Company accounts

[robf]

Hi Folks,

 

First of all, an admission - I haven't read this entire thread. A combination of being ill and important family matters (which to me are my number one priority) meant I have been away this weekend.

 

However... I would like to ask everyone to stay away from personal abuse. Please attack the argument and NOT the person.

 

If in retrospect, there are any posts on here that contravene our rules on personal abuse can they be reported so we can act on them. We are happy to do so but we need to made aware of them (we don't monitor everything that is said on here).

 

Sorry to interrupt the flow of this debate but I just felt a reminder was needed to try and keep it within the rules.

 

Thanks,

 

Rob

[Alan Baker]

Norman is owed nearly £4M by a company losing £20k/week.

 

What can he do? Continue to rack-up more personal liability or accept a reasonable offer, if one were to be made?

 

He refers to the possibility of "voluntary" administration but surely only a mad man would do that?

[SMURF]

Norman is owed nearly £4M by a company losing £20k/week.

 

What can he do? Continue to rack-up more personal liability or accept a reasonable offer, if one were to be made?

 

He refers to the possibility of "voluntary" administration but surely only a mad man would do that?

 

The preoccupation of the debt seems to worry you but not myself

The admin l mentioned was what l faced in May to August 13 not now

If l convert my loans to equity and stop supporting the Club financially do you see that as a better option

[fairportnick]

The preoccupation of the debt seems to worry you but not myself

The admin l mentioned was what l faced in May to August 13 not now

If l convert my loans to equity and stop supporting the Club financially do you see that as a better option

 

Cosmetics is pointless.

The shares and/or club will still be only worth what someone will pay for them.

[beasty77]

The preoccupation of the debt seems to worry you but not myself

The admin l mentioned was what l faced in May to August 13 not now

If l convert my loans to equity and stop supporting the Club financially do you see that as a better option

 

Aren't Synetics still interested in buying the Vale ? Your head seems to be buried in the sand but lets face facts, fans arent coming to the Vale anymore, we'll get even less next season. So as our chairman, what are you going to do about it?

[Timothius]

The preoccupation of the debt seems to worry you but not myself

The admin l mentioned was what l faced in May to August 13 not now

If l convert my loans to equity and stop supporting the Club financially do you see that as a better option

 

The debt is not a preoccupation but it is a big worry and you know exactly why, so why the need to patronise? Debt or equity, you still want it all back. No person in their right mind is going to pay you £3.7 million with no ground in the deal especially when on the face of it the debt is increasing at a rate of a million quid a year. Even less chance if we get relegated.

 

You have admitted making mistakes and these mistakes will have increased the directors loans, why should any potential buyer reimburse you for your mistakes? If you stay, as you indicated you are, how much debt are you prepared to build up before you feel enough is enough, especially given the unlikelihood you will recoup what they stand at now?

 

These are all serious questions Norman, no preoccupation, no false statements, no emotion as I post them, just serious questions which many are asking.

[SMURF]

The debt is not a preoccupation but it is a big worry and you know exactly why, so why the need to patronise? Debt or equity, you still want it all back. No person in their right mind is going to pay you £3.7 million with no ground in the deal especially when on the face of it the debt is increasing at a rate of a million quid a year. Even less chance if we get relegated.

 

You have admitted making mistakes and these mistakes will have increased the directors loans, why should any potential buyer reimburse you for your mistakes? If you stay, as you indicated you are, how much debt are you prepared to build up before you feel enough is enough, especially given the unlikelihood you will recoup what they stand at now?

 

These are all serious questions Norman, no preoccupation, no false statements, no emotion as I post them, just serious questions which many are asking.

 

What l sell the Club for is no business of yours just like what you sell your house for as and when is none of mine

Who l sell it to is

Not much more to say on that point but if you feel converting my debt to equity makes the balance sheet look better would consider that but really changes nothing as eluded above

[Timothius]

What l sell the Club for is no business of yours just like what you sell your house for as and when is none of mine

Who l sell it to is

Not much more to say on that point but if you feel converting my debt to equity makes the balance sheet look better would consider that but really changes nothing as eluded above

 

Brilliant comeback Norman, not. Don't answer the questions just continue patronising. What you sell the club for is your business. What you have made known, so it does become everybodies business, is the price you expect to get which many are pointing out is a pipe dream. So when you want to play the big I am, laying down the law on what you will get back etc, don't expect people not to comment on it. You can't have it both ways Norman.

[Jase Sherratt]

Norman, can I just ask, if we were to be relegated, which is the worry amongst many supporters, myself included, what would be your plan if this were to happen?

[Alan Baker]

The preoccupation of the debt seems to worry you but not myself

The admin l mentioned was what l faced in May to August 13 not now

If l convert my loans to equity and stop supporting the Club financially do you see that as a better option

 

Let's turn the problem around.

 

You're owed money. Does it really matter what accountancy heading its under?

 

The business is losing money.

 

The Club is, to the average fan, run no better than it's ever been.

 

You have to have an end-game but surely that can't be when you're 75.

 

It's an open secret that a local buyer was close to buying the Club and so what went wrong? Why won't someone tell us what happened?

 

You're owed £4M. Lucky to get a quarter of that back.

[JOHNNYAITCH]

Likewise l am coming to the conclusion that my financial input is not welcomed

 

I have tended to stay away form all this but I have to say that statement is I believe way off the mark...your role in bringing the club out of admin and providing financial support since is very much welcomed. The concerns are almost entirely around how the money has been spent..has it been spent wisely or not. The prevailing view is that it has not.

 

One suggestion is l become a silent absent owner and the Club survives on its sole income

 

I don't know where that suggestion has come from

 

The suggestion I believe is that you bring in some expertise to make the big decisions about the club..operational, tactical and strategic; this is nothing to do with expecting the club to survive solely on its income except for the belief that different decisions could lead to less of a need to regularly inject cash into the club as income could and would be increased.

 

 

Guess we will not know where that takes us until we get there

 

We would I am sure all wish to see the club able to survive and flourish solely on income it generates wouldn't we? No one wants to see you remove your financial support but they do want the money to be spent wisely.

[SMURF]

Let's turn the problem around.

 

You're owed money. Does it really matter what accountancy heading its under?

 

The business is losing money.

 

The Club is, to the average fan, run no better than it's ever been.

 

You have to have an end-game but surely that can't be when you're 75.

 

It's an open secret that a local buyer was close to buying the Club and so what went wrong? Why won't someone tell us what happened?

 

You're owed £4M. Lucky to get a quarter of that back.

 

Ok

I am not a distressed seller

I will sell to the right party and will endeavour to ensure that.

The Club is not making the most of its oppurtunities hence why as promised a CEO was appointed in October

He will try to appoint key staff we do not have to try and employ things going forward

The Co you refer to paid a fee to have 3 months exclusivity and had the run of the place/access for those 3 months

They then reduced their offer by 2M and also conceeded they needed finance to buy the Club

They are no longer considered to be a potential buyer

I am 57 and l do not expect to be the owner at 75

There is no hidden agenda

[fairportnick]

Ok

I am not a distressed seller

I will sell to the right party and will endeavour to ensure that.

The Club is not making the most of its oppurtunities hence why as promised a CEO was appointed in October

He will try to appoint key staff we do not have to try and employ things going forward

The Co you refer to paid a fee to have 3 months exclusivity and had the run of the place/access for those 3 months

They then reduced their offer by 2M and also conceeded they needed finance to buy the Club

They are no longer considered to be a potential buyer

I am 57 and l do not expect to be the owner at 75

There is no hidden agenda

 

That appears to be a good answer.If Nathan Smith is sold in the summer will the proceeds go into the team or to pay of loan account? If the latter will the selling price reduce?

[JOHNNYAITCH]

The Co you refer to paid a fee to have 3 months exclusivity and had the run of the place/access for those 3 months

They then reduced their offer by 2M and also conceeded they needed finance to buy the Club

 

Does that not suggest that they saw after those 3 months what it was really worth? As to needing finance are you saying that they originally said that they had the cash or finance in place and then conceded that they didn't and would need to raise the money somehow? Cos if it's just a case that they didn't have the cash but had the finances in place via some other legitimate means as long as you get your money it's no concern of yours how they raise that money is it?

[Doha]

Garlick has been here for 5 months, that is a long time. What has he actually done/achieved? The place only seems to go more and more downhill every day.

 

He will try to appoint key staff we do not have to try and employ things going forward

 

Why hasn't this been done yet in the first 5 months, budget?