[Blue5]

moondog, on 31 July 2019 - 04:32 PM, said:

I am informed the club will issue a statement to clarify these transactions

The club's press release would suggest that a decision was made at the year end to write off the loans when it was known about the deficit on the balance sheet, was that the case or was the decision made months' earlier?

[moondog]

Blue5, on 31 July 2019 - 09:03 PM, said:

The club's press release would suggest that a decision was made at the year end to write off the loans when it was known about the deficit on the balance sheet, was that the case or was the decision made months' earlier?

I'm told months earlier but only actioned at year end

[Westbars Spireite]

Is this

a) A good thing?
b) A bad thing?
c) An act of accountancy and meaningless?

I'm going with 'C'.

The number of thickos on Twitter patting Allen on the back is a reminder of how some people go through life oblivious to what happens around them.

[The Earl of Chesterfield]

Westbars Spireite, on 01 August 2019 - 06:43 AM, said:

Is this

a) A good thing?
b) A bad thing?
c) An act of accountancy and meaningless?

I'm going with 'C'.

The number of thickos on Twitter patting Allen on the back is a reminder of how some people go through life oblivious to what happens around them.

'D' - bloke sets fire to house then puts out one corner of it expecting applause...

[azul]

Westbars Spireite, on 01 August 2019 - 06:43 AM, said:

Is this

a) A good thing?
b) A bad thing?
c) An act of accountancy and meaningless?

I'm going with 'C'.

The number of thickos on Twitter patting Allen on the back is a reminder of how some people go through life oblivious to what happens around them.

If it is an accountancy exercise it will not be ‘meaningless’ It will be either a tax fudge or getting around issues of trading when insolvent or both.

I’d suggest changing ‘c’ to ‘and insignificant to the likes of us’

I suppose DA might only be asking £13M+ rather than £15M+ for the club.

[Westbars Spireite]

I'm not sure he's expecting applause. Allen doesn't strike me as someone who gives the slightest **** what people outside of his immediate circle think of him.

[Westbars Spireite]

Correct Azul. I meant meaninglessness to us and the future good or otherwise of Chesterfield FC. He wasn't seeing it again anyway, nor will he see much if any of the rest of it.

[Heart of a Niven]

There will be some benefit for someone, somewhere along the line.

There are still plenty of ways you can protect your wealth, such as making donations to local hospitals etc.

[isleaiw1]

Westbars Spireite, on 01 August 2019 - 07:33 AM, said:

Correct Azul. I meant meaninglessness to us and the future good or otherwise of Chesterfield FC. He wasn't seeing it again anyway, nor will he see much if any of the rest of it.

I think the last bit is the important bit. He wasnt going to see it all again (or any of it..) so write some off now, make the CFC balance sheet look better, potentially get some tax relief on profits of his other business (not sure when he sold Napoleons London but suspect last summer- now called Horizons by the way if anybody fancies a flutter when down at Borehamwood or Barnet..). Those that are cleverer than me will know whether it also helps make the Chesterfield FC Retained Earnings figure be positive again and therefore facilitate Dividend payments if CFC makes a profit this year...?

My gut feel is it makes CFC no more saleable, has no impact on its ability to trade (which is governed by its ability to pay its way - which for a loss making business requires letter of support from the owners..) but might have a positive for A&S - which he might as well take as he seems resigned to losing most of his loans from CFC...

[monte]

I think whats more eye opening about the statement is that mr Allen is now due over £9million in loans. Which to me means he'll want nearer £15-20million to sell up

This post has been edited by monte: 01 August 2019 - 10:17 AM

[isleaiw1]

monte, on 01 August 2019 - 10:16 AM, said:

I think whats more eye opening about the statement is that mr Allen is now due over £9million in loans. Which to me means he'll want nearer £15-20million to sell up

It means he has put £9m in that gets classed as a loan. The value of a business and what its balance sheet shows are very different - balance sheet shows "going concern" basis not "fire sale" basis.

He can want £15m. He wont get it. Currently would probably struggle to be worth £5m (depending on how good the covenants around the use of the land are...). It probably means he will be around a while longer yet.

[Blue5]

Sammy Spireite, on 31 July 2019 - 10:23 AM, said:

Seems weve suddenly come in to some cash?!

According to Companies House (and my limited knowledge of its content) this week wee settled DA's original loan (£2M???) when from when he was appointed in 2009 and then two more debentures to AS Leisure from July 16 and December 17.

Seems DA prioritised himself and AS over the other ex-directors with charges still oweing.

maybe someone a little more Companies House 'savvy' can have a look and explain further?

Not that I really need to ask Sammy, but was Bob's Board the first to break the news?

[stainlessstephen]

It is sad, especially when in the good old days, fans on the Kop were dissatisfied with Duncan and Norton. When we were at the right end of the old D3 and with the cup run to boot. Teams hated coming to the Rec. I'm confident Shez can rid us of our soft underbelly, and the road to where we once were starts now.

[Spire-Power]

Did anyone actually call it the Rec? I don't remember that, at least not in conversation, unless they meant the Wreck!

[The Rev.]

Spire-Power, on 01 August 2019 - 08:40 PM, said:

Did anyone actually call it the Rec? I don't remember that, at least not in conversation, unless they meant the Wreck!

Yes SP, it was known to many as the Rec - full title, Recreation Ground, Saltergate.

[Spire-Power]

I know the title but nobody I knew back in the day called it the Rec.

[Sammy Spireite]

Blue5, on 01 August 2019 - 06:20 PM, said:

Not that I really need to ask Sammy, but was Bob's Board the first to break the news?

As far as I'm aware, yes.

I certainly wasn't prompted in any way, I simply infequently check CH for any such changes which the club seem slow at reporting.

The folings were published on the 26th so preusmably, were issued at least a few days before, maybe longer.

This post has been edited by Sammy Spireite: 02 August 2019 - 07:20 AM

[JonB]

SaltergateBlue01222, on 01 August 2019 - 09:56 PM, said:

Yes SP, it was known to many as the Rec - full title, Recreation Ground, Saltergate.

I think most are aware of the full name but i cant think of anyone i ever spoke to about it that called it anything other than Saltergate....i would suspect folk calling it the "Rec" was very much a minority.

[dim view]

moondog, on 31 July 2019 - 10:19 PM, said:

I'm told months earlier but only actioned at year end

I don’t pretend to have a clue about this, but they could therefore have included this activity in the last financial results but chose not to. Is that significant?

And... Has Allen cancelled the loan bearing the least rate of interest of all his loans?

And ...Does that mean that, ongoing, the difference between us being viable or not is that interest payment?

Also, who are these people who Ashley has flagged to Allen who might get the wrong impression of our financial position? Let’s hope it’s the FA.

[Oh Wade Falana]

Can anyone clarify exactly who is owed what now? Also are all of these debts now not accumulating interest?