Shrimpers Trust News Shrimpers Trust Surgery re Oustanding loan of 40k.

[TrueBlue]

I would do it for free if I could get away with it.

They made it look so easy on the sopranos as well!

 

[BoyWonder2]

Can’t we go after Ron for it?

Without knowing the full ins and outs of the “loan” and the legality of it. Surely the money was “loaned” to the Club, so the Club would be responsible for it, not individuals. As RM never signed anything, as @Cricko stated, surely he isn’t liable for it and it’s the Club’s “problem” now regardless of who is in the hot seat.

 

[Liam AAS]

Without knowing the full ins and outs of the “loan” and the legality of it. Surely the money was “loaned” to the Club, so the Club would be responsible for it, not individuals. As RM never signed anything, as @Cricko stated, surely he isn’t liable for it and it’s the Club’s “problem” now regardless of who is in the hot seat.

That's bang on. Other creditors took pence in the pound as opposed to everyone putting the club into admin.

The Trust have given nearly £250k (or maybe over) over the years so they're not exactly in the business of taking money out of SUFC.

 

[Holy Joe]

That's bang on. Other creditors took pence in the pound as opposed to everyone putting the club into admin.

Have they? What did HMRC agree on? And npower?

 

[fredheim_holm]

That's bang on. Other creditors took pence in the pound as opposed to everyone putting the club into admin.

The Trust have given nearly £250k (or maybe over) over the years so they're not exactly in the business of taking money out of SUFC.

Out of interest, where does the £250k come from? We've got somewhere under 2k members last I heard, so if we'd reached 2k and each paid for life membership (£100) we'd be at £200k. I imagine the vast majority aren't life members though, so is it just a lot of fundraising from fans outside of that?

Always intrigued me how the trust has so much to put into the club.

 

[Mick]

There is - Gary Lockett.

Being part of the impotent Board of Directors throughout Ron's tenure of catastrophic mismanagement doesn't sound a great commendation to me.

 

[Liam AAS]

Out of interest, where does the £250k come from? We've got somewhere under 2k members last I heard, so if we'd reached 2k and each paid for life membership (£100) we'd be at £200k. I imagine the vast majority aren't life members though, so is it just a lot of fundraising from fans outside of that?

Always intrigued me how the trust has so much to put into the club.

They've been raising money for 20 years so... time?

 

[Liam AAS]

Have they? What did HMRC agree on? And npower?

I don't know what each agreement was. I'm not sure HMRC accepts agreements at all?

All I know is that a considerable portion of Justin R's time was spent in negotiations with creditors under the threat of administration. If Ron had put the club into admin, all unsecured creditors would have seen their debts wiped.

 

[Napster]

Being part of the impotent Board of Directors throughout Ron's tenure of catastrophic mismanagement doesn't sound a great commendation to me.

I’m not saying I agree with it. But that was Ron’s comment on the whole affair

 

[Holy Joe]

I don't know what each agreement was. I'm not sure HMRC accepts agreements at all?

All I know is that a considerable portion of Justin R's time was spent in negotiations with creditors under the threat of administration. If Ron had put the club into admin, all unsecured creditors would have seen their debts wiped.

Ok so we don't know if creditors accepted pennies in the pound.

Maybe it was more on timing of payments than writing off debt (with the exception of the Ron debt which I think was/is being written down)

 

[Liam AAS]

Ok so we don't know if creditors accepted pennies in the pound.

Maybe it was more on timing of payments than writing off debt (with the exception of the Ron debt which I think was/is being written down)

We do know that, I'm telling you: it happened and the club is alive now because it was done successfully. I just don't know the specific value of each arrangement. 99p is pennies, 1p is pennies. There were pages and pages of creditors, each one would have needed to be negotiated.

 

[Sammy Shrimper]

Being part of the impotent Board of Directors throughout Ron's tenure of catastrophic mismanagement doesn't sound a great commendation to me.

That’s a touch unfair for a fan who has loaned a lot more than you or me to the club, and is still owed that money (see last accounts).

 

[united we stand]

New owners won’t ( as I understand it) give the trust a seat on the board
Seat on shadow board is already agreed. So what is to be gained by the Trust in the club keeping the money?

What am I missing?


If there is no positive from the Ttusts perspective then the club should Give the money back with the interest in accordance with the terms of the loan, whatever that is
Who knows when the club or the Trust might need it in the future.
At the moment the club doesn’t need it, if they need it already then we are in big trouble!
It isn’t about the next 12 months - two years etc , it’s about the long term future of the club

 

[OldBlueLady]

Ok so we don't know if creditors accepted pennies in the pound.

Maybe it was more on timing of payments than writing off debt (with the exception of the Ron debt which I think was/is being written down)

Didn't Justin say something to that effect at the Trust AGM?

For me, I'd like it converted into some form of equity but don't know how that will go down with the new ownership.

As for raising a quarter of a million, well, the Trust has been fund raising in many different forms for all of our 20 odd years. Quiz Nights, Race Nights, Christmas Draws, Sponsored Walks to grounds, Balloon Race, Christmas Quizzes, Quid a Goal, 100 Club, Memorabilia sales, Programme sales, etc etc etc. We don't just sit around having zoom calls and meetings, we're very proactive on the fund raising side and really proud to have raised so much money.

 

[tottenham541]

I’m absolutely disgusted how this still hasn’t been repaid in full after all this time, this just shows how much of a crook Ron Martin is.

 

[Holy Joe]

Didn't Justin say something to that effect at the Trust AGM?

For me, I'd like it converted into some form of equity but don't know how that will go down with the new ownership.

As for raising a quarter of a million, well, the Trust has been fund raising in many different forms for all of our 20 odd years. Quiz Nights, Race Nights, Christmas Draws, Sponsored Walks to grounds, Balloon Race, Christmas Quizzes, Quid a Goal, 100 Club, Memorabilia sales, Programme sales, etc etc etc. We don't just sit around having zoom calls and meetings, we're very proactive on the fund raising side and really proud to have raised so much money.

Wasn't at the trust AGM and don't recall it from reading on here - but I'll take it that some (but not all?) creditors have accepted a write down of their debt.

On the equity swap - I guess it depends how much equity the trust get - is there much point in increasing holding by a percent or 3 or does it need to be a meaningful amount?

 

[jphfitz]

Wasn't at the trust AGM and don't recall it from reading on here - but I'll take it that some (but not all?) creditors have accepted a write down of their debt.

On the equity swap - I guess it depends how much equity the trust get - is there much point in increasing holding by a percent or 3 or does it need to be a meaningful amount?

Think that’s all fair, and think likely on first point although don’t know for certain.

Also agree on the second point and exactly why a conversation with members is really important. Where is the line on equity in the members view etc In my mind equity could be shares or it could be a stake in the pitch to help secure the asset for instance.

No guarentee that Justin or consortium will go for any of the options discussed and agreed but at least the Trust then know the members view on how to proceed when discussing with the ownership.

 

[Mad Cyril]

I vote the club spend it on cigars, champagne and renting an open top bus for the beginning of May.

 

[Supershrimper]

I vote the club spend it on cigars, champagne and renting an open top bus for the beginning of May.

Seconded. Motion passed

 

[TrueBlue]

Didn't Justin say something to that effect at the Trust AGM?

For me, I'd like it converted into some form of equity but don't know how that will go down with the new ownership.

As for raising a quarter of a million, well, the Trust has been fund raising in many different forms for all of our 20 odd years. Quiz Nights, Race Nights, Christmas Draws, Sponsored Walks to grounds, Balloon Race, Christmas Quizzes, Quid a Goal, 100 Club, Memorabilia sales, Programme sales, etc etc etc. We don't just sit around having zoom calls and meetings, we're very proactive on the fund raising side and really proud to have raised so much money.

Indeed it was the same during my 10 years or so on the committee back in the 00s lots of pro active fund raising goes on