summerisle
The rain, it raineth every day
Voodoo.
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The fact he’s willing to sell for £69 mill brings in loads of bottom feeding investors that previously wouldn’t get near a PL club, these type of investors work out that exposure is better then the risk and or the ability to leverage assets. There is a whole gambit of these type of high risk investors of distressed assets, that they try and recover, if not they’ll just asset strip to raise capital.
You might then have a big fish investor, who will come in clear or restructure debt, provide working capital and stabilise us, over a season or three and put a proper board in place. This type of investor if they need to commit the additional funds, won’t want to give to commit much to an owner who is clearly a loon and incompetent, they will know every decision he makes buries himself further, raises the tension and weakens his negoating position.
Why would anyone touch us? Well on paper, we need a lot of investment and work. However what we have going for us, is we are members of a 20 team group, in one of the most lucrative sports league in the world, from an infrastructure point of view, we will be up there in the top 8 with the new ground, widening the base in terms of competing. We need to remove the debt, that can be restructured once the ground is finished and we can get rid of Metro, MSP and R&M and make the debt more manageable on a big multi year basis. At our worst - now we are still in this league and competing. All that is attractive. It would take the type of investor that could secure or fund or credit - in a way Moshiri hasn’t been able to. Long term if you can recover the club, with a proper board, strategy and management team, your investment appreciates.
He needs to lower his asking price…….we need to put pressure on him to get there.
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pfim
Player Valuation: £40m
2nd part I tend to agree, but they're probably casting a wider net at the beginning.
First part, 777 admitted it and said it was a IT error, which is absurd.
We had one of those in Bill and he was crap.
Moderatelywarmwater
Player Valuation: £10m
I consol myself with this. The closer we are to the poo hitting the fan, the closer we are to coming out the other side again. Hey. It’s something anyway!
summerisle
The rain, it raineth every day
Trouble is, it's an infinite amount of poo hitting the fan.
MikeH72
Player Valuation: £100m
Then he walks away with absolutely nothing as we go into administration. It’s in his interest to bring alternative bidders to the table, no matter how much he has to drop his asking price.
Somerset Blue
Player Valuation: £8m
But it really got crap when he sold to Mosh! Rich old farts, 7th place cup seem almost like a nirvana now!lol
For once I want the PL to interfere and tell Moshiri that they will not approve 777.
Gardocki
Player Valuation: £8m
Hellerad
j'accuse!
I just read the complaint. To me, it’s mostly wild ramblings complaining about the corporate structure of reinsurance and several clear misunderstandings about the nature and power of a first lienholder. They twist these into a conspiracy narrative that I don’t think holds up under scrutiny.
I think it’s clear that the Plaintiff failed to do basic due diligence on its lending and is shocked to learn it’s not first in line when a basic search of UCC financing statements and the international equivalent would have given them a heads up.
They rely on some generic boilerplate definitions of “equity” in corporate asset layering that comes off as a bit naive to me.
Their own timeline also shows they knew about some of this for 3 years before filing suit and continued to lend to 777. The fact that Wanders let them record these meetings suggests it wasn’t fraud.
But the Complaint also raises some serious accusations that stand on their own regardless:
1. falsified financial account balance statements: if true, deadly to 777
2. collateral being sold without notice to the Plaintiff: fraud if proven
3. collateral “not existing”: fraud if proven
Most disturbing is the apparent lack of liquidity. 777 is clearly overextended and will have to liquidate assets or refinance to cover around $610M in credit that is being called in because of the collateralization issue.
I think a bigger danger is if regulators dig into 777s liquidity. Their reinsurance business requires pretty strict reserves.
I think it’s clear that the Plaintiff failed to do basic due diligence on its lending and is shocked to learn it’s not first in line when a basic search of UCC financing statements and the international equivalent would have given them a heads up.
They rely on some generic boilerplate definitions of “equity” in corporate asset layering that comes off as a bit naive to me.
Their own timeline also shows they knew about some of this for 3 years before filing suit and continued to lend to 777. The fact that Wanders let them record these meetings suggests it wasn’t fraud.
But the Complaint also raises some serious accusations that stand on their own regardless:
1. falsified financial account balance statements: if true, deadly to 777
2. collateral being sold without notice to the Plaintiff: fraud if proven
3. collateral “not existing”: fraud if proven
Most disturbing is the apparent lack of liquidity. 777 is clearly overextended and will have to liquidate assets or refinance to cover around $610M in credit that is being called in because of the collateralization issue.
I think a bigger danger is if regulators dig into 777s liquidity. Their reinsurance business requires pretty strict reserves.
Whatever isn’t bolted down will have a price come the summer
We are in for quite a ride
We are in for quite a ride
No, me old mate. Nonsense. These seeds were sown 25 years ago when Kenwright walked into the boardroom. Who knows who Kenwright got into bed with to keep hold of the club? Things have just unravelled now he's dead.
it’s on
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