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Ron’s Latest Statement (24/9/20)

The parent company South Eastern Leisure UK limited has negative net assets according to its last filed accounts. That is its debts are greater than its assets.

I can't believe that people are so accepting of this. We are the laughing stock of the football league and on the brink of going out of business.

Maybe he will find the money and maybe he won't, but in my view we have reached the point where the Trust should actively pursue facilitating a change of ownership as their main objective.
RH and FF will currently be in the accounts at historical value- we all know the value of these assets as development sites, which is what they are, is very significant and on revaluation the accounts would show a significant surplus. I'm not sure there is any value in not accepting this fundamental position.

Edit: Additionally in his BBC Essex interview he mentioned
  • Parent company asset rich, cash poor, so will be leveraging up his properties again (more debt for Martin Dawn plc).
It is also possible their are other properties/sites that can be subject to revaluation and leveraged.
 
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The parent company South Eastern Leisure UK limited has negative net assets according to its last filed accounts. That is its debts are greater than its assets.

I can't believe that people are so accepting of this. We are the laughing stock of the football league and on the brink of going out of business.

Maybe he will find the money and maybe he won't, but in my view we have reached the point where the Trust should actively pursue facilitating a change of ownership as their main objective.

The problem is there is a myriad of companies some of which are off shore. I remember somebody on here trying to get to the bottom of what the financial situation actually was and despite a valiant effort there were too many obstacles to obtaining the information.

I don't think anyone is "accepting of this". I haven't seen a suggestion by anybody, that is realistic, as to what can be done though? We are so starved of real information that anyone's opinion on our true risk of financial ruin is based mostly on guess work.
 
Even if that turns out to be true it doesn't help us for this transfer window. We will still have to let players go before we can even register the ones we've already brought in.

I can imagine the plan will be lift it after the transfer window and sign players who are unattached. I expect there will no doubt be an abundance of those, although I could be wrong.
 
I can imagine the plan will be lift it after the transfer window and sign players who are unattached. I expect there will no doubt be an abundance of those, although I could be wrong.

Indeed, and there might be a lot of players to choose from. But we've been here before: the players that are unattached tend to be short of match fitness. Assuming the embargo is lifted at the next hearing and we sign players the day after (which is unlikely) then they won't really be be fit until November...unless they're in training with us before then.
 
Indeed, and there might be a lot of players to choose from. But we've been here before: the players that are unattached tend to be short of match fitness. Assuming the embargo is lifted at the next hearing and we sign players the day after (which is unlikely) then they won't really be be fit until November...unless they're in training with us before then.
I always thought that you could only sign players that were unattached before the start of the transfer window? Obviously this rule only applies after the closure of the transfer window.
 
The problem is there is a myriad of companies some of which are off shore. I remember somebody on here trying to get to the bottom of what the financial situation actually was and despite a valiant effort there were too many obstacles to obtaining the information.

I don't think anyone is "accepting of this". I haven't seen a suggestion by anybody, that is realistic, as to what can be done though? We are so starved of real information that anyone's opinion on our true risk of financial ruin is based mostly on guess work.
Any ideas where the thread is? Would be interested to see this if anyone can help
 
Is it worth listening too?

He manages to make a 500k debt and being insolvent sound positively mundane and standard for all businesses.

Working in PR and journalism previously, it’s incredible how easily he drives the narrative with no fightback or counter argument from the interviewer. No hard questions asked, lets just prattle on about Covid, which he has no control over, like we haven’t heard enough about that. No questions like can we see proof of funds to clear this debt?

Then basically admits we’ll be shopping round for rejects after deadline passed.

Feel free to listen if you have thirty minutes of your life to waste.
 
RH and FF will currently be in the accounts at historical value- we all know the value of these assets as development sites, which is what they are, is very significant and on revaluation the accounts would show a significant surplus. I'm not sure there is any value in not accepting this fundamental position.

Edit: Additionally in his BBC Essex interview he mentioned
  • Parent company asset rich, cash poor, so will be leveraging up his properties again (more debt for Martin Dawn plc).
It is also possible their are other properties/sites that can be subject to revaluation and leveraged.

You are welcome...
 
He manages to make a 500k debt and being insolvent sound positively mundane and standard for all businesses.

Working in PR and journalism previously, it’s incredible how easily he drives the narrative with no fightback or counter argument from the interviewer. No hard questions asked, lets just prattle on about Covid, which he has no control over, like we haven’t heard enough about that. No questions like can we see proof of funds to clear this debt?

Then basically admits we’ll be shopping round for rejects after deadline passed.

Feel free to listen if you have thirty minutes of your life to waste.
It's the BBC. They are not allowed to interview properly.
Their direction is to give each argument equal merit and time, and provide "balance" even if one side of the argument is blatantly absurd.

I'm sure I remember an exchange with one BBC presenter where the exasperated interviewee said along the lines of "if I say its raining and he says its not I don't expect you to give both equal balance, I expect you as journalist to stick you hand out of the window.."
 
What RC said was interesting, but personally I didn't think it was particularly well written.

No but I suppose in the great scheme of things, how much cash he can raise is more important than his ability at
RH and FF will currently be in the accounts at historical value- we all know the value of these assets as development sites, which is what they are, is very significant and on revaluation the accounts would show a significant surplus. I'm not sure there is any value in not accepting this fundamental position.

Edit: Additionally in his BBC Essex interview he mentioned
  • Parent company asset rich, cash poor, so will be leveraging up his properties again (more debt for Martin Dawn plc).
It is also possible their are other properties/sites that can be subject to revaluation and leveraged.

He is going to speculate to (Hopefully for his sake and the clubs future) accumulate, he is in so deep its sh*t or bust now!
 
Got it on atm.Usual crap.

Unfortunately as a previous manager used to say “It is what it is”.

Just for once it would be good if he would admit that he gave his last four managers after Kavanagh left too much freedom:

1) Signing players - no proper due diligence on injury records
2) Outside interests - Brown was still doing 5live commentaries.
3) Now he says they didn’t put enough hours in - that can only be their employer‘s fault.

And Ron - who appointed them if it wasn’t you?
And why should we believe that you have got it right this time?

Trouble is he was chasing the dream that we all want him to do and it went tits up through poor decisions and cursed bad luck and good money went after bad.
 
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The parent company South Eastern Leisure UK limited has negative net assets according to its last filed accounts. That is its debts are greater than its assets.

I can't believe that people are so accepting of this. We are the laughing stock of the football league and on the brink of going out of business.

Maybe he will find the money and maybe he won't, but in my view we have reached the point where the Trust should actively pursue facilitating a change of ownership as their main objective.

Are we really. I see this bandied around a lot but haven't seen anybody except the odd wet hamster, col ewe, or borient fan laughing at us. I do though think that one man and his dog protests, and fund gathering exercises that reach 1/500th or so of their target are more likely to be laughing stock material.

The other cliche is "nobody will sign for us as we've got a terrible reputation" which is regularly disproved even when it's obvious we haven't got much cash in the bank. In fact we've had plenty of players come back for more, most recently Alan McCormack.

Personally, I was worried a long time ago that our property developer owner would shut us down and cash in his chips, perhaps that covenant is a lot stronger than I believed, or perhaps he sees us as some sort of legacy he can hand over to his son. For one reason or another we're still here, still playing, and possibly/probably free of another WUO in a few weeks' time.
 
No but I suppose in the great scheme of things, how much cash he can raise is more important than his ability at


He is going to speculate to (Hopefully for his sake and the clubs future) accumulate, he is in so deep its sh*t or bust now!

The average house price in Southend goes up about 1.4k per annum. The value of the houses going on RH and FF must increase, in total, by anything up to a couple of million a year. Must be hellish to raise money under those circumstances. :Sick:
 
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