Breaking News When will the takeover go through? Council / Citizen Housing agree new Heads of Terms 26 June

[Sussexshrimper]

If we go out of business due to this unbearable situation that Martin and his family have used the club that was built by the fans for the fans that he has wrangled away for his own personal benefit
Then I urge all fans to take action in anyway possible to never get his buildings built tear them down brick by brick and make his life hell like he has each and everyone of ours over many many years!

Could not agree more that lying corrupt buffoon has taken us for mugs all along . He is a total fraud

 

[rigsby]

It’s a model called Income Strip where the tenant (in this case SCC) agree to rent all of the units for X price minus the value of Y which is called OpEx (operational expenditure) to cover the costs of maintenance voids etc (although not all costs are met this way as it’s a best guess).

The rest of the income (X minus Y) is then “stripped” by a private investor, usually a pension company, over the term of the lease (35-55 years depending on the deal).

This guaranteed income over a long period of time allows the investors to release large levels of capital funding which the developer (RM/JM) use to to build the properties and extract their profit.

It’s a really complicated financial transaction that requires an AfL (agreement for lease) before funding can be drawn so the tenant has to be certain they can cover the rents before they sign up.

There’s a lot more to it but that’s it in a nutshell

Thanks CllrDan for your prompt and helpful reply despite all the more important stuff yesterday. We are all wiser about income Strip.

Can you clear up my other point. What is in place to stop Ron or someone he has sold the land to. From wanting to sell the houses or even rent on the open market. It sounds nice that SBC could just withdraw PP but surly that could easily be challenged at Government level or through the courts.

Im asking this as I'm sure others on here have heard that Ron has threatened to pull the plug and sit on the land if the protests continue. Which is why COSU don't want us to protest.

Again not asking you to comment on protests etc but can you explain the process and safety measures going forward.

 

[in the know]

One thing that I feel isn't being mentioned is that it's possible all the consortium members may have different opinions on what the consortium should do next. What if half feel they should call it a day and half want to press on?. Obviously I hope they all are in positive agreement and find a way forward but with the number involved, there must be different views.

 

[Ozzer]

@CllrDanielCowan thanks for your clarity in your posts, it definitely has set (some) minds at rest.

Just one question from me - on the Live Twitter Feed last week you were asked about the Martins credibility & reputation as businessmen and you obviously declined to comment.

After yesterday has your opinion changed?

I think you know where the fans stand on this

UTB

You don't expect him to answer that while a deal has still to be completed, do you?

 

[annie1954]

One thing that I feel isn't being mentioned is that it's possible all the consortium members may have different opinions on what the consortium should do next. What if half feel they should call it a day and half want to press on?. Obviously I hope they all are in positive agreement and find a way forward but with the number involved, there must be different views.

I’ve heard from more than one person there is definitely different views

 

[kentblues]

I like your posts KB, but how many timelines do you keep giving.
COSU came in with a plan with object to make money, no one buys a club for fun.
£ 3.5 million to us is immense to a businessman it’s small change
RM lied , lied, lied and I suspect is very comfortable with money as I would imagine his assets are given to family to safeguard if it all goes titsup
Clever man, others pay your bills whilst you dig your way out
Personal would love to see COSU call his bluff and say enough is enough and walk , but too much invested and RM has upper hand in a weird way

Agree with the sentiment but don’t really see what SCC could have done differently once the original deal failed DD, or indeed what COSU could do other than demand the three things they asked for? I think we have all had enough, but we see some agreement now amongst those ITK (Medway, Tribal Chief et al) that things have in the end moved in the right direction? So we have to stick with it because the prize is worth the chase…

 

[Holy Joe]

One thing that I feel isn't being mentioned is that it's possible all the consortium members may have different opinions on what the consortium should do next. What if half feel they should call it a day and half want to press on?. Obviously I hope they all are in positive agreement and find a way forward but with the number involved, there must be different views.

Interesting one - guess depends on their terms of being members of the consortium and how one may exit the consortium. Also they're not all equal, to not be too crass we just need the ones with money to stay!

 

[tommy tucker]

I’m assuming that as we know Ron has moved all his assets away from himself so that if he goes under the family will keep everything I assume that COSU will try and tie any legal agreement to Citizen Housing rather than the club?

And who has a stake in ctizen housing .Blow me non other than his rattie son .Good luck on that To quote a genisis song .LIKE FATHER LIKE SON never has a truer word saod .

 

[Barling Magna]

I’ve heard from more than one person there is definitely different views

That's only natural. Time will tell which view has the majority. My totally uninformed guess is that one or two may pull out but the others will push on through.

 

[BEERMONSTER]

Evening all, it’s been a hell of a day so I’ll make this one post but I am totally wiped so I can’t respond to all comments.

To start: our ultimatum last week was for a response that satisfied us to continue negotiations. That was always clear in the letter. Long story short, we got what we needed.

Today: I’ve re-written my statement 5 times as the ground kept shifting. At 3.30pm I told Ron that for all intents and purposes, we were out. They hadn’t met our points and we were effectively out of time. A flurry of calls over the next hour saw them move toward our position but not far enough. We started the day 100 miles apart and we’d seen them move 50ft in our direction.

By 4.45pm I had a decision to make. Walk away knowing that was it for the club, or try one final time. At 4.50pm I had written a statement saying we gave our terms, they weren’t met, and we were walking away.

At 5pm, I heard that 50ft had become 10 miles. Still not good enough but a big jump. I sanctioned a final offer, take it or leave it, on our position. It required us moving 20 miles to them but them coming the rest of the way to us.

At 5.37pm I got the call that they had agreed.

Yes, we needed to compromise a bit but nowhere near the original deal that failed DD.

It’s not perfect and we still don’t know what will happen with COSU but I wanted to be able to look myself in the eye and say I did everything I could.

We held strong to our position, not immovable but firm.

Now it is out of our hands.

I know many of you will be disappointed that I compromised a little and many of you will be glad that I did. Ultimately I don’t think anyone is happy which is the art of compromise, right?

Anyway, the next stage is to complete Heads of Terms and then progress to DD.

I hope we’re in a position to do that (subject to other issues).

We’ve done all we can and I’ve tried to be as open and transparent with you all as possible.

It may not be enough but I’m confident I’ve done my best.

Cllr Cowan, your original release clearly stated that criteria had to be met to continue negotiating you were satisfied they had so you continued with negotiations and negotiations lead to compromise, you did not indicate that they had a week of take it or leave it on the table. Unfortunately many chose to interpret it that way and are disappointed. All we can hope for is the Martins understand that the negotiating road is now firmly shut and we have reached the take it or leave point! Also that COSU feel comfortable enough that they continue their leap of faith across the chasm that is Southend United because they feel they will reach the other side. I thank you for your hard work and that magic word 'diligence' in trying to achieve a positive outcome.

 

[Westcliff DGS]

You’re also assuming Ron will keep to his word, unlike the hundreds of times before when he hasn’t

Yep that is an assumption i guess, but just wanted peace of mind for the DD time really so went with 3-4 weeks

 

[AlfaShrimper]

I’ve heard from more than one person there is definitely different views

From where?

 

[BEERMONSTER]

Interesting one - guess depends on their terms of being members of the consortium and how one may exit the consortium. Also they're not all equal, to not be too crass we just need the ones with money to stay!

Cllr Cowan again today stating if COSU walk so does SCC

https://twitter.com/x/status/1804445023456416158

 

[Barling Magna]

Cllr Cowan again today stating if COSU walk so does SCC

https://twitter.com/x/status/1804445023456416158

Well that's clear from Councillor Cowan. Now we await COSU's decision....... my breath has never been so bated.


Well, not since the night I spent with that "exotic dancer" in Swadlincote....

 

[Holy Joe]

From public info it's not clear that any of the 3 conditions that COSU set have been satisfied (possibly 1 has) - let's hope there's much more going on behind the scenes - which I'm sure there is!

 

[WickfordShrimper]

This morning I feeling quite cool especially after refreshing this board and the echo live feed yesterday evening.

What will be, will be IMHO

That's life and life goes on ....

 

[londonblue]

I’ve heard from more than one person there is definitely different views

With so many members it would be a surprise if there wasn't.

 

[Leeboy]

You don't expect him to answer that while a deal has still to be completed, do you?

of course not…..but worth a try

 

[dusterman]

of course not…..but worth a try

If he ever did let the deal go through I reckon chief rat would try to put NDAs in place or injunctions stopping them saying how they actually feel about him or his actions. We’d have to rely in anecdotes and hearsay on here, just imagine what that would be like?!

 

[Cricko]

If he ever did let the deal go through I reckon chief rat would try to put NDAs in place or injunctions stopping them saying how they actually feel about him or his actions. We’d have to rely in anecdotes and hearsay on here, just imagine what that would be like?!

That would be a first!