Tonight's Trust Meeting

[Niigata Jack]

Trust chairman just admitted it’s not a brilliant deal. :lol:

Did he add, ‘and so therefore I resign, along with every other hopeless donkey on this board that has ruined the 20 years of work of people we are not fit to lace the shoes of?’.

He’s right of course, in the sense that it’s a terrible deal. Just about as bad as it could possibly be. So yes, not brilliant is true, if a strange way to put it.

Time was ticking by as to when any possible court case would happen, which may have influenced the decision, amongst other things such as self interest and having been soft soaped by Silverstein.

 

[Skippyjack]

F*ck me, I needed a good laugh and this thread has certainly obliged.. so 5 percent is in fact 0.. they've basically ended the trust as we know it.. 21% will definitely be turned into 0%.. which is what Silverstein and the Americans want.. obviously, so they can increase their pockets when selling to the next bidder.. I'm sitting here laughing, and you all think the Tories are incompetent

 

[Niigata Jack]

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.

He already has surely, trust had 21% of the club, they now got next to nothing, the incompetence of the lot of them is unbelievable, they not capable of dressing themselves in the mornings surely.

 

[Niigata Jack]

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)

Surely with any deal there's a cooling off period as to where either side, can pull the plug ??

 

[Risc]

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.

I know :lol:

 

[Cinio Dydd Sul]

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.

Did the shameful statement framed as coming from the club say that if / when the current convertible loan is converted, the trust will go down to a 15% share? From 21.1%?

From that, is it possible for someone with a better mind for these things than myself to work out what price Silverstein is paying for the newly issued shares?

 

[A4Jack]

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.

Did the shameful statement framed as coming from the club say that if / when the current convertible loan is converted, the trust will go down to a 15% share? From 21.1%?

From that, is it possible for someone with a better mind for these things than myself to work out what price Silverstein is paying for the newly issued shares?

I suppose using very basic maths if everyone was diluted by 6pc from a 20pc stake then the total would be 30pc from 100pc shares. Obviously the variable is how much has been matched etc but if it was a case that only Silverstein's money was to secure a share purchase and it wasn't matched by anyone else then those figures would value the club at just £16 odd million.

Again I'm out of my depth with this sort of talk so forgive me if I'm wrong but you'd imagine that if the other shareholders matched it then it would give Silverstein a 15% share at £5mish.

Which would then value the club at roughly £33m.

 

[3swan]

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.

No with what I've read about last night a couple of Google searches would be enough.

It was more a comment about what could be said about conspiracy theories that could have a backlash for Phil S

 

[Casual Gentleman]

Like ECB said the other day, so many people out of their depths.

This in buckets and any who thinks the trust never knew about the Yanks coming in are living cuckoo land I truly believe some trust members were bought off to keep shtum. I will also have a wager that Mr Morgan will own SCFC very soon

 

[PSumbler]

Like ECB said the other day, so many people out of their depths.

This in buckets and any who thinks the trust never knew about the Yanks coming in are living cuckoo land I truly believe some trust members were bought off to keep shtum. I will also have a wager that Mr Morgan will own SCFC very soon

I have two daughters one is 16 and one is 18

I will swear on both of their lives that until we were told by Jenkins and Dineen in March 2016 that there was no knowledge in my head

Individuals within the Trust may have known but that is different to the Trust knowing

 

[Casual Gentleman]

This in buckets and any who thinks the trust never knew about the Yanks coming in are living cuckoo land I truly believe some trust members were bought off to keep shtum. I will also have a wager that Mr Morgan will own SCFC very soon

I have two daughters one is 16 and one is 18

I will swear on both of their lives that until we were told by Jenkins and Dineen in March 2016 that there was no knowledge in my head

Individuals within the Trust may have known but that is different to the Trust knowing

I didn't say you Phil and I don't doubt you for one minute but there were plenty that had their heads turned by Jenkins and Co and were happy dining at the big table when we were in the promised land I'm sure you can work it out.

 

[Dewi1jack]

I have two daughters one is 16 and one is 18

I will swear on both of their lives that until we were told by Jenkins and Dineen in March 2016 that there was no knowledge in my head

Individuals within the Trust may have known but that is different to the Trust knowing

I didn't say you Phil and I don't doubt you for one minute but there were plenty that had their heads turned by Jenkins and Co and were happy dining at the big table when we were in the promised land I'm sure you can work it out.

Aye.
They were enough accusations being bandied about at the time.
Most were dispelled as fantasies.
Others weren't as convincing in any shape or form, in my honest opinion.
But then, I am quite a cynical type person!

 

[Dewi1jack]

One question asked by someone out loud and by many in the chat box was
"Is there a cooling off period" like any normal contract?
If there is, how does one call an EGM and/ or a vote of no confidence within that period. to get this atrocity of a deal stopped?

It was yet another ( I know, there was loads!!!!) question not answered
If they do answer anyone by email, I'll be surprised

I think there's quite a few people turning in their graves on this one.
Plus, what could be a huge walk away of Trust members.
I've only kept mine just in case there's a way back for the Trust from this deal.

Deal goes through, I'll not renew.
That's if I haven't resigned my membership prior to the end of the season

 

[Darran]

One question asked by someone out loud and by many in the chat box was
"Is there a cooling off period" like any normal contract?
If there is, how does one call an EGM and/ or a vote of no confidence within that period. to get this atrocity of a deal stopped?

It was yet another ( I know, there was loads!!!!) question not answered
If they do answer anyone by email, I'll be surprised

I think there's quite a few people turning in their graves on this one.
Plus, what could be a huge walk away of Trust members.
I've only kept mine just in case there's a way back for the Trust from this deal.

Deal goes through, I'll not renew.
That's if I haven't resigned my membership prior to the end of the season

It’s gone through.

 

[J_B]

I’m torn between resigning my membership and hanging around in case there’s a chance of voting this lot off at some point in the future.