Phew......

[Oundle Diamond #2]

I do not believe there is a future for the Club with the Beasants there.

It seemed like only a couple of days ago diamond mad came out of a meeting with the Beasants and was going to buy a season ticket.

Now there's no future for the club if they're involved?

What's happened in the days since to change your mind?

That was Mad Dog?

[Stalin]

It doesn't matter what size the business is, they have a right to receive the monies due.

If anything I would guess Cloverdale is a bigger business then the Diamonds in terms of turn over and profits, plus I would guess they have no problems paying HMRC unlike others.

[diamond mad]

Yes I must have been mad !!!!

The Club approached David and I mid December for a loan which we refused. Then when I was on holiday over the Christmas and New Year holiday period I was approached again on the basis that the sponsorship money from Greene King had been delayed due to the holidays. I therefore lent the 60k which was supposed to be repaid in 14 days (which I have in writing). I have subsequently found out the Greene King money was paid into the account the same day as my loan went in.

Naive I may have been but I did it for the right reasons. Unfortunately I did not see how this was all going to turn out

[CountHermanDeBanker]

I'm afraid that with no actual assets as such, ie with the ground and surrounding land held as separate assets, player registrations currently barred etc that Rushden & Diamonds Football Club Ltd own, there is very, very little Administrators or Liquidators would be able to realise from any sales.

Therefore the creditors will receive very, very little back of what they are owed, sad but very true.

Look at the Plymouth situation. The actual Football Club Ltd there owned nothing of any real value, apart from the players. The ground was though owned by the Football Club (and that being the biggest asset would have realised a large proportion of capital if sold to help pay back creditors), was actually "mortgaged to the hilt" with 3 or 4 secured loans from various companies so no value realised even if sold.

The final figure I believe that was offered to non-secured creditors (the ground effectively being offered as security to those creditors who secured their loan monies against it), was some paltry amount to the tune of:

£0.0077 (ie just under an eight of 1pence value) in each pound owed to the creditor.

ie - creditor owed £100,000.00 would have got just £770.00!!

Whilst I know it should never have gotten to this situation, and the one thing I hate (particularly with my job and how often I come up against late or non paying/payment of clients/suppliers) is this situation where innocent persons and companies (and subsequently their employees that suffer) are caught in a realistic no win situation through no fault of their own and they should not have to suffer additional expense to recover monies due.

However it is perhaps worth perhaps bearing in mind that given the sums involved and the likely amount payable back along similar if not lesser lines to those at Plymouth, can a compromise not be reached by all parties, even if the debts take the FC longer to clear and interest at a nominal rate is paid on the debt (thereby actually increasing the levels of debt overall) to at least consider this 3rd way?

Surely all those owed monies would rather have it back in full even if over 3-5 years with the added incentive of additional interest paid (say 0.5% fixed above current BOE rates perhaps?) and see the club safe/potentially continue trading relationships with the club, than end up with less than 1% back of what was owed in the worst case scenario and seeing both a client and beloved Football Club with a short but proud history brought finally to its knees and erased from the local community?

[CountHermanDeBanker]

I do not believe there is a future for the Club with the Beasants there.

It seemed like only a couple of days ago diamond mad came out of a meeting with the Beasants and was going to buy a season ticket.

Now there's no future for the club if they're involved?

What's happened in the days since to change your mind?

I think Mr Newbie, you will find that was Mad Dog......


http://rdfc.ds4902.dedicated.turbodns.c ... a077bf7f9d

[CountHermanDeBanker]

so you'll kill our club for your thirty pieces of silver?

That question beggars belief to be honest Cotty.

Would you just piss £60k of your own money up against the wall after broken promise after broken promise about repaying it back?

If you would, then put your money where your mouth is and pay off Gill or Cloverdale their monies due and you can chase the Beasants/the FC for it.

:roll:

[BartonRaz]

I would argue that the money has already been pissed up the wall CHD.

[Biggles]

I'm afraid the more i hear the less i trust the Beasents with our Club and in some ways winding the Club up and forcing them out looks like the only option.

However i feel for the creditors as they will likely not get any money back and may have to go to the courts to secure any money from the Beasents themselves.

I know its depressing but unless a rescue plan is being formed we are going down a few divisions or maybe just oblivion.

[CountHermanDeBanker]

Yes I must have been mad !!!!

The Club approached David and I mid December for a loan which we refused. Then when I was on holiday over the Christmas and New Year holiday period I was approached again on the basis that the sponsorship money from Greene King had been delayed due to the holidays. I therefore lent the 60k which was supposed to be repaid in 14 days (which I have in writing). I have subsequently found out the Greene King money was paid into the account the same day as my loan went in.

Naive I may have been but I did it for the right reasons. Unfortunately I did not see how this was all going to turn out

Gill I am so sorry to hear that and how it has happened - I wish I was a lotto multi millionaire right now, taking over the club and buying all the surrounding land back would be 2nd on priority list after paying back all the creditors, players, staff etc and having an honest open sit down meeting with everyone affected to thank them and see if they would extend the hand of trust again to be suppliers and valued personnel of RDFC.

Sadly I am not, but I do hope you manage to recover all of the monies owed.

The more and more I read and hear from this board and external sources of the club about this whole situation and the debt accrual, the more I believe it smacks of 2+2 does = 5.

Who is benefiting from all this I do not know, but like you ask on some questions, I also would like to know, why have the debtors/creditors books not balanced and where has the money gone, who has been paid and what and why is there a trail of the distinctly odd monetary sort from the South Coast right the way up and to the Midlands about all this?

[CountHermanDeBanker]

I would argue that the money has already been pissed up the wall CHD.

Well aware that it most probably has been.

Was really asking Cotty if he would just let the £60k if he was in Gill's shoes having lent it in good faith and it not getting repaid - as Cotty said "so you'll kill our club for your thirty pieces of silver?" in response to Gill's note re raising the petition with her solicitors.

I suspect the lack of answer from Cotty gives us his implied response he would not let it go either.