When will the takeover go through? The Waiting Game...

[Sammy Shrimper]

Another large unpaid debt appears ... And RM is supposedly paying for the due dilligence! I just hope any outstanding dd has been paid for up front or some arrangement made.
Every time something like this crops up, it makes you feel less convinced he gives or ever gave a shxt about sufc surviving.

I suspect he’s had to provide a Legal Undertaking to SCC. Funds will have had to been provided to his solicitor’s Client account before they will have issued the undertaking.
That’s probably why the DD did not start till March, the Mezcal BVI account had to be raided again!

 

[Snowy]

Another large unpaid debt appears ... And RM is supposedly paying for the due dilligence! I just hope any outstanding dd has been paid for up front or some arrangement made.
Every time something like this crops up, it makes you feel less convinced he gives or ever gave a shxt about sufc surviving.

He is desperate for FF to go ahead, it's the only way he can make any money to pay all the loans and keep the promises he has made with so many people over the years.
Question is will there be any left over for the £20m earmarked for Roots Hall? I assume this is factored in, protected and will be provided for by instalments as and when each stage of the building progresses. That's if it does progress.

 

[Cricko]

He is desperate for FF to go ahead, it's the only way he can make any money to pay all the loans and keep the promises he has made with so many people over the years.
Question is will there be any left over for the £20m earmarked for Roots Hall? I assume this is factored in, protected and will be provided for by instalments as and when each stage of the building progresses. That's if it does progress.

Maybe he has just been playing the long game with really no chance of getting out of all this mess before he goes down.

 

[Snowy]

Think we should get T-Shirts made up with as many possible answers to the following question: -

Ron Martin - As popular as .................

 

[Cricko]

@rigsby might know this answer. Is FF with planning for 1500 flats/houses worth at least 70 mill to be sold on.. I am taking the 45 mill the rat already is in debt to CBRE+ the 20 mill he promises the club +other debts he has?

 

[Che's Left Foot]

Ratman is essentially the the old relative we all have who has 100 direct debit to cat sanctuaries, bid tv, the freeman's catalogue, littlewoods, bejeweled deluxe premium edition, Rivendell air ambulance, Microsoft office 97, kasperspy for windows xp etc etc etc

Good luck to whoever has to manage his affairs when he shuffles off

 

[Dutch Branch]

F..k my old boots. Now we know where that £400k that was being batted about a while ago come from

 

[Chrisb]

What else does have hiding in his murky waters. I bet it won’t be the last.

I'm sure it won't - he really is the lowest of low.

 

[Cricko]

Ratman is essentially the the old relative we all have who has 100 direct debit to cat sanctuaries, bid tv, the freeman's catalogue, littlewoods, bejeweled deluxe premium edition, Rivendell air ambulance, Microsoft office 97, kasperspy for windows xp etc etc etc

Good luck to whoever has to manage his affairs when he shuffles off

Hang on @RHB supports at least 4 of them. ;)

 

[RHB]

Hang on @RHB supports at least 4 of them. ;)

  Spoiler:  

 

[MountainDrew]

Oooh it will be just not for Ron

I’m not sure why no one else is even slightly worried about this development? From one property developer to another. With Southend United’s slice of what was anything worthwhile diminishing slowly but surely. What will the club have when Rees ups and leaves with the new property developments.
Also has to be said why is this not being mentioned by Justin.

 

[Cricko]

I’m not sure why no one else is even slightly worried about this development? From one property developer to another. With Southend United’s slice of what was anything worthwhile diminishing slowly but surely. What will the club have when Rees ups and leaves with the new property developments.
Also has to be said why is this not being mentioned by Justin.

We have got **** all now , at least for the moment the consortium have saved us. Down the road is just speculation.

 

[dusterman]

I’m not sure why no one else is even slightly worried about this development? From one property developer to another. With Southend United’s slice of what was anything worthwhile diminishing slowly but surely. What will the club have when Rees ups and leaves with the new property developments.
Also has to be said why is this not being mentioned by Justin.

I’ll worry about it when he’s taken over. How about that?

 

[Strykr]

City law firm hits Southend United owner with lawsuit over unpaid £400,000 legal bill

City-based law firm Taylor Wessing has launched legal action against the owner of Southend United over a near £400,000 unpaid legal bills

www.cityam.com

Thats us gone then.

 

[SUFCGoals]

Thats us gone then.

Why?

 

[ALW]

My take on the Taylor Wessing position is that it is a debt due from the club as the client. Taylor Wessing knowing the club were unlikely to pay them obtained a guarantee from Martin Dawn to pay the debt.

They have sued Martin Dawn as they know the club will not pay them. If Martin Dawn do not pay, the club is still liable. Hopefully the consortium are aware of this potential liability and it is not a £400K surprise to them.

 

[Cricko]

My take on the Taylor Wessing position is that it is a debt due from the club as the client. Taylor Wessing knowing the club were unlikely to pay them obtained a guarantee from Martin Dawn to pay the debt.

They have sued Martin Dawn as they know the club will not pay them. If Martin Dawn do not pay, the club is still liable. Hopefully the consortium are aware of this potential liability and it is not a £400K surprise to them.

Why are the club still liable when the debt is not in their name?

 

[in the know]

In guessing there are quite a few chairmen of clubs with similar tangled webs in 50+ companies that invariably get closed to get out of paying debts.
I just can't see how DD or FA process on shady businessmen taking over football clubs ever has a chance of uncovering all the facts and shady goings on. Especially at our level.
(I'm referring to RM not the consortium of course.)

 

[in the know]

My take on the Taylor Wessing position is that it is a debt due from the club as the client. Taylor Wessing knowing the club were unlikely to pay them obtained a guarantee from Martin Dawn to pay the debt.

They have sued Martin Dawn as they know the club will not pay them. If Martin Dawn do not pay, the club is still liable. Hopefully the consortium are aware of this potential liability and it is not a £400K surprise to them.

Isn't the point of a guarantor to be responsible for the debt when the loanee doesn't pay up? In which case, it's possible the consortium and club confirmed neither would be paying so they went after the guarantor.

 

[Strykr]

Why?

Sorry, knee jerk hadnt read the full thread rons a **** reaction.

Im just used to reading bad news these days