Breaking News Board Statement

[Lester Bangs]

48hrs is just not enough to iron out a deal with a new consortium. It was never gonna be done in time.

 

[yogi bear up the cagire]

This is not particularly a rose tinted post more sheer bloody minded, BUT, I think to be perfectly fair, the deadline was always going to be taken right to the wire. If RM does manage to come up with the money at this very late hour, are people going to retract some of the vitriol that's been expounded, today in particular? He has said repeatedly that he WILL pay this money, my personal view is that he has far too much to lose now if he doesn't. His personal finances are far too closely interwoven with the Club now for him to want to do anything OTHER than stay involved.

I refuse to join in the character assassination just yet, the game is not over, the ball is still in play, we may be about to face a penalty shoot out but we're facing it head held high and armed to fight - that's what I believe anyway. I'm nowhere near as cynical as some of you, I refuse to give up on Ron's vision of a promised land just yet.

I'll leave you for now with this thought, this song from The Mamas and the Papas, with the reminder that "the darkest hour is just before dawn"
http://www.youtube.com/watch?v=9OrLgsW6YDw

In all my posts I am giving Ron the benefit of the doubt until tomorrow morning. One has to say that the indications don't sound good.......were we not promised a statement about the ability to pay or not,thisTuesday?
SO, tomorrow morning, Ron comes up with the dosh.........................and everything is hunky dory................or is it? For me something has changed the term 'damaged goods' comes to mind......... .one is always going to think, this crisis has been averted.................but when will the next one arrive? Whatever the outcome tomorrow, I fear that it is going to take a long time for Ron Martin to restore the confidence in him that has been shattered over the last hours, days and weeks.

 

[bazzashrimper]

I agree partly with OBL here. We have 13 hours to go, lets not assassinate Ron yet. Its not over until the 10 points are gone.

On the other hand, I would still be disappointed with Ron should the money miraculously be found and admin avoided. He continually said there was no problem and there clearly is. The problem is more than a tax bill, its the players wages etc. - I think honesty may have been better earlier and I personnally would find him difficult to trust.

 

[Boreham Shrimper]

Spot on.

RM has saved us before, he delivered us Championship football, and has got us closer to FF then ever before.

He has invested too much of his own money and time into this project, and what with his finances being tied into the Clubs effectively, I still have hope that he pulls through to us.

Fingers crossed I'll be on here at lunch time tomorrow joining in the praise of RM.

I'm not sure you'll find much of that whatever happens. Any that there is will soon dissipate when the next crisis materialises. If we avoid administration we'll still have the problem of how exactly we manage to pay the day to day expenses (players' wages for one). Staving off administration would be a success, granted, but by no means the end of the financial difficulties of this club. We need the new stadium (that is not in doubt), but the question is whether Ron can provide the funds we need to sustain us until we get there. At the moment, given that he is rummaging around to pay off a three year old tax bill the jury is definitely out.

 

[philtalkin]

The first rule of business is that whatever you do, whatever you make and whatever you owe, you ALWAYS always find money to pay the taxman first.

Unfortunately all that changed when the banking system went into meltdown. Everybody got caught out, I mean, look at RBS, they made almost 10 Billion profit in 2008!

Some good friends of mine own a business which has recently gone into administration. 2 years ago (and for 20 years prior under different guises) they were making good / healthy profits. Their bank was throwing money at them as they expanded the business. They didn't always have to ask, they were constantly offered loans and their overdraft facility was never questioned.

At the end of 2008, their OD facility was reduced and, when they suffered with the downturn and were looking for support at the beginning of 2009, their loans were recalled and, guess what? They removed their OD facility altogether.

They are a fairly well know Retail / Wholesale company (I won't name them) and had a great business, which was gradually picking up but they just couldn't get any help to see them through the roughest recession they had ever seen.

They had been with the same bank for over 20 years but it counts for nothing these days.

They also owed money to the taxman, as they also had to give priority to paying their various landlords rent on their stores.

The point I am making is that it is easy to sit in your Ivory Tower and quote cliches about how businesses should be run, pay the taxman first etc etc.. but when there is a sudden and unexpected recession, like the one we are currently in, then you have to fight tooth and nail to survive it. Some companies are more healthy than others, or are in a business which hasn't been affected by the downturn. Others are not so fortunate and there has been some big casualties in this recession, with plenty more to come.

Some people have just been plain lucky!

 

[OldBlueLady]

My family is, as I've said before, 3rd generation Southend supporters. My grandad was friends of Frank Walton and Frank Gill. I was born with the floodlights of Roots Hall a few streets away. The club has been part of my life for far longer than I care to recall and of course I will be completely gutted if things don't work out tomorrow, let me make that perfectly clear.

 

[callan]

Unfortunately all that changed when the banking system went into meltdown. Everybody got caught out, I mean, look at RBS, they made almost 10 Billion profit in 2008!

Some good friends of mine own a business which has recently gone into administration. 2 years ago (and for 20 years prior under different guises) they were making good / healthy profits. Their bank was throwing money at them as they expanded the business. They didn't always have to ask, they were constantly offered loans and their overdraft facility was never questioned.

At the end of 2008, their OD facility was reduced and when they suffered with the downturn and were looking for support at the beginning of 2009, their loans were recalled and, guess what? They removed their OD facility altogether.

They are a fairly well know Retail / Wholesale company (I won't name them) and had a great business, which was gradually picking up but they just couldn't get any help to see them through the roughest recession they had ever seen.

They had been with the same bank for over 20 years but it counts for nothing these days.

They also owed money to the taxman, as they also had to give priority to paying their various landlords rent on their stores.

The point I am making is that it is easy to sit in your Ivory Tower and quote cliches about how businesses should be run, pay the taxman first etc etc.. but when their is a sudden and unexpected recession, like the one we are currently in, then you have to fight tooth and nail to survive it. Some companies are more healthy than others, or are in a business which hasn't been affected by the downturn. Others are not so fortunate and there has been some big casualties in this recession, with plenty more to come.

Some people have just been plain lucky!

Cant disagree but and it's a big but...we didnt pay the taxman before the recession kicked in.

 

[Smiffy]

I'm of the opinion that it will be paid tomorrow and he'll look the hero. But, the confidence in him is at an all time low and will remain at that for a long, long time. Regardless of what happens tomorrow. Even the most pro ron supporters have turned now.

 

[CocklesShrimps&Whiteweed]

My family is, as I've said before, 3rd generation Southend supporters. My grandad was friends of Frank Walton and Frank Gill. I was born with the floodlights of Roots Hall a few streets away. The club has been part of my life for far longer than I care to recall and of course I will be completely gutted if things don't work out tomorrow, let me make that perfectly clear.

I remember you telling me before, my anger wasn't aimed at you and i hope it didn't give that impression. I am furious over the tiny paragraph of spin we were offered from the club after waiting for two days for any sort of communication. Bad form from the club- real bad form.

 

[BluesMike61]

We are now in the 3rd minute of added time! Will Ron do a Barney?
I DO hope so,though I have my doubts. That word "still" in tonight's Board Statement is worrying me.

 

[united we stand]

In all my posts I am giving Ron the benefit of the doubt until tomorrow morning. One has to say that the indications don't sound good.......were we not promised a statement about the ability to pay or not,thisTuesday?
SO, tomorrow morning, Ron comes up with the dosh.........................and everything is hunky dory................or is it? For me something has changed the term 'damaged goods' comes to mind......... .one is always going to think, this crisis has been averted.................but when will the next one arrive? Whatever the outcome tomorrow, I fear that it is going to take a long time for Ron Martin to restore the confidence in him that has been shattered over the last hours, days and weeks.

He is probably still working- he sent an email to the trust this week at gone 11.30.--- the days not over yet

If the money comes through then ideally Ron should explain what has happened and how the business model is working going forward BUT making this public could be a very dumb business decision.

We all want our cake and want to eat it-

 

[Boreham Shrimper]

We are now in the 3rd minute of added time! Will Ron do a Barney?
I DO hope so,though I have my doubts. That word "still" in tonight's Board Statement is worrying me.

Me too. If the funding were in place by now Ron's fabulous locks would be all over the OS and he'd be crowing about how the funds were secured the cash. I'm not at all convinced that he has the money which makes me very concerned about tomorrow. I'm hoping against hope to be proved wrong but I just can't see it at this point in time :(

 

[ElstreeBlue]

Unfortunately all that changed when the banking system went into meltdown. Everybody got caught out, I mean, look at RBS, they made almost 10 Billion profit in 2008!

Some good friends of mine own a business which has recently gone into administration. 2 years ago (and for 20 years prior under different guises) they were making good / healthy profits. Their bank was throwing money at them as they expanded the business. They didn't always have to ask, they were constantly offered loans and their overdraft facility was never questioned.

At the end of 2008, their OD facility was reduced and when they suffered with the downturn and were looking for support at the beginning of 2009, their loans were recalled and, guess what? They removed their OD facility altogether.

They are a fairly well know Retail / Wholesale company (I won't name them) and had a great business, which was gradually picking up but they just couldn't get any help to see them through the roughest recession they had ever seen.

They had been with the same bank for over 20 years but it counts for nothing these days.

They also owed money to the taxman, as they also had to give priority to paying their various landlords rent on their stores.

The point I am making is that it is easy to sit in your Ivory Tower and quote cliches about how businesses should be run, pay the taxman first etc etc.. but when their is a sudden and unexpected recession, like the one we are currently in, then you have to fight tooth and nail to survive it. Some companies are more healthy than others, or are in a business which hasn't been affected by the downturn. Others are not so fortunate and there has been some big casualties in this recession, with plenty more to come.

Some people have just been plain lucky!

Some good points about the recession hitting decent well-run businesses with cash flow issues and my genuine sympathies for those businesses and your friends.

However, we're talking a totally different situation here. Profitability and leaking of money. Forget the credit crunch. Why has the club been losing £2.4m a year (especially with all the success on the pitch)? How can losses of £2.4m a year be sustainable for a club of Southend's size, credit crunch or no credit crunch? More importantly, what has the money been spent on?

 

[Cricko]

Yes silly us after 3 months he takes it to the wire.Is this the Xfactor are we due the twins to take us over..FFS if he had the money it would of been paid , he is relying on a rabbit to jump out of the hat.

 

[Kestrel]

Unfortunately all that changed when the banking system went into meltdown. Everybody got caught out, I mean, look at RBS, they made almost 10 Billion profit in 2008!

Some good friends of mine own a business which has recently gone into administration. 2 years ago (and for 20 years prior under different guises) they were making good / healthy profits. Their bank was throwing money at them as they expanded the business. They didn't always have to ask, they were constantly offered loans and their overdraft facility was never questioned.

At the end of 2008, their OD facility was reduced and when they suffered with the downturn and were looking for support at the beginning of 2009, their loans were recalled and, guess what? They removed their OD facility altogether.

They are a fairly well know Retail / Wholesale company (I won't name them) and had a great business, which was gradually picking up but they just couldn't get any help to see them through the roughest recession they had ever seen.

They had been with the same bank for over 20 years but it counts for nothing these days.

They also owed money to the taxman, as they also had to give priority to paying their various landlords rent on their stores.

The point I am making is that it is easy to sit in your Ivory Tower and quote cliches about how businesses should be run, pay the taxman first etc etc.. but when their is a sudden and unexpected recession, like the one we are currently in, then you have to fight tooth and nail to survive it. Some companies are more healthy than others, or are in a business which hasn't been affected by the downturn. Others are not so fortunate and there has been some big casualties in this recession, with plenty more to come.

Some people have just been plain lucky!

thanks - that's an interesting read . . . however there seems to be one fundamental flaw

how, exactly, have the club suffered in the wake of the econimic crisis ?? I could understand it if attendances were well short down on recent years - but the truth is attendances are still high and i'd be very surprised if income this financial year is lower than recent years - then of course there's money from the cup runs, live TV coverage, transfers blah blah blah

i for one am pretty fed up with companies, small and large, using the 'credit crunch' as an excuse to sweep away problems and cut back on headcount

 

[BluesMike61]

I've just had this vision of Ron wheeling a Sainsbury's trolley,filled to the brim with £50 notes,into The High Court.
Perhaps the malt whisky is starting to play tricks!

 

[canveyshrimper]

I've just had this vision of Ron wheeling a Sainsbury's trolley,filled to the brim with £50 notes,into The High Court.
Perhaps the malt whisky is starting to play tricks!

Yeah, that's why I stopped the single malt an hour ago, the brandy seems to be having much the same effect. :dizzy:

 

[Boreham Shrimper]

Yeah, that's why I stopped the single malt an hour ago, the brandy seems to be having much the same effect. :dizzy:

I'm on the gin and tonics but I still think we're going into administration :(

 

[Beefy]

thanks - that's an interesting read . . . however there seems to be one fundamental flaw

how, exactly, have the club suffered in the wake of the econimic crisis ?? I could understand it if attendances were well short down on recent years - but the truth is attendances are still high and i'd be very surprised if income this financial year is lower than recent years - then of course there's money from the cup runs, live TV coverage, transfers blah blah blah

i for one am pretty fed up with companies, small and large, using the 'credit crunch' as an excuse to sweep away problems and cut back on headcount

You don't think that the collapse of the housing and banking market would effect a heavily-geared property developer? We've been making losses for years but the cashflow has been there to cover bills. Now it isn't.

 

[Cricko]

I think a lot of us are missing the fundamental point here,the trust is broken ..the promises and spin he provided us are seen through..For whatever reasons he has failed to live up to his promises...nobody will ever think the same of him again after this fiasco,even if he pays it tomorrow the damage is done.