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FPP to take full control

Discussion in 'Sunderland' started by Whiteleas Wanderer, Jan 19, 2020.

  1. Kittenmittons

    Kittenmittons Well-Known Member

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    Very very small one re: STID2

    https://www.bbc.co.uk/sport/football/52067392

     
    #2541
    6inarow likes this.
  2. Smug in Boots

    Smug in Boots Well-Known Member

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    upload_2020-4-1_11-46-53.jpeg
     
    #2542
    John 11:35, BigPete, DH4 and 4 others like this.
  3. Sydney Greenstreet

    Sydney Greenstreet Active Member

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    did that big thing that madbob said was happening on friday materialise
     
    #2543
  4. alan reed

    alan reed Well-Known Member

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    what do you think?
     
    #2544
  5. ISOE II

    ISOE II Well-Known Member

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    Those two investors on STID could be Bob’s mates or just two random jobbing actors from Eastbourne Repertory Company.
     
    #2545
  6. Smug in Boots

    Smug in Boots Well-Known Member

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    No mate, there wasn't even a meeting.

    His claim that Donald paid the Americans back seems to be a load of nonsense.
     
    #2546
    DH4, BigPete, Gil T Azell and 2 others like this.
  7. Blond Bombshell

    Blond Bombshell Well-Known Member

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    This

    Nothing has happened

    Why talk about something before it happens as you are damaging the chances of it getting of the ground.

    Wish they'd learned by now
     
    #2547
    Smug in Boots likes this.
  8. ROKER PARK

    ROKER PARK Well-Known Member

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    A toast to the owners, or Smug is getting a bit of crumpet. Not sure what he's waffling on about but I'm just a doughnut.
     
    #2548
    Smug in Boots likes this.
  9. Roppa

    Roppa Well-Known Member

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    #2549
    DH4, John 11:35 and Smug in Boots like this.
  10. Smug in Boots

    Smug in Boots Well-Known Member

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    I just don't get it.

    Calling people dummies for doubting the loan was paid back ages ago when he must know it's easily checked ...

    ... or perhaps he doesn't.

    The situation is that the people 'loaning' the money have deliberately put themselves in the position that they could easily become the owners by default.

    Why on earth would they do that just to loan millions at a very low interest rate ....

    ... even if it's repaid the exchange rate could mean they could lose out, unless its ER linked.
     
    #2550
    John 11:35 and ISOE II like this.

  11. Brainman

    Brainman Well-Known Member

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    The loan might have been repaid.
    The charge registered at companies house only becomes relevant if the loan is not repaid.
    Once it has been repaid the charge can be removed from the companies house register. I don't think it's automatic though.
    The charge will not be removed from companies house records until somebody submits the relevant form.
    Having said that, the loan probably hasn't been repaid, but I don't think the fact that the charge is still there is definite proof.
     
    #2551
    alan reed and Smug in Boots like this.
  12. sheepman

    sheepman Well-Known Member

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    I don't think the charge still outstanding really means anything regarding a potential sale.

    But Bob claiming the debt had been paid off made no sense at all.

    Most sales of businesses would just incorporate the debt into the sale
    Either sell with the debt at a higher price and settle the debts in the process
    or sell for a lower price and pass responsibility to the buyer.

    Haven't read the charge doc mind so depends whats in that and I'm no real expert and stand to be corrected
    but the thought of SD forking out to pay off the debt first then selling the club makes no sense to me.

    All we do know for certain is that FPP still have skin in the game and SD needs their authority to sell
    Until any new buyers make themselves known. Nothing much has changed.
     
    #2552
  13. BigPete

    BigPete Well-Known Member

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    Berb knaaas nooot
     
    #2553
    Dave_39 likes this.
  14. smithy in nl

    smithy in nl Well-Known Member

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    So did the Americans put it in writing that sd can’t sell the club unless they say so?
     
    #2554
  15. sheepman

    sheepman Well-Known Member

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    So I believe. I haven't read the charge doc but sure someone on here could confirm
     
    #2555
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  16. smithy in nl

    smithy in nl Well-Known Member

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    Cheers mate arguing with a mate and I need proof :emoticon-0120-doh:
     
    #2556
  17. sheepman

    sheepman Well-Known Member

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    Bored so had a read of the charge doc.
    Probably old ground but to settle your argument.
    They have a "Negative Pledge Charge" in the loan which basically says SD can't sell anything that the loan is secured against
    (which is to all intents and purposes the club) without FPP agreeing.

    Not an expert but think this is a fairly standard clause.
    Doesn't mean that FPP wont be happy to give permission mind as long as the any buyers can pay back the loan
     
    #2557
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  18. Roppa

    Roppa Well-Known Member

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    It’s not automatic m8, it’s up to madrox to actually remove it. My points would be, they were quick enough to register it and, the accountants who arranged the repayment surely will have the wit and professionalism to fill in all relevant paperwork, although having watched stid2 perhaps not.
     
    #2558
  19. Roppa

    Roppa Well-Known Member

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    They can’t sell the assets, that’s why there’s a charge on them, the assets being the academy and sol principally.
     
    #2559
    smithy in nl and Smug in Boots like this.
  20. smithy in nl

    smithy in nl Well-Known Member

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    cheers,
    Where can I read that?
     
    #2560

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