Ten Bobsworth wrote: Sluffy wrote:I've no idea what it all means Bob, as I've said many times before, I've no idea why anyone would want to put their own money into a football club!
As far as I'm aware the £20m each Luckock and Brittain have 'promised' is just that - a promise and not a reality.
I don't think many high street banks these days want to provide a line of credit to footy clubs so they have to be 'backed' somehow and the combined £40m gives the club it's credit worthiness in order to trade - and not, as you well know, that they have actually put any of their hard earned, into the club to spend!
I guess their must be a reason why Luckock has become a Director now, rather than from the outset - maybe to better protect his financial position perhaps?
As far as I know Sharon still own's the majority of the shares, so maybe Mr Luckock wants more involvement with the policy decisions of the business - I'm just guessing though - maybe he wants to know why we seem to have started doing business with a car share app business that no one had ever heard of before and a company allegedly using sweatshop labour to make their millions!
Maybe the recent 'love in' with the ST and hugs with Dale Vince have began to worry him and 'rentaride' or whatever it is called has now set the alarm bells ringing with him?
I cannot see that there was any such 'promise' at all, Sluffy. All it amounted to imo was a legal arrangement by which, if any of them did lend any money to the club, they could look to the assets ED paid for as security for repayment of any loans (up to a maximum of £20million).
Some btw might recall Sharon's former CEO, Emma Beaugeard, being distinctly tetchy when asked 'who paid for the Reebok Stadium?'
Whether lenders would get their money back is another matter. Sue Davies never saw much of the £200million Eddie spent on BWFC despite the securities and legal charges in place. The unsecured creditors haven't fared too well either under the FV takeover.
FV seem in no hurry to publish accounts that might cast a bit more light into the corners and they will be historic when they do.
Thanks Bob.
I've been a bit busier than usual this last week or so and have only now found the time to reply to you.
My understanding of the £20m is that it is a Debencher which in its simplest term means a commitment ('promise') to pay back a loan.
It doesn't mean that any money has been borrowed against it - but gives the creditor the security and knowledge that whatever is borrowed against it will be repaid, on time, at an agreed interest (in this case 4%) or they can seize the assets stipulated in the debencher (which as you say are all the assets that Eddie Davies had in effect paid for).
The debenture involves all the usual suspects, Sharon, PBP, Warburton, Fildraw (I assume that has since been changed with them seemingly no longer being involved in the club - although I've not spotted any subsequent notification of such?), and the Administrator, plus Jeffrey Thomas who has since sold his shares and moved on, Nick Lucock and two others who I haven't really checked out much before - Nicholas Berkerkey Mason (the Pink Floyd drummer who Sharon worked for/with) and Keith Morris (who founded Sabre Insurance).
(There was another name around at the time - Timothy Murphy (a partner in Seneca Banking -
[You must be registered and logged in to see this link.] ) although I can't tie him to the debenture directly so far, if at all.
I would therefore have thought in the simplest terms that if any money has been loaned against the debenture that Luckock, Mason and Morris were most likely the ones putting it in with Sharon (as the debenture holder) the one 'promising to pay them back - with the assets of the club if need be - with the approval of Fildraw, James, Warburton, etc, already agreed to.
I'm out of my depth on debentures and happy to be corrected but that's the position of things as I've been understanding them up to now.
Home
Chairman Sharon Brittan met up with 
Mark is a close friend of Sharon’s and has been very supportive since her arrival at the club.
