BP1960 Posted January 26, 2016 Share Posted January 26, 2016 Bridging loans are not that uncommon, surely? ok if you can pay them back. Quote Link to comment Share on other sites More sharing options...
HarryBosch Posted January 26, 2016 Share Posted January 26, 2016 They are Solicitors. Yes. My reading of it is that the charge is in favour of somebody called Paul Smith. Quote Link to comment Share on other sites More sharing options...
HarryBosch Posted January 26, 2016 Share Posted January 26, 2016 But I'd make sure legal action wasn't taken against me for what I owe. Nobody's taking legal action BP (yet ) The club (or something at it) has been used as security against what looks like a loan,,,, Quote Link to comment Share on other sites More sharing options...
ChaddySmoker Posted January 26, 2016 Share Posted January 26, 2016 Yes. My reading of it is that the charge is in favour of somebody called Paul Smith. No, he works for Middletons Solicitors. He simply presented the document to Companies House Quote Link to comment Share on other sites More sharing options...
BP1960 Posted January 26, 2016 Share Posted January 26, 2016 I'm glad I've always heeded my mothers advice, never a borrower or lender be. Quote Link to comment Share on other sites More sharing options...
singe Posted January 26, 2016 Share Posted January 26, 2016 (edited) ok if you can pay them back. Even for a club our size, £241k is not an absolute fortune, although it is equivalent to nearly 700 season tickets, so not to be sniffed at. Edited January 26, 2016 by singe Quote Link to comment Share on other sites More sharing options...
boundaryblue80 Posted January 26, 2016 Share Posted January 26, 2016 So what assets would that £241k be secured against? The players? Quote Link to comment Share on other sites More sharing options...
singe Posted January 26, 2016 Share Posted January 26, 2016 As an aside, sometimes it can be interesting to see the though process in comany names, that can sometimes give hints. Necarcu It could be New Car C U. Or more likely related to Shakespeare. It translates from Latin as nor bow as in nor bowed down to someone and features several times. I was hoping for more clues....! Quote Link to comment Share on other sites More sharing options...
singe Posted January 26, 2016 Share Posted January 26, 2016 So what assets would that £241k be secured against? The players? The new stand presumably as it's to Brass Bank not OAFC. Quote Link to comment Share on other sites More sharing options...
Stevie_J Posted January 26, 2016 Share Posted January 26, 2016 So what assets would that £241k be secured against? The players? It can't be secured against players. Presumably it's unsecured. Quote Link to comment Share on other sites More sharing options...
RobOAFC Posted January 26, 2016 Share Posted January 26, 2016 It can't be secured against players. Presumably it's unsecured. Didn't Blitz or Gazal loan £500k to QPR not long after taking us over, and had the funds secured against Lee Cook? Rules could of changed since then I suppose. Quote Link to comment Share on other sites More sharing options...
ChaddySmoker Posted January 26, 2016 Share Posted January 26, 2016 (edited) The new stand presumably as it's to Brass Bank not OAFC. Totally wrong! The debenture is against OA(2014)FC Ltd from Necarcu Ltd It can't be secured against players. Presumably it's unsecured. It is secured-by virtue of a charge against 'the assets' of OA(2014) FC Ltd So what assets would that £241k be secured against? The players? Every asset of OA(2014) FC Ltd that does not already have a specific charge against it from elsewhere, eg a car under HP! Edited January 26, 2016 by ChaddySmoker Quote Link to comment Share on other sites More sharing options...
L1onheartNew Posted January 26, 2016 Share Posted January 26, 2016 I'm glad I've always heeded my mothers advice, never a borrower or lender be. I wish I had met her before I signed for my mortgage Quote Link to comment Share on other sites More sharing options...
BP1960 Posted January 26, 2016 Share Posted January 26, 2016 I wish I had met her before I signed for my mortgage Hope you got a good deal, I fear for many nowadays should the interest rates rise. Quote Link to comment Share on other sites More sharing options...
HarryBosch Posted January 26, 2016 Share Posted January 26, 2016 The new stand presumably as it's to Brass Bank not OAFC. It is against OAFC isn't it? Quote Link to comment Share on other sites More sharing options...
ChaddySmoker Posted January 26, 2016 Share Posted January 26, 2016 (edited) It is against OAFC isn't it? YES Most definately As a seperate matter Brass Bank Ltd also has a charge against OA(2014)FC Ltd-since early December 2015 Edited January 26, 2016 by ChaddySmoker Quote Link to comment Share on other sites More sharing options...
singe Posted January 26, 2016 Share Posted January 26, 2016 (edited) It is against OAFC isn't it? YES Most definately Thank you. I misread where the charge was. I thought it meant it has been moved. Edited January 26, 2016 by singe Quote Link to comment Share on other sites More sharing options...
BP1960 Posted January 26, 2016 Share Posted January 26, 2016 YES Most definately As a seperate matter Brass Bank Ltd also has a charge against OA(2014)FC Ltd-since early December 2015 I'm confused, does that mean there's a charge against Simon Corney by Blitz and Gazal? Quote Link to comment Share on other sites More sharing options...
stevesidg Posted January 26, 2016 Share Posted January 26, 2016 Yeah but £75k tho ????We must have been desperate A couple of wins inspired by late Philly goals, and Shez as new manager could have added 1,000 to the home gates, approximately £20,000 per game , so money could have been saved/recouped in 4 games Quote Link to comment Share on other sites More sharing options...
boundaryblue80 Posted January 26, 2016 Share Posted January 26, 2016 I wonder how much our HMRC tax bill was...just thinking out load Quote Link to comment Share on other sites More sharing options...
ChaddySmoker Posted January 26, 2016 Share Posted January 26, 2016 I'm confused, does that mean there's a charge against Simon Corney by Blitz and Gazal? It does. It might just be a defensive move to protect the Assets of OA(2014)FC Ltd against other creditors. Quote Link to comment Share on other sites More sharing options...
LaticsPete Posted January 26, 2016 Share Posted January 26, 2016 We must have been desperate A couple of wins inspired by late Philly goals, and Shez as new manager could have added 1,000 to the home gates, approximately £20,000 per game , so money could have been saved/recouped in 4 games Wow - and those wins inspired by late Philly goals were nailed on? Quote Link to comment Share on other sites More sharing options...
ChaddySmoker Posted January 26, 2016 Share Posted January 26, 2016 Wow - and those wins inspired by late Philly goals were nailed on? It's not as if he ever scored late goals for us or for Blackpool is it! Quote Link to comment Share on other sites More sharing options...
jorvik_latic Posted January 26, 2016 Share Posted January 26, 2016 No, he works for Middletons Solicitors. He simply presented the document to Companies House He does. As does Michael Middleton who's one of the directors of Necarcu. http://www.middletonsolicitors.co.uk/en/our-team.aspx The Necarcu company seems to be set up as an investment vehicle with an aim of receiving a return on their funds, this is fairly common practice. 4% above BOE base rate seems very decent for us considering our relative lack of assets. With our well publicised late payment of wages, it looks like we've had to take out a loan to ensure that we're covered until we see some more money through OEC. The tickets for the Simon Wood nights are booked through Latics' Ticketmaster site so the money must be going into the club's bank account? Quote Link to comment Share on other sites More sharing options...
ChaddySmoker Posted January 26, 2016 Share Posted January 26, 2016 (edited) He does. As does Michael Middleton who's one of the directors of Necarcu. The Necarcu company seems to be set up as an investment vehicle with an aim of receiving a return on their funds, this is fairly common practice. 4% above BOE base rate seems very decent for us considering our relative lack of assets. With our well publicised late payment of wages, it looks like we've had to take out a loan to ensure that we're covered until we see some more money through OEC. The tickets for the Simon Wood nights are booked through Latics' Ticketmaster site so the money must be going into the club's bank account? Thanks Jorvik, some fans on here seem to think that we, as fans, have no right to query anything. I think that we have every right to ask the question as to why we have taken out a loan from a third party Company or in fact to ask if it is a loan! From my personal business experence I would not be seeking a loan from a newly registered 1 Director £100 Share Company. If we have in fact borrowed £241K from a 3rd party business then it raises in my mind a lot of questions regarding the financial state of the club Edited January 26, 2016 by ChaddySmoker Quote Link to comment Share on other sites More sharing options...
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