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Gibraltar Loan

VantaaVale

By VantaaVale
in Port Vale present

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VantaaVale Community Regular

VantaaVale

Posted
Posted

I posted one person's views about the current crisis on another thread, but I think this warrants a thread of its own. This comes from the Sentinel web site.

 

by dshawleycett

Wednesday, February 29 2012, 12:51PM

 

“My apologies if this has been said already, but I suspect the desperate request to borrow again from the Council is because the mortgage taken out on the ground requires redemption - with interest, that would be about £300,000. If this isn't redeemed, then presumably the ground will be lost and the Club could become homeless.”

 

http://www.thisisstaffordshire.co.uk/Port-Vale-Crisis-club-ask-council-bail/story-15352390-detail/story.html

 

As I recall the Gibraltar loan was said to be a short term one. Therefore the repayments on it must be huge.

 

As the loan is secured on the ground and as we know that players have not been paid and HMRC is owed money, could it be that the Gibraltar loan was also not paid, or not paid in full? If this is the case, has this company decided to call in the loan against the ground?

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VantaaVale Community Regular

VantaaVale

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I wouldn't have thought they could do that, as the Council loan is also against the ground and they are the major creditors?

 

I'm probably wrong of course...

 

Not sure. I fail to see how they cannot call it in against the asset if that is used as collateral for the loan.

 

It would also tie in with Peter Miller's sudden resignation.

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RAF Vale Newbie

RAF Vale

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Another thought; as the Gib loan contravenes the T&C's of the Council loan, could it be found therefore the loan is unenforcable against the club itself and the person/people (Miller and/or Deakin) who took it out could be personally liable?

 

Oh how much I would like that to happen.

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VantaaVale Community Regular

VantaaVale

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Another thought; as the Gib loan contravenes the T&C's of the Council loan, could it be found therefore the loan is unenforcable against the club itself and the person/people (Miller and/or Deakin) who took it out could be personally liable?

 

It was also interesting that Mike Lloyd stated on Radio Stoke that he and Glenn Oliver knew nothing of the loan. Yet, when the loan story initially broke, he said none of the other directors knew.

 

So, did Deakin know or not?

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geosname Experienced

geosname

Posted
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Not sure. I fail to see how they cannot call it in against the asset if that is used as collateral for the loan.

 

It would also tie in with Peter Miller's sudden resignation.

 

One could mount an argument that as miller had no authority to agree the loan its not enforceable against the club but is enforceable against miller personally... the problem with that is we have to believe the directors knew nothing about the loan, didnt authorise it and didnt spend the money.

The Gib loan may be legal but comes after the council in order of getting their money as the council no doubt have first charge.

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JOHNNYAITCH Newbie

JOHNNYAITCH

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I know of an individual who had a mortgage and then took out another loan secured on his house to finance some home improvements without telling the original lender

 

He defaulted on the home improvement loan and so the loan company took part ownership of his house equivalent to there loan. the numbers worked out cos of the equity he had based on the original loan

 

Mind you, he also facxed some action form the original loan company but that was resolved amicably

 

I guess something similar could happen? Gibraltar company becomes a part owner of Vale Park/PVFC

 

But I'm no expert

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VantaaVale Community Regular

VantaaVale

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One could mount an argument that as miller had no authority to agree the loan its not enforceable against the club but is enforceable against miller personally... the problem with that is we have to believe the directors knew nothing about the loan, didnt authorise it and didnt spend the money.

The Gib loan may be legal but comes after the council in order of getting their money as the council no doubt have first charge.

 

The thing is though, there was a third party solicitor involved in the loan arrangement. Did they just take Miller at his word that he had authority to make the loan agreement?

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cheeky Explorer

cheeky

Posted
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It was also interesting that Mike Lloyd stated on Radio Stoke that he and Glenn Oliver knew nothing of the loan. Yet, when the loan story initially broke, he said none of the other directors knew.

 

So, did Deakin know or not?

 

I think they're all looking after number 1 now, who did and didn't know, we may never find out. Self preservation is all these people are concerned about.

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tisdeano Proficient

tisdeano

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This boards answer to everything seems to be let's get another loan or mortgage the club up to the hilt! What a way to run a business! Basically robbing peter to pay Paul, the *******'s luck will run out eventually!

 

Oh the irony of the boards main point that Mo's bid was based around directors loans.....................

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geosname Experienced

geosname

Posted
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I think any argument the board could possibly raise against the loan would be destroyed by the fact it was probably paid into their bank account and was used/spent....

First two questions any reasonable person would ask would be... did you authorise the loan... NO.... then why spend the money.... erm no comment

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