Trust Legal Action Called Off

[ARQS]

But everyone loved the 20 year anniversary pin badges so swings and roundabouts, eh?

 

[Cinio Dydd Sul]

They've given up then.

With no consultation with the members.

Terrible.

 

[Vetchonian]

As everyone knows, I'm not one to prejudge, so here's my initial considered reaction.

We have a new bunch of sellouts.

Kick them out, every last one of them. Incompetent, or worse, self serving welsh committee type fuckwits. I'd rather see anybody off the street in there than this bunch of gimps.

Its not often we do but we agree on this one.
Gave in to the first approach...this is why Im no longer a memebr of the Trust...they cannot see they have actually now created a situation where a future buyer can ignore them....and received a pittance in return.

 

[Cinio Dydd Sul]

Can't imagine what you feel Phil. All the hard work, time and effort you put in for them to do this.

All us members have been betrayed.

 

[Witneyjack]

£500k back in the bank
5% "never be sold" shareholding
10% shares beyond that (after an anticipated dilution)
Seat on the board and the rights that go with it

I think thats about the gist

What's your opinion Phil? You put years of work on this.

 

[monmouth]

Actually this is it isn't it? Forget whether we agree or disagree. They had a mandate. How dare they do this with no consultation. That in itself should be the end of every single one of them on that Board. They will, of course, just rely on everyone to simply lose interest so they can stand unopposed, as they won't care about subs or membership and will carry on in their puffed up 'look at me' self important pomp, poncing off in the directors box. It's worked too. I have no interest whatsoever in the Trust now. Why would anyone? Lapdogs.

Anyone care to defend the approach taken?

 

[J_B]

“As part of the agreement the Trust will in future work alongside the Club to implement new initiatives aimed at encouraging more supporters to become Trust members.”

Laughable.

I’ve had contact in the last few minutes with four other Trust members and that’s five people who won’t have anything to do with the Trust again. Only the members of the board will be left as members of the Trust soon.

 

[Bryanswan]

Glad i haven't given to the trust in years, proved right that they are pointless bunch who like to sit in the posh seats.
Never less than 5% shares, guess theyll be diluted down to that in no time.

 

[Darran]

‘Dave Dalton was directly approached by Jake Silverstein around the same time the NEW board was convened’

The word NEW speaks volumes to me.

In other words these mugs will roll over and have their bellies tickled.

Absolutely fuming and I’ve been a member of the Trust since that night in the Patti but I’ll never join again.

 

[Marchamjack]

I’m out after this

A morally bankrupt ‘organisation’.

Sold out by our own, again, but feels even worse this time

 

[monmouth]

“As part of the agreement the Trust will in future work alongside the Club to implement new initiatives aimed at encouraging more supporters to become Trust members.”

Laughable.

I’ve had contact in the last few minutes with four other Trust members and that’s five people who won’t have anything to do with the Trust again. Only the members of the board will be left as members of the Trust soon.

I think they'll be perfectly fine with that as long as they can show off to their mates and attend some games in the directors box.

 

[crazedbison]

To be quite blunt, I’m livid.

So, without a vote or a request for funding we’ve decided we absolutely cannot come up with £5m for a loan?

Without a vote we’ve decided to reverse course on what WAS voted on (legal action)?

WHY?



We’ve done all of this in order to receive:

£500k now, £500k a year (up to £1.5m) if we make the PL again.

5% that cannot be further diluted, 10% that can (total of 15% after dilution)

Everything else on offer seemed to be something we already had, no?



Am I understanding that properly?

Also, what is the trust even going to do with the money?

I cannot speak for anyone else but I’d have significantly chipped in towards the £5m loan needed to call the Americans’ bluff. The interest rates were quite attractive.

I just cannot understand how we’ve gotten bent over time after time. First by the local sellouts, then by the Americans and now by our own board. Completely and utterly disgraceful.

I beg you, please convince me I’m wrong.

 

[PSumbler]

£500k back in the bank
5% "never be sold" shareholding
10% shares beyond that (after an anticipated dilution)
Seat on the board and the rights that go with it

I think thats about the gist

What's your opinion Phil? You put years of work on this.

Other than the four years of my life wasted on endless calls, detail and trying to get this to a palatable stage where we had a decent resolution (And forget the views on the initial deal but it makes this one look positively brilliant!) I'm apathetic and not surprised.

I don't want to - and I won't attack individuals but we have settled this whole legal dispute for a paltry £500k rising to a maximum £2m which is dependent on three years in the Premier League. (Which in reality would probably have been paid as a dividend anyway)

The 5% is neither here nor there and not sure about the "never be sold" mantra - what if it was actually beneficial to sell it.

There appears to be an imminent dilution of the Trusts shares through - presumably - the conversion of the loan and the fact that the other 10% is exposed, one more loan note from Mr Silverstein and thatis just about gone.

But we have rights as a director (which is directors box privileges noted in a recent minutes as needing to be used) and someone else to pour the teas at board meetings (as an observer)

The £500k is probably less than paid out progressing the action mandated by the members and I wonder if the lawyers will want an extra payment from that given they can easily claim that they helped negotiate a settlement (remember they were always for mediation time and time again)

In answer to someone asking how I felt? Sadly I think this has had the feeling of inevitability for several months now - the talk of "getting up to speed" never made sense given the people getting up to speed were part of the board for several years and we shouldnt lose sight of the time element that could have seen legal action timed out.

My final gambit (for now) is one that says it would take an incredibly stupid/brave* (delete as appropriate) board to go against the wishes of the members, the reaction of that membership will tell you much

I've tried to be measured there, I am sure I may have a longer say at some stage soon!

 

[cmajack]

Glad i haven't given to the trust in years, proved right that they are pointless bunch who like to sit in the posh seats.
Never less than 5% shares, guess theyll be diluted down to that in no time.

My sentiment entirely, haven't given anything to them in years , and certainly won't in the future either. People like Phil and Darran must be absolutely fuming.

 

[ARQS]

The Trust lost all my support around the time of the Huw Cooze fiasco.

Just another organisation with their snouts in the trough. With a few notable exceptions, they're the same as the local sell outs and the Americans but under a different banner. But with less money and less brains.