| Mr Day and his borrowing on 23:17 - Nov 20 with 2919 views | Pale_Dale |
| Mr Day and his borrowing on 00:11 - Nov 20 by dingdangblue |
What are yours? Cheesy puffs? |
Not really a crisp though is it son? More of a savoury snack. |  | |  |
| Mr Day and his borrowing on 23:19 - Nov 20 with 2911 views | Pale_Dale |
| Mr Day and his borrowing on 07:23 - Nov 20 by BigDaveMyCock |
Stuck it all on the credit card eh? |
Bit harsh on the lad Dave. Payday loans for you lot isn't it? | | | |
| Mr Day and his borrowing on 23:21 - Nov 20 with 2906 views | Pale_Dale |
| Mr Day and his borrowing on 07:28 - Nov 20 by stomper |
Here's hoping they both fly Malaysia airlines. |
Sums you up Chomper. | | | |
| Mr Day and his borrowing on 23:26 - Nov 20 with 2888 views | dingdangblue |
| Mr Day and his borrowing on 21:03 - Nov 20 by BigDaveMyCock |
The Transcript.
Firstly, the response to first question as to why they didn't respond to Conn's article is odd. Conn only referred to publicly accessible information that is readily available on Companies House. Bury is indeed a private company................that is limited by shares, and as such the board are accountable to the shareholders. Also, the argument that things have to be shrouded in mystery so as not lose competitive advantage is utter tosh and contradictory. They never tire of reminding us of the size of JD deal and the wonderment of partnerships.
Secondly, the loan (note, in particular, Day's bit here). Only one loan is mentioned. However, there are a number of loans and tellingly neither of them name the Goldman and Sons Limited loan, the largest of the loans at £1 million. Only Cash4assets is mentioned. Also, note that they do not deny that the interest rate is 138%. In addition, play close attention to the wording here. The Chairman's companies have 'underpinned' the loan and interest. The loan is not being 'funded' by Bury. Firstly, which loan? Secondly, at no point does it state that Bury are not repaying the loan(s), or, more importantly, that the loan(s) are secured on Bury and its assets (including the stadium).
This bit is exceptionally misleading
Was any of that collateral related to the stadium?
GT: “No. If you read the paperwork, the only legal charge on Gigg Lane is to the chairman’s personal investment in the club, which has always been declared since day one.”
According to the loan documents, Goldman and Cash4assets have a charge on Bury's assets (including the ground). In fact, there are currently 8 separate charges registered against Bury FC.
Anyway, Bury are presented as exposed to no risk vis-a-vis the loans.
However, Day then says this.
“One of the things that attracted us to Bury Football Club was because they owned the ground and the land that it was on. Not because we wanted to sell the ground and the land but there was development potential there to bring an income into the business."
So, the loans are not secured on the ground but you were interested in Bury to secure income to the business. Also, if you're going to keep the stadium and keep it as a stadium why are you interested in the land that it is on?
Next point is the question are you just using Bury to help prop up your own businesses?
Day: “The opposite, the other business are propping up Bury Football Club.”
So, this will be shown in the accounts then? Income from the other businesses?
What is happening here is that this is a uber positive way of admitting that Bury has been leveraged to the max. It has taken them 18 months to admit this. They are essentially admitting that we borrow the money and the club gets the risk. They will not tell you what it's for because we'd lose the opportunities if we do.
GT states "Bury Football Club will be a partner and therefore entitled to an income from that project"
What does it mean to be a partner? Is it a contractual relationship? Can Bury enforce these contracts if they don't get paid? Are Bury owners/shareholders in this property/business? Or do Bury get paid on the whim of Stewart Day in this deal?
The whole spin is premised on Bury receiving income from this 'deal'. However, this deal cannot evidenced. Again, we just have to take their word.
What is written in black and white and registered at Companies House, however, is that the loans, with exceptionally high interest rates, are secured on Bury FC. THAT's contractual, make no doubt about that.
Forget the waffle, no figures are given or names are revealed. Look at the documents. This is an exceptionally dangerous strategy and these two are to be treated with upmost caution. This transcript is so little on fact. Take the question of how much debt has been paid off and how much debt has the club got now? The question is not answered in any way shape or form.
There are some snippets though where they let their guard down.
“There will be losses shown in these accounts and probably next year’s accounts as well because you cannot make a negative situation positive in a very short space of time."
“We want to try to create a business and get this business successful because it was failing and it is still failing now."
Be prepared [Post edited 21 Nov 2014 6:51]
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You've not mentioned the deal that's gonna bring em in £32 mill !  |  |
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| Mr Day and his borrowing on 23:29 - Nov 20 with 2882 views | roccydaleian |
| Mr Day and his borrowing on 23:26 - Nov 20 by dingdangblue |
You've not mentioned the deal that's gonna bring em in £32 mill ! |
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| Mr Day and his borrowing on 07:59 - Nov 22 with 2423 views | Pale_Dale |
| Mr Day and his borrowing on 07:00 - Nov 21 by BigDaveMyCock |
I've also not mentioned that there is no reference whatsover to the loan being paid in a few weeks.
Also, note the language re Cash4assets. It's easy to initially read it as Cash4assets lends lots of money to different organisations. Read closer, no, its the lawyer they use that undertakes lots of lending deals. Cash4assets is/was a dormant company remember.
Similar to the interest rate. It appears that Day denies the 138% interest. He actually doesn't. He denies Conn's calculations of the 138% interest rate.
As for the 600%, I've not commented on that because it makes absolutely no sense whatsoever.
I repeat, what does it mean to be a partner in this property deal? Is it a contractual relationship? Can Bury enforce these contracts if they don't get paid? Are Bury owners/shareholders in this property/business? Or do Bury get paid on the whim of Stewart Day in this deal?
The whole spin is premised on Bury receiving income from this 'deal'. However, this deal cannot be evidenced. Again, when it comes to substance we just have to take their word.
[Post edited 21 Nov 2014 7:05]
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Spend £100 on some shares and get to the meeting in Jan and you can ask them rather than continually banging on about it.
There you go, problem sorted. | | | |
| Mr Day and his borrowing on 08:34 - Nov 22 with 2397 views | BigDaveMyCock |
| Mr Day and his borrowing on 07:59 - Nov 22 by Pale_Dale |
Spend £100 on some shares and get to the meeting in Jan and you can ask them rather than continually banging on about it.
There you go, problem sorted. |
Don't you mean borrow a hundred pound at an interest rate of 138% secured on Gigg Lane' s bogs, set up a company and invest in an exciting new secret project from which Bury will derive untold wealth?
Might get a good Madoff-like return if you mongs hurry up and buy more car parking spaces. That's of course if I can locate Stewart Paul Day, Paul Stewart Day, Neil Day, Robin Day.
Thanks for the offer but ridiculing the likes of you is far more fun. | |
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| Mr Day and his borrowing on 09:43 - Nov 22 with 2337 views | MoonyDale |
| Mr Day and his borrowing on 08:34 - Nov 22 by BigDaveMyCock |
Don't you mean borrow a hundred pound at an interest rate of 138% secured on Gigg Lane' s bogs, set up a company and invest in an exciting new secret project from which Bury will derive untold wealth?
Might get a good Madoff-like return if you mongs hurry up and buy more car parking spaces. That's of course if I can locate Stewart Paul Day, Paul Stewart Day, Neil Day, Robin Day.
Thanks for the offer but ridiculing the likes of you is far more fun. |
More like Doris Day.... |  |
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