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Vale Park Remortgaged

Memphis

By Memphis
in Port Vale present

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PVTony Rookie

PVTony

Posted
Posted
I wouldn't trust any of them any further than I could throw them, but we need to find out the truth about the loan - and all the speculation about who may or may not be involved can end up coming across as an obsession.....let's let the diggers carry on doing their digging and find out the truth, and then we will all know what the situation is.

 

I'd be very interested in finding out which board members were present at the meeting where the decision to take out this loan was agreed, and why the specific lender was chosen - I suspect there may be an agenda here, but all I'd be doing is adding further to the speculation around why it was taken out, and I'm going to take my own advice on that and not do it!!!!

 

In the end, it's either a short-term liability, or a long-term one - and whether the lender can exercise their right to recover the loan is down to the legality with which it was taken out in the first place.

 

My limited understanding of company law would suggest that if the directors involved in taking out this loan were not legally appointed, and therefore the board of directors were not acting in line with the company's articles of association because there was not a quorum, then the law would look behind the liability of the "body corporate" ( the company) at the individuals concerned - who would be personally liable and not able to take advantage of the company's limited liability - in other words, any or all of the directors would be personally liable for the repayment of the debt, and it would not be secured on the ground because the board did not have the authority to offer that asset as security for the loan.

 

As I said, though, limited knowledge.....

 

As per usual my friend you make a sensible posting. Except that you would not be able to lift Millier off the ground to be able to throw him any distance at all.

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FRITTER Newbie

FRITTER

Posted
Posted
We know exactly who Miller was looking to get cash from at the beginning of December, the person in question was warned to steer well clear by numerous people in the USA, however, they also stated he was as dodgy as hell, had no money and had been in cahoots with Miller before.

 

So it may or may not be that person, just looking at any possible links but as Santa says - I wouldn't be surprised if it is a newly created company specifically just for this loan

 

We'll keep digging

 

people such as yourself are the reason my xmas this year was not completly filled with dread but with a glimmer of hope:)

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werstayinup Veteran

werstayinup

Posted
Posted
We know exactly who Miller was looking to get cash from at the beginning of December, the person in question was warned to steer well clear by numerous people in the USA, however, they also stated he was as dodgy as hell, had no money and had been in cahoots with Miller before.

 

So it may or may not be that person, just looking at any possible links but as Santa says - I wouldn't be surprised if it is a newly created company specifically just for this loan

 

We'll keep digging

 

Good work Gary,really hope you can find something that will put the ****ers behind bars.

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doggone Newbie

doggone

Posted
Posted

What is the true value of the land & buildings?

If they will only support a first mortgage of £2m (from the council) and a 2nd mortgage of £300k, bearing in mind that the second mortgage is also secured on any other asset both current & future.

Somewhat short of the £5m+ that we are lead to believe!

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Shunter Newbie

Shunter

Posted
Posted
Vale are still paying £110,000 a month in interest to the council.

 

I haven't seen any details of what the % interest is on the remortgage.

Wonder how much interest it is costing the club?

 

Plus the repayments form this mortgage, that £300,000 isn't going to go far.

 

I really feel for you Port Vale fans.

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