High Court hearing v Charterhouse 14/07/2010

[Beefy]

I am still of the opinion we don't have a horrendous issue of "failing to generate cash".
Controversial (& IN MY OWN PERSONAL OPINION) but as far as I'm concerned we've been financially mismanaged combined with certain funds being creamed off to other group companies...

I refer Our Glorious Leader to his previous statements about Yeovil & Exeter ;)

Every piece of evidence out there states that you're wrong. I'd love to go into yet another long diatribe about why you're wrong but it's been done to death. Everything in the accounts show that we haemorrage cash. Everything in the accounts of 90% of Football Clubs show that they haemorrage cash. It's a fundamental part of the business model, unfortunately. Everything that has happened for the past 18 months paints a graphic picture of a business struggling to get enough cash in to stay alive.

When I say we have a cashflow problem it doesn't mean 'just a cashflow problem' as in nothing serious. Lack of cash is the reason behind almost all business failures.

 

[Jam_Man]

I am still of the opinion we don't have a horrendous issue of "failing to generate cash".
Controversial (& IN MY OWN PERSONAL OPINION) but as far as I'm concerned we've been financially mismanaged combined with certain funds being creamed off to other group companies...

I refer Our Glorious Leader to his previous statements about Yeovil & Exeter ;)

We generate the amount that 7000 supporters generate, sadly we then have to spend it on 18 players, some of whom were on £3,000 per week.

If paying over the top salaries is mismanagement, then yep we have been, we took a gamble to get us back into the Championship by maintaining high salaries and it bit us in the behind.

As for money being creamed off, be serious, how much spare cash do you really think this club generates? If that was the case then as soon as we hit trouble the creaming would have stopped and we would have paid the players.

Theres no money to be creamed hence bills and wages arent being paid.

 

[Beefy]

We generate the amount that 7000 supporters generate, sadly we then have to spend it on 18 players, some of whom were on £3,000 per week.

Half of those supporters are season ticket holders. The Club takes money from them earlier and earlier (classic cashflow management for a struggling business) which extends the time above a year between financial contributions that those supporters make.

Anyone who renewed their season ticket last Christmas will go 18 months without contributing a penny to our bank account.

 

[catshrimp]

1) The Ground was purchased by SEL which at the time was 50% Martin Dawn (RM) and 50% Delancy so it was not transferred to RM's control until he purchased Delanceys part of SEL (2006 IIRC) Also Transferred seems a strange word for Sold as the "Transfer" of the ground coincided with cash injects into the club of 5M over 3 years

2) It was Delancy who insisted on the removal of JM, because he was failing to control the expenditure and as they were the ones putting the money in at the time they had the say so, GK only came on to the board afterwards (both JM and GK were employees of Martin Dawn at the time of their appointment)

1) When the Roots Hall and the training ground were purchased by SEL the Southend United signatory was John Main.

You say that John Main was on the payroll of Martin Dawn not Southend United at the time. If that was the case, and I believe that you are right,the ground sales were therefore not 'arm's length' transactions.

Compare the sale prices of the two grounds in the current transaction to the sale price to SEL.

SEL not the football club have made a huge profit.

2) Ron Martin has allowed 2 Chief Executives to run the club in the most irresponsible fashion.

In any other industry John Main and Geoffrey King would be summarily removed.

Main was - King has not been.

Tilson and Brush have been the sacrificial lambs who were wrongly held responsible for the clueless running of our club.

 

[Interpol Shrimper]

If paying over the top salaries is mismanagement, then yep we have been, we took a gamble to get us back into the Championship by maintaining high salaries and it bit us in the behind.

And that is the fault of somebody who doubted the contract a certain player was worth only for Dr Spin to completely disregard his advice...

Buck stops at the top man on this one, no matter how people sugar coat the facts.