“Satisfaction” of charges at companies house and AGM...

[Medway Blue]

Something strange is afoot....

 

[brigadista]

Because the money they were owed has been paid.

Next question: where did that money to pay them back come from.

Is that a factual statement or conclusion from the satisfaction of charges? If they have indeed been repaid, I was unaware of this. Do you have a link, document to confirm as such and the tune to which each were owed?

The amount of the debts takes on greater importance in respect of your question.... who the hell paid them off?!

I haven’t been through the 17-18 accounts whatsoever yet, but the 16-17 accounts implied the club had ~£22m of debt, roughly 17-18 of which was owed to SEL. So that suggests “only” £4m ish of debt directly extended to the club. But, many of the above charges on the clubs income, stadium, training ground and other lands that have just been released were against SEL and Martin Dawn plc, so a lot more loans sloshing around than appear directly in “SUFC Plcs” books. That makes working out how much has just been repaid even harder?!

 

[danbowen]

The majority show they have been satisfied in full which to me would suggest the debt has been cleared to the specific lender

 

[Razam]

Are these all the secured debts we had? or are there more still to be settled?

 

[Firestorm]

Could the income from the new builds be what paid of the charges on those plots (Bank loans) ?

And the Sainsbury charges were as we previously thought.

Perhaps its just a bit of housekeeping to tidy things up in preparation for the FF final push ?

 

[brigadista]

Could the income from the new builds be what paid of the charges on those plots (Bank loans) ?

And the Sainsbury charges were as we previously thought.

Perhaps its just a bit of housekeeping to tidy things up in preparation for the FF final push ?

What was the situation with Sainsbury’s in the end and the compensation or such similar I think you previously referred to?

 

[Firestorm]

What was the situation with Sainsbury’s in the end and the compensation or such similar I think you previously referred to?

It was thought that the loans were advances on the sale price of RH (hence the charges being against RH) and the assumption was , from those more knowledgeable of Large construction contracts, That Sainsburys termination of the contract would have incurred some compensation, and that the loans would get written of in lieu of compensation.

Now if the compensation was to be greater than the loans.....

 

[overseas shrimper]

Because the money they were owed has been paid.

Next question: where did that money to pay them back come from.

The WAR CHEST!

 

[brigadista]

It was thought that the loans were advances on the sale price of RH (hence the charges being against RH) and the assumption was , from those more knowledgeable of Large construction contracts, That Sainsburys termination of the contract would have incurred some compensation, and that the loans would get written of in lieu of compensation.

Now if the compensation was to be greater than the loans.....

I see, I see. All makes sense, but sounds like there’s no documented evidence of any of this that anyone has had access to I presume?

...and we still don’t know how much Bank of Scotland or Anglo Irish had lent?

 

[Mad Cyril]

Ron's gaff is "Hollytree House" at the top of Essex Way in Benfleet Road.

View attachment 9360
Hollytree House​

The property detailed in the above Debentures relates to property on the corner of The Chase and Wensley Road, this could either be the 5 new builds on the left (these were all built in 2014/15 and the freeholds were also sold individually in 2014/15), or it could be the larger property on the right.

View attachment 9361
The Corner of The Chase and Wensley Road​

I have to say Ron's house is certainly the most tasteful property on Benfleet Road.

Most places are incredibly naff and tacky even for Essex.

 

[NG_Shrimp]

Between the nepotism the Virgin Island holding companies, the mysterious MEZCAL Investments and the myrad charges against our various group companies, there is no way for us to know that RM is up to. From my perspective it looks like some housekeeping or some such, perhaps to appease potential incoming investors / owners or simply to get the house in order. After the Bury and Bolton fiasco I wouldn't be surprised if a few clubs would be doing the same

 

[brigadista]

Between the nepotism the Virgin Island holding companies, the mysterious MEZCAL Investments and the myrad charges against our various group companies, there is no way for us to know that RM is up to. From my perspective it looks like some housekeeping or some such, perhaps to appease potential incoming investors / owners or simply to get the house in order. After the Bury and Bolton fiasco I wouldn't be surprised if a few clubs would be doing the same

But a bank or a large supermarket relinquishing their security over a debtors assets isn’t just “house keeping”. They don’t just release charge over assets for a laugh. It literally implies that all their debts have been paid up, which if true as the charge removals indicate, raises huge questions.

 

[SheldonW65]

Intrigued, slightly optimistic of a brighter future but equally slightly concerned because this is Ronnie and his magic beans we are dealing with.

 

[NG_Shrimp]

But a bank or a large supermarket relinquishing their security over a debtors assets isn’t just “house keeping”. They don’t just release charge over assets for a laugh. It literally implies that all their debts have been paid up, which if true as the charge removals indicate, raises huge questions.

Yes looks like they have been paid. If he can raise the debt cheaper elsewhere then perhaps he has done and paid these off in one tranch...?

 

[Bearded Shrimper]

didn't understand any of that, but let's hope it means something good. Thanks guys

 

[brigadista]

Are these all the secured debts we had? or are there more still to be settled?

Think there’s still a few charges on each of the above four companies “assets” (although we all know they are really SUFC plc’s assets)

 

[brigadista]

Yes looks like they have been paid. If he can raise the debt cheaper elsewhere then perhaps he has done and paid these off in one tranch...?

True, in which case we’d expect a fresh set of charges to appear. That said, I seem to recall a load of new ones popping up over the summer in favour of a couple of companies (one property and one finance) that guess who was a director of at least one, maybe both....? Young junior Martin!!!
So perhaps his son has been so kind as to refinance all four SUFC companies debts to prevent default and extend more favourable repayment terms?

 

[NG_Shrimp]

Hence the nepotism comment I made earlier! However at least one of the charges from Jnr Martin was one repaid.... Its the finance raised with the Zakay brothers that seems the most likely to me, if there was a consolidation. They and Ron love a Virgin Islands off shore arrangement ?
It's all conjecture tho ay, what ever it is I hope it benifits the uh long term

 

[NG_Shrimp]

*club

 

[SS3]

Interestingly, There were new charges taken out against Roots Hall, Training Ground, and the land at Roots Hall Ave earlier this year.