Everton change bridging loan from Barclays to company in BVI

[Hibbert&Ernie]

How dare an ''investor'' not be a ''philanthropist''. The players should play for free god damn it!

 

[stefanefc]

This stinks.

The sooner these muppets are out of the club, the better. Unfortunately, far to many still back him.

 

[Muggins]

I am confused about all of this. I fully admit that I am not by any means an expert in financial matters. My question is this: Conversely, can we not look at it as a positive thing, that Robert Earl is willing to fork out a huge sum of money to help the club maintain it's operation? Is it feasible that Earl has the funds to buy out Kenwright in a hypothetical situation, based on what we know about him?

The problem is, if Earl has set up this loan from one of his companies to help us out (every year or even just this year), and is recieving 10% interest on it, then this is a conflict of interest and he is making money off the club for his own ends. Mainly because of the 10% interest on the loan which we'd probably expect most directors to just put in for the good of the club, not say "you can have it but what about me?".

This is what we need confirming.

 

[Muggins]

If he wanted to help the club that much why not loan it to us for 0% intrest then take the money back in September

This is pretty much what i meant.

well said mate.

 

[davek]

I think the most annoying thing about all of this. Is that if, it is Robert Earl who is loaning us then money, then he will pay no tax on the interest he makes from the loan, as BVI registered companies are not liable apparently.

So he makes a sweet £1.3 million (tax free) over a 12 month period from us. A club where he is a director/shareholder, a club on its arse financially ....and he is on the take from us...

Stinks of **** -

This.

As I said yesterday, it's not hard to join the dots up here, even if you haven't got 100% copper-bottomed proof. And as I also said yesterday, what it boils down to is whether you take a pragmatic view and applaud the club for knocking off £0.3m per annum from running costs or you look at it from a moral pov and are appalled at the idea of a director making on such a deal.

 

[manxtoffee]

Eh? How is passing on that message being a tit? I didn't just want to ignore him...he posted three messages and I'm not the ignorant kind. Someone takes the time to address me and I'll try and respond.

Davek, you've been here long enough to know when you have a issue with a post or member of any kind hit the report button, let the Mods deal with it.
Peace brother.

 

[royal_blue]

The problem is, if Earl has set up this loan from one of his companies to help us out (every year or even just this year), and is recieving 10% interest on it, then this is a conflict of interest and he is making money off the club for his own ends. Mainly because of the 10% interest on the loan which we'd probably expect most directors to just put in for the good of the club, not say "you can have it but what about me?".

This is what we need confirming.

Maybe he'll put the money back into the club to loan us more or 'invest' it back in, when the time is right? Or am I being naive.

 

[Muggins]

Maybe he'll put the money back into the club to loan us more or 'invest' it back in, when the time is right? Or am I being naive.

You may be correct yet, but then again this is someone who loves the glitz and glamour of Vegas, his Planet Hollywood chain and offshore accounts. Not someone who's blue through and through.

We can hope though, but probably best not to hold our breath.

 

[formerly manx toffee]

http://www.scribd.com/doc/62701660/Vibrac-Charge-190811

It's from a company called Vibrac taken out on 5th August. Vibrac are situated in the Briitish Virgin Islands at this address:

Venterpool Plaza, Wickhams Cay 1, Road Town, Tortola, Virgin Islands

...the same address of Robert Earl's BCR Sports financial vehicle from which he owns shares in the club.

Apparently it's £13M for the cost of running the club and not for transfers according to this: http://www.toffeetalk.com/index.php/topic/23096-new-mortgage-taken-out-by-efc/page__st__40

I suppose this is a director(s) protecting their asset from ruin and keeping things ticking over until a sale.

Smashing news. More debt.

Unless I have read it incorrectly , it is no more debt is it? Maybe marginally, but it is cheaper debt, isnt it ?

 

[Phenom]

This threads embarrassing for some people.

 

[linglong]

So we aint signed a player called bridging on loan then?

 

[Chang Elephant]

Matt, is this legal if so?

Might as well ask my cat for a legal opinion on a financial matter.

 

[Tubey]

Might as well ask my cat for a legal opinion on a financial matter.

Hahaha

 

[Matt Damon]

Might as well ask my cat for a legal opinion on a financial matter.

I notice that he wasn't asking you there lid.

Wonder why?

 

[Tubey]

The problem is, if Earl has set up this loan from one of his companies to help us out (every year or even just this year), and is recieving 10% interest on it, then this is a conflict of interest and he is making money off the club for his own ends. Mainly because of the 10% interest on the loan which we'd probably expect most directors to just put in for the good of the club, not say "you can have it but what about me?".

This is what we need confirming.

That is essentially the crux of what is going on, and we bizarrely thank him for it.