Reply With QuoteHow about the bit that ragbone mentioned that I was responding to?Originally Posted by Tiger Bay Bhoy wrote on Thu, 01 January 2015 17:28
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The number of creditors have reduced to one.
The HMRC obligation is being met.
VT can liquidate Cardiff City, but he would not get anything.
If we were in the top 10 in the Premier League, it's unlikely we would be discussing this matter.
How about the bit that ragbone mentioned that I was responding to?
For simple purposes, having no debt is very important for the club, as it means that it doesn't have huge levels of debt.
Members voluntary liquidationThe number of creditors have reduced to one.
As a Cardiff City fans for over 30 years , I am well aware on the clubs financial position.
We as a club have always lived beyond our means since Grogan left.
Whilst I am concerned, I don't lose sleep over it and spend most of my time on an unofficial message board.
I neither am that concerned, but just concerned enough to write in this thread.
I would be genuinely more concerned with our debt if we still owed the likes of Hammam, Ranson, Guy and the like as opposed to one Creditor, for reasons outlined above.
Basically Mr Tan has spunked £150m(?) of his own money really, really badly gambling on some shit managers and in turn some shit players, while doing this he has also shunned some pretty lucrative income streams such as Premier League stadium advertising and what would've potentially been an absolute fortune in the selling of Premier League merchandise, and now he wants us to pay it all back.
Isn't that like me having a great time at the casino and then when i'm all out of cash asking the croupier for it all back as gambling didn't quite work out for me.
If I was concerned, which I'm not, I would be more concerned that there is an astronomically huge amount of debt owed to one creditor at a high rate of interest rather than small debts to other creditors. Luckily I'm not concerned though.
Just how the divorce pans out will be our concern soon IMO.So if I've understood this correctly, Tan can demand his £150 million (or whatever the true amount is) and potentially liquidate the club?Only a vengeful vindictive c*** would do something like that.It was recently reported that Vincent Tan recently paid off all other creditors and therefore has increased the amount of money he has at risk. Not only may it be considered vengeful and vindictive if he now takes actions that cause the liquidation of the club but you would also have to question his sanity. It is probable that his potential losses continue to rise and so he may at some point decide to cut his losses. He could do this in such a way that the club survives or not!
Ah the old 7% interest rate. Like most loans. The time to worry is when a helicopter takes the club captain to West Brom for £700k.
Do you honestly think this current predicament is 'better' than the one that you allude to..?
It was Wigan that Kav headed off to in a helicopter.
The interest charged on the loan was used to dilute everyone else's shareholding when it was converted to equityAh the old 7% interest rate. Like most loans. The time to worry is when a helicopter takes the club captain to West Brom for £700k.
Tan hasn't converted any debt to equity at all, he has bought his shares from shareholders.Ah the old 7% interest rate. Like most loans. The time to worry is when a helicopter takes the club captain to West Brom for £700k.Why need there be any interest rate - surely a modicum of altruism from such a lover of charity woiuldnt be out of the question ..?
Don't banks give to charity ?
I was referring to Marshall.
Beats me how Tan (and some of his apologists) think that City fans should show more respect and be grateful, that's akin to a desperate man thanking Wonga.com for putting him deeper in the shit.
Whatever you say bhoy.
When put like that the rumours of a consortium don't sound so unlikely.So if I've understood this correctly, Tan can demand his £150 million (or whatever the true amount is) and potentially liquidate the club?Only a vengeful vindictive c*** would do something like that.It was recently reported that Vincent Tan recently paid off all other creditors and therefore has increased the amount of money he has at risk. Not only may it be considered vengeful and vindictive if he now takes actions that cause the liquidation of the club but you would also have to question his sanity. It is probable that his potential losses continue to rise and so he may at some point decide to cut his losses. He could do this in such a way that the club survives or not!We need to remember he is a successful business man, not a charity worker, and we are certainly not millionaire businessman.
I'm pretty sure there was an agreement to convert the interest on the loan to equityAh the old 7% interest rate. Like most loans. The time to worry is when a helicopter takes the club captain to West Brom for £700k.Why need there be any interest rate - surely a modicum of altruism from such a lover of charity woiuldnt be out of the question ..?It was Wigan that Kav headed off to in a helicopter.
From Keith - "As far back as a meeting of shareholders held in July 2011 there was a resolution passed from Mr Tan and his fellow Malaysian investors to convert £5.1m of loans into shares. It never happened."Ah the old 7% interest rate. Like most loans. The time to worry is when a helicopter takes the club captain to West Brom for £700k.Why need there be any interest rate - surely a modicum of altruism from such a lover of charity woiuldnt be out of the question ..?It was Wigan that Kav headed off to in a helicopter.The interest charged on the loan was used to dilute everyone else's shareholding when it was converted to equity
I'm pretty sure there was an agreement to convert accrued interest to shares, but whether it actually happened is Moot.
As long as things get agreed then it doesn't matter if they never happen.
Very good analogy - don't forget that we've never had a stadium naming rights deal either.
Perhaps these accountant types (interesting that the accountant who has tended to be proved right most often on our finances thinks differently) can explain how our current potential situation differs to ten years ago when about 80% of our debt was owed to one individual/company and we ended up with Black Friday. As I keep on saying, while our situation remains as it is, Tan is nothing more than a better connected and richer Hammam - the only difference is that the club's level of debt is far more dangerous than it was before if Tan wanted to get vindictive.Ah the old 7% interest rate. Like most loans. The time to worry is when a helicopter takes the club captain to West Brom for £700k.
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