Statement from Ron Martin (16/9/20)

[Westcliff DGS]

Cardholders have been wide-reaching rights when they pay with a Visa or MasterCard. If you pay for a season ticket to 24 games and 24 games don't take place because the club has gone bust then you'll be able to claim via your bank and get your money back. The Acquirer has to pay that money and then get it back from their customer (SUFC) but if that customer has gone out of business then they just become another unsecured creditor....unless they never settled the cash in the first place.

It happens a lot with all sorts of businesses unfortunately.

So your saying the wont pay anything to clubs till the end of the season? Or they will pay a 24th after each home game?

Do they then pay on the interest they are making and the clubs concerned are losing?

i have no idea on these things so just asking, i can find out tomorrow when i get to work i guess but just thought you may enlighten me :)

 

[Beefy]

I don't know whether loans out don't count against the 23 cap but if they do we should see a few go out this week as non-league starts Saturday for teams like Harlow. Was the Hullbridge game about putting certain players in the shop window?

Loans out don't come off of the total, I believe.

 

[Beefy]

So your saying the wont pay anything to clubs till the end of the season? Or they will pay a 24th after each home game?

Do they then pay on the interest they are making and the clubs concerned are losing?

i have no idea on these things so just asking

I don't work there so can't say for sure but I would imagine that they're planning to release 1/24th after each home game or agree a monthly schedule.

It isn't in their interests for the Club to go under so they'll be trying to work with the Club as far as possible but they also won't want to be taking any of the risk themselves.

I'd be surprised if they're paying interest but potentially I guess.

 

[Westcliff DGS]

I don't work there so can't say for sure but I would imagine that they're planning to release 1/24th after each home game or agree a monthly schedule.

It isn't in their interests for the Club to go under so they'll be trying to work with the Club as far as possible but they also won't want to be taking any of the risk themselves.

I agree, but then their is a further loss on the club as interest on what ever amount is lost so assume the card company pay that on as they are making on that as well as the fees they charge anyway

 

[camden shrimper]

Harrogate are losing....

 

[Shrimper]

That's what I thought but Sol definitely did support the original petition because he was owed that same amount. Seems too big a coincidence.

Former manager Sol Campbell supports petition for Macclesfield to be wound up

Former Macclesfield manager Sol Campbell wants the club to be wound up because debts have not been paid, a judge has heard.

www.belfasttelegraph.co.uk

Macclesfield Town FC wound up in court

National League club Macclesfield Town are wound up in the High Court over debts totalling more than £500,000.

www.bbc.co.uk

In addition, a solicitor for John Askey said the National League club's ex-manager was owed £173,000, while a financial lender was owed the same sum.

 

[OllieSteph44]

Loans out don't come off of the total, I believe.

If that’s the case we’re in trouble. Realistically no one is offering to take players off our hands for money.

Kelman possibly (id take anything that’s offered right now on the basis that we need the money and....we need the money!) but after that no ones coming in and offering to buy anyone.

That means pay offs....and I don’t know where we’d even start with that!

 

[camden shrimper]

I don't work there so can't say for sure but I would imagine that they're planning to release 1/24th after each home game or agree a monthly schedule.

It isn't in their interests for the Club to go under so they'll be trying to work with the Club as far as possible but they also won't want to be taking any of the risk themselves.

I'd be surprised if they're paying interest but potentially I guess.

They might actually be better at managing our money than us....

 

[BlueBore]

Cardnet, as the card acquirer, are fully liable in the event that the club goes bust. Season ticket holders who have paid on card would be able to claim their money back through a chargeback and they (Cardnet) would have to honour the claim.

As such they'll be holding onto all funds I'd imagine until games have been played and their risk has dropped.

As someone who has worked in risk management in that sector I'd be staggered if they released anything to SUFC whilst the threat of being wound up exists.

Isn't that rather self-defeating when their withholding of monies materially affects the likelihood of us being wound up?
And surely the money they are withholding is the element owed to us, not their cut for performing the transaction which they must already have?
Anyway, I'm sure its all in the T&C's, maybe Ron needs to read the small print more closely.

 

[Ricey]

I just want him to come out and say look I’m sorry I’ve ****ed up, I need a little help or I’ve ****ed up it will be paid I just need more time. Straight to the point and no bull****!

It’s all about the blame everyone but himself!

 

[FitzMK]

What the feck was that? He mentions the HMRC court case in half a line as a passing reference! Forget singing players & returning to Lge 1, we’ve just been left tottering on the cliff edge for a little while longer & I cannot see how we’ll even survive.

 

[FitzMK]

Singing?? Meant signing

 

[Yorkshire Blue]

No mention of Oxley among the senior players listed....

Because he was listing the injured players.

So....at any point are the Club planning on telling us how they are going to get out of this mess?

They need to figure it out themselves first.

 

[Tinks]

Cardholders have been wide-reaching rights when they pay with a Visa or MasterCard. If you pay for a season ticket to 24 games and 24 games don't take place because the club has gone bust then you'll be able to claim via your bank and get your money back. The Acquirer has to pay that money and then get it back from their customer (SUFC) but if that customer has gone out of business then they just become another unsecured creditor....unless they never settled the cash in the first place.

It happens a lot with all sorts of businesses unfortunately.

Thanks for explaining it in simple terms for me to understand as I couldn’t seem to grasp it.

Another question - if we are due back in court again towards the end of October that means that the umbargo will remain in place until such time and when does the transfer window close? I am thinking it closes before our court date which, will mean no signings - is that correct

 

[Richard Hearn]

Singing?? Meant signing

Too late, mentioning "singing players" you've now reminded me of Hoddle and Waddle who I had happily forgotten.

 

[Hazey]

I don't know why he thinks these long, rambling statements about the religion of Southend United and how everything is everyone else's fault are going to wash. I absolutely vehemently abhor the way he hovers around making any sort of point or admission of his own shortcomings or that any of this is down to his own mismanagement of our club and its finances over recent years.

I feel for MM, I really do. The guy seems to have so much integrity about him, and I would hate to see someone who seems like a real decent bloke fail here because he wasn't given the tools to succeed.

It's hard to not feel annoyed at Ron now, the guy has released more statements this summer than we have signed players.

 

[in the know]

Dear god it’s the usual drivel! It’s getting boring now, sometimes it’s better when he doesn’t say anything.

Are you having a ronan Keating moment ricey?

 

[Leo210856]

Cardnet, as the card acquirer, are fully liable in the event that the club goes bust. Season ticket holders who have paid on card would be able to claim their money back through a chargeback and they (Cardnet) would have to honour the claim.

As such they'll be holding onto all funds I'd imagine until games have been played and their risk has dropped.

As someone who has worked in risk management in that sector I'd be staggered if they released anything to SUFC whilst the threat of being wound up exists.

Its been a long old while since I worked on insolvency cases but one of the consequences of having a winding up order was that in theory the bank should freeze the bank accounts pending conclusion of the matter. In effect the reason that’s done is to ensure creditors aren’t given preferential treatment. The bank will usually agree to paying wages etc

Heres an article that explains matters

Can a Winding Up Petition Freeze my Company's Bank Account? - AABRS

The very simple answer to that question is yes, and this can potentially have dire consequences for the company in question.

www.aabrs.com

The clubs Bankers are Bank of Scotland which is part of the Lloyds Banking group who own Cardnet.

As an aside I am not sure the chargeback would be Cardnets liability should a chargeback be claimed as that would surely fall to the individuals card provider.

 

[Ricey]

Are you having a ronan Keating moment ricey?

Lost for words.

 

[in the know]

A rambling, obviously hastily drafted statement concentrating on the playing side rather than the financial. No indication of how the £493k will be paid by the next hearing. Self justifying blather that will only add to the worries of supporters that the club is hanging on by a knife edge. In the circs, I think I would gladly settle for 'mediocracy' or more correctly mediocrity rather than extinction, which seems the more likely outcome.

Assuming the club is run financially on a month to month cash flow basis.... And approx 1470 season tickets have been sold... How much does that add up to that's not been released by the card firm????? Is it anywhere near the balance RM still owed after finding 200k and thought he would have?