High Court hearing v Charterhouse 14/07/2010

[Onion_Bag_Dave]

Maybe because the final amount is still being negotiated? Just a thought.

If it is, I just don't understand how these companies can carry on, taking them to court, and not actually knowing the final amount. That basically seems mad.
**** sake Peter Clarke.

 

[Thorpe Groyney]

If an independent audit has been ordered I think this is good news for all concerned. After then everybody will know where the club stands financially, good or bad. Surely that's in everyone's best interests long term?

 

[Smiffy]

If it is a loan secured against season ticket revenue, then in my personal opinion think the total loan is approx 1.4m, and the 140k represents one of 10 monthly repayments. If you think about it, 1.4m isn't too bad an estimate for our season ticket sales.

Exactly what I said earlier.

This whole saga could be about a shed load more than £140,000.

We have possibly just defaulted on the first repayment.

Charterhouse have obviously seen the HMRC stance and are getting a bit twitchy about what is probably a large some of money owed to them.

All in all, I cannot see how anyone can put a positive spin on this latest set of **** news.

 

[Jam_Man]

where is Nigel Brunning ?? Surely he must have a statement to make on behlaf of this sorry state of affairs - enough of Martin, he is so out-of-touch with reality he may a well be in his own atmosphere

i would also be interested to hear the views from any of the pro-Ron brigade . . . that's provided that there are any left now

What is this constant fascination with a pro ron brigade ?

How many people do you see actually posting on here that Ron Martin is doing a good job?

I think even the most ardent of Ron supporters in the past, of which I was one, are totally despondant just as you are now, why seek divisions amongst supporters when we are all in the same boat?

 

[Napster]

If it is, I just don't understand how these companies can carry on, taking them to court, and not actually knowing the final amount. That basically seems mad.
**** sake Peter Clarke.

All comes down to negotiation - which could take time.

 

[Clinton Baptiste]

We're like a limping dog, we just need to be shot and put out of misery.

 

[J]

See my reply to Smiffy. I'm not pro-Ron, but some of the stuff on here is bordering on hysteria.

Hysteria? That is a great word to describe Ron... I seriously think he is becoming dillusional... If you owned a company, which was severely in debt and in Court.. would you go on Holiday - and just hope things worked out?

 

[Napster]

If an independent audit has been ordered I think this is good news for all concerned. After then everybody will know where the club stands financially, good or bad. Surely that's in everyone's best interests long term?

I agree. But I don't think it will be a thorough audit, given Ron's like for offshore activity.

 

[Smiffy]

Maybe because the final amount is still being negotiated? Just a thought.

Let's hope so eh.

 

[Napster]

Hysteria? That is a great word to describe Ron... I seriously think he is becoming dillusional... If you owned a company, which was severely in debt and in Court.. would you go on Holiday - and just hope things worked out?

Depends if I've been in hospital for seven weeks, and want to celebrate my child's graduation. I'd like to think my delegated staff can handle it, i.e. Geoffrey and Brunning.

Brunning's done well - GK's gone a bit quiet.

 

[Onion_Bag_Dave]

Hysteria? That is a great word to describe Ron... I seriously think he is becoming dillusional... If you owned a company, which was severely in debt and in Court.. would you go on Holiday - and just hope things worked out?

Ron just doesn't have a clue, he isn't even dillusional, he is just completely INEPT!

 

[Cricko]

See my reply to Smiffy. I'm not pro-Ron, but some of the stuff on here is bordering on hysteria.

Fair enough Naps...but I think the fans are being washed/tumbled dried and still put out on the line...no wonder there is so much confusion.

 

[Napster]

Let's hope so eh.

Yes. It's the only glimmer I can hang onto.

 

[Jai]

Anyone know when we will find out if the FL grant us our Golden Share? I profess to knowing absolutely nothing about how this works.

 

[Cricko]

What is this constant fascination with a pro ron brigade ?

How many people do you see actually posting on here that Ron Martin is doing a good job?

I think even the most ardent of Ron supporters in the past, of which I was one, are totally despondant just as you are now, why seek divisions amongst supporters when we are all in the same boat?

This is so spot on and something we all should take into account.

 

[Smiffy]

I agree. But I don't think it will be a thorough audit, given Ron's like for offshore activity.

See there's the problem.

Mezcal for starters (Who are top of the pile I believe) are based in the British Virgin Isles?

Just seen this on a Grimsby forum. Details things quite well I think...

1] Sainsburys supplied a loan of £2.5m to the club to enable them to pay their recent debt to HMRC.

2] Sainsburys supplied a further loan of £3m to pay part of a £7.7m debt to the local council. The club still owes the other £4.7m.

3] Sainsburys also loaned the club a further £1.8m to pay other debts.
These are interest-bearing loans which, if not repaid, would lead to Sainsburys taking 76% of South Eastern Leisure Ltd. [prop. Ron Martin] and therefore a controlling interest in the club. Sainsburys would then be free to sell the company to whomever they wished.

4] Southend currently lease a 10 acre training ground from the council through South East Leisure Ltd. [prop. Ron Martin] and the council has agreed to sell this site to Roots Hall Ltd [prop. Ron Martin] but has not yet received the money. This site is a key part of the new stadium development and would also, therefore, become the property of Sainsburys should they take control of that company.

4] Roots Hall Ltd has also agreed to buy 2.3 acres of council land containing a number of properties around the Roots Hall site in order to allow the construction of Sainsburys new store to go ahead. The council has not yet received a penny of that money.

5] The 32 acre site which forms the balance of the new stadium development was purchased from the council for £1,76m in 2007 by Tribeca Property Southend [prop. Ron Martin]. This company is registered in the British Virgin Islands and is owned by another Britsh Virgin Islands company Mezcal Investments [prop. Ron Martin] .

6] Prospects College, which stands in a crucial position as it's site will form the entrance to the car park of the proposed superstore, has refused to have any dealings with any Ron Martin company and is negotiating the sale of its site directly with Sainsburys.

7] Sainsburys also own the land on which the club shop and the entrance to the Roots Hall ground are situated.This was sold to them for £578,000 by Roots Hall Ltd. in return for a £1.2m loan.

8] The club now have just 9 contracted first-team players, some of whom have not been paid recently.

9] A transfer embargo is in place as the club has not repaid a loan of £120,000 to the PFA used to pay outstanding wages last season and also owes loan fees to other clubs.

10] The club has 4 CCJs aginst it, any one of which could lead to a winding-up petition. These resulted from non-payment of money to Deloittes, who did the Fossets Farm feasibility study, a hospitality company. a loan company and a local conference venue - they did not pay for their Player of the Year function! These six-figure debts are in addition to money owed to various directors, past and present, and The Shrimpers Trust.

11] Martin Dawn plc [prop. Ron Martin] owns 50% of South Eastern Leisure UK [prop. Ron Martin] which owns 76% of the club's shares. Martin Dawn plc has debts of £7.6m and is facing a winding-up order from HMRC.The club pays Martin Dawn plc £60,000 per annum as a 'management fee' but what it does for this money has never been specified.
Between 2006 and 2009 Mr Martin took interest-free loans from Martin Dawn plc amounting to £4.7m.

12] Southend United owes £1m to South Eastern Leisure which in turn owes more than £3m to Martin Dawn. Mezcal Investments is owed £1m by Southend United, £3.58m by South Eastern Leisure UK Ltd. and £930,000 by Roots Hall Ltd. It is not known how these debts are linked to Ron Martin's other companies in the British Virgin islands, Cyprus and Jersey! In total, Ron Martin owns 29 companies - 12 of which are registered in this country. The 12 registered here are in debt to the tune of £22m!

 

[Cricko]

See there's the problem.

Mezcal for starters (Who are top of the pile I believe) are based in Cyprus?

Where there's a will there is a way.

 

[Napster]

Fair enough Naps...but I think the fans are being washed/tumbled dried and still put out on the line...no wonder there is so much confusion.

I think Ron's efforts at PR are quite frankly abysmal. Scriven, bless him, is not a PR person, but a media person. There is a huge difference. Ron basically needs to come back from his jaunt and give a no-holds barred interview to SZ. But he won't.

 

[Yorkshire Blue]

Anyone know when we will find out if the FL grant us our Golden Share? I profess to knowing absolutely nothing about how this works.

My best guess is that we will already be in possession of a golden share. Where the likes of Leeds came unstuck was when they went into administration and the golden share didn't follow.

 

[Shrimper]

As this has been adjourned for four weeks, I take it that means no removal of the transfer embargo?