club moves out from this cloud, then the betting scandal, Stevie G punch-up and the take over that never was... We know there are a lot of if's, whys and wherefores, but that is the general idea.. Please correct anything that I have gotten wrong :o:o:)

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Thanks for the report of the meeting Macca. Sorry I couldn't attend but couldn't get home from work early enough. I will make sure that I attend the next meeting if given enough notice and I am willing to help in any way I can.

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I'll have a go, RR, but am prepared to be corrected by anyone else that was there.(I see Valairian is a quicker typer, but the posts complement each other, I think)

As I understand it the "fighting fund" will be placed with a new company, and this company will buy a controlling interest in Accrington Stanley. Those that put themselves forward at Friday's meeting, plus any others who are interested, will be meeting with a legal firm this week to clarify matters. The response from HMRC will be known by then and this obviously comes into the equation.

From the initial fighting fund committee, 3 or 4 new directors will then sit on the board, David Lloyd would be prepared to act as the public face of Stanley for a year. This in itself would raise Stanley's profile, plus he is a friend of Eric's, as well as Ilyas, as well as a much respected Accy lad.

So, hopefully with a repayment plan agreed with HMRC, and a fresh £0.5 million, and a board that would push the commercial side through, Stanley would be in a stronger position, and hence Eric's shares would become worth something.

I think that's the gist, I wasn't exactly taking minutes. :)

At the risk of repeating myself, the meeting was conducted in a real spirit of putting the Club first, but as Ilyas stated, this must include being fair to Eric for everything over the years.

It won't be straightforward, but there was a general feeling of optimism, and let's hope it's seen as the way forward.

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It's highly unlikely that administration is even an option. HMRC will demand that the amount is paid in full. This point has been made in several threads (first brought to our attention by Oggy, I think) but the 'a' word keeps on cropping up.

I suppose if the debt can't be paid, it'll be liquidation - not administration?

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I might have been a little quicker Oggy, but I did forget the David Lloyd bit :o
As for the question you have just posed, to be honest it was not rasied, but my honest answer is I do not know, and it is a very good question that will need to be asked :) I feel personally that the new company will have to entrust Coley (or whoever) in other words the manager is running things, it cannot become a Chelski where the manager does not even know who is in his squad... Have you got any more like that RR because we need all these sort of things ironing out :eek::) Nice one RR, just goes to show you do not need to turn up to do your bit, E-mail is a wonderful thing.....:enough: :):)

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I can't afford to put any money in however more than willing to work :) Don't pay for anything such as web site, hosting, logo designs etc before coming to me :)

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Thanks for that SamF, as somebody on Friday night did pose the question of keeping tags on what was going on, and the question was asked about a possible "Fighting Fund" website, so we may take you up on that offer... Cheers. :):)

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Excellent offer SamF, and funnily enough a 'website' was asked about on the night, Ilyas agreed and asked if anyone had experience in that area.If I recall correctly, John Timmins was rather forcibly pushed in that direction! Perhaps the two of you could have a chat and see what you can come up with. The more the merrier!




Oops late again!!

Re: Re Last nights meeting
 

From what was said on Friday, mainly from Ilyas and a club director, that will not happen, Eric's meeting went well on Friday and our understanding is that the club is OK at the moment and with the idea's on the table it will be OK in the future... But in answer to your question, not sure. :):)

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Don't know about buy-out (terminology?), more wil become evident after representatives from the meeting have had their meeting this week, hosted by a lawyer. It must be frustrating to be so far away, RR and others, but I'm sure all the points you raise on here will be collated and taken to that meeting.

Ilyas made the point, at the outset of the meeting, that to try and put everything in a post on here would be like typing War and Peace, and he's right.:)
But, hopefully, between us, we can develop the story, understandably no-one wants to put misleading stuff on here, but it can be hard to get it exactly right.

The David O'Neill takeover? It's now common knowledge that he put £150,000 into the club to stave off the taxman last year. However don't fully understand the present position, anyone else?

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Yes, I fully understand that. That was one reason why I thought it best to pose one or two specific questions.

Crikey! To be honest, I didn't know that. So under EW's careful stewardship, we have built up a debt of £450,000 to the Inland Revenue alone in the last two years.

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Re the £150K, it's my understanding (from folk at Friday's meeting) the £150K was if you like a deposit on the money to be stumped up for EW's share's. The rest was to be in the region of another £300K ish. I asked the question of The DON's £150K, in the meeting, nobody had the answer at that point.. Later in the pub I asked the question again, along the lines of if The DON has £150K in and no way of finding the rest, why does he not get £150K worth of share's?? Cos EW won't do that was the reply... So what about the £150K I asked?? As far as EW will be concerned, it will be looked upon as a "Gift" I was told... Best I can do folks, it is not gospel, but it is from one who knows and can be trusted to tell the truth and tell it how it is... :):):)

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it's more of a buy-in!

nobody, us included, seems willing to pay EW for something that is literally worthless. He HAS to let us in though as we have money to invest. Provided that enough money, ideas, and effort is forthcoming from the fans then we have a chance to make the club profitable again. Once it's profitable it's saleable.

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Evening All. Just finished the fantastic England win at the Oval. Just what we needed to do !

I will post in a bit more detail later, but just wanted to thank people for the way in which the message from Friday's meeting is being amplified and distributed. I really felt (and feel) good about things. Lets now put the requisite energy and focus into getting to the next stage.

A couple of things. I will contact everyone who has put their hand up for involvement over the next 24 hrs, and whilst I know it will be impossible to get a time that works for all, I hope as many of you as possible who are nominating themselves will be able to get over to the solicitor's office.

Finally, just on David Lloyd. He has very generously offered to help out, but we must just bear in mind that we need to get back to David with a concrete offer, and help him to see that we are acting only in the interests of the club. I have not spoken to David yet (he is on 20:20 commentary duty at SKY), but will do so asap tomorrow.

Again, thank you all, those who came to Stanhill Hall, and those who could not make it but sent messages. Its amazing how wonderful things can be when we are all positive.

Ilyas

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Soddin´´ ell! All this happening and here I am 6000 miles away up in the Andes staring at llamas. Can´t wait to get back, put a bit of dosh in and hopefully get involved in some small way.

¡Good on you Ilyas and fellow fans!

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Fear ye not sir, Im sure that all of us involved will greet you with open hands!! :D:D

You'll be glad to now that the mood here is a lot more bouyant! See you soon.