But is it a debenture? Companies house show it as a variable charge on the club, that is still outstanding, and that's how it was reported back when Cellino struck the deal. Where I do agree with doc is, as I remember, the club could not make significant decisions to increase the value of the assets without either agreement of GFH or settling of charge in full. So the club can't buy back ER until one of those options is agreed. GFH are not shown in anyway as owners / stakeholders of Leeds United.
This is what we know so far in the last 24 hours. Ben Mansford (Chief executive) has left the club. please log in to view this image West Ham Managing Director Angus Kinnear has quit the hammers and is replacing Mansford. Its like a jigsaw puzzle. They just have to put all the bits into place.
The MIL has a debenture for wimbledon and the LTA. She gets to vote on items of capital expenditure ( the new roof and extended court one) and is a secured creditor, oh and she get tickets for the poxy tennis but has to pay for them. In effect she has loaned them £30k for the use of two seats and a christmas card. But if they sell up she gets a share of the sale value that greatly exceeds the £30k. As soon as she pegs it we will be flogging them.
As I recall, the only person who mentioned GFH owning shares was Mighty, and that was several days before LL's post, and knowing Mighty, tongue severely lodged in cheek. We've already had a couple of excellently concise and accurate descriptions of the situation, and everyone probably now knows all they want to know about it - which is that we don't really know anything at all about the debenture! (as you've touched on above). I read LL's dissertation on the subject, assuming he had something to add. 20 minutes later, I discovered that not only did he not have anything to add, but he simply repeated all that had been established before, but managed to take part of my life that I cannot claim back - which is a concern at my age.
Wrong again!! I have seen it!! Doc's seen it and I'm sure most on here have seen it Here you go https://www.scribd.com/document/323434531/LUFC-GFH-Debenture-MR01-6th-September-2016
Thanks for that, TC. I haven't seen it before. Will read it at my leisure as I suspect I might skip swathes if I try it in a one-er. I did scroll down a bit and the word 'Debenture' was sitting there clear as a bell, so that settles a skirmish I noticed earlier.
No probs Jock - thought you had seen it - most of it is the usual spiel, but there are some interesting bits As i said the other day, Cellino must have been vert desperate to agree to all of that!!
Can't open the doc. But I like your wrong again remark. I challenge you to point out a post where I was wrong before. I will link 100 incorrect posts of yours for every 1 of mine you can find. Q tc disappearing til august
Well I just found this one for a start & it's quite funny how I can open it, Doc can open it, Jock can open it, but clever you can't
A pal posted this on FB. Made me laugh. Enjoy ... EDIT: Seems you've got to click on 'watch on Facebook' to see it. Sorry!
Hey Mighty, you could give Malta a miss & have a go at this for a project! http://www.boredpanda.com/italy-gives-away-free-castles/
Presumably you've read the post I'm referring to if that's your reaction. Now you know how we feel meandering through your facile dissertations. Ever thought of trying to answer a question that's put to you for once - minus the usual obfuscating drivel?
Doc, no malice pal, but debentures are all different, their value depends on the details and agreements agreed to by 2 or more parties. I mentioned I didn't profess to know the details of the debenture, my comments were based on how some were speculating about how much power GFH had over LUFC, and yet, as Gombawn mentioned, no one seems to have read the full details of the debenture between LUFC and GFH. GFH own no part of LUFC, you have already agreed to this in one of my other replies to you. As far as I'm aware, the debenture allows GFH to seize assets if the agreed loan is in default by LUFC, same as any bank. I believe GFH have no voting rights in the boardroom as they have no one on the board. As I understand it, based on what some others have written, money owed to GFH is paid off every year till 2029, or, if we were promoted to PL, or, if full ownership, or controlling ownership of LUFC changes hands. GFH have taken steps to be paid in full the full amount of the loan owed once Radz acquires full ownership; which they have a right to do if it is in the agreement. GFH don't have the right to demand more than the agreed loan as per the details and agreements set down in the debenture, again, seems no one knows the full details of the agreement. As far as I'm aware, if GFH go after an asset that is valued greater than the loan owed then chances are it'll be a long court case and they'll need a lot of luck. As Adler owns ER, and someone else owns TA, and as Cellino said, LUFC don't even own the seats (may have changed) what assets are left for GFH to take if the loan is in default?............. they can't touch the players, but Leeds can sell the players to raise the money to pay off the loan............will they go for putting LUFC into liquidation? As I previously mentioned, Radz and his solicitors / backing group/s would've been made aware of the situation with GFH when Radz purchased 50% of shares from Cellino. One of the most asked questions by Leeds fans is, "when is Cellino going to buy back ER" I think that question has been answered.......
Interesting post that LL and there is genuinely no malice in my reply because I know you like Cellino (sometimes with blind faith) and I don't (also sometimes blindly). What your post does highlight is the stupidity of Cellinos careless approach to buying the club in the first place with lack of due dilligance and / or going into partnership (rather than buying outright) GFH who he evidently didn't know much about.
Nope I'm too stupid to open it. I'm too stupid to get the app that opens it. I was going to ask You to tell me what's in it but then I would have to believe the opposite to be true Maybe wj can tell me when he s got through it
