annie1954
Newbie⭐
When the consortium said at the cliffs pavilion Ron was going to pay 20milliom everyone fell off there seats laughing
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Breaking News Latest news on the sale of the club.
- Thread starter Smiffy
- Start date
Jai
President ⭐
It's not the club that is crucial, it's the land it sits on.
The Martins are absolutely not going to let that go, and that will mean the end of the club because no sane person would buy the club and not the land.
Thundersley Blue
Coach⭐
I thought the Council were responsible for getting Ron to pay. Do remember Justin saying no money would be forthcoming until property is built at Fossetts.
Why? Ron has changed the plans several times over the last 20 years, with most of these being demonstrable.
From the design of the stadium, to the surrounding road networks. From the retail park to the housing. Then the type of housing to the amount of housing.
Frankly, I’m astonished at your astonishment.
Every Shrimper needs to listen to Liam. He is such a brilliant speaker and lays things down in a very easy to understand manner. Bravo Sir.
Holy Joe
Manager⭐⭐
It was in the council report - there are large financial changes compared to the original deal to lease the properties at RH.
My point is that if the change was solely to move the leased properties from RH to FF then it would be a relatively simple analysis to agree to. But the FACT that there are multiple other changes means the DD process will be longer.
kentblues
Director⭐
No you have taken a selected part of what I said out of context- a political career awaits you ;-)
What I actually said wasn’t that I would be astonished if Ron tried to negotiate BUT that I would be astonished if negotiations were still going on, and incomplete, and neither the consortium or SBC mentioned it.
Holy Joe
Manager⭐⭐
Thinking about it the only party that any protest may work against is the law firm. Protest against Ron, won't make any difference, protest against council, won't speed things up, protest against consortium seems pointless. Protest against law firm - they may decide to withdraw Thier winding up petition.
I'll try and draw up an email to send to their CEO later.
I'll try and draw up an email to send to their CEO later.
Holy Joe
Manager⭐⭐
I think you've taken my post out of context as well though, I didn't say Ron was continuing to try and change the deal. Just that there are other changes than just a simple move of properties from RH to FF which will cause the DD process to be longer than otherwise required.
kentblues
Director⭐
Agree but it is a DD process now and not a negotiation? All talk from SBC is only about DD, it proceeding well and on schedule?
I see nothing from any party suggesting at this point any ongoing negotiations? My point is I would be astonished if there was any hold up due to ongoing negotiations and no party referring to this
Holy Joe
Manager⭐⭐
Maybe but I haven't suggested that there is any ongoing negotiation.
Other posters I think have.
kentblues
Director⭐
We are now in violent agreement…
Holy Joe
Manager⭐⭐
I'd also suggest that the council schedule has probably changed! Consortium was expecting to own the club by now so someone's timeline has defo slipped
Colchester and proud!
Director
Yes I realise that but surely it is in the interests of all parties to get this resolved, much of the cash at stake will be lost in legal costs the way this is going. The Martins must want to cut and run because their business will be stuck in a rut too, Ron Martin will run out of life before he gets the chance to spend his ill gotten gains at this rate!
Supa Shrimpa
Director⭐
Law firms especially don't like being owed money. They're fully entitled to want it, though. However, I doubt they'll be much in the pot if they wind us up (I assume Ron's co.s are the biggest creditor) and can they live with the bad publicity ? It makes me wonder if they know there is no war chest is, and have given up the chase.
kentblues
Director⭐
Maybe from SBC view when they say “on schedule” they mean against the latest revised schedule.
I used to have this from an internal supplier (manufacturing plant).
I would order something on March 1st and they would give a delivery date of June 1st
It would sit on their report as “on schedule”.
Suddenly two or three reports later it would show as delivery for July 1st but still as “on schedule”
On the next call I would say it’s not “On schedule” it’s”Late”. They would say oh this and that so the schedule had changed. And I would say it’s still “Late”
The report never changed. They were never late and no doubt got their bonuses accordingly…
The simple question is, why would they mention it? Ron isn’t going to speak about it, and the council - until very recently - have kept us in the dark for years.
The crux of the renegotiation point is not whether it is ongoing, but whether it was renegotiated once the original plans had been agreed, thus further delaying the DD. In short, everyone connected to this little venture, expected it to be done by now & for some mysterious reason, it’s not. Feel free to believe the council’s “on schedule” line, but as we weren’t privy to the beginning on that schedule, I take it with a pinch of salt. Remember, November 1 was the slated date for the Consortium’s official takeover.
Like others, I have heard the rumour about high rise flats now being part of the plans, which weren’t part of the original* agreement.
*I say “original” plans, when really I mean revised plans for the umpteenth time.
They almost certainly appeared slow because the information they required to conduct it was slow coming.
The law firm presumably aren’t stupid and their terms of engagement presumably require that they are paid but they haven’t seen their money.
ColinMorrisWalksOnWater
Assistant Head Coach⭐⭐
Have I understood what Liam said on the Podcast correctly or missed something.
here Goes and I have tried to make this a simple an interpretation as possible. If anyone spots I have misunderstood anything, please point it out:
Ron may or may not be short of capital
Ron owns the land at FF and that land has a value, which may rise or fall depending what is or isn't built on it.
However, there is a charge on the land, meaning he has loans from a third party, against the value of the FF land at the point when he took those loans out. Therefore he needs the value of the land to keep above the value it was at when he took those loans out.
To repay those loans Ron needs the project to complete to raise the capital to repay the loans and take his proceeds and disappear into the sunset.
However, the current planning permission he has was with a stadium involved on the FF project.
That is now not required, hence the requirement to allocate the housing that was going onto the Roots Hall Land to be relocated to FF.
However, FF is currently Green Belt, hence why Ron needs the council's legal OK that the re-allocation of RH housing can be ratified, as previous planning permission on Green Belt land was given because of the stadium involvement.
Council are carrying out DD, to ensure the legal process involved covers them, to give that approval on FF land and a go ahead for Ron to progress the project.
Once he has that approval, the deal can then be completed with the consortium, and they will then become legal owners of the SUFC. SUFC's creditors will then commence to be paid the monies owed to them by SUFC in part agreements or in full depending on amounts owed and agreements in place. So every creditor would then have a better result than SUFC going into administration or being wound up.
Ron, when FF is completed and as it would be a phased project, the £20m would be released to SUFC in phases to the consortium to contribute to the refurbishment of RH. Thus his loans would commence repayment to his creditors who have charges on the land as the project progresses, depending on the legal contracts of the loans.
Once the FF project is completed, we then hopefully live happy every after without him.
He makes his money and sails of into the sunset with his son.
here Goes and I have tried to make this a simple an interpretation as possible. If anyone spots I have misunderstood anything, please point it out:
Ron may or may not be short of capital
Ron owns the land at FF and that land has a value, which may rise or fall depending what is or isn't built on it.
However, there is a charge on the land, meaning he has loans from a third party, against the value of the FF land at the point when he took those loans out. Therefore he needs the value of the land to keep above the value it was at when he took those loans out.
To repay those loans Ron needs the project to complete to raise the capital to repay the loans and take his proceeds and disappear into the sunset.
However, the current planning permission he has was with a stadium involved on the FF project.
That is now not required, hence the requirement to allocate the housing that was going onto the Roots Hall Land to be relocated to FF.
However, FF is currently Green Belt, hence why Ron needs the council's legal OK that the re-allocation of RH housing can be ratified, as previous planning permission on Green Belt land was given because of the stadium involvement.
Council are carrying out DD, to ensure the legal process involved covers them, to give that approval on FF land and a go ahead for Ron to progress the project.
Once he has that approval, the deal can then be completed with the consortium, and they will then become legal owners of the SUFC. SUFC's creditors will then commence to be paid the monies owed to them by SUFC in part agreements or in full depending on amounts owed and agreements in place. So every creditor would then have a better result than SUFC going into administration or being wound up.
Ron, when FF is completed and as it would be a phased project, the £20m would be released to SUFC in phases to the consortium to contribute to the refurbishment of RH. Thus his loans would commence repayment to his creditors who have charges on the land as the project progresses, depending on the legal contracts of the loans.
Once the FF project is completed, we then hopefully live happy every after without him.
He makes his money and sails of into the sunset with his son.
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As far as i am aware he also has loans against the housing project at RH so for the loanees to be happy i would think they would want to see the council at least in principle allowing the moving of said housing to FF. Of course that will all be subject to planning.
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