Jump to content

Latics released from Brass Bank mortgage


Recommended Posts

This is good news and I saw it mentioned in the Trust meeting notes this week, but as we know its not official until this has been done.

 

it was £250K as per the Blitz Q and A

Edited by underdog
Confirmation of amount
Link to post
Share on other sites
13 minutes ago, TheBigDog said:

The club has repaid to Brass Bank Limited the borrowed amount in full. Can anyone remind me exactly hat this relates to? 

 

It was one that Corney agreed when we were struggling to pay wages in 2015 when we enjoyed a particularly high turnover of players and management (Kelly>Dunn>Shez)

Edited by Twisbrogan
  • Thanks 1
Link to post
Share on other sites

 

On 6/5/2020 at 10:21 AM, oafcmetty said:

Debenture supposed to have been paid. AL here for the foreseeable 🤢

 

There you go!

  • Like 1
Link to post
Share on other sites

Thought it was more to do with stadium rental.  In any normal club this would be seen as unequivocally good news.  But who knows.

Link to post
Share on other sites
24 minutes ago, oafcmetty said:

 

 

There you go!

I don't  mind AL being here for the foreseeable as long as he learns his lessons and stops interfering. He also needs to get rid of his brother and BO who is too devisive with the fans.

 

Has the rent been paid yet?

Edited by al_bro
Link to post
Share on other sites
5 hours ago, underdog said:

club have released a statement too

 

https://www.oldhamathletic.co.uk/news/2020/june/11062020-club-statement/

 

so unless I have missed it, it is just the lease/rent monies that are outstanding and what the club was querying? or have I missed it?

 


It was the repayment of a debenture created in 2015, according to Maguire. 

  • Thanks 1
Link to post
Share on other sites
18 hours ago, kowenicki said:


It was the repayment of a debenture created in 2015, according to Maguire. 

How does that stop administration? Blitz wanted rent the club owes, and that is why he threatened administration, not the debenture. 

Link to post
Share on other sites
2 hours ago, al_bro said:

How does that stop administration? Blitz wanted rent the club owes, and that is why he threatened administration, not the debenture. 


Under the terms of a debenture, Blitz could appoint his own Administrator which would have been the only way of collecting the money owed to him.  Without a debenture, he would have been an unsecured creditor so Admin would have been effectively writing off the debt.  I can’t see him throwing good money after bad.

 

AL knew he had no choice as that would result in him losing OAFC and so he paid up voluntarily.

 

The debenture was 100% the reason for us avoiding administration at the hands of a creditor such as Blitz.  HMRC on the other hand wouldn’t blink twice which is why they always get paid before formal proceedings are enacted.

  • Like 1
  • Thanks 1
Link to post
Share on other sites

This surely shows his commitment tho, if I was AL I would be running for the hills! Shit failing club, covid 19,, no income, but yet for some crazy reason he stumps up alot of money! Respect to the guy. I would be back in Morocco licking my wounds ! Anyone on here who wouldn't do the same iieing. He had a massive opportunity to walk and leave this sorry mess behind, call it pride, call it cultural shame, call it what u want, but hes still here against all odds.

Link to post
Share on other sites
1 hour ago, latics22 said:

This surely shows his commitment tho, if I was AL I would be running for the hills! Shit failing club, covid 19,, no income, but yet for some crazy reason he stumps up alot of money! Respect to the guy. I would be back in Morocco licking my wounds ! Anyone on here who wouldn't do the same iieing. He had a massive opportunity to walk and leave this sorry mess behind, call it pride, call it cultural shame, call it what u want, but hes still here against all odds.

I think a fair chunk of that £250k will have been paid for by selling that young striker to Brighton. Would be nice to be wrong and AL actually is getting the house in order.

Link to post
Share on other sites

Saw posted on a FB site yesterday a Sun article.

 

More or less said GMP will not be pursing an investigating the finances surrounding stand build/transfer of ownership

 

Does this mean the club concede that the 2016 lease is valid?

Edited by underdog
Link to post
Share on other sites
20 hours ago, Inspiral_Carpet said:


Under the terms of a debenture, Blitz could appoint his own Administrator which would have been the only way of collecting the money owed to him.  Without a debenture, he would have been an unsecured creditor so Admin would have been effectively writing off the debt.  I can’t see him throwing good money after bad.

 

AL knew he had no choice as that would result in him losing OAFC and so he paid up voluntarily.

 

The debenture was 100% the reason for us avoiding administration at the hands of a creditor such as Blitz.  HMRC on the other hand wouldn’t blink twice which is why they always get paid before formal proceedings are enacted.

Thanks for clearing that up.

  • Like 1
Link to post
Share on other sites

So I have not been on this site for weeks.  My daughter in a passing comment during a phone call says, "That's good news about lattices," I think the F****er has gone and someone has stepped in!

 

What do I find, he's still here together with his interfering brother and a F***k wit of a manager.  Bit of a let down to say the least.  Is there no good news?

Edited by frizzell54
Link to post
Share on other sites
9 minutes ago, frizzell54 said:

So I have not been on this site for weeks.  My daughter in a passing comment during a phone call says, "That's good news about lattices," I think the F****er has gone and someone has stepped in!

 

What do I find, he's still here together with his interfering brother and a F***k wit of a manager.  Bit of a let down to say the least.  Is there no good news?

Yes, he has paid Corney's debt to the landlord that he agreed to when he took over - the debenture which I believe makes us more of an attractive buy if we were up for sale

 

Yes, the club has updated  Companies accounts for 2017/18  with missing information that makes them more compliant, and that the Trust as a shareholder were critical they did so

 

Yes, the club has updated company house with the correct number of share holder there are in the Business that is OAFC 2004 LTD

 

Just need to pay the outstanding rent with the landlord and crack on with buying the landlord out...make us whole.

 

There has been some good stuff with a bit of pressure,...honest

Edited by underdog
Link to post
Share on other sites
15 hours ago, underdog said:

 

There has been some good stuff with a bit of pressure,...honest

 

Good.

Now can you now give the lot of them a big shove, preferably out the door?

Link to post
Share on other sites
14 minutes ago, frizzell54 said:

 

Good.

Now can you now give the lot of them a big shove, preferably out the door?

I could but I have a feeling I would void my DBS and be taking an extended holiday at Her majesty's pleasure....hmmm 3 square meals a day and free board.

  • Like 1
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...