Committee Meeting Minutes

[Shrimperstrust]

Minutes from the Trust Committee Meeting held on 7th June 2010 ae now online in the Members Area of the Trust Website.

For further details click here.

 

[Cricko]

Thanks for the update..the only thing that puzzles me in that statement/vote is that I thought The Trust already had RM's personal guarantee on the loan?

 

[united we stand]

can yougive a summary of the update?

 

[Cricko]

can yougive a summary of the update?

I don't see any reason why not. For those non-members who wish to vote it may encourage some more people to join The Trust.



Over the last week or so – the reign of Ron Martin seemed to have become more and more untenable and yet – following numerous discussions and/or meetings with Sainsburys, The Echo, club representatives (Ex Ron), several sources “close” to the club, a representative of the consortium, Supporters Direct and numerous fans both inside and outside of the Trust, including historically active protesters – if I were a gambling man – I’d say that Ron is still the only horse to back.

Incredible you might think, but based on spending more time on this than I have at work in the last week – that is my view. The man holds most of the cards still and despite his appalling timing and apparent lack of man management skills – unless he allows the club to go into administration – nothing much is going to change. However change it might because if our chairman does not come up with a convincing story within 14 days then watch this space.

Of course football is about results and we’ve been bereft of them for some time – Ron’s decision to cut costs and indeed release Tilly and Brush is perhaps not surprising if the results were solely down to them. Sadly, that was obviously not the case and whilst a lot of fans probably want Ron to go - the reality is, is that he’s not going to sack himself! The appointment of Paul Sturrock and now the possibility of actually fielding a team sometime soon, is of course a welcome light at the end of a very dark and long tunnel. Sadly with an embargo in place the signings are not actually going to be able to play as I understand it – so where’s the Qatar Investment Authority Sainsburys when you need them…….er…..again.

This week the HMRC petition has come and gone (for 14 days) and we now look ahead to the Charterhouse Commercial petition not forgetting courtesy of Ron’s chums, the echo of several more creditors.

I am aware that there are a number of members who think that the Trust has been letting things go on around them, but this is not the case. To keep you informed, I will give a flavour of what has been going on behind the scenes.

• A letter was sent to Sainsbury's explaining our position and this has resulted in a number of interesting conversations with their property team.
• We have been working closely with Supporters' Direct in reviewing the way forward including if the situation arose, would we follow the Exeter City route and take over the day to day running of the football club?
• There has been contact, including a meeting with a representative of the ‘consortium’, supporters, ShrimperZone, etc. again to discuss and plan for options should Southend United go into administration.
• Letter being sent to Chief Executive of Southend Council to clarify the position in respect of the deed of covenant on Roots Hall and whether becomes "null and void" should Southend United fold and Sainsbury's take over Roots Hall "lock, stock and barrel"
• Contact made and interesting conversations held with the ‘consortium’ interested in purchasing Southend United should the club go into administration. They also seem to be using message boards to gain support amongst the fan base.
• Dialogue held with both Ron Martin and Geoffrey King in respect of funding and repayment of Trust loan and other debts. We have agreed to roll-over until beginning of August but you have an opportunity to structure what we do next and a poll organised alongside this letter seeking your views. Closing date is 14.30 on Saturday 7th August 2010. – Just click on the link in the next section to access the poll.

 

[united we stand]

thanks Cricko

very interesting , especially the fact that they are seeking clariication on the covenant

 

[Holy Joe]

Thanks for the update..the only thing that puzzles me in that statement/vote is that I thought The Trust already had RM's personal guarantee on the loan?

What makes you think they haven't?

 

[Pubey]

I think it's a really useful update from the Trust. I looks like they've been working hard behind the scenes. The idea of a Poll for the options regarding the outstanding loan to RM is excellent.

 

[Cricko]

What makes you think they haven't?

Ah you will have to join The Trust and see the vote option to understand that.

 

[Cricko]

I think it's a really useful update from the Trust. I looks like they've been working hard behind the scenes. The idea of a Poll for the options regarding the outstanding loan to RM is excellent.

Agreed Jon...

 

[Napster]

Thanks for the update..the only thing that puzzles me in that statement/vote is that I thought The Trust already had RM's personal guarantee on the loan?

John - one option is

After default of the next date – sue the personal guarantor – ie. Ron Martin

ergo, Ron is the personal guarantor.

 

[Pubey]

John - one option is

After default of the next date – sue the personal guarantor – ie. Ron Martin

ergo, Ron is the personal guarantor.

that's what I understood it to mean. RM is the personal guarantor of the loan.

 

[Cricko]

John - one option is

After default of the next date – sue the personal guarantor – ie. Ron Martin

ergo, Ron is the personal guarantor.

Well I can no longer see the vote option Paul having already filled it in....but I thought and correct me if I am wrong it said along the lines of do we now sue RM personally..when I thought all along he did himself guarantee it.

probably splitting hairs here.

 

[Holy Joe]

Ah you will have to join The Trust and see the vote option to understand that.

I am a member of trust - just didn't see anything that hinted Ron hadn't guaranteed the loan. To the contrary I think one of the options was to sue Ron as the personal guarantor.

 

[Hotman]

Well I can no longer see the vote option Paul having already filled it in....but I thought and correct me if I am wrong it said along the lines of do we now sue RM personally..when I thought all along he did himself guarantee it.

probably splitting hairs here.

If you guarantee a loan and then default, the creditor can then pursue you personally, which might involve "sueing" you. HTH

 

[TrueBlue]

I think it's a really useful update from the Trust. I looks like they've been working hard behind the scenes. The idea of a Poll for the options regarding the outstanding loan to RM is excellent.

Always nice to get good feedback Jon :)

 

[Yorkshire Blue]

I'm a little surprised that this hasn't produced more comment.

Paul Fitz is probably the best placed person to comment on the club's position, being essentially the best informed, independent person out there.

By informed, he appears to combine a knowledge of business with a deeper insight through his conversations in his Trust capacity.

 

[A Century United]

I'm a little surprised that this hasn't produced more comment.

Paul Fitz is probably the best placed person to comment on the club's position, being essentially the best informed, independent person out there.

By informed, he appears to combine a knowledge of business with a deeper insight through his conversations in his Trust capacity.

I have mentioned this a few times in the chat forum but I think people are rather set in their opinions, and frankly reluctant to consider this new information objectively.

 

[Yorkshire Blue]

I have mentioned this a few times in the chat forum but I think people are rather set in their opinions, and frankly reluctant to consider this new information objectively.

I know, and i was disappointed your points didn't produce more comment.

 

[Holy Joe]

this thread is in travelzone - maybe that is the problem. But also there isn't anything new in the statement - other than trust has spoken to lots of parties.

 

[united we stand]

I beleive it has not been commeted on becasue of where it sits - if th thread was moved to the main forum I think it would be very different