Sentinel today, council loan

[fairportnick]

Sadly, despite remembering all of this, he can't remember where he's left his pants! :D

 

I suggest he goes to all the different places where he took them off. Bound to be at one of them.:D

[fairportnick]

The council are an absolute disgrace having given Stoke there ground for a fraction of its value, they now threaten to stalk Vale on repayments of a moderate loan despite not yet having missed a repayment.

 

Its hardly stalking (more like good practise) and its hardly moderate. I doubt whether several capital repayment holidays were in the original agrrement. I wonder if those prevented a default?

[Leicestershire Valiant]

Why the hell isnt Miller being held to account for all this?

Where is he and more importantly what did he do with the money?

 

The Gibraltar loan used the ground as security - call it a loan if you want, but it is effectively a second mortgage. If you jointly own a house, try and get a second mortgage - you won't be able to unless ALL parties to the original mortgage agree to the second mortgage. After all, the Directors, by becoming Directors accept certain financial responsibilities, and I can not believe that in agreeing to become Directors, they accepted that any other of their colleagues could enter ito such massive financial contracts without everyone else knowing about it.

 

For members of the Board to say they knew nothing about the Gibraltar loan is for me, nothing less than a downright lie.

[Jimmy]

Mr Jacko was at that game. He tells me Vale lost 2-0 to goals by Barry Endean and Stewart Scullion with the second goal being the result of quickly taken free kick while the Vale defence were asleep.

 

Sadly, despite remembering all of this, he can't remember where he's left his pants! :D

 

I attended the same game..Correct.......

[Fosse69]

it is in the councils interest for them to be as lenient with vale as possible . if the decide to be ruthless they stand to lose their money and gain a football stadium . in the current climate the addition of a football stadium to the council property portfolio with appear ridiculous , where as repayment of near 2 million would do very nicely thankyou.

 

Surely a highly desirable residential building development, certain plots have the benefit of pit shafts, unlike the Highbury scheme.

[Jacko51]

What I find hard to get my head round is why a respectable company of solicitors actually signed off this mortgage agreement without checking the club's details at Companies House where they would have found an existing charge on the ground.

[Fosse69]

What I find hard to get my head round is why a respectable company of solicitors actually signed off this mortgage agreement without checking the club's details at Companies House where they would have found an existing charge on the ground.

 

It is amazing who some companies will lend money to, depends on the interest rate and the assets it is secured upon. No wonder we have a world banking crisis.

[Megavaliant]

What I find hard to get my head round is why a respectable company of solicitors actually signed off this mortgage agreement without checking the club's details at Companies House where they would have found an existing charge on the ground.

 

How about mates of Harlequin and Miller..they are still scamming people in the timeshare industry and CIG were put on the blacklist of financial providers so lawyers are bent as well look at the ones who closed in Hanley fraudulent operations..ever likely SC went to Leeds:yes:

[carl]

Maybe selling the ground for a smaller stadium IS the way forward.

 

Lower the admission-make it cheaper on the gate say £14 a game, then see that stadium create a good atmosphere.

 

I dont think Marc Richards should stay- sell him and get three players in with the funds.

 

Hope the council dont call the loan in...

[endonbaz]

If i had known it was going to turn out like this, when my Dad dragged me out of bed at stupid o clock to go to Watford in i think 1969 FA Cup,I would have gone back sleep. Still at least Mr Oliver is saving the club from people like me.

 

I went there as well! Lost 3-0 and they had an ex pipefitter at centre forward, Barry ..... somebody I think. To cap it all some Watford idiots threw a brick through our coach side window - blinking cold on the way home.

[billbee33]

Maybe selling the ground for a smaller stadium IS the way forward.

 

Lower the admission-make it cheaper on the gate say £14 a game, then see that stadium create a good atmosphere.

 

I dont think Marc Richards should stay- sell him and get three players in with the funds.

 

Hope the council dont call the loan in...

 

How can we sell the stadium, It's mortgaged up to the hilt, and how can we build a smaller stadium when we can't even afford a loan player.

[Howjy04]

I went there as well! Lost 3-0 and they had an ex pipefitter at centre forward, Barry ..... somebody I think. To cap it all some Watford idiots threw a brick through our coach side window - blinking cold on the way home.

 

Went there myself ,we lost 2-0.Things got a bit tasty inside the ground between the fans.Having your windows put through was a fortnightly experience those days.;)

[Leicestershire Valiant]

The council are an absolute disgrace having given Stoke there ground for a fraction of its value, they now threaten to stalk Vale on repayments of a moderate loan despite not yet having missed a repayment.

 

When a local authority disposes of an asset, it has to ensure it obtains best possible value for that asset - it can't give assets away to friends at knock down prices. If you think that the Council disposed of the Brit for less money than it was worth, you should contact the Audit Commission.

[Leicestershire Valiant]

It is amazing who some companies will lend money to, depends on the interest rate and the assets it is secured upon. No wonder we have a world banking crisis.

 

I don't think it was down to the solicitors who did the paper work. They just processed the papers and took their fee. I think it was down to the company in Gibraltar having to decide whether to risk giving Vale a second mortgage, in full knowledge of an existing mortgage.

[Timothius]

The Gibraltar loan used the ground as security - call it a loan if you want, but it is effectively a second mortgage. If you jointly own a house, try and get a second mortgage - you won't be able to unless ALL parties to the original mortgage agree to the second mortgage. After all, the Directors, by becoming Directors accept certain financial responsibilities, and I can not believe that in agreeing to become Directors, they accepted that any other of their colleagues could enter ito such massive financial contracts without everyone else knowing about it.

 

For members of the Board to say they knew nothing about the Gibraltar loan is for me, nothing less than a downright lie.

 

But the party to the first mortgage is PVFC (valiant 2001) ltd, a legal entity in it's own right. The second charge is in the same name so nothing wrong with that. You can't compare joint personal mortgages to ones made to limited companies, they are a different beast.

 

The wrongdoing is that a board allows one director to make decisions which they claimed in the press they could.