Where Did The Money Come From?

[rlb999]

I've been away for a few days and it seems in my absence we've been saved. Whoopee do. I also gather that Ron Martin considers the matter closed, which is contemptuous in the extreme. Can someone briefly clarify:

1. Where the money came from (who are we now indebted to instead of HMRC?)
2. Has anything been said regarding what happens when the next big bill becomes due?

From reading posts on here, I gather the answer to both is "no-one knows".

 

[BrettieAngell]

1. One of Ron Martin's group companies.
2. No.

 

[Southminster_Shrimper]

RM has been busking under the bridge by Southend Central Station for the last couple of months. Its amazing what you can earn doing that. Dont tell the tax man tho.....oops

 

[fbm]

I've been away for a few days and it seems in my absence we've been saved. Whoopee do. I also gather that Ron Martin considers the matter closed, which is contemptuous in the extreme. Can someone briefly clarify:

1. Where the money came from (who are we now indebted to instead of HMRC?)
2. Has anything been said regarding what happens when the next big bill becomes due?

From reading posts on here, I gather the answer to both is "no-one knows".

The tax was owed, the tax was paid. Matter closed. Am I the only one not really concerned with how Ron raised the money?

 

[Mick]

The tax was owed, the tax was paid. Matter closed. Am I the only one not really concerned with how Ron raised the money?

Anyone who is not interested in how Ron raised the money and on what terms displays a lack of concern for the future well-being of the club.

 

[fbm]

Anyone who is not interested in how Ron raised the money and on what terms displays a lack of concern for the future well-being of the club.

Well, it strikes me that as fans all we can do is build up the trusts fighting fund.

It doesn't mean I'm not concerned about the future but I'm not in a position to do anything about it.

So if Ron tells us he paid out of his own pocket, what right have we got to demand he proves it?

If he tells us he got the money from Sainsburys, what position are we to comment?

If he tells us he got the money from a wealthy individual at 10%, what can we do about it?

I'm not actually certain that he is under any legal obligation to disclose the finer details of that sort of finance, but if he does, and we don't like what he's done, what will happen?

Can you see where I'm coming from here? It doesn't matter to us because he owns the club, he is the landlord, he calls the shots and outvotes anyone who doesn't agree with him.

So why do we want to know the finer details of something that doesn't actually concern us and even if it did we'd be powerless to do anything about?

I'll save my energy and stress levels thanks.

 

[canada shrimper]

I would love to know where the money came from.What happens if it came from some shady dealings?????

 

[Jam_Man]

So why do we want to know the finer details of something that doesn't actually concern us and even if it did we'd be powerless to do anything about?

Because it might actually be reassuring and a lack of information just add fuel to the fire.

If the payment was made by Sainsburys and it was all part of the bigger finance plan (albeit affected by cashflow issues) then it may ease some worries.

If the payment was made by Sainsburys and the money was planned for something else it would mean we still have problems.

Problem is if is the latter theres nothing we can do and knowing doesnt help as you say.

To me it seems if Ron Martin doesnt reassure people then they will continue, quite rightly, to worry about the financial stability of the club.

Personally I have faith in him to sort it but even Id like to see a detailed statement.

 

[fbm]

Is there any scenario at all where Ron will disclose something about the finances and everyone will say "Oh, ok, that's fine then."? Because I don't think there is.

 

[McNasty]

Is there any scenario at all where Ron will disclose something about the finances and everyone will say "Oh, ok, that's fine then."? Because I don't think there is.

People will be concerned and some would probably moan whatever the statement but Ron has been quite open in the past, to his credit, but uncertainty will always fuel people's worries and the terse statement on the Official Site does nothing to satisfy anyone's interest.
As has been previously posted, a short "the money has come from my private sources" or "Uncle Sainsbury has invested a share of his multi-million profits" or even the dreaded "I've had to borrow a few bob from the Bank" would, whilst creating another 10,000 posts on here, let people have an idea whether the club is deeper in the poo or Ron has been personally generous.
If Ron had not started the process of being open with his comments fans would not have expected answers to every question, I feel Ron has tried to win the fans over by telling them all the good news but fails a bit when it's bad news time. I bet he wishes he had never told us anything.

 

[fbm]

People will be concerned and some would probably moan whatever the statement but Ron has been quite open in the past, to his credit, but uncertainty will always fuel people's worries and the terse statement on the Official Site does nothing to satisfy anyone's interest.
As has been previously posted, a short "the money has come from my private sources" or "Uncle Sainsbury has invested a share of his multi-million profits" or even the dreaded "I've had to borrow a few bob from the Bank" would, whilst creating another 10,000 posts on here, let people have an idea whether the club is deeper in the poo or Ron has been personally generous.
If Ron had not started the process of being open with his comments fans would not have expected answers to every question, I feel Ron has tried to win the fans over by telling them all the good news but fails a bit when it's bad news time. I bet he wishes he had never told us anything.

Spot on Ken.

Someone told me something once which I have never forgotten and which I always try to apply -

"Never explain - your friends don't need it and your enemies won't believe you anyway."

As I said, I doubt there's anything he can say to win in this situation... people for months have been asking "Where's the money gone?" and now, when he pulls the rabbit out of the hat at the last minute, they're asking "Where did the money come from?".

If there's nothing he can say, then he'd be better off saying nothing.

 

[Mick]

It doesn't mean I'm not concerned about the future but I'm not in a position to do anything about it.

On the one hand you say you are not concerned about how Ron raised the money but you say you are concerned about the future.

How Ron got the cash and the club's future could be inextricably linked.

Or not, we don't know ........ and until we do know I am concerned and I would expect most other supporters to be too.

 

[Jam_Man]

Is there any scenario at all where Ron will disclose something about the finances and everyone will say "Oh, ok, that's fine then."? Because I don't think there is.

No chance !

However I do think an explanation on this occassion would be prudent.

 

[Lester Bangs]

The tax was owed, the tax was paid. Matter closed. Am I the only one not really concerned with how Ron raised the money?

Where the money came from has MASSIVE implications, I'm suprised at how blase you are regarding this.

 

[Jai]

Sainsburys turned me down for a loan the other day - I only wanted £5k for a new car - I blame Ron entirely he has bled them dry.

 

[fbm]

Where the money came from has MASSIVE implications, I'm suprised at how blase you are regarding this.

What are the massive implications?

 

[choggy]

What are the massive implications?

What hasn't been answered is whether or not the club is now burdened with a 2.1 million debt + interest on a loan to cover the HMRC payment and if so, what are the repayment requirements.

Even if people don't care how the debt was paid, they will care about the club's cashflow position. RM has previously stated that we require crowds of 8000 to break even, is this still the case? Will the replayment of the HMRC debt provide Tilson with more or less funds for the squad?

 

[fbm]

What hasn't been answered is whether or not the club is now burdened with a 2.1 million debt + interest on a loan to cover the HMRC payment and if so, what are the repayment requirements.

What's that got to do with the supporters?

Even if people don't care how the debt was paid, they will care about the club's cashflow position. RM has previously stated that we require crowds of 8000 to break even, is this still the case? Will the replayment of the HMRC debt provide Tilson with more or less funds for the squad?

In all seriousness, aside from pumping money into the Trust, I challenge anyone to state one meaningful course of action that any of us can take.

 

[Rusty Shackleford]

In all seriousness, aside from pumping money into the Trust, I challenge anyone to state one meaningful course of action that any of us can take.

I'm spending all my spare cash on Euro Millions tickets and pimping my self-help book 'The Shackleford Method' for all I'm worth.

 

[choggy]

In all seriousness, aside from pumping money into the Trust, I challenge anyone to state one meaningful course of action that any of us can take.

There's nothing the supporters can do, but that doesn't mean that people shouldn't be concerned.

There was some talk a few days ago on whether or not shareholders could force an EGM.