League one forever Posted August 14, 2019 Share Posted August 14, 2019 1 minute ago, Frankly Mr Shankly said: I have more due diligence when I go about my weekly grocery shop than Team AL. Link to comment Share on other sites More sharing options...
leeslover Posted August 14, 2019 Share Posted August 14, 2019 30 minutes ago, Dave_Og said: Isn't that £3.8m debt reduction more or less what was shown in the abridged accounts? So not paid down by AL? That's what I'm thinking. Can't be arsed retyping what I put on Twitter, so I'll speculate here that Blitz wrote off some debt he was never going to get anyway as part of a wider deal. To help Corney spin a potential sale? Link to comment Share on other sites More sharing options...
deyres42 Posted August 14, 2019 Share Posted August 14, 2019 Do feel a tiny bit of sympathy for AL clearly had his pants pulled down by the Amigos. Link to comment Share on other sites More sharing options...
League one forever Posted August 14, 2019 Share Posted August 14, 2019 6 minutes ago, deyres42 said: Do feel a tiny bit of sympathy for AL clearly had his pants pulled down by the Amigos. Yep. However, who is onus on when doing due diligence? The seller or the buyer? I’d suggest the latter. Link to comment Share on other sites More sharing options...
leeslover Posted August 14, 2019 Share Posted August 14, 2019 10 minutes ago, deyres42 said: Do feel a tiny bit of sympathy for AL clearly had his pants pulled down by the Amigos. It's not clear to me that the other 2 would have had much to do with the sale, surely it would be for Corney to show the buyer what assets and liabilities he was handing over? I'm pretty sure he wasn't focusing on the ground ownership in the pitches he was putting out. Link to comment Share on other sites More sharing options...
laticsmarra Posted August 14, 2019 Share Posted August 14, 2019 If you have a request to pay £100k p.a. it is usually worth looking at the document that says that you are liable to pay £100k p a. If that document says you should only pay £1 p.a. wouldn't you question the request? All very strange, at best a huge misunderstanding. Link to comment Share on other sites More sharing options...
laticsmarra Posted August 14, 2019 Share Posted August 14, 2019 9 minutes ago, League one forever said: Yep. However, who is onus on when doing due diligence? The seller or the buyer? I’d suggest the latter. It is the buyer's responsibility to request information and ask questions and the sellers ibligation to provide that information and answers to questions truthfully. Link to comment Share on other sites More sharing options...
New Fan Posted August 14, 2019 Share Posted August 14, 2019 2 minutes ago, laticsmarra said: If you have a request to pay £100k p.a. it is usually worth looking at the document that says that you are liable to pay £100k p a. If that document says you should only pay £1 p.a. wouldn't you question the request? All very strange, at best a huge misunderstanding. Misunderstanding - yes let’s call it that - although the FLG/OEC did tell the fans that the club doesn’t pay them rent owed. My reading of the letter is that the club hasn’t played all its cards yet. incidentally, Darren’s/ Trust’s comments on the accounts are also overdue. Could that shine some more light on this saga? Probably not. Link to comment Share on other sites More sharing options...
sjk2008 Posted August 14, 2019 Share Posted August 14, 2019 I know it's 100% fact that Corney was, and still is, a gargantuan twat. But Al, and whoever helped carry supposed due diligence, were clearly living in fucking la la land when purchasing the club. It also doesn't need reminding that he went from fully understanding what he'd bought to not having a clue. And now this.. could never be more apt. Link to comment Share on other sites More sharing options...
HarryBosch Posted August 14, 2019 Share Posted August 14, 2019 The letter says they've "faithfully been paying £100k per year as demanded by the landlord even though it now appears the sum is only £1 per year" Demanded how by the landlord? In a document that AL/ML have agreed to? What do they mean by "appears"? Is it or isn't it? Does the fact the sum was £1 a year (you can also read the letter as if it was £1 for the whole 20 years) when Corney was owner necessarily mean that Brassbank couldn't have put it up to £100k before, during or after the Lemsagam's buying of the club? The same as they're categorically telling us that other terms of the lease have changed? I'm no expert but if I was the Lemsagam's I might be looking for better lawyers... Link to comment Share on other sites More sharing options...
New Fan Posted August 14, 2019 Share Posted August 14, 2019 1 minute ago, sjk2008 said: I know it's 100% fact that Corney was, and still is, a gargantuan twat. But Al, and whoever helped carry supposed due diligence, were clearly living in fucking la la land when purchasing the club. It also doesn't need reminding that he went from fully understanding what he'd bought to not having a clue. And now this.. could never be more apt. It might worth bearing in mind Corney already had AL in a bind by repeatedly asking for money to pay bills etc. If you’ve sunk a significant amount, due diligence is just a process, you’ve effectively bought the club before you knew it. Link to comment Share on other sites More sharing options...
laticsmarra Posted August 14, 2019 Share Posted August 14, 2019 1 hour ago, Dave_Og said: Isn't that £3.8m debt reduction more or less what was shown in the abridged accounts? So not paid down by AL? Looks like its most of the debt reduction Link to comment Share on other sites More sharing options...
laticsmarra Posted August 14, 2019 Share Posted August 14, 2019 4 minutes ago, New Fan said: It might worth bearing in mind Corney already had AL in a bind by repeatedly asking for money to pay bills etc. If you’ve sunk a significant amount, due diligence is just a process, you’ve effectively bought the club before you knew it. If you have ever been on either side of due dligence you will know that it is not just a process.Its like buying a house x 10 worth of hassle Link to comment Share on other sites More sharing options...
boundaryblue80 Posted August 14, 2019 Share Posted August 14, 2019 10 minutes ago, New Fan said: It might worth bearing in mind Corney already had AL in a bind by repeatedly asking for money to pay bills etc. If you’ve sunk a significant amount, due diligence is just a process, you’ve effectively bought the club before you knew it. And get to the point of....just buy the thing and sort the shit thereafter.... Link to comment Share on other sites More sharing options...
League one forever Posted August 14, 2019 Share Posted August 14, 2019 7 minutes ago, boundaryblue80 said: And get to the point of....just buy the thing and sort the shit thereafter.... You’ve always maintained AL wasn’t involved until after Corney sold the club. . ? Now you admit he was involved, which was obvious to everybody else. Therefore he must take his share of blame for our relegation. Link to comment Share on other sites More sharing options...
boundaryblue80 Posted August 14, 2019 Share Posted August 14, 2019 6 minutes ago, League one forever said: You’ve always maintained AL wasn’t involved until after Corney sold the club. . ? Now you admit he was involved, which was obvious to everybody else. Therefore he must take his share of blame for our relegation. FFS ...this AGAIN? It really does help to read what I write properly... Involved??? I've said many a time that AL was bankrolling Corney in Aug 2017 when the crook didn't have a pot to piss in. But he didn't own the club to start calling the shots. He owned it at the end of Jan 2018 and had to forcibly remove Corney from the board in May 2018. Link to comment Share on other sites More sharing options...
League one forever Posted August 14, 2019 Share Posted August 14, 2019 13 minutes ago, boundaryblue80 said: FFS ...this AGAIN? It really does help to read what I write properly... Involved??? I've said many a time that AL was bankrolling Corney in Aug 2017 when the crook didn't have a pot to piss in. But he didn't own the club to start calling the shots. He owned it at the end of Jan 2018 and had to forcibly remove Corney from the board in May 2018. Why do you get so angry?? Your hopeless at debate. You can’t remember what you type, and then angrily amend it to suit your argument with on the day. Never mind. I’ll leave you to it in future. Link to comment Share on other sites More sharing options...
al_bro Posted August 14, 2019 Share Posted August 14, 2019 If Brassbank are asking for £100k rent and the club's accountants can't find any evidence of it increasing from £1, then surely all Brassbank have to do is show the club's accountants the amended lease agreement. Maybe the club doesn't have all this evidence because it has conveniently been destroyed by someone no longer at the club!! Link to comment Share on other sites More sharing options...
wiseowl Posted August 14, 2019 Share Posted August 14, 2019 Im not particularly well connected with people at the club but, purely by chance, I had a very "grown up" conversation today with someone who has operated right in the centre of things. I have no reason to doubt what they said and, let's just say, I now have no doubt that a lot of the rumours around, for example, "interference in team selection" are true. It was said that the owner was genuinely shocked to discover he had not bought everything lock, stock and barrel (and, in particular, the Joe Royle stand). This would seem to fit in with the recently published letter i.e. the lease for 3 sides of the ground was secure but the lease on the JR and certain land around it had been "given up" by the club. Due diligence would appear to either have not happened or been woefully inadequate during the takeover. Ownership of the JR was seen as crucial to cashflow/profitability. The cultural problems, in this person's view, were very difficult. It was stated that criticism of any kind (internally or externally) was taboo and that there was close monitoring of social media, the press etc. regarding any such criticism. Internal criticism was dealt with swiftly. Following relegation, last season's playing budget had been reduced by £1M. One other very serious issue was constantly being rumoured but, as it is rumour, I`ll not comment further. This person expressed their love for the club and closed by saying that they genuinely feared for our existence beyond this season and said "..seriously, tell the fans that they must unite because, if not, the Latics will be dead in the water soon." In their opinion - 95% of the club's problems were down to one issue - its current ownership. Link to comment Share on other sites More sharing options...
OAFC1984 Posted August 14, 2019 Share Posted August 14, 2019 1 minute ago, wiseowl said: One other very serious issue was constantly being rumoured but, as it is rumour, I`ll not comment further. Why mention it at all then? Link to comment Share on other sites More sharing options...
wiseowl Posted August 14, 2019 Share Posted August 14, 2019 6 minutes ago, OAFC1984 said: Why mention it at all then? Just to "complete the view" from the person concerned i.e. there are other issues causing concern. Link to comment Share on other sites More sharing options...
GlossopLatic Posted August 14, 2019 Share Posted August 14, 2019 3 hours ago, Dave_Og said: Isn't that £3.8m debt reduction more or less what was shown in the abridged accounts? So not paid down by AL? Yep thats it despite him claiming he put £5million. Their is no clear evidence to suggest he has. We can gather that Corney was looking for someone dumb enough to buy a football club but not ask any difficult questions about the actual football club and AL was his clown who could be easily hoodwinked. Whats almost comical is they claim we've paid £100k a year yet knowone stopped to ask hang on why we doing that. All in all its a total shambles and to just add to Wiseowl I think we are going to be in real trouble in the next 12 months or so. AL has got lucky in the last 6 months with 2 big windfalls but that money is going to run out in the next 12 months abd we could well be up shit creak without a paddle. For those being of Bury and Bolton right now be careful what you wish for because that maybe us soon. When that moment comes we will have to rally together to save the club. Link to comment Share on other sites More sharing options...
kowenicki Posted August 14, 2019 Share Posted August 14, 2019 9 minutes ago, GlossopLatic said: Yep thats it despite him claiming he put £5million. Their is no clear evidence to suggest he has. We can gather that Corney was looking for someone dumb enough to buy a football club but not ask any difficult questions about the actual football club and AL was his clown who could be easily hoodwinked. Whats almost comical is they claim we've paid £100k a year yet knowone stopped to ask hang on why we doing that. All in all its a total shambles and to just add to Wiseowl I think we are going to be in real trouble in the next 12 months or so. AL has got lucky in the last 6 months with 2 big windfalls but that money is going to run out in the next 12 months abd we could well be up shit creak without a paddle. For those being of Bury and Bolton right now be careful what you wish for because that maybe us soon. When that moment comes we will have to rally together to save the club. Fans can very rarely rally together to save a club. Blackpool, Bolton and Bury require(d) new owners... fan protests and actions achieved nothing. If there is nobody with cash to step in the club almost certainly dies. Lets hope FLG have someone else with serious cash (as I suspect they do) Link to comment Share on other sites More sharing options...
tGWB Posted August 14, 2019 Share Posted August 14, 2019 https://trustoldham.co.uk/club-letter-to-oec-12th-august-and-conditions-within-the-north-stand/ Update from the Trust on the recent communication exchanges between the OEC and the Club Link to comment Share on other sites More sharing options...
GlossopLatic Posted August 14, 2019 Share Posted August 14, 2019 5 minutes ago, kowenicki said: Fans can very rarely rally together to save a club. Blackpool, Bolton and Bury require(d) new owners... fan protests and actions achieved nothing. If there is nobody with cash to step in the club almost certainly dies. Lets hope FLG have someone else with serious cash (as I suspect they do) Hopefully they've got enough money to fill in the pot holes in on the north stand car park. Thats the real travesty in all of this. Link to comment Share on other sites More sharing options...
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