Corney Statement

[Take That]

Corney interview -OS

[longtimeblue]

Far too many "At the moment's" for me to be completely confident.

 

It could be worse though to be fair.

Edited July 7, 2010 by longtimeblue

[losesome]

Always somebody will find fault with any statement put out by Latics.

 

Stop bloody moaning all the time and get behind the club.

SC deserves all the support he can get and he has mine .

Edited July 7, 2010 by losesome

[MaskedOwl]

Always somebody will find fault with any statement put out by Latics.

 

Stop bloody moaning all the time and get behind the club.

SC deserves all the support he can get and he has mine .

 

 

People will find faults with everything in life, not just things to do with latics.

[longtimeblue]

Always somebody will find fault with any statement put out by Latics.

 

Stop bloody moaning all the time and get behind the club.

SC deserves all the support he can get and he has mine .

 

At the moment we're ok.

 

Reading between the lines if the situation is the same in year's time we wont be.

 

I wouldn't be singing from the rooftops mate.

 

But again it could be worse

 

 

[creepy]

ok for now, but in 12 month we will be in the :censored:

 

lets hope the new investors they are in talks with have long term plans

Edited July 7, 2010 by creepy

[Ackey]

Mr Corney explained he had been aware for some time of the likelihood Messrs Blitz and Gazal would be pulling out and that had given them time to prepare for that eventuality.

 

He said: "As a board we have been planning as how best to resolve the situation to make sure we had plans in place to ensure we can get through the forthcoming season.

At the Forum why did Corney tell us that "we are committed, no one plans to leave!" when he, apparently, knew all along that they would?

 

 

[RoyleArmy]

told you all there are talking to intervester you hear it from RoyleArmy.

[Take That]

ok for now, but in 12 month we will be in the :censored:

 

lets hope the new investors they are in talkls with have long term plans

 

My take on the statement is that the stadium is now crucial

 

The following comment is the most improtant of the whole statement: -

 

"Our business plan for the new stadium is a self supporting development and it was never going to be the case of having to rely on an individual putting money in. The whole purpose was to build something that generated enough income to fund all its running costs."

 

So basically we have 12 months to sort teh satdium issues and start building. That happens then we should be ok. It doesnt happen and its going to be bucket time.

[creepy]

told you all there are talking to intervester you hear it from RoyleArmy.

 

Corney stopped short of saying we are gonna be the richest club in world football though didnt he

[longtimeblue]

My take on the statement is that the stadium is now crucial

 

The following comment is the most improtant of the whole statement: -

 

"Our business plan for the new stadium is a self supporting development and it was never going to be the case of having to rely on an individual putting money in. The whole purpose was to build something that generated enough income to fund all its running costs."

 

So basically we have 12 months to sort teh satdium issues and start building. That happens then we should be ok. It doesnt happen and its going to be bucket time.

 

Also the no plans to re-coup the loans at the moment, suggesting to me that at some point they are going to want their money back.

 

Dependant on the situation we're in at the time it could be catastrophic

[lookers87]

Also the no plans to re-coup the loans at the moment, suggesting to me that at some point they are going to want their money back.

 

Probably be the case that if a decent sized investor comes in they will want the loans repaid/some kind of agreement as part of the purchase, however as long as it remains Corney (or the odd small investor) then they will not call the loans in.

[garcon]

The way I read it, we're not an imminent candidate for administration, but come the end of the season and no new investment, and/or the inevitable demise of the Failsworth project, we're completely and utterly ed.

 

Who's going to invest in the club if the first thing they have to do is spend a few million to pay off SB and DG?

[longtimeblue]

Probably be the case that if a decent sized investor comes in they will want the loans repaid/some kind of agreement as part of the purchase, however as long as it remains Corney (or the odd small investor) then they will not call the loans in.

 

Cant say that, You never know what their personal situations will be. They could in actual fact ask for the money back at any time.

 

All very well saying that there is no plans presently but things can change in an instant. That's a bit worrying. If their business interests aren't flourishing I aint sure that they aren't going to demand the money back. It's a nest egg to fall back on. If one of the other companies goes tits up, creditors could demand re-couping owed money. Don't know enough about business to know the in's and out's but I do know that we could be f***** in an instant

Edited July 7, 2010 by longtimeblue

[laticsrblue]

told you all there are talking to intervester you hear it from RoyleArmy.

 

So will Gazal and Blitz be replaced by Royle and Wardle?

 

[lookers87]

Cant say that, You never know what their personal situations will be. They could in actual fact ask for the money back at any time.

 

All very well saying that there is no plans presently but things can change in an instant. That's a bit worrying. If their business interests aren't flourishing I aint sure that they aren't going to demand the money back. It's a nest egg to fall back on. If one of the other companies goes tits up, creditors could demand re-couping owed money. Don't know enough about business to know the in's and out's but I do know that we could be f***** in an instant

 

I'm not arguing that case, I'm merely saying that it seems on the surface that the likelihood with regards to the loans is the scenario I mention. Of course this doesn't take account of any personal change in circumstances, but the talk of budgets set out for the year suggest that this is the case. As sensible business guys I'd be pretty confident of saying that they have made preparations for not getting this money back immediately.

 

From the pov of other businesses failing, again the loans are not immediately at risk. That all said there is always a risk whilst the loans are there that they could be called in, in an instant.

 

From a business point of view I say that the lack of clarification over these is more about not reveling a potential negotiating hand away - in other words, as I initially said with Corney still around - unlikely to be touched, but a new large investor - the repay of the loans (or a large proportion) become part of the asking price.

 

At the end of the day, I am worried about the current situation, but that for me isn't based on the loans already committed, it is for 12months time and that the current board is now lacking real depth in terms of business experience and I'd like to see Corney setting out a plan to get some more people on board - even if this is in a non-exec position. There is now a lack of entrepreneurial experience, business contacts and marketing experience on there (though it could be argued some of these were lacking before). Knowing the money man behind Burnley as I do and the make up of the board there, it was these kind of people who made the difference which eventually filtered down onto the pitch.

[laticsrblue]

...There is now a lack of entrepreneurial experience, business contacts and marketing experience on there (though it could be argued some of these were lacking before). ...

 

Maybe they don't lack entrepreneurial experience, seeing as Corney has been part of creating and building a successful company in the US and maybe they don't lack business contacts seeing as Corney has been around the NW for 7 yrs now but they definitely definitely lack marketing experience and PR.

 

Why couldn't Corney have made this statement yesterday instead of the "Latics Chairman stands down" story which left us all spending the day and night worrying and speculating?

 

[Wozzer]

Maybe they don't lack entrepreneurial experience, seeing as Corney has been part of creating and building a successful company in the US and maybe they don't lack business contacts seeing as Corney has been around the NW for 7 yrs now but they definitely definitely lack marketing experience and PR.

 

Why couldn't Corney have made this statement yesterday instead of the "Latics Chairman stands down" story which left us all spending the day and night worrying and speculating?

 

Depends on how quickly they need the money surely. If they call it in now we'll have to go into admin immediately and they'll get 5p in the £ or something equally derisory. If they can wait till City sell richards or new investment is secured they could get the lot back.

[Lee Sinnott]

At the Forum why did Corney tell us that "we are committed, no one plans to leave!" when he, apparently, knew all along that they would?

 

Exactly what he said!!!!!!!!!!!

 

I don't believe a word that comes out of that idiots mouth anymore.

[Macca]

It's a bit like Chris Moore all over again. Hopefully they will do their best to safeguard the club and I do think they will. Whilst Blitz and Gazal have left they still own the club but with the changes over the last few days will the bills be paid like they have been in the past, be it with loans or will say payments to the inland revenue etc not be met in full if we don't have the money to pay it?

[bowl]

Exactly what he said!!!!!!!!!!!

 

I don't believe a word that comes out of that idiots mouth anymore.

 

 

so you thought they would stay at the club until they die?

[leeslover]

Depends on how quickly they need the money surely. If they call it in now we'll have to go into admin immediately and they'll get 5p in the £ or something equally derisory. If they can wait till City sell richards or new investment is secured they could get the lot back.

Just so, they aren;t getting more than a fraction of that cash back unless the Club gets a windfall. "Calling the loan in," is just asking themselves for the money. NB whatever profit they do or don't make from all the land deals is neither here nor there to this, all that has happened is that they have decided for whatever reason that they aren't subsidising the losses any more.

[DerekWilson_1968]

Just watched Barrys interview and one thing really concerns me about it.

 

Were the trust not set up as a fans body to flag these issues when they were arising?

 

Barry has admitted in his interview that there was prior knowledge of the departures of Gazal and Blitz.

 

What measures had been put in place by the trust to help in safeguarding the club from a potentially disastrous situation?

 

What else is being done by the trust other than asking the usual suspects to dig deeper? Are there any new initiatives to raise money? Is there a doomsday scenario in place should Corney follow his compadres and walk?

 

What will happen to the £250,000 of fans money that bought Barry his seat should things take a turn for the worse? Is it ring fenced?

 

How has it gotten to the stage where the first that the fans representative body lets its members know what is going on is after the horse has bolted?

 

Other than that, I agree with whoever it was that posted the other day that it is certainly one of Barrys better interviews, despite the fact that he is repeating the same old rhetoric. Then again, Corney probably has all the gob shoes right now.

 

Derek.

 

[Lags]

Does anyone really believe Corney is on his own here?. Sure the other two have officially distanced themselves from the club, as a shield of protection from future events but, come on....Blitz will be pulling the strings. TTA have defo got an agenda going on here now so lets just hope that a new investor is lurking with good intent.

[Alec1954]

Does anyone really believe Corney is on his own here?. Sure the other two have officially distanced themselves from the club, as a shield of protection from future events but, come on....Blitz will be pulling the strings. TTA have defo got an agenda going on here now so lets just hope that a new investor is lurking with good intent.

 

 

I did wonder if it was a ploy to put pressure on OMBC to speed up their processes. The last time pressure was put on them they reacted double swift to give planning permission. Albeit about 4 weeks too late!