RST AGM Tomorrow

[boss 0]

this was not a loan, interest free or otherwise

 

It was, though, a guarantee - MD publicly stated it was.

[plgsarmy 111]

It was, though, a guarantee - MD publicly stated it was.

 

 

And it was paid off, the majority a few months later rather than this '2 year' period that people have made up.

[Frankie 8,182]

And it was paid off, the majority a few months later rather than this '2 year' period that people have made up.

 

The statement from MD suggests the issue begun in 2008 and he only paid any money he owed off in August this year. As such, while the details may not explain this in depth, the '2 year' period is not made up - more an understandable generalisation from the existing information.

 

The quicker the Trust make an official statement on the matter the better so people don't get confused and the finer detail can be used to come to a fair conclusion for all.

 

Edited September 24, 2010 by Frankie

[plgsarmy 111]

The statement from MD suggests the issue begun in 2008 and he only paid any money he owed off in August this year. As such, while the details may not explain this in depth, the '2 year' period is not made up - more an understandable generalisation from the existing information.

 

The quicker the Trust make an official statement on the matter the better so people don't get confused and the finer detail can be used to come to a fair conclusion for all.

 

 

Frankie, he thought it was paid off but there was still �£30 outstanding in August which he subsequently paid when it was brought to his attention.

[Frankie 8,182]

Frankie, he thought it was paid off but there was still �£30 outstanding in August which he subsequently paid when it was brought to his attention.

 

Like I say, if the RST make an official statement then any confusion can be put to rest.

 

I assume the Trust will be informing their members of this farce?

[wabashcannonball 0]

Gordom Gekko eat yer heart out.

[plgsarmy 111]

Like I say, if the RST make an official statement then any confusion can be put to rest.

 

I assume the Trust will be informing their members of this farce?

 

We will be making a statement.

[craig 5,199]

Craig, I understand you are not aware of all the facts and circumstances surrounding this. I'm not at liberty to divulge information on a public forum until our members have been informed. However, to be clear, this was not a loan, interest free or otherwise. Knowing the circumstances, our auditors were very clear about that.

 

 

That may legally be the case... but if it wasnt a loan then why did the Trust not make greater demands to collect it ? Any company worth their salt would not allow their debtors to have a two year payment term.

 

The Trust should have been demanding the funds be paid. Simples. And if they weren't then the outstanding amount is nothing more than an interest-free loan.

 

You, and MD, can sugar-coat it all you like - and indeed get as many legal opinions as you like - but the reality is that if the Trust was not pursuing the money then it looks like a loan. If it walks like a duck, quacks like a duck... etc etc.

 

Yes, you are right, I dont have all the facts - so you can take out anyone's name, apply it to any organisation and I would still make the same statement. The principle is the same.

[wabashcannonball 0]

Interesting. http://www.rangersmedia.co.uk/homepage/index.php/component/content/article/41-finances/644-the-bank-of-rst-get-your-interest-free-loan-here-.html

[craig 5,199]

Frankie, he thought it was paid off but there was still �£30 outstanding in August which he subsequently paid when it was brought to his attention.

 

Should the Trust not have been raising the outstanding amount with him a lot sooner though ? Even though a small amount, the fact remains that some of his debt/guarantee to the Trust WAS outstanding for quite some time.

 

Surely the Trust would have been sending reminders about the amounts still owed ?

 

Not trying to be argumentative, just to gain an understanding as to why these things wouldnt be in place.