Re: Coley & Jimmy Demand Contract Resolution
 

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.

Re: Coley & Jimmy Demand Contract Resolution
 

I tend to agree with what tealeaf said there thats my feeling also and u particularly remember that fateful morning. I do worry!

Re: Coley & Jimmy Demand Contract Resolution
 

It makes no difference if he does hold on to his shares so let him. What other creditors are you talking about ?

Re: Coley & Jimmy Demand Contract Resolution
 

Err...it makes one hell of a difference if he has the majority shareholding. The other creditors, are of course Ilyas, PM et all. The problem lies in the process of converting their loans into equity. I mentioned this in my earlier post - No 63 on this thread. It all boils down to the legal procedures to be followed if he EW decides to hang on.

Re: Coley & Jimmy Demand Contract Resolution
 

I for one have had enough of this, can the ASSF please stand up and be counted. Did Ilyas transfer those shares.
As a club we are small, however we own two elite things. Our name and league status - something which 90 percent of non league players want to play in. As a club we need to hold open trails that are proper advertised for prospective players to display their talents.

Can someone explain, how our budget has already taken into account the extra league money, when this has only just been announced ?. I understand the risks of longer term contracts however its a gamble which also has its positives, if you unearth a prospect.

We need to invest in proper training facilities not the ones at preston sports arena, ones in which have proper changing facilities as currently after training they use the ones in the crown, and we all know how good they are. No wonder Kee went to torquay !

Re: Coley & Jimmy Demand Contract Resolution
 

At a board meeting earlier this year, the board Ilyas, Peter and Do'n voted for a £200,000 share issue, whereby, Ilyas can convert his financial aid into £200,000 worth of shares.

As it stands, EW has 51% of the shares, he agreed a price with DO'N to buy these shares, EW has said he lent the club £xxx but can't prove it. DO'N or the club don't want to pay EW for the £xxx loan until it is proved how much and when was lent. Hence the share transfer stalling.

If EW decides he wants the club back with his 51% of the shares, then Ilyas will exercise is option to make his financial aid into shares, instantly making EW's holding 25% and worthless on it's own.

Can everyone follow that.

Re: Coley & Jimmy Demand Contract Resolution
 

Cheers for that, mate, message received! That's very reassuring to know! :)

Re: Coley & Jimmy Demand Contract Resolution
 

Yeah, but I still feel DON is a scapegoat for EW failure.

Re: Coley & Jimmy Demand Contract Resolution
 

There is no doubt, in my eyes, that EW screwed ASFC re tax and creditors............the man is/was a finacial dinosaur, and then got out before the preverbial hit the fan.

Now as for the DON, he admitted in PUBLIC that he was well aware of the financial state of the club when He decided to buy out EW, He also admitted that He did NOT have the financial ability to pour cash into the club and sort out the mess. Nor would He be seeking to do so! Throughout all of the tax problems time and time again He LIED to both the fans and public of Accrington, knowing full well that there was very little if any chance of paying off the debt. On the final day (when IK and PM stumped up the cash a the court hearing) both He and Rob went to London with NOTHING TO OFFER.................ASFC would have been closed there and then.

So to say DON is a scapegoat is IMHO a farcical statement!!

The man cannot be trusted...................simples!

Re: Coley & Jimmy Demand Contract Resolution
 

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:eek:

Re: Coley & Jimmy Demand Contract Resolution
 

OK..this then should put it to bed. When the £200K share issue was voted on, did that vote include EW's 51% voting right? If so, then it's done and dusted..if not, it's meaningless.

Simple, really.

Re: Coley & Jimmy Demand Contract Resolution
 

This is the thread about the shareholders meeting, not board-meeting as I originally stated.
http://www.accringtonweb.com/forum/f...ers-51303.html

Amongst other things, it has been stated that DO'N has the 51%, but it is unclear whether he has paid for them or not. The issue with EW's loans is why the transfer has not been formalised. My understanding is that as DO'N was majority share holder at the time, (whether he still is, is unclear) and voted for the share issue.

Other bits and pieces picked up over the last few months, has led me to believe that my earlier post is the most accurate, understanding of the situation.

I also agree with Jeff that there is nothing to worry about.

Re: Coley & Jimmy Demand Contract Resolution
 

Please explain to this numpty T, if it included E.W.s 51% or not? cos if it didn't n then if fer circumstance ilyas converted his loan to shares twould leave E.W. with 25% as i understand things.:confused: so therefore to my tiny mind that 25% would be meaningless, i'm simple really.:D

Re: Coley & Jimmy Demand Contract Resolution
 

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%.

Re: Coley & Jimmy Demand Contract Resolution
 

Spot on post UK!!!!!