BrahimHemdani 1 Posted March 25, 2014 Share Posted March 25, 2014 even cheaper well done my letham. now he deserves credit. Agreed, which may be why there is no mention of the security, so it would appear that he has taken that, in order to give a relatively low rate of around 9% APR. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted March 25, 2014 Share Posted March 25, 2014 Not at all. It shows their initial decision was a poor one and casts doubts on their work. Especially when the CEO said we didn't need such funding only a few weeks before organising the high interest loan. The Letham offer backed them into a corner and there was no way they couldn't have refused it. Under no circumstances can they given credit for accepting an offer that saves the club around £100,000 given they were the ones who nearly cost us that in the first place. I try my best to be fair and impartial when it comes to discussing all the issues at the club and, FWIW, I'm hoping Wallace is doing a good job. However, in this case, he has looked less than convincing. Sometimes, you just have to say it as it is. I'd rather see what the 120 day review has brought up before making these judgements 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 25, 2014 Share Posted March 25, 2014 Agreed, which may be why there is no mention of the security, so it would appear that he has taken that, in order to give a relatively low rate of around 9% APR. hes also said his preferred option is to take shares costing the club nothing. or failing that he will reinvest the 45k. its essentially interest free. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted March 25, 2014 Share Posted March 25, 2014 i sincerely doubt Ahmed claim was anything new it had been ongoig for many many months. it was far more likely a bit of ****ery they got caught out in. don't forget there was a 2.5 million pound credit facility in place last summer. IIRC, they said that was still in place when trying to dodge questions at the AGM. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 25, 2014 Share Posted March 25, 2014 I'd rather see what the 120 day review has brought up before making these judgements what we on now about 20 days to go. should be interesting. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted March 25, 2014 Share Posted March 25, 2014 IMHO, it was - as had been intimated to King - worked out hastily with regards to that pending court case / legal stuff, as far as we know Ahmad's attempt to freeze 500k plus. Could it have been dealt with differently? Sure. Now it has been solved, Laxey kept their face (and stood true to their word) and "the board" got out of that "necessary" if ill-fated loan. After King's claim to pump 30m plus into the club, which might actually come to pass, this week looks brighter by the day. The club knew of the Ahmad court case last September. The short-notice loan stuff sounds as weak as the argument that the rates were suitable. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted March 25, 2014 Share Posted March 25, 2014 I'd rather see what the 120 day review has brought up before making these judgements You think this review will point out the board's weakness when it came to an inflated interest loan? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 25, 2014 Share Posted March 25, 2014 IIRC, they said that was still in place when trying to dodge questions at the AGM. i suspect it was to get us signed of as a going concern last Summer. it probably wasn't real as such. this is probably similar in respect of the half year figures. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,245 Posted March 25, 2014 Share Posted March 25, 2014 The club knew of the Ahmad court case last September. The short-notice loan stuff sounds as weak as the argument that the rates were suitable. Maybe so, but who can say that they knew the details and whether Ahmad's attempt to freeze money was a rather new attempt of him to get his money? Just saying. At the end of the day we got rid of the loan deal and that's that. King looks to the future and we would do well not to highlight stuff of the past time and again. Which is not to say that we should forget it. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted March 25, 2014 Share Posted March 25, 2014 i suspect it was to get us signed of as a going concern last Summer. it probably wasn't real as such. this is probably similar in respect of the half year figures. You may well be onto something there, as that would certainly explain why the £2.5m facility just mysteriously up and vanished leaving the Club in a tough spot when the funds started drying up. The other thought that had crossed my mind is that the £2.5m facility exited stage left along with Richard Hughes. 0 Quote Link to post Share on other sites More sharing options...
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