BrahimHemdani 1 Posted February 26, 2014 Author Share Posted February 26, 2014 The Notes of the first meeting (14/02/2014) are now up on the web site. The Notes of the 2nd and 3rd meetings will be up imminently. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,247 Posted February 26, 2014 Share Posted February 26, 2014 Very interesting Brahim , I am still unsure about the term used for money pledged being "donartions" just exactly happens to this money if say any person falls on a hardship which means they are unable to continue their monthly amounts , surely they dont lose their money/donations . Can you get this cleared up for us 0 Quote Link to post Share on other sites More sharing options...
plgsarmy 111 Posted February 26, 2014 Share Posted February 26, 2014 Very interesting Brahim , I am still unsure about the term used for money pledged being "donartions" just exactly happens to this money if say any person falls on a hardship which means they are unable to continue their monthly amounts , surely they dont lose their money/donations . Can you get this cleared up for us I asked the question at the meeting rbr as it is as I suspected. The monthly 'donation' is indeed that and for this your money goes towards the collective shareholding and it gives you a vote but if you stop, for whatever reason, you get nothing back and have no more rights. Richard did say that if this happened there was 'something that could be done' but he didn't elaborate. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 26, 2014 Author Share Posted February 26, 2014 (edited) Very interesting Brahim , I am still unsure about the term used for money pledged being "donartions" just exactly happens to this money if say any person falls on a hardship which means they are unable to continue their monthly amounts , surely they dont lose their money/donations . Can you get this cleared up for us. This was raised again at the 3rd meeting, rbr. As previously mentioned I have been asked not to publish my own draft Minutes/Notes here ahead of publication on the web site but as I understand it the monthly contribution is indeed a donation/membership fee and as with any organisation if you chose not to continue paying you do not get your money back. That said, I think you are making a valid point about hardship and whilst I wouldn't expect a refund I think there is a case to be made for allowing membership to continue for a certain period in circumstances that could be reviewed on a case by case basis. However that is just an opinion, it has not been discussed in that detail as yet. Also if the scheme does attract thousands of members it would be very difficult to look at individual cases. I would also refer you back to rea's post #4. Edited February 26, 2014 by BrahimHemdani 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted February 26, 2014 Share Posted February 26, 2014 I asked the question at the meeting rbr as it is as I suspected. The monthly 'donation' is indeed that and for this your money goes towards the collective shareholding and it gives you a vote but if you stop, for whatever reason, you get nothing back and have no more rights. Richard did say that if this happened there was 'something that could be done' but he didn't elaborate. So say I put in a lump sum of £10,000 and then put in no more, is it the case that I have no rights, but someone who is putting in £5/month every month does? Surely it can't work like that? Likewise I look forward to an explanation. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 26, 2014 Author Share Posted February 26, 2014 So say I put in a lump sum of £10,000 and then put in no more, is it the case that I have no rights, but someone who is putting in £5/month every month does? Surely it can't work like that? Likewise I look forward to an explanation. My understanding is that lump sums (outside of paying an annual membership) would be dealt with on a different basis and would obviously have to have voting rights. One way (and again it has not been discussed) might be to grant a lifetime membership for a certain figure. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 26, 2014 Author Share Posted February 26, 2014 So say I put in a lump sum of £10,000 and then put in no more, is it the case that I have no rights, but someone who is putting in £5/month every month does? Surely it can't work like that? Likewise I look forward to an explanation. Can we take that as a commitment, BD; would have thought you would be good for £50,000 at least. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted February 26, 2014 Share Posted February 26, 2014 My understanding is that lump sums (outside of paying an annual membership) would be dealt with on a different basis and would obviously have to have voting rights. One way (and again it has not been discussed) might be to grant a lifetime membership for a certain figure. Hmmm. I'm uncomfortable with that concept. My example was an extreme example, but let's say someone sticks in £50 for a couple of years and then stops and someone starts and pays in £5 for one month. the latter can be a decision maker/voter but the former is not and ceases to have any say just because they stop paying in. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,247 Posted February 26, 2014 Share Posted February 26, 2014 This is a serious setback IMHO , no sane person will in their right mind contribute to something possibly in the thousands of pounds mark yet get no return , no safety net nor any ability to get their money back , infact this sounds like a trumped up ponzie scheme , to say I'm disappointed is an understatement in the extreme as I'm sure many fans will be . I think you can forget the figure of 20,000 , maybe 200 mugs possibly Sent from my iPhone using Tapatalk 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 26, 2014 Author Share Posted February 26, 2014 This is a serious setback IMHO , no sane person will in their right mind contribute to something possibly in the thousands of pounds mark yet get no return , no safety net nor any ability to get their money back , infact this sounds like a trumped up ponzie scheme , to say I'm disappointed is an understatement in the extreme as I'm sure many fans will be . I think you can forget the figure of 20,000 , maybe 200 mugs possibly Sent from my iPhone using Tapatalk That's not the suggestion at all, rbr. HNW individuals or others contributing large lump sums will get a return as their investments will be dealt with as loans or debentures. All the money will be invested in shares or otherwise to benefit the club with full transparency and the proper oversight. You don't know me personally but I had a 34 year unblemished record in financial services including 5 years as a regulator and can assure you that I would not be involved in anything remotely dubious. 0 Quote Link to post Share on other sites More sharing options...
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