GlossopLatic Posted June 20, 2022 Share Posted June 20, 2022 1 minute ago, yarddog73 said: Nice to hear Corney handed everything over ship shape as promised - £40k just to have the finances audited. Haven't got to that but but it depends what needed doing Auditors (bless em) are not cheap. Quote Link to comment Share on other sites More sharing options...
lookersstandandy Posted June 20, 2022 Share Posted June 20, 2022 (edited) 38 minutes ago, GlossopLatic said: Just on to the court case bit. If he wins it which suggests that the stand cannot be passed onto another party without legal consent so we then could own the North Stand but then Sinon Blitz is then owed that £3.5million which if called in straight away and bear in mind he probably would and we can't pay it we go under. So Abdallah loses either way. Is that correct? That’s pretty much as I see it, yep….. which is why the only way out of this seems to be a settlement before it gets to court. Edited June 20, 2022 by lookersstandandy 1 Quote Link to comment Share on other sites More sharing options...
GlossopLatic Posted June 20, 2022 Share Posted June 20, 2022 13 minutes ago, lookersstandandy said: That’s pretty much as I see it, yep….. which is why the only way out of this seems to be a settlement before it gets to court. So he's literally purusing a court case which whatever the outcome he loses. Is he of stable mind, seriously I think he might be mentally unstable. Quote Link to comment Share on other sites More sharing options...
tGWB Posted June 20, 2022 Share Posted June 20, 2022 Reading the thread I'm now wondering if I listened to the same one but here goes One of the best BPAS podcasts so far for me, thanks Andy Stand outs for me, well to be honest, all I heard really: No bank reconciliations under the previous regime before the Lemsagams is off the scale shocking Even more uncertainty about when Blitz got involved, especially after Paul Whitehead and Simon Brooke stated on an earlier BPAS podcast that Blitz only got involved when the groundworks and steel had gone into the North Stand build Interesting that Shahed stated the club in his opinion are right to pursue the North Stand ownership in the courts, mentioning a clause in the documentation on transfer of ownership Couldn't breathe with laughing so much on his response to the question put to him regarding valuations "Both valuations are bullshit" "The ground and land isn't worth £6m or £5m, maybe £4m and anyone paying £6m has got too much money" "Anyone paying £1 for the club and badge is paying a £1 too much" Shamed stated Abdallah hates Paul Whitehead and Simon Brooke and reckons vice versa (no surprise there I guess) but it pretty much rules out any concessions being negotiated in the best interest of our supporters What a f>*kin mess eh Am well looking forward to the Legends game though, cant wait to get a glimpse again of the truly magical David Eyres Oh, Barry 'Vladamir' Putin calling us all "Rebels" was an absolute gift to our supporters, the man just keeps on feeding us Quote Link to comment Share on other sites More sharing options...
kowenicki Posted June 20, 2022 Share Posted June 20, 2022 2 hours ago, LaticMark said: Asked how much the club is worth Shahed said: "Anyone paying £1 is paying £1 too much." He also said the ground is worth around 3m. I think £3m for the club and ground seems fair. Which is why we are f**ked as the two parties concerned are living in fantasy land. Quote Link to comment Share on other sites More sharing options...
Monty Burns Posted June 20, 2022 Share Posted June 20, 2022 2 hours ago, Chaddyexile84 said: Is there any date yet for this court case? Never. Quote Link to comment Share on other sites More sharing options...
Dave_Og Posted June 20, 2022 Share Posted June 20, 2022 Since when was an accountant a property valuation expert? 1 Quote Link to comment Share on other sites More sharing options...
Whitts Posted June 20, 2022 Share Posted June 20, 2022 2 hours ago, GlossopLatic said: Just on to the court case bit. If he wins it which suggests that the stand cannot be passed onto another party without legal consent so we then could own the North Stand but then Sinon Blitz is then owed that £3.5million which if called in straight away and bear in mind he probably would and we can't pay it we go under. So Abdallah loses either way. Is that correct? Playing Devils advocate, if the stand cannot legally be passed on and it is legally owned by OAFC, the club may be able to secure funding against the Asset, which could pay off Brassbank and complete the build. All future profits and rents going back to the club which are then used to payback any borrowing and eventually make a profit. It really is a tangled Web and the interview today just highlights what a mess our club is in. Quote Link to comment Share on other sites More sharing options...
Chaddyexile84 Posted June 20, 2022 Share Posted June 20, 2022 44 minutes ago, Dave_Og said: Since when was an accountant a property valuation expert? They aren't And neither are any of us but yet we've called bullshit on Uncle Blitz valuation for years Him and Corney are crooks - that interview shows it and they can both sue me for saying as much 1 Quote Link to comment Share on other sites More sharing options...
underdog Posted June 20, 2022 Share Posted June 20, 2022 It's a right mess. You think you have a handle on something and another grenade lands. It's going to take some serious forensics/legal interpretation before we see some light. Who owns what, what's for sale, how much. Everyone is entrenched in All we can do is be ready the best we can & ensure this mess does not happen to OAFC or any club again Quote Link to comment Share on other sites More sharing options...
League one forever Posted June 20, 2022 Share Posted June 20, 2022 Can anyone see a plausible or realistic way out? Quote Link to comment Share on other sites More sharing options...
yarddog73 Posted June 20, 2022 Share Posted June 20, 2022 6 minutes ago, League one forever said: Can anyone see a plausible or realistic way out? No and I suppose we are seeing the results of ten years or more of rank mismanagement coming to fruition, not defending Abdallah at all but he's been fucked over good and proper, imagine having to fork out 40k just to get an handle on the previous incumbents finances, was always going to fail in my eyes and that's before you factor in his poor business acumen. Quote Link to comment Share on other sites More sharing options...
Ritchierich Posted June 20, 2022 Share Posted June 20, 2022 15 minutes ago, League one forever said: Can anyone see a plausible or realistic way out? ….sadly, yes, but not in the way you mean Quote Link to comment Share on other sites More sharing options...
underdog Posted June 20, 2022 Share Posted June 20, 2022 (edited) 53 minutes ago, League one forever said: Can anyone see a plausible or realistic way out? OASF/PTB/FLG/taskforce/consortium. Complete new owners of asset and club. How, when, etc is another matter. Asset locking along the way so we are not in this mess again or future fans are not in this mess way after I am gone Edited June 20, 2022 by underdog Quote Link to comment Share on other sites More sharing options...
GlossopLatic Posted June 20, 2022 Share Posted June 20, 2022 23 minutes ago, yarddog73 said: No and I suppose we are seeing the results of ten years or more of rank mismanagement coming to fruition, not defending Abdallah at all but he's been fucked over good and proper, imagine having to fork out 40k just to get an handle on the previous incumbents finances, was always going to fail in my eyes and that's before you factor in his poor business acumen. He should have had a handle on that before the transaction to buy the club took place. Its his fault he should of insisted on seeing the lot before he purchased the club. He fucked himself over by not understanding this fully instead he just went ahead thinking he was playing football manager and that it would be alright. If he didn't understand it himself he should have got professional people in to look at it thoroughly. 5 Quote Link to comment Share on other sites More sharing options...
GrahamHughes Posted June 20, 2022 Share Posted June 20, 2022 Enjoyed listening to that and good to hear from someone without an axe to grind whose worked with the current owners give an honest assessment.He’s definitely not the only one with said views.Props to Andy and Matt,you’re getting good at this! Quote Link to comment Share on other sites More sharing options...
GrahamHughes Posted June 20, 2022 Share Posted June 20, 2022 4 minutes ago, GlossopLatic said: He should have had a handle on that before the transaction to buy the club took place. Its his fault he should of insisted on seeing the lot before he purchased the club. He fucked himself over by not understanding this fully instead he just went ahead thinking he was playing football manager and that it would be alright. If he didn't understand it himself he should have got professional people in to look at it thoroughly. You both raise some valid points,what’s undeniable is the gross mismanagement of the club since he took over and the role Blitz has played in our demise. 1 Quote Link to comment Share on other sites More sharing options...
GlossopLatic Posted June 20, 2022 Share Posted June 20, 2022 16 minutes ago, GrahamHughes said: You both raise some valid points,what’s undeniable is the gross mismanagement of the club since he took over and the role Blitz has played in our demise. Undeniably. I just can't feel any sympathy for Abdallah for taking over the mess or buy into this notion that he was duped. You have a due diligence process in place to find stuff like this out before you buy a business and either it wasn't followed or it was sbd he just didn't pay attention thinking it would be alright. 1 Quote Link to comment Share on other sites More sharing options...
LightDN123 Posted June 20, 2022 Share Posted June 20, 2022 I still can’t believe we paid that Meing 10k a week. What the fuck was he thinking Quote Link to comment Share on other sites More sharing options...
tGWB Posted June 21, 2022 Share Posted June 21, 2022 (edited) 10 hours ago, Dave_Og said: Since when was an accountant a property valuation expert? Fair point but this is the opinion of an ex Finance Director of the football club who has had to wade through the mess Am not a property valuation expert but am pretty confident that an ex football league club with a stadium that needs at least a £million spending on it to bring it up to a decent standard just isnt going to be worth more than c£3m at best, Blitz landed here in 2003 but ‘stood back’ as owner in 2010 and still hasnt been able to find a buyer which magnifies how bonkers recent ‘valuation estimates’ are Regarding the shocking revelation from Shahed that under the Corney regime no bank reconciliations had been completed for 6 years, is there anyone still involved with the club who was in a position of influence throughout that period ? Edited June 21, 2022 by tGWB Quote Link to comment Share on other sites More sharing options...
Pidge Posted June 21, 2022 Share Posted June 21, 2022 Having met Shahed several times, we heard him really trying to be guarded and careful. The real Shahed appeared a few times, the comments about the different valuations. However, despite being careful there were some very interesting comments that debunked the story that AL has fed us. Didn’t we get told before that AL was having to find £200,000 every month? While that may be true during the first few months funding certain players at over £10,000pw, it certainly hasn’t been the case for the past 2 and a half years according to Shahed. He said AL was great at coming up with £50,000 at short notice, but Shahed also said he stopped contacting him much, presumably because he didn’t get the money he needed. Shahed seems to have recommended the EFL loan, so that wages would get paid. I read that between the lines, things have been worse then Shahed has admitted. Quote Link to comment Share on other sites More sharing options...
Frankly Mr Shankly Posted June 21, 2022 Share Posted June 21, 2022 Who was the finance director or club accountant in the Corney era? Quote Link to comment Share on other sites More sharing options...
Lee Sinnott Posted June 21, 2022 Share Posted June 21, 2022 21 minutes ago, Frankly Mr Shankly said: Who was the finance director or club accountant in the Corney era? Wasn't it @GlossopLaticbefore he became Chief Exec...? 5 Quote Link to comment Share on other sites More sharing options...
oafc1955 Posted June 21, 2022 Share Posted June 21, 2022 (edited) AL has apparently been offered £1.5m fairly recently and was absolutely crazy to have turned it down. We are out of the EFL and as Shaheed has said, unfortunately, the club is now worthless….if he can find any interested parties willing to take on any of the outstanding debt he should be gone as the situation will only get worse from here on in!! As for Blitz who has said previously on several occasions that he doesn’t want to see this club go to the wall and wants BP to always be the home of OAFC is going to have to be realistic with any potential bidders because this site as a football stadium is not worth anything like his asking price!! The OASF along with the fans groups should be concentrating all their efforts on Blitz….let’s see if he’s true to his word and is willing to compromise!!! Edited June 21, 2022 by oafc1955 Quote Link to comment Share on other sites More sharing options...
GlossopLatic Posted June 21, 2022 Share Posted June 21, 2022 Neil Joy was FD for a while then he took over from Alan Hardy as chief executive. Don't know if we had an FD inbetween then and Shahed although an organisation the size of Latics wouldn't necessarily need one they woukd need a Financial Controller and a couple of people working underneath them. Quote Link to comment Share on other sites More sharing options...
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