Old board motivations

[Stone Valiant]

Here's a question I've not heard anyone ask yet, not even the media...

 

..if one or two of the old board members were suddenly quite happy to find £50,000 to buy old shares from Broxap, how come they weren't prepared to use those same funds to purchase NEW shares and thus add investment to the club?

 

Is this just more proof that this board are looking for a lot of power to run a business as a hobby and gamble on it with other peoples money?

 

Current & new investors beware before you think of handing your funds over to an administration that is willing to lose others money and NOT their own!!!!

[VantaaVale]

I don't think they'd have bought Broxap's shares if they were certain of winning the EGM. Gaining Robbie's proxy forced their hand and for two of the five, Broxap's votes were still not enough.

[Stone Valiant]

My question isn't about the swing in the vote, it's "Where did the money come from to buy it?" And "if they had that as disposable income in order to buy the Broxap shares, then why they didn't they buy beforehand in the form of new shares to make it an investment?"

[Shropshire_Valiant]

It's a question I'd like answering too SV! Although I suspect if they had have done what you suggest before(ie put more in to buy shares or spent it on the team) we wouldn't be in the position we are now.

 

Glenn I think is the only one who has ever bought more shares until recently on top of his original investment. Paul H may have done too at some point when he was on the board? The others who I'd imagine are better off as individuals haven't!

[zaza123]

Glenn I think is the only one who has ever bought more shares until recently on top of his original investment. Paul H may have done too at some point when he was on the board?

 

Just enough to maintain the required Cartel I would wager.

[Burslem Academicals]

Here's a question I've not heard anyone ask yet, not even the media...

 

..if one or two of the old board members were suddenly quite happy to find £50,000 to buy old shares from Broxap, how come they weren't prepared to use those same funds to purchase NEW shares and thus add investment to the club?

 

Is this just more proof that this board are looking for a lot of power to run a business as a hobby and gamble on it with other peoples money?

 

Current & new investors beware before you think of handing your funds over to an administration that is willing to lose others money and NOT their own!!!!

 

But it will be their own money if they go into administration because with an offer on the table they are liable for the losses...over 900 shareholders

and a million of shares plus creditors will also come calling and that is 3.5 million worth of debt........it is over 4 million owing and the fourth Director

can't use as a defence the fact of being "not that clever" and should have done "due dilligence" before signing up for responsibilities and liabilities.

It is said the sky blues Coventry made Micky Adams a millionaire and as

a Director of Port Vale very much in danger of administration and with an offer on the table it could cost Adams the lot.

[VantaaVale]

it is over 4 million owing and the fourth Director

can't use as a defence the fact of being "not that clever" and should have done "due dilligence" before signing up for responsibilities and liabilities.

 

Do we know for certain that Micky Adams is guaranteeing loans or is liable for consequences of administration, or has there been some special arrangement made in return for him becoming a director?

 

As for the £50K, I'm a bit puzzled where this has come from. Robert Lee said that Bill Bratt did not originally have the funds to buy at £50K. So has a loan been taken?

[Newfield Valiant]

But don't you know? Bratt re-mortgaged (one) of his houses to save our club! He ever scrimped and saved to buy up existing shares to make sure he remained as our saviour. I'm gonna put a call into Archbishop of Westminster and the Archbishop of Canterbury to see if he qualifies as a true martyr.

[Jinkin John Jeffers]

I would be very upset if any club money had been used to facilitate the 75k.

[Stone Valiant]

I would be very upset if any club money had been used to facilitate the 75k.

 

If the money had come from the club, it could not be used in a direct share purchase, that would be illegal!

 

the only way club funds could be used is if they were to be provided to a director in the form of a loan in order to purchase the shares, not strictly illegal, but not quite legal either! It can be considered fraud!

 

Either way, companies house would have to be informed which would lead to an investigations (unless they weren't informed )

 

It is more likely that the money would have come from private funds!

[Burslem Academicals]

Do we know for certain that Micky Adams is guaranteeing loans or is liable for consequences of administration, or has there been some special arrangement made in return for him becoming a director?

 

As for the £50K, I'm a bit puzzled where this has come from. Robert Lee said that Bill Bratt did not originally have the funds to buy at £50K. So has a loan been taken?

 

Micky Adams signs up for the responsibilities of a Director by becoming a Director and is liable for the consequences of administration.

On the subject of a loan it was not the club buying the Broxap shares it was the Directors as private individuals if indeed they did buy the shareholding or was it just an empty promise of being Chairman...as for the club with debts of 3.5 million and the only asset the ground valued at 3.5 million the credit must have run out long ago.

[N.kent]

Do we know for certain that Micky Adams is guaranteeing loans or is liable for consequences of administration, or has there been some special arrangement made in return for him becoming a director?

 

As for the £50K, I'm a bit puzzled where this has come from. Robert Lee said that Bill Bratt did not originally have the funds to buy at £50K. So has a loan been taken?

 

Or maybe no money as been exchanged and the 50k mentioned is another loan but this time from Rob Lee(have now pay me later)

[JB78]

If the money had come from the club, it could not be used in a direct share purchase, that would be illegal!

 

the only way club funds could be used is if they were to be provided to a director in the form of a loan in order to purchase the shares, not strictly illegal, but not quite legal either! It can be considered fraud!

 

Either way, companies house would have to be informed which would lead to an investigations (unless they weren't informed )

 

It is more likely that the money would have come from private funds!

 

i would imagine that whichever dictator put his 50k on the table will have this paid back in 'consultancy fees' out of club money in due course :rolleyes:

[Burslem Academicals]

Or maybe no money as been exchanged and the 50k mentioned is another loan but this time from Rob Lee(have now pay me later)

 

But Rob Lee a man who can be trusted implicitly and a man for whom his word is his bond has stated in an email that the shares were sold and paid

for immediately on the eve of the EGM such that £50,000 must have changed hands which of course would mean that the shares were inelligible to vote at the EGM....Rob Lee didn't vote at the EGM with inelligible shares inorder to save the Board with shares that had been sold and paid for on the eve of the EGM...that wouldn't be right and the votes must be discounted...anyway for a millionaire to become a hate figure of the Vale Nation and get a reputation for being untrustworthy and unreliable was it worth a mere 5k and a promise of

being Chairman....an empty promise and considering the results of Rob Lee's

cheap trick now but an impossible dream.