Tonight's Trust Meeting

[Risc]

100%. No doubt about it.

Just a general thought, we need to be very careful in how we word things.

Not seen any accusations made.

Just think it’s an awful deal, the trust chairman thinks so himself.

 

[Londonlisa2001]

Sigh.

I can’t understand how the lawyers couldn’t answer my questions. They may have seemed technical / boring but they are genuinely bog standard for this sort of situation. And crucial. Without the protections I mentioned the deal is worth nothing as they can just get rid of it. I worry that they trust what will happen. Not with these shareholders necessarily but with any old Petty that takes us over in the future.

On a side note, I think we can safely say that Rupert isn’t my biggest fan…

Welcome to my club :lol:

Could be worse his patsy Tim could still be around

Funnily enough I was thinking of him just yesterday when I was wondering who the troll that calls himself after a certain Man Utd player was.

 

[Londonlisa2001]

Sigh.

I can’t understand how the lawyers couldn’t answer my questions. They may have seemed technical / boring but they are genuinely bog standard for this sort of situation. And crucial. Without the protections I mentioned the deal is worth nothing as they can just get rid of it. I worry that they trust what will happen. Not with these shareholders necessarily but with any old Petty that takes us over in the future.

On a side note, I think we can safely say that Rupert isn’t my biggest fan…

Stuff Rupert I loves ew.

Lol

 

[PSumbler]

I must admit I am still torn

I firmly believe in the concept of the Supporters Trust. Have done ever since the great Rich Lillicrap's passion convinced me it was the way forward.

It's why I served as long as I did (no matter what mistakes people do or do not think were made)

I still firmly believe in the concept of a Supporters Trust

But this is a supporters club and not a Trust concerned with good governance

 

[Risc]

I must admit I am still torn

I firmly believe in the concept of the Supporters Trust. Have done ever since the great Rich Lillicrap's passion convinced me it was the way forward.

It's why I served as long as I did (no matter what mistakes people do or do not think were made)

I still firmly believe in the concept of a Supporters Trust

But this is a supporters club and not a Trust concerned with good governance

Stating the obvious but with these lot in charge it will do a lot more harm than good.

How do the members go about sorting a vote of no confidence, I resigned my membership yesterday but I’ll rejoin today if it means voting this mob out.

 

[PSumbler]

Welcome to my club :lol:

Could be worse his patsy Tim could still be around

Funnily enough I was thinking of him just yesterday when I was wondering who the troll that calls himself after a certain Man Utd player was.

I dont believe that is Tim- he's been pretty absent ever since he and Rupert spent the summer of 2019doing their best to drum up the support of the board to remove me from role. And when he failed Rupert spectacularly threw him under the bus

 

[3swan]

Just a general thought, we need to be very careful in how we word things.

Not seen any accusations made.

Just think it’s an awful deal, the trust chairman thinks so himself.

it wasn't aimed specifically at you. Just forums are read by the press etc, and they would quite happily pick up on things especially from a forum run by an ex Trust Board chairman

 

[3swan]

I must admit I am still torn

I firmly believe in the concept of the Supporters Trust. Have done ever since the great Rich Lillicrap's passion convinced me it was the way forward.

It's why I served as long as I did (no matter what mistakes people do or do not think were made)

I still firmly believe in the concept of a Supporters Trust

But this is a supporters club and not a Trust concerned with good governance

I attended a Coventry Supporters meeting with Richard and the passion he spoke with that might about the true meaning of a Trust was outstanding

 

[PSumbler]

I must admit I am still torn

I firmly believe in the concept of the Supporters Trust. Have done ever since the great Rich Lillicrap's passion convinced me it was the way forward.

It's why I served as long as I did (no matter what mistakes people do or do not think were made)

I still firmly believe in the concept of a Supporters Trust

But this is a supporters club and not a Trust concerned with good governance

I attended a Coventry Supporters meeting with Richard and the passion he spoke with that might about the true meaning of a Trust was outstanding

I often used to wonder what he would have made of the PL years

 

[Darran]

At one point tonight board member Sian Davies smirked at what Nigel Davies was saying.
She should resign (again) immediately.

 

[3swan]

I attended a Coventry Supporters meeting with Richard and the passion he spoke with that might about the true meaning of a Trust was outstanding

I often used to wonder what he would have made of the PL years

My guess he would loved seeing his club in the top division again, but equally sickened by the financial greed that came with it. It had gone from a sport to a business play thing.

 

[Darran]

Not seen any accusations made.

Just think it’s an awful deal, the trust chairman thinks so himself.

it wasn't aimed specifically at you. Just forums are read by the press etc, and they would quite happily pick up on things especially from a forum run by an ex Trust Board chairman

Always speak the truth and you won’t go wrong.
The current Trust chairman Dave Dalton said tonight “it’s not a brilliant deal.”

 

[SwanseaJames]

I was a little frustrated that they seemed to skirt around my questions a little.

Speaking as a Lawyer who specialises in this sort of stuff, I was very surprised to hear the QC or current lawyers simply discounted the possibility of seeking an order for better corporate governance (rather than a share purchase order) because it would "cost money". I appreciate the commercial reality argument etc, but it just seems like the Lawyers said "before my time - sorry" as a cop out and didn't think of the benefits in getting a court order mandating transparency from the Club's current board (bearing in mind Huw Jenkins and Martin Morgan are still directors).

I also didn't understand the conversion price answer. I wanted to know at what rate could Silverstein convert debt into shares. So if 1 share is 10p (purely by example), that would be £0.10 > 1 share. If 1 share is 1 pound, that would be £1.00 > 1 share. If he's owed £5,000,000 by the Club and intends to convert debt to equity, is he getting 5,000,000 shares or 50,000,000 shares - that's the key (sorry in advance for crap maths been a long day haha). Precisely by how much are the Trust getting diluted here, that's the key question.

On a more general level, I am praying Silverstein doesn't f*ck us over.

 

[PSumbler]

I was a little frustrated that they seemed to skirt around my questions a little.

Speaking as a Lawyer who specialises in this sort of stuff, I was very surprised to hear the QC or current lawyers simply discounted the possibility of seeking an order for better corporate governance (rather than a share purchase order) because it would "cost money". I appreciate the commercial reality argument etc, but it just seems like the Lawyers said "before my time - sorry" as a cop out and didn't think of the benefits in getting a court order mandating transparency from the Club's current board (bearing in mind Huw Jenkins and Martin Morgan are still directors).

I also didn't understand the conversion price answer. I wanted to know at what rate could Silverstein convert debt into shares. So if 1 share is 10p (purely by example), that would be £0.10 > 1 share. If 1 share is 1 pound, that would be £1.00 > 1 share. If he's owed £5,000,000 by the Club and intends to convert debt to equity, is he getting 5,000,000 shares or 50,000,000 shares - that's the key (sorry in advance for crap maths been a long day haha). Precisely by how much are the Trust getting diluted here, that's the key question.

On a more general level, I am praying Silverstein doesn't f*ck us over.

They were very good questions well constructed.

I would like to thknk they will take all the questions from the chat and pull theminto a comprehensive Q&A document

As someone pointed out earlier in the week its a little moot as the deal has been signed and completed but it is needed if they are to have any chance of retaining some level of membership (IMO)

 

[ARQS]

100%. No doubt about it.

Just a general thought, we need to be very careful in how we word things.

I don’t think anyone needs to worry about getting into a legal wrangle with the Trust to be quite honest with you.