Sale of Southend United to Justin Rees and his consortium

[WestyReturns]

Seems very worrying that the apparent front runner is still trying to raise investment.

Thought they had to show proof of funds before they are even considered?

He may be looking to raise additional funds but surely wouldn't of been meeting staff etc without having any relative funds to make a substantial offer.

 

[Richard Hearn]

So can I get this straight?

From what is now being intimated, as I understand it, The Dear Leader has got himself into such an abject debt pickle that he is not able to accept any reasonable offer from anyone (apart perhaps from a price that meets his valuation of what he thinks he will make from the completed FF/RH developments) because any reasonable bid, be it £10 million, £20 million, £30 million or £40 million, will still leave him with a massive debt black hole that he won't be able to fill.

Is this correct?

 

[Yorkshire Blue]

Thought they had to show proof of funds before they are even considered?

As before

SUFC: The Future - SUFC up for sale

It's natural right from the very beginning that most wanted a straight forward sale process, seller wants buyer, buyer wants club, price agreed, job done wallop! But, RM would rather not sell, really prefers to seek investors to stay in control. Kimura were not one individual, deal had to be...

www.shrimperzone.com

 

[Shrimpergonzo]

If he is still trying to raise investment then we must be miles away from the deal happening

We don't know this for sure, it's just one poster on here saying it and we don't know that they have any inside track on Justin Rees.

Mention has been made previously regarding Kimura having to show proof of funds to get to even discuss things with Ron.

Why do we think Ron would now choose to make someone who hasn't done the same a front runner in the process?

 

[Holy Joe]

So can I get this straight?

From what is now being intimated, as I understand it, The Dear Leader has got himself into such an abject debt pickle that he is not able to accept any reasonable offer from anyone (apart perhaps from a price that meets his valuation of what he thinks he will make from the completed FF/RH developments) because any reasonable bid, be it £10 million, £20 million, £30 million or £40 million, will still leave him with a massive debt black hole that he won't be able to fill.

Is this correct?

Said it ages ago - there'll be a price which he won't be able to go below as it won't enable him to pay off his borrowings. What that amount is I have no idea.

 

[Thor1]

We don't know this for sure, it's just one poster on here saying it and we don't know that they have any inside track on Justin Rees.

Mention has been made previously regarding Kimura having to show proof of funds to get to even discuss things with Ron.

Why do we think Ron would now choose to make someone who hasn't done the same a front runner in the process?

Maybe because he doesn't want to sell but is just going through the motions so that when it does all go tits up he can say well I did try but it was the buyers that failed to come up with the money. He thinks that he can stand back and say I did my best. Possible?

 

[kentblues]

Look we are never given the whole story but parts of it. There is no transparency and if info comes from someone close to one bid they are competing by definition with another. What is the case is that when we take the sum of what we are told it invariably doesn’t make sense.

We were told the Aussie was in prime position and the rumour was the delay was completing final stages of DD and for the buyer to liquidate (sell) assets to provide the necessary funding. Now we are told he is still seeking funding/partners which is something very different. Yet we were told providing proof of funds was a requirement up front.

Meanwhile we are told that despite the above the Aussie is the preferred bidder over the 7 who include Kimura and allegedly have the funds in place. Why? Is the Aussie outbidding the 7? Or does what the Aussie is buying better suit Ron? All very basic, relevant questions but we aren’t told. Yet other stuff we are- as I say it’s always partial information with the important bits missing.

In summary, every party shares the bits they want shared only and for a purpose. There is no transparency and hence, I’m afraid, we will be the last to get the full story as, when, if a deal is done. Cross everything and hope for the best. For all of us not ITK it’s all we have ( actually for most of the ITKs too I suspect…)

 

[BluBayou]

"When you have eliminated the impossible, whatever remains, however improbable, must be the truth"

Sherlock Holmes

 

[kentblues]

"When you have eliminated the impossible, whatever remains, however improbable, must be the truth"

Sherlock Holmes

Tease…..and the truth is?

 

[BluBayou]

42

 

[Hampshire Shrimp]

Earlier today I was watching the Supporters Group Meeting on the 23rd Feb 2023 on Zoom via You Tube. One of the guests was Paul Harris a lawyer and expert in Solvency and 35 years of experience including dealing with Derby County FC. One of his quotes that I picked up on was this, " The most unusual set of circumstances he has come across in 35 years in the job ". I presume he is talking about the intricate web of companies, debt that Martin has left his mark on. This was obviously before the court hearing in March, so events have moved on a bit now. Talking about pre-packed administration and liquidation which would involve a full investigation into accounts and the rats web of companies, something he would want to avoid at all costs. Doesn`t bear thinking about what they would find?
I`m sure that the Shrimpers Trust reps on that night could follow up with this, it seemed that someone was going to map Ron`s web of companies and produce a spreadsheet, don`t know if this has happened to date?
Paul Harris also said about involving the PFA who don`t like maverick Directors, not sure of their remit and if it covers the NL, but also warned that mavericks are unpredictable and you don`t know what they are going to do next?

I found it interesting, especially Paul Harris and obviously A very experienced lawyer involving business and football clubs someone that was open to questions and available to the group to e-mail as well.

If anyone from the trust has any follow up or potential of more Zoom meetings after the latest court hearing, It would be very interesting if it is made available on You Tube like before.

Thank-You and keep up the good work.

 

[Richard Hearn]

Well, if Il Duce is merely toying with all and sundry then I hope, in the most charitable way possible that, like Ozymandias, his "Empire" crumbles to dust and it, and he, is consigned to oblivion.

 

[CRATE]

I am not saying I think Crate is lying, but he has the inside scoop on the last group, now on this one? He has direct quotes from Justin Rees?

The quote from Justin is a message he sent me. Again I work in sports news publishing. It’s not hard to ask people questions and get answers.

I was going to upload the screenshot. @Cricko has seen the screenshot.

It’s public knowledge he is still looking for investment partners. This is how consortiums work. One person fronts it, other people find it.

 

[WestyReturns]

As before

SUFC: The Future - SUFC up for sale

It's natural right from the very beginning that most wanted a straight forward sale process, seller wants buyer, buyer wants club, price agreed, job done wallop! But, RM would rather not sell, really prefers to seek investors to stay in control. Kimura were not one individual, deal had to be...

www.shrimperzone.com

I've got no experience buying football clubs but when businesses usually get bought out you'd of drummed up the interested parties pretty early on in the process, well before meeting the staff. Only time when that didn't happen was when I was part of a startup which floated on the stock exchange and even then the big investors were already tapped up and had intention to buy.

 

[bazzashrimper]

The quote from Justin is a message he sent me. Again I work in sports news publishing. It’s not hard to ask people questions and get answers.

I was going to upload the screenshot. @Cricko has seen the screenshot.

It’s public knowledge he is still looking for investment partners. This is how consortiums work. One person fronts it, other people find it.

Is he trying to get support from the 7 then crate? Seems the obvious place to start

 

[CRATE]

Is he trying to get support from the 7 then crate? Seems the obvious place to start

You would hope so!

 

[CanveyCastle]

So am I right in thinking that we have an owner who doesn't appear to want to sell and a buyer from the other side of the world without the money to buy ?

Good luck fans ----- it doesn't look good to me.

 

[kentblues]

The quote from Justin is a message he sent me. Again I work in sports news publishing. It’s not hard to ask people questions and get answers.

I was going to upload the screenshot. @Cricko has seen the screenshot.

It’s public knowledge he is still looking for investment partners. This is how consortiums work. One person fronts it, other people find it.

So answer just this one simple question.
Why would he, if he is still looking for investors, be in pole position verses the 7?
Is he A offering more £££
Or B looking at a different deal structure which better suits Ron?
Or C both?
Even this, ever so basic information, without mentioning actual numbers, would at least be something?

 

[gatecrasher]

So, when are we looking to start the phoenix club, seems the only option on the table now

 

[SUBBlue]

Earlier today I was watching the Supporters Group Meeting on the 23rd Feb 2023 on Zoom via You Tube. One of the guests was Paul Harris a lawyer and expert in Solvency and 35 years of experience including dealing with Derby County FC. One of his quotes that I picked up on was this, " The most unusual set of circumstances he has come across in 35 years in the job ". I presume he is talking about the intricate web of companies, debt that Martin has left his mark on. This was obviously before the court hearing in March, so events have moved on a bit now. Talking about pre-packed administration and liquidation which would involve a full investigation into accounts and the rats web of companies, something he would want to avoid at all costs. Doesn`t bear thinking about what they would find?
I`m sure that the Shrimpers Trust reps on that night could follow up with this, it seemed that someone was going to map Ron`s web of companies and produce a spreadsheet, don`t know if this has happened to date?
Paul Harris also said about involving the PFA who don`t like maverick Directors, not sure of their remit and if it covers the NL, but also warned that mavericks are unpredictable and you don`t know what they are going to do next?

I found it interesting, especially Paul Harris and obviously A very experienced lawyer involving business and football clubs someone that was open to questions and available to the group to e-mail as well.

If anyone from the trust has any follow up or potential of more Zoom meetings after the latest court hearing, It would be very interesting if it is made available on You Tube like before.

Thank-You and keep up the good work.

I believe The Rat is as shady as sh!t…