Post by BDS on Oct 12, 2008 17:37:39 GMT
Not in the same league as Oscar Wilde or Winston Churchill but nonetheless interesting;
I'll start
"It was announced in the press this week that because of the complicated nature of the next AGM, we will be using outside specialist independent advisers to organise and run the meeting. We are currently in the process of appointing such advisers and when we do that we will be in position to announce a date for the meeting"
D BODDY In "City News" Issue 4 v Fisher Athletic dated 6 September 2008
Now the most "difficult" AGM I have been involved in was at Norwich City Football Club in the mid 1980's. The Club's solicitor was present as were the club auditors and that was that. The AGM was not delayed nor were any additional advisers needed. That AGM had far more complex matters to discuss than this one where there are only two;
a) the re-election or otherwise of existing directors and
b) the contracts connected with the sale of the Club's ground
So come on Boddy what have you actually done since the 6th of September or earlier (as implied)?
And come to that what have you done Partridge , Prescott and Brown?
You latter three should think about it very very carefully because you are equally responsible for the management and losses of this limited company in which so many prominent business people, among many others, have a great interest and passion.
In the event of insolvency you can (and in all likelihood will) be held personally liable for debts incurred if it is subsequently shown that the business continued to trade at a loss when it was known , or ought to have been known , that there was no prospect of repaying the creditors in full. If the trading is seen as "wrongful" you can be convicted of a criminal offence and may be sent to prison. So ask yourselves this;
What is the value of St Georges Lane today? Who will buy 4 acres of residential land in todays oversupplied market (where there is no credit and no prospect of financing the construction and sale of any homes using borrowed money)? If it is Carey then ask yourself this. Why would they buy it for £7M when they (or another predator) can pick it up for cash at the value of the bank debt by defaulting on the so called "sale" contract? All that is needed is Carey's to go under or them to not pay sponsorship and the whole thing implodes.
Ask yourself if the Club generates sufficient cash to meet its required operating cash flows for at least the coming 12 months without borrowing additional funds from creditors on the back of the value of an asset that you are materially overvaluing at £7M?
Ask yourself whether in the event of the demise of the Club your own part in the events leading up to it will be scrutinised in detail or not?
Ask whether that scrutiny will show you acted up to the standards required by law of company directors. (Do you even know what those standards are?)?
Ask yourself whether the Club accounts - which you have recently signed off in respect of the year ended 31 May 2007 - show a full picture of all transactions between the Club and the Directors and whether profits accruing to Directors personally as a result of their position as Directors have been properly disclosed and accounted for?
The actions of the Board have exposed the club to losing its only asset at significantly below the value that should have been achieved by the actions of a reasonably competent group of company directors. In so doing the future of the Club has been placed in severe doubt.
Gentlemen I ask you (unless, like some, you have already done so) do you really want to lose your homes and savings by continuing this distasteful farce and being forced to leave as either the banks appointed LPA Receiver or a cold-eyed sergeant from the Fraud Squad padlocks the Goode gates behind you?
This is in the words of Neville Chamberlain the issuance of a "final note"
Should no AGM notice be circulated and in the hands of members by Tuesday 21st October then you should expect absolutely no mercy from your bankers, creditors, shareholders and government agencies after that date.
I'll start
"It was announced in the press this week that because of the complicated nature of the next AGM, we will be using outside specialist independent advisers to organise and run the meeting. We are currently in the process of appointing such advisers and when we do that we will be in position to announce a date for the meeting"
D BODDY In "City News" Issue 4 v Fisher Athletic dated 6 September 2008
Now the most "difficult" AGM I have been involved in was at Norwich City Football Club in the mid 1980's. The Club's solicitor was present as were the club auditors and that was that. The AGM was not delayed nor were any additional advisers needed. That AGM had far more complex matters to discuss than this one where there are only two;
a) the re-election or otherwise of existing directors and
b) the contracts connected with the sale of the Club's ground
So come on Boddy what have you actually done since the 6th of September or earlier (as implied)?
And come to that what have you done Partridge , Prescott and Brown?
You latter three should think about it very very carefully because you are equally responsible for the management and losses of this limited company in which so many prominent business people, among many others, have a great interest and passion.
In the event of insolvency you can (and in all likelihood will) be held personally liable for debts incurred if it is subsequently shown that the business continued to trade at a loss when it was known , or ought to have been known , that there was no prospect of repaying the creditors in full. If the trading is seen as "wrongful" you can be convicted of a criminal offence and may be sent to prison. So ask yourselves this;
What is the value of St Georges Lane today? Who will buy 4 acres of residential land in todays oversupplied market (where there is no credit and no prospect of financing the construction and sale of any homes using borrowed money)? If it is Carey then ask yourself this. Why would they buy it for £7M when they (or another predator) can pick it up for cash at the value of the bank debt by defaulting on the so called "sale" contract? All that is needed is Carey's to go under or them to not pay sponsorship and the whole thing implodes.
Ask yourself if the Club generates sufficient cash to meet its required operating cash flows for at least the coming 12 months without borrowing additional funds from creditors on the back of the value of an asset that you are materially overvaluing at £7M?
Ask yourself whether in the event of the demise of the Club your own part in the events leading up to it will be scrutinised in detail or not?
Ask whether that scrutiny will show you acted up to the standards required by law of company directors. (Do you even know what those standards are?)?
Ask yourself whether the Club accounts - which you have recently signed off in respect of the year ended 31 May 2007 - show a full picture of all transactions between the Club and the Directors and whether profits accruing to Directors personally as a result of their position as Directors have been properly disclosed and accounted for?
The actions of the Board have exposed the club to losing its only asset at significantly below the value that should have been achieved by the actions of a reasonably competent group of company directors. In so doing the future of the Club has been placed in severe doubt.
Gentlemen I ask you (unless, like some, you have already done so) do you really want to lose your homes and savings by continuing this distasteful farce and being forced to leave as either the banks appointed LPA Receiver or a cold-eyed sergeant from the Fraud Squad padlocks the Goode gates behind you?
This is in the words of Neville Chamberlain the issuance of a "final note"
Should no AGM notice be circulated and in the hands of members by Tuesday 21st October then you should expect absolutely no mercy from your bankers, creditors, shareholders and government agencies after that date.
