ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 18, 2016 16:21:23 GMT
Does anyone know how finances at football clubs work? When they go bust (for example Glasgow Rangers) they appear able to shift all their assets to a newco and leave all the debt behind. Is it possible the assets behind this loan could go in a similar direction? I don't suppose that there would be much demand for the stadium from another football club, I don't think you could move it either!. Unless you are the valuer who has unfortunately relocated it to a nearby location, home of their main rivals!!! MoneyThing any sign of the promised corrected version? Players would rank behind us as they are employees & therefore preferential creditors who rank behind anyone with a secured fixed charge on an asset AIUI
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Post by dualinvestor on Dec 18, 2016 16:50:51 GMT
Does anyone know how finances at football clubs work? When they go bust (for example Glasgow Rangers) they appear able to shift all their assets to a newco and leave all the debt behind. Is it possible the assets behind this loan could go in a similar direction? I don't suppose that there would be much demand for the stadium from another football club, I don't think you could move it either! Players always seem to get paid before everyone else, so a lot of money would go paying their contracts off. In football club insolvencies in England at least (not sure what the Scottish rules are) to continue in the competetion (Footbal league/Premier league etc) the "new" club must acquire the nominal value (1 old shilling now 5p) share in The Football League Limited or The Football Association Premier League Limited a condition of allowing the transfer of the share by the football authorities is that all "football creditors" are paid. This includes arrears of wages, transfer fees, club fines and a long list of other items. The registration of the players reverts to the football league (or maybe it is the Football Association) and will not be available to the club unless and until football creditors have been paid in full so for most clubs their most valuable assets, the players, are not available to its ordinary creditors as they would be in any other insolvency. Other assets are dealt with in the nromal way but in the way of things most football stadiums are single use and take a long time to get it changed and face a lot of opposition. Most clubs outside the top flight are not proper financial businesses more prestige/conceit projects often locals who leave their business acumen at the turnstile, sometimes foreign investors and on very rare occassions (eg Leicester City) an outstanding success. As lenders/non-involved investors for probably more than 75% of the 92 professional teams, Including this one, they are not a good proposition.
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hazellend
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Post by hazellend on Dec 18, 2016 20:10:55 GMT
I don't suppose that there would be much demand for the stadium from another football club, I don't think you could move it either! Players always seem to get paid before everyone else, so a lot of money would go paying their contracts off. As lenders/non-involved investors for probably more than 75% of the 92 professional teams, Including this one, they are not a good proposition. The LTV on this one is so low that this remains a very good investment. It's 13.65% That is good enough to compensate for any risk. This loan could go into default, and take 5 years to sell the club, all the time racking up interest and penalties, still be sold at a huge discount to it's valuation and pay all money back to investors.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Dec 18, 2016 21:53:05 GMT
That valuation is based on the capitalisation of the rental paid by the football club, but in reality there is no way they could possibly afford it. IMO the valuation and the LTV are moonshine. There is unlikely to be anyone willing to pay 13.65% of the valuation for it.
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elliotn
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Post by elliotn on Dec 19, 2016 3:58:37 GMT
It was advised by an earlier poster to look at land comparables for alternative use and do your own fag packet calc...then throw in many years for closing a city's football club and trying to get that other pp!
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Post by MoneyThing on Dec 19, 2016 8:23:20 GMT
I don't suppose that there would be much demand for the stadium from another football club, I don't think you could move it either!. Unless you are the valuer who has unfortunately relocated it to a nearby location, home of their main rivals!!! MoneyThing any sign of the promised corrected version? Players would rank behind us as they are employees & therefore preferential creditors who rank behind anyone with a secured fixed charge on an asset AIUI Apologies - I will chase this up today... Regards, Ed.
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Post by MoneyThing on Dec 19, 2016 8:55:07 GMT
Unless you are the valuer who has unfortunately relocated it to a nearby location, home of their main rivals!!! MoneyThing any sign of the promised corrected version? Players would rank behind us as they are employees & therefore preferential creditors who rank behind anyone with a secured fixed charge on an asset AIUI Apologies - I will chase this up today... Regards, Ed. To be fair, the valuer sent me the corrected one in October but I must have forgot to upload it on the platform. This has now been done. Kind regards, Ed.
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registerme
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Post by registerme on Dec 19, 2016 9:35:06 GMT
To be fair, the valuer sent me the corrected one in October but I must have forgot to upload it on the platform. This has now been done. Kind regards, Ed. Naughty thing. Is this the first (and hopefully last) example of chocolates owing to a valuer?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 19, 2016 14:50:36 GMT
Apologies - I will chase this up today... Regards, Ed. To be fair, the valuer sent me the corrected one in October but I must have forgot to upload it on the platform. This has now been done. Kind regards, Ed. Thanks. Im sure the fans will be relieved as I sure results will only get better now this hoodoo has been lifted 
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starfished
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Post by starfished on Jan 3, 2017 19:55:11 GMT
These are the 9 linked loans that I am aware of. I don't know how fp gets to 17 loans: MTAG554 - B*** Football Club - Tranche 1 of 5 MTAG555 - B*** Football Club - Tranche 2 of 5 MTAG306 - Development in B******* MTAG563 - B******* Land with Planning for Student Accommodation MTAG575 - B******* Land with Planning for Student Accommodation - Additional Advance DFL006 - Student Accommodation C****** DFL003 - Student accommodation block B, H*********** PBL135 - Student Accommodation Block A, H*********** PBL085 - Student accommodation block C, H*********** On Moneything I go by the initial letters which aim to show the borrower, and on SS I go by the borrower linking that ilmoro maintains in his useful indexMTAH loans are connected, so thats another 8 (principal on MTAG is/has been a director in several of the companies) Out of interest, do you know if the loans beginning MTAI, MTAC and MTAF also connected to MTAH/MTAG in some way?
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fp
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Post by fp on Jan 3, 2017 20:38:06 GMT
MTAH loans are connected, so thats another 8 (principal on MTAG is/has been a director in several of the companies) Out of interest, do you know if the loans beginning MTAI, MTAC and MTAF also connected to MTAH/MTAG in some way? I've not come across anything to suggest they are, i'd be interested to know if you have?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 3, 2017 21:44:47 GMT
MTAH loans are connected, so thats another 8 (principal on MTAG is/has been a director in several of the companies) Out of interest, do you know if the loans beginning MTAI, MTAC and MTAF also connected to MTAH/MTAG in some way? Pretty certain MTAF, MTAI arent, certainly no clear direct or distant connections between borrowers, MTAC borrower is unknown but seems unlikely as cant see either MTAG/MTAH running a car dealership
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sussexlender
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Cheat seeking missile
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Post by sussexlender on Jan 11, 2017 14:59:24 GMT
Have we been told what happened to the Winding Up petition by the Inland Revenue which caused the second loan to be delayed?
I assume it has all been settled but can not find it in either of the current loan details.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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Post by ilmoro on Jan 11, 2017 15:35:50 GMT
Have we been told what happened to the Winding Up petition by the Inland Revenue which caused the second loan to be delayed?
I assume it has all been settled but can not find it in either of the current loan details. Cant remember but it was dismissed 21/11
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oldgrumpy
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Post by oldgrumpy on Jan 14, 2017 16:39:25 GMT
GOOD NEWS!! Peterborough are being thrashed 5-1!! BAD NEWS!! Still 14 mins to go!  |
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