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PTB/Trust meeting with Lemsagam.


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Abdallah is bleating on about unforeseen debts that only came to light, after he bought the club, that he had to satisfy. May I quote a well worn "Homes Under The Hammer" mantra? View the property (in this case Boundary Park and all it contains within the deal including full finance disclosure) and read the Legal Pack (speaks for itself).

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17 minutes ago, Bristolatic said:

Abdallah is bleating on about unforeseen debts that only came to light, after he bought the club, that he had to satisfy. May I quote a well worn "Homes Under The Hammer" mantra? View the property (in this case Boundary Park and all it contains within the deal including full finance disclosure) and read the Legal Pack (speaks for itself).

Maybe he should employ Dion Dublin as next manager 😄

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We need to start fundraising, PTB, OASF or any other group needs to come together now as AL is going knowhere anytime soon.

Funds need to be put in place somehow for that day when crap hits the fans.

That day will come before AL chooses to sell up.

 

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37 minutes ago, Bristolatic said:

Abdallah is bleating on about unforeseen debts that only came to light, after he bought the club, that he had to satisfy. May I quote a well worn "Homes Under The Hammer" mantra? View the property (in this case Boundary Park and all it contains within the deal including full finance disclosure) and read the Legal Pack (speaks for itself).

We've heard this before but no examples are ever provided.

He either has a claim against whoever did his due diligence or against Corney for not disclosing debts.(or it's all bollocks!!!).

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47 minutes ago, mick26 said:

We've heard this before but no examples are ever provided.

He either has a claim against whoever did his due diligence or against Corney for not disclosing debts.(or it's all bollocks!!!).


That’s what Simon Jordan said to Morallee on Talksport.  When Morallee claimed due diligence was done but all these debts come out afterwards, Jordan accused them of being amateurs and they would have a solid legal case against Corney.  Morallee then blathered about unpaid agent fees or something, which obviously isn’t the millions suggested.

 

Clearly Lemsagam has been royally f**ked over my his legal team and it wouldn’t surprise me that he was aware of the debts and still purchased on premise he was acquiring the north stand or more…either directly or given assurance that the case against Blitz would be resolved in his favour.


Add insult to injury, he then placed his belief in his brother to unearth a load of cheap gems, play them in the team, secure club success before selling them on for a profit.  In reality, Mo’s success record has been appalling - 2/3 out of 80+ and only Bahamboula will secure a profit.

 

Credit that he saved the club financially.  However I have major doubts how much he had to invest to secure that plus his expenditure since is down to his incompetence rather than paying off legacy.  The current plight of the club is his doing and yet another plan based on Mo’s scouting record isn’t going to achieve us success on or off the pitch.

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3 hours ago, deyres42 said:

OASF could suddenly find themselves holding a good hand here, potentially demand the removal of big Mo as a condition of any assistance.

It's certainly worth a try, but AL will doubtless stand behind his brother and even if by some miracle he relieved him of his duties, (a) ML could still interfere in an unofficial capacity, (b) AL would still own the club.

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7 hours ago, Worcester Owl said:

It's certainly worth a try, but AL will doubtless stand behind his brother and even if by some miracle he relieved him of his duties, (a) ML could still interfere in an unofficial capacity, (b) AL would still own the club.

Doesn't sound like he is intending on selling unless he has to do so and there's no sign of anybody being willing to buy so people need to park that idea for now and take advantage of the gains made recently.

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50 minutes ago, deyres42 said:

Doesn't sound like he is intending on selling unless he has to do so and there's no sign of anybody being willing to buy so people need to park that idea for now and take advantage of the gains made recently.

Worse then that, he suggested he has put his money into the club and cannot sell it if it means loosing his money.

 

The club budget is already low because he is not putting in any support. It is now even lower because a good chunk will come off the solidarity payment before it arrives in the bank.

 

Someone remind me why the EFL got involved in the case with Bury.  Wasn’t it to do with the owner not having enough money to run the club? 

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9 minutes ago, Pidge said:

Worse then that, he suggested he has put his money into the club and cannot sell it if it means loosing his money.

 

The club budget is already low because he is not putting in any support. It is now even lower because a good chunk will come off the solidarity payment before it arrives in the bank.

 

Someone remind me why the EFL got involved in the case with Bury.  Wasn’t it to do with the owner not having enough money to run the club? 

Yes, I guess we are lucky/unlucky depending on your viewpoint that we only appear to be in hock to Blitz rather than the banks, he didn't pull the chain last time, presumably we'll have to wait and see if he does the next time.

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2 hours ago, deyres42 said:

Yes, I guess we are lucky/unlucky depending on your viewpoint that we only appear to be in hock to Blitz rather than the banks, he didn't pull the chain last time, presumably we'll have to wait and see if he does the next time.

If, as suggested elsewhere, the rent has increased to £250k from £100k then admin looks more likely unless AL takes out loans.

Have the Foundation established if any loans, director or otherwise are showing in the accounts?

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9 minutes ago, mick26 said:

If, as suggested elsewhere, the rent has increased to £250k from £100k then admin looks more likely unless AL takes out loans.

Have the Foundation established if any loans, director or otherwise are showing in the accounts?

Yes, I certainly think it would be helpful for Mr Lemsagam to disclose this rather than the abridged accounts we have been treated to thus far in his tenure.

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8 minutes ago, oafcmetty said:

If he doesn't want to sell, it'll have to be forced though admin. Whether that's through Blitz or another mechanism is something that should be discussed. 

Fans need to realise that that means non league and a long road back though. Is there the appetite for that?

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1 hour ago, deyres42 said:

Fans need to realise that that means non league and a long road back though. Is there the appetite for that?

I'm hungry for it! (although saddened that Kidderminster have changed caterers)

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21 hours ago, Frankly Mr Shankly said:


they had if you bothered to look at their Twitter feed yesterday afternoon. 
 

 

Thanks John given they were investigating after a young lad was kicked the other week who wasn’t wearing hi vis I don’t think it was unreasonable to request they put something out. 

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1 hour ago, deyres42 said:

Fans need to realise that that means non league and a long road back though. Is there the appetite for that?

If it means that ALMO have gone and we have attracted the right owner that will care for the club in the right way, it might just be a price with paying.

 

OK, there's more than a few clubs that have dropped into the National League in its various guises, but others have come back. Some have taken longer than others, some have still not managed it, but the likes of Tranmere and Bristol Rovers have achieved it.

 

Look at what Harrogate, Barrow and Sutton have done. They had a worse starting point than Latics. It just might not be the disaster that some expect.

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