The Everton Board Thread 2015/16 [ Not takeover related ]

[hibbo'sclass]

Found it. Have hopefully attached ACCA factsheet 188. FRS 3 and FRS 18 are relevant, but the FRSSE's are not relevant.
Re-statement would have to be disclosed in the accounts.

 

[Chang Elephant]

I believe the board to be non-business savvy, but I do not believe them to be conspirators, and do not think they would be capable of keeping such a conspiracy secret for such a long time.

In terms of keeping secrets then, what's your take on why departing Everton employees, directors even leave and then remain so quiet about their time here ?

Trevor Birch stayed six weeks before resigning, so clearly wasn't happy, or wanted to do something significant but others were not happy with that ? But not a syllable out of him about his time here since.

Wyness resigned being reported in various media unhappy about Philip Green's influence, and reported to have met with Green/Earl on Green's yacht just before.

Gregg was pushed off the board after Kenwright introduced false investors to an AGM (one of them Chris Samuelson well connected with Vibrac). Every reason not to be happy but very quiet.

Ross left after his emails were leaked criticising the club, but no criticism since.

Are these people just naturally quiet/shy, or bound by pay off gagging orders/NDA's etc

Nobody here believes in conspiracies, mate. Safe to say all here will agree with your conclusions.

Nope, this club is shrouded in secrecy for a reason we just don't have the full facts on exactly why yet.

 

[hibbo'sclass]

In terms of keeping secrets then, what's your take on why departing Everton employees, directors even leave and then remain so quiet about their time here ?

Trevor Birch stayed six weeks before resigning, so clearly wasn't happy, or wanted to do something significant but others were not happy with that ? But not a syllable out of him about his time here since.

Wyness resigned being reported in various media unhappy about Philip Green's influence, and reported to have met with Green/Earl on Green's yacht just before.

Gregg was pushed off the board after Kenwright introduced false investors to an AGM (one of them Chris Samuelson well connected with Vibrac). Every reason not to be happy but very quiet.

Ross left after his emails were leaked criticising the club, but no criticism since.

Are these people just naturally quiet/shy, or bound by pay off gagging orders/NDA's etc


Nope, this club is shrouded in secrecy for a reason we just don't have the full facts on exactly why yet.

For what it's worth here's my take on it.

Trevor Birch came in and tried to change things radically and quickly. It is my belief that he was very much on the Gregg side of the fence. He left 9 or 10 days prior to the bust up between BK and the Greggs, had worked out that BK would win the power struggle and this would make his position untenable. His silence can be explained by professionalism and the desire to remain working in football.

Ian Ross. The contents of the leaked emails (which I don't believe he ever disputed) were more than enough to do for him. Again, if he had any desire to work in football again he would remain quiet. If I were him I would have never mentioned them again.

Keith Wyness left, but well before my time on GOT there was a thread dedicated to him. Interestingly part of this was on Philip Green's ownership of the club, but his claim was that Green had made loans to the club interest free, not that he had any control by way of shareholdings. These loans don't appear to be in any of the company's accounts.I must admit that I only skimmed through the thread, and the general consensus appeared to be that he was not to be trusted in word or deed. You may well look at it and see somthing totally different. Also interesting alleged links to City's sheikh and family.

Paul Gregg simply put lost the power struggle. Nothing more nothing less.

Chris Samuelson was indeed paraded by BK and I thank God that FSF deal didn't go ahead. I am unaware of any concrete links between CS and Vibrac other than circumstantial, but I am assuming that you are referring to Reading.

At the end of it all, EFC is a business and we as supporters have no God given right to decide how the business is run and to be privy to the internal workings.

 

[Chang Elephant]

Trevor Birch came in and tried to change things radically and quickly. It is my belief that he was very much on the Gregg side of the fence. He left 9 or 10 days prior to the bust up between BK and the Greggs, had worked out that BK would win the power struggle and this would make his position untenable.

That's an exceptionally good memory and attention to detail you have there mate.

Chris Samuelson was indeed paraded by BK and I thank God that FSF deal didn't go ahead. I am unaware of any concrete links between CS and Vibrac other than circumstantial, but I am assuming that you are referring to Reading.

Samuelson was part of the Reading board that went for the Vibrac loan, then when Reading started to go tits up Vibrac tried to put his consortium back in charge, much to the displeasure of the football league. The link is a fair bit more than circumstantial as you seek to describe it.

At the end of it all, EFC is a business and we as supporters have no God given right to decide how the business is run and to be privy to the internal workings.

No-one's actually suggested we can decide how the business is run, the point made was that the club is shrouded in secrecy and those who leave it in interesting circumstances keep their mouths 100% shut, unusually so.

 

[hibbo'sclass]

That's an exceptionally good memory and attention to detail you have there mate.


Samuelson was part of the Reading board that went for the Vibrac loan, then when Reading started to go tits up Vibrac tried to put his consortium back in charge, much to the displeasure of the football league. The link is a fair bit more than circumstantial as you seek to describe it.


No-one's actually suggested we can decide how the business is run, the point made was that the club is shrouded in secrecy and those who leave it in interesting circumstances keep their mouths 100% shut, unusually so.

At my age, a good memory is something I can't be accused of. The time between your posting and my response was spent checking what I could, the exception being anything about Chris Samuelson cos I do remember him being on the board at Reading, being reported as the man who put them onto Vibrac and then fronting a consortium to buy them for 5m which failed when Zingarevich left.
This is from memory, but I think John Madjeski and Zingarevich relinquished control of the assets of Reading to Vibrac following the club's default on repayingvthe loan secured on the parachute payment in Aug 14, Reading ended up with a fine of 30k in Mar 15 cos Vibrac hadn't been cleared under the fit and proper person test!
Think there was also something in the press about Vibrac holding up the deal to the nee owners when the club was being sold by demanding 500k in legal fees, but not positive about this.
I think the link between Samuelson, Everton and Reading is the Zingarevich family - the father was alleged to be behind FSF bid but he denied it.

The last bit was not meant to sound pompous, just a case of do we as supporters expect too much transparency?

 

[hibbo'sclass]

Oh aye, Phoenix consortium were last heard of lurking in the wings at Bristol Rovers with Mr Samuelson still fronting.

 

[magicjuan]

Wyness left stating 'interference' by Papa Pip, nothing to do with loans

 

[magicjuan]

At my age, a good memory is something I can't be accused of. The time between your posting and my response was spent checking what I could, the exception being anything about Chris Samuelson cos I do remember him being on the board at Reading, being reported as the man who put them onto Vibrac and then fronting a consortium to buy them for 5m which failed when Zingarevich left.
This is from memory, but I think John Madjeski and Zingarevich relinquished control of the assets of Reading to Vibrac following the club's default on repayingvthe loan secured on the parachute payment in Aug 14, Reading ended up with a fine of 30k in Mar 15 cos Vibrac hadn't been cleared under the fit and proper person test!
Think there was also something in the press about Vibrac holding up the deal to the nee owners when the club was being sold by demanding 500k in legal fees, but not positive about this.
I think the link between Samuelson, Everton and Reading is the Zingarevich family - the father was alleged to be behind FSF bid but he denied it.

The last bit was not meant to sound pompous, just a case of do we as supporters expect too much transparency?

IIRC his father was 'allegedly' reported to be a gun runner, so this transparency thing eh...?

 

[Chang Elephant]

I think the link between Samuelson, Everton and Reading is the Zingarevich family

What about the link between Everton, Vibrac and Samuelson ?

 

[hibbo'sclass]

Wyness left stating 'interference' by Papa Pip, nothing to do with loans

Can't find a direct quote to that effect to be honest, only "media sources".
Was only pointing put that the guy had allegedly made statements which were verifiably incorrect regarding Philip Green and his having a controlling interest via loans to the companuy, so is he reliable?
My opinion is no, yours may differ.

With regard to Boris Zingarevich, he is a mate of Medvedev who acted as Putin's puppet, which is hardly a glowing endorsement I grant.
He has control of Ilim which is pulping and paper manufacture, and apparently owns Ener1 which is an American company that is involved in high-tec batteries, and as such made the Americans more than a little uncomfortable ny effectively owning technology which may have useful military applications (as well as mobility scooters etc). Sources are Bloomberg.com and Chicago Tribune.
Just out of interest, your source for gun runner is?

 

[hibbo'sclass]

What about the link between Everton, Vibrac and Samuelson ?

Link between Everton and Vibrac - borrower and lender,
Link between Samuelson and Vibrac - don't know and probably never will but see below.
Link between Everton and Samuelson - not aware of one since FSF debacle but see below.
If I had to take a guess, I would say that Samuelson is effecti a paid broker for Vibrac.

What's your take?

 

[magicjuan]

Can't find a direct quote to that effect to be honest, only "media sources".
Was only pointing put that the guy had allegedly made statements which were verifiably incorrect regarding Philip Green and his having a controlling interest via loans to the companuy, so is he reliable?
My opinion is no, yours may differ.

With regard to Boris Zingarevich, he is a mate of Medvedev who acted as Putin's puppet, which is hardly a glowing endorsement I grant.
He has control of Ilim which is pulping and paper manufacture, and apparently owns Ener1 which is an American company that is involved in high-tec batteries, and as such made the Americans more than a little uncomfortable ny effectively owning technology which may have useful military applications (as well as mobility scooters etc). Sources are Bloomberg.com and Chicago Tribune.
Just out of interest, your source for gun runner is?

Some bloke in the pub....

Investigative journalist

 

[The Esk]

Obviously there is a great deal of interest in the past, a huge amount of speculation but in my opinion little evidence of some of the major allegations.

The real issue is what are the Board going to do going forward? How are they going to attract the investment desperately required?

The central issue remains, we are massively under-capitalised and require equity not more debt.

So what is it going to be? The Board? New investors alongside existing? Or a total sale?

They are the only options to solve the club’s problems.

 

[Chang Elephant]

Link between Everton and Vibrac - borrower and lender,
Link between Samuelson and Vibrac - don't know and probably never will but see below.
Link between Everton and Samuelson - not aware of one since FSF debacle but see below.
If I had to take a guess, I would say that Samuelson is effecti a paid broker for Vibrac.

What's your take?

I honestly don't know mate. Obviously don't want to rush to any unsupported conclusions, even if the Everton board's secrecy and Vibrac's BVI base seem designed to render supported conclusions impossible.

Just intrigued that Vibrac and those controlling Everton have unusually corresponding choices/preferences for their go to man when certain tasks need doing. That being Samuelson to present a false investment vehicle/scam an AGM, and Samuelson to take over Reading as a Vibrac proxy. Finance and football isn't really that small a world is it ?

 

[hibbo'sclass]

Obviously there is a great deal of interest in the past, a huge amount of speculation but in my opinion little evidence of some of the major allegations.

The real issue is what are the Board going to do going forward? How are they going to attract the investment desperately required?

The central issue remains, we are massively under-capitalised and require equity not more debt.

So who is it going to be? The Board? New investors alongside existing? Or a total sale?

They are the only options to solve the club’s problems.

Couldn't agree with you more.
I'm probabky the worst offender for getting side-tracked into giving responses to allegations raised elsewhere.
Not sure if it was on this thtead or the finances thread, you posted what appeared to be a "compromise" new share issue, which would see the issue and sale of 7,000 (ish) new shares, presumably as a rights issue underwritten by a new investor.
This would leave the majority shareholding with the existing board (just), but my questions would be:

What would the share price be?

Given the costs involved, would it be worthwhile in the overall scheme of things and do you pay down debt with it or God forbid, keep it ring-fenced to put toward a new ground?
Would an external investor be sufficiently interested in acquiring a maximum of 16.67%?

The alternative given certain members of the board's alleged relative poverty can surely only be a takeover with an open offer followed by a rights issue.

I know that the above is glaringly obvious, but thoughts and opinions would be interesting.