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I think it was McColl and Murray along with possibly one or two others but I wasn't there. ;)

 

One would imagine there will be more of these meetings ahead of the AGM. I'd suggest they should be opened up to more fans as well.

 

You shouldn't have to be a member of any particlar group in order to attend; the vast majority of fans are not members of any group.

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You shouldn't have to be a member of any particlar group in order to attend; the vast majority of fans are not members of any group.

 

I can understand any initial meeting being limited to a few reps but I'd say a more open future meeting would be agreeable.

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Sorry, don't follow you on that.

 

A loan can be secured i.e. with a legal charge against property or other assets (think Ticketus, apparently secured on season tickets) or unsecured i.e. without any legal charge over property or other assets.

 

I think you are referring to the interest being , which many would agree with, but is not a case of being secured or unsecured.

 

BTW I don't know the details of the loan, I am just assuming it was unsecured because of the extraordinarily high interest rate.

 

The point I was trying to make was, there was no need for any "loan" to be "secured". They were effectively lending money to themselves in order to keep the lights on, and charging "themselves" a ridiculous rate of interest for the pleasure. There was no justification for that rate of interest, when there was a very low risk of them not getting it back when the season book sales started. Besides all that, it's not like the club doesn't have assets that a loan could be secured against, there was just no need for it.

 

There's some very clever businessmen in and around the club, it's just a pity that few of them were/are working for the benefit of the club. They are more than happy to appear as bungling idiots who don't have a clue, all the while their bank balances are growing by the minute. Green's comedy acts, his Xmas message, and big Yorkshire hands speeches are perfect examples of this. They done their research and knew their audience, and if it wasn't our club, you could only stand back and admire it. Capitalism at it's disgusting worst. It doesn't get much lower than taking advantage of peoples emotional connections to something to make a shit load of money. Vile scumbags.

Edited by TheTinMan99
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The point I was trying to make was, there was no need for any "loan" to be "secured". They were effectively lending money to themselves in order to keep the lights on, and charging "themselves" a ridiculous rate of interest for the pleasure. There was no justification for that rate of interest, when there was a very low risk of them not getting it back when the season book sales started. Besides all that, it's not like the club doesn't have assets that a loan could be secured against, there was just no need for it.

 

There's some very clever businessmen in and around the club, it's just a pity that few of them were/are working for the benefit of the club. They are more than to appear as bungling idiots who don't have a clue, all the while their bank balances are growing by the minute. Green's comedy acts, his Xmas message, and big Yorkshire hands speeches are perfect examples of this. They done their research and knew their audience, and if it wasn't our club, you could only stand back and admire it. Capitalism at it's disgusting worst. It doesn't get much lower than taking advantage of peoples emotional connections to something to make a shit load of money. Vile scumbags.

 

Couldn't argue with any of that; and if put to the test then they will have to be able to demonstrate that they could not have obtained better terms elsewhere.

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Couldn't argue with any of that; and if put to the test then they will have to be able to demonstrate that they could not have obtained better terms elsewhere.

 

Im sure they could have got a bank loan at more favourable terms, but I doubt it was the purpose of these loans. It smacks of a away to "legally" bleed the club dry, much the same as Ahmad done.

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Why did they need the loan in the first place - weren't they supposed to have sufficient funds in place to both buy and run the Club at the outset? or was that just more of Charles Green's moonshine? The fact that they needed to the loan suggests that they were not at all organised. It's a good job Naismith and co walked or the Club would have been in real trouble.

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Why did they need the loan in the first place - weren't they supposed to have sufficient funds in place to both buy and run the Club at the outset? or was that just more of Charles Green's moonshine? The fact that they needed to the loan suggests that they were not at all organised. It's a good job Naismith and co walked or the Club would have been in real trouble.

 

D&P accepted an offer without proof of funds.

 

Green & Co were woefully undercapitalised, they intended the capital to come from the proceeds of player sales, previous prize monies and SPL season ticket and hospitality prices and commercial deals. When their Plan A failed there was no plan B and we when to living hand to mouth.

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Why did they need the loan in the first place - weren't they supposed to have sufficient funds in place to both buy and run the Club at the outset?

 

Duff & Phelps did a deal which created the supposed 'binding agreement' and then sold our club to people who used high interest loans for immediate running costs, rather than any actual investment. Therefore, responsibility for Green & co's lack of ability to fund the running costs probably falls right at the door of Duff & Phelps. Considering that the leaked Craig Whyte audio recordings clearly suggest that he knew our two administrators & their colleague David Grier very well, then it's no stretch of the imagination to consider that we were well and truly stitched up. The whole thing stinks to high heaven and always did, even during the administration.

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