Looks like some bad news - Page 11

Wynonie Harris · 03-09-2009, 11:53

Quote:

Originally Posted by yonmon

Just one more secret Wyn ???.

We are both worried!!

As we all keep saying, if the club want our support at this critical moment in our history they will simply HAVE to put ALL their cards on the table.

No wonder Alfred can't bear to look.

Yes, me worry!!

Haggis316 · 03-09-2009, 12:28

The club could issue ASSF the shares to raise the cash.

At the same time ASSF could grant D'ON a call option to buy the shares off ASSF if certain Club salvation and optimisation targets are met (whether at a stated price or at a valuation) within a certain period.

Just thinking aloud.

Doug · 03-09-2009, 12:50

This might be me getting it all arse about face; so forgive me if I’m wrong. It appears to me that if Mr. O’Neil wants the financial assistance of the ASSF he first must sell them or exchange a controlling percentage of his share holding, therefore increasing what can only be a substantial loss. If this is the case, then it’s paramount to blackmailing the gentleman and the club; If the money mentioned is there as part of a rescue package; should the worst happen, then the ASSF should in fact bail out the club with the excise man and take an alternative settlement for the money i.e. a “for life” seat on the board with a high percentage free vote and perhaps advertising rights to a small area of the ground so that it can be use to recoup the funds used. Just a thought.

JEFF · 03-09-2009, 13:08

As stated earlier in the thread - Accrington Stanley is a business. It is a business owned by David O'Neill. David O'Neill's business (Accrington Stanley) is in a financial mess. If David O'Neill wants investment in his business to save it from going under, he must give something in return. Look at Dragons's Den - the Dragons invest in return for a percentage of the business. If David O'Neill does not get investment in his business it is likely to go into administration at least, and he will end up with nothing. I am sure that he will be better off owning a percentage of a business worth something than all of a business worth nothing. I don't know how much he paid Eric for the shares but on paper I would imagine that they were worth nothing. The club has very few assets and a debt to Revenue & Customs of over £300K this would probably make the shares worth less than nothing. Nobody is going to GIVE money to help an ailing business, but people may invest in the business if they get something in return.

shakermaker · 03-09-2009, 14:44

First of all thanks macca for your post, can't quote it as I read it on the other page and can't be bothered to trawl back for it!

Quote:

Originally Posted by Doug

This might be me getting it all arse about face; so forgive me if I’m wrong. It appears to me that if Mr. O’Neil wants the financial assistance of the ASSF he first must sell them or exchange a controlling percentage of his share holding, therefore increasing what can only be a substantial loss. If this is the case, then it’s paramount to blackmailing the gentleman and the club; If the money mentioned is there as part of a rescue package; should the worst happen, then the ASSF should in fact bail out the club with the excise man and take an alternative settlement for the money i.e. a “for life” seat on the board with a high percentage free vote and perhaps advertising rights to a small area of the ground so that it can be use to recoup the funds used. Just a thought.

That's along the lines of how I understand the situation. Well put Doug.

Quote:

Originally Posted by JEFF

As stated earlier in the thread - Accrington Stanley is a business. It is a business owned by David O'Neill. David O'Neill's business (Accrington Stanley) is in a financial mess. If David O'Neill wants investment in his business to save it from going under, he must give something in return. Look at Dragons's Den - the Dragons invest in return for a percentage of the business. If David O'Neill does not get investment in his business it is likely to go into administration at least, and he will end up with nothing. I am sure that he will be better off owning a percentage of a business worth something than all of a business worth nothing. I don't know how much he paid Eric for the shares but on paper I would imagine that they were worth nothing. The club has very few assets and a debt to Revenue & Customs of over £300K this would probably make the shares worth less than nothing. Nobody is going to GIVE money to help an ailing business, but people may invest in the business if they get something in return.

Jeff, I was under the impression that the ASSF were a 'fighting fund' with words such as 'rescue' banded about, not a company of investors.

JEFF · 03-09-2009, 14:55

Quote:

Originally Posted by shakermaker

Jeff, I was under the impression that the ASSF were a 'fighting fund' with words such as 'rescue' banded about, not a company of investors.

First of all I don't think I mentioned ASSF in my post but nevertheless I will answer you. ASSF is not a 'fighting fund'. ASSF is a registered Company 'Accrington Stanley Supporters' Fund Limited'. The Company has no money, but if Accrington Stanley were to have a new share issue Ilyas Khan has promised that he would make funds available to Accrington Stanley Supporters' Fund Limited to purchase shares in their name. In the future Accrington Stanley Supporters' Fund Limited intend to arrange fund raising activities, etc and any money raised will go into the Company bank account for the purpose of supporting Accrington Stanley in times of difficulty, but, until then the only way ASSF Limited can help Accrington Stanley is if Accrington Stanley have a new share issue.

shakermaker · 03-09-2009, 15:19

Quote:

Originally Posted by JEFF

First of all I don't think I mentioned ASSF in my post but nevertheless I will answer you. ASSF is not a 'fighting fund'. ASSF is a registered Company 'Accrington Stanley Supporters' Fund Limited'. The Company has no money, but if Accrington Stanley were to have a new share issue Ilyas Khan has promised that he would make funds available to Accrington Stanley Supporters' Fund Limited to purchase shares in their name. In the future Accrington Stanley Supporters' Fund Limited intend to arrange fund raising activities, etc and any money raised will go into the Company bank account for the purpose of supporting Accrington Stanley in times of difficulty, but, until then the only way ASSF Limited can help Accrington Stanley is if Accrington Stanley have a new share issue.

I thought the sentence "nobody is going to GIVE money to help an ailing business, but people may invest in the business if they get something in return" was inclusive of the ASSF. Thanks for the reply.
Obviously I see the reasoning behind not wanting to give an amount of money large enough to bail out the club without any assurance. Have any negotiations taken place between O'Neill and the ASSF? There was the report of a deal early in this thread but that's contradicted with Rob Heys' statement.

SamF · 03-09-2009, 15:24

As for the ASSF website issue I've been waiting on Macca - but the foundations of a site are done and I'm considering just going with what I think best and then making changes where required.

K.S.H · 03-09-2009, 15:25

I hope the ASSF will be holding a meeting soon too, just to keep the fans informed of their plans and to hear their side of all this

cashman · 03-09-2009, 15:31

Quote:

Originally Posted by K.S.H

I hope the ASSF will be holding a meeting soon too, just to keep the fans informed of their plans and to hear their side of all this

as they knew nowt about yesterdays goings on, would imagine anything like that would be after the "Fans Forum" at least they will have to be spoken too there.

Raggy Thun · 03-09-2009, 15:44

I dont know what you lot are all bitching about, the DONS new £50'000 extension on his own house looks great!

Jesus_was_A_red_ · 03-09-2009, 15:48

Hope the club can pull through this. DON must of known the situation with the debts or he is very naive. He clearly dosent have the funds to run a football club so I cant understand why he chose to put himself in this position. It really is a vicous circle of blame of how the club can end up like this and im not going to go there because there have been dozen of threads discussing the reasons why.

K.S.H · 03-09-2009, 16:09

Quote:

Originally Posted by cashman

as they knew nowt about yesterdays goings on, would imagine anything like that would be after the "Fans Forum" at least they will have to be spoken too there.

I think they knew

maccawozzagod · 03-09-2009, 16:24

Quote:

Originally Posted by K.S.H

I think they knew

who knew? ASSF?

yes we did know prior to the court hearing - but only hours earlier.

Whalley Red · 03-09-2009, 16:30

Went back to the Evening Telegraph site to look for any more news and saw that yesterday's article had been updated. This was one of the new sections:

"Mr O’Neill, who became chairman in June, said he was investigating why none of the cash had been paid, despite the club staging a photocall for the handover of a £25,000 cheque towards a monthly installment."

Our (Joint) Chairman is now claiming that he thought the taxman had been paid.

That's as believable as expecting to raise tens of thousands of pounds from mid-season friendlies with 'big clubs' or claiming that the eight-week deadline is "actually good news for the playing side because it means that we can start again from a clean slate earlier than we expected."

For once I agree with Councillor Britcliffe: "If the club wants the public to get behind it and support it then they have to up front and honest about what they are doing."