The Circular

[Jim1955 12]

That sums it up. I just hope we have enough wagons as well (just in case).

[rover 0]

It would seem that our very future is to be decided by a tax tribunal, one we were told we would win, it appears our new regime are not as certain as they claimed to be, on that front.

Whatever the outcome of the tribunal the new regime have made it clear they cannot and will not lose financially, the club will end up the loser in any adverse decision by the tribunal, totally underwhelming and a worry I thought removed.

The worry is that our new owner can make a great deal of profit from Pre-Pack Administration, I was disappointed to see much emphasis put on admin by our owners circular, a most worrying subject for the circular to dwell on.

Hopefully we get the correct decision from the tribunal, the consequences of an adverse one depending on its content, could be devastating to the club.

[Bluedell 5,346]

We weren't told that we were going to win the tax cae.

 

Of course everyone puts forward the front that they are confident that they are going to win the case. You wouldn't expect them to do anything else or else it would have a negative impact on the result.

 

The worst case scenario of the tax case was always going to result in administration, under any regime.pre-pack would probably be the best for the club under these circumstances.

 

Why am I not surprised that you would take the negative from the circular?

[Bluedell 5,346]

Totally irrelevant but

 

Utah man faces fine for paying bill with 2,500 pennies

Julia Kollewe

Jun 6th 2011 at 10:00AM

 

 

It's always a good idea to spend your change rather than letting it pile up at home.

 

On the other side of the pond, a Utah man faces a charge for disorderly conduct and a hefty fine, after paying for a medical bill with 2,500 pennies.

 

 

Jason West went to Basin Clinic in Vernal on 27 May to dispute an outstanding $25 bill, the Deseret News of Salt Lake City reports.

 

Apparently, after asking staff whether they accepted cash, West unceremoniously dumped 2,500 pennies on the counter and demanded that staff count them. The coins were scattered everywhere.

 

Assistant Vernal Police Chief Keith Campbell says this upset staff because pennies were strewn about the counter and floor. He argued that West's action served "no legitimate purpose."

 

Police later charged the 38-year-old man with disorderly conduct. If found guilty, he could face a fine of up to $140. Or 14,000 pennies.

[the gunslinger 3,366]

so it seems aj was right to doubt whether whyte has the cash for future investment.

 

out of interest what happens if whyte reneges on these commitments in this circular.

[calscot 0]

Seems to me that Whyte is just being cagey until the tax case is resolved. He seems to have planned for optimistic, pessimistic and neutral scenarios - as a good businessman would...

 

If we win the case or only take a small hit then it is likely that the debt will be waived. If we lose and take a big hit, it won't be but the club may have to go into administration and money will have to be found to dig us out of the tax hole to keep us as a going concern and therefore the debt will need to be repaid. In a middling scenario, you would expect some of the loan to be turned into share equity and perhaps some owed depending on how much the tax bill is.

 

I think people are confusing rightfully protecting one's interests with something a lot more nefarious. Perhaps that heightened scepticism bordering on deep suspicion is SDM's real legacy.

[Bluedell 5,346]

I think people are confusing rightfully protecting one's interests with something a lot more nefarious. Perhaps that heightened scepticism bordering on deep suspicion is SDM's real legacy.

 

Very much so, which is a shame.