The following is correct to the best of my understanding and memory. If anyone wants to correct me on anything then please go ahead. What I'm trying to do in the first 2 paragraphs is describe to those who may be unaware, some of the financial history of the dealings in GFC and its owner to provide the background of what follows. Priestfield Developments Ltd. was the vehicle that Paul Scally used to buy from and then sell back to GFC the Priestfield Road ground. He actually paid £10m to GFC for the ground which became an asset (I believe the only asset) of Priestfield Developments Ltd. It was shown in the accounts as such. This was mortgaged to Bank of Scotland (in June 2008), and the mortgage discharged in August 2011. Despite the mortgage to BoS being settled, the accounts for the year ending 31st May 2012 still showed the company having creditors of £9.05m. As there is no record of any mortgages or other charge on the company (presumably because the company by that time no longer had any assets as the ground had been sold back to GFC), that / those creditors are either unsecured, or secured against other (unknown) assets. That was the same situation in the last published accounts that have been made publicly available, for the year to 31st May 2015. On 5th October an application was published on Companies House website to strike the company off the register of companies - effectively to dissolve the company. Now, this isn't going to happen unless the creditor(s) have been settled in full, otherwise the company is insolvent and would have to be liquidated. So, someone, somewhere appears to have written off a shade over £9m. This was always going to be pretty inevitable after the ground was sold back, but it would be interesting to know the background. Not that we ever shall, probably. Or at least not in the near future. But I'm just wondering if this has anything to do with the development of the new ground, although I can't find anything that would lead me think that a new company has been formed yet to oversee that operation.
Thanks for that - suddenly all of JE's decisons have become totally clear ! I could have said ..... I wouldn't trust him a far as I can throw him -- or I doubt even his own left hand knows what his right hand is doing ! nb - just to clarify - only one of the last two pearls of wisdom concern JE
