Not so under a Supporters Trust!

Where do you get that from ? I'm a shareholder and I have no idea (yet) what the debt stands at. Knowing the level of debt is vital as it will dictate future actions.

SC
this is the bit thats doing my head in, why dont shareholders know what the current debt is and more importantly who to and what period it covers??

how on earth new shareholders are expected to come forward when existing ones are being kept in the darfk is beyond me, god a simple document like that you could run up in minutes why has it aready taken nearly a week, if its coming at all?

Election of the new BoD will be up to the shareholders. While Ted and some others are unlikely to be re-elected, it may be that individuals such a James Elston or Francis Stephenson are people that would be acceptable to those voting in the new structure.

It also makes sense for there to be some sort of continued presence so that the new BoD can properly establish why certain decisions were made rather than simply try to make a best guess from the minutes of previous meetings.

Exactly, the questions must be answered. If the BoD do not reveal all the facts this share offer has failed before it starts.

But remember the cash is held in Escrow until those new investors decide what to do with it. I will put in a grand and I'm sure that before any money is put into the Club we will insist on seeing the full picture. If the investment does not clear the debt and make the Club solvent again and there are further debts stacked up that cannot be serviced then it should be held and the Club placed in Administration. The funds can then be used to buy the Club from the Administrator and re-capitilise it to continue. Who knows a "sugar daddy" may be interested if he can buy it for a song.

There are lots of ifs and buts though and I think we all want one thing - The survival of Wakefield Trinity.

Sandal Cat said: "[iBut remember the cash is held in Escrow until those new investors decide what to do with it[/i"

This is at odds with what my shareholders letter (which arrived this morning) says - the letter makes it clear that "[iif this limit (£500k) is reached, then shares will be issued to each applicant for the money donated[/i". That doesn't look to me like the people who "donate" are going to get much say in how the money is used.

Another point the letter raised - the money Sir RW paid to see off the taxman at the end of last year was a [iloan[/i, not a gift. So whatever amount he lent us also needs repaying.

How do you think Sir Rodders would feel if we went into administration and wiped this amount from our liabilities?

to be honest that thickens the plot rather than clarifies it, anyone able to scan a copy of letter please?

The letter is for shareholders only not for the eyes of ordinary supporters!

silly me!
im not getting the hang of this am i?

Were you at the shareholders meeting ? I thought if the £500k was reached there would be a meeting of shareholders and the matter would be decided by shareholders.

I will not invest a penny if all it does is pay off current debts and we still are heavily in debt and more than likely will go bust anyway. That way all I have done is pay the Taxman and Sir W and lost my money - not for me. If however its as I thought I heard at the meeting I'm in.

If we are unable to pay the tax bill and are wound up Sir RW will have to whistle for his money like HMRC and the rest of us.

You can read it for a grand

I like the cut of your jib!

To be honest it does not say much more than whats in the Express and certainly does not answer the question we all are asking and that is what is the total debt.

What do you think the chances of that information being made available are?

Well that just tells me everything I had suspected about Sir Rodders, Had the Newmarket Decision not gone to PI I have no doubt the tax payoff would have been a gift as when the story boroke about the payoff it was said to be just that a donation from an unkown benafactor, but now it looks as though the ship may be sinking he is joining the queue for one last payoff before he rides off into the sunset. You must all be so caerful of what you do over the next 3 weeks as it is now looking much more likely that there is so much more to all this than meets the eye.

Thanks for the advice and concern.

depends on how bad the answer is.

It had better be made available if the Club wants this share offer to have any chance of success. 500 people with £1,000 is one hell of a tall order when all the facts are know but if people are kept in the dark it will fail before it starts.

If the real answer is worse than no answer then we are in real trouble.

lets use logic here, it is worse or anyone with a brain would have come out with the whole facts, killed the debate and let people get on with their choice.

if they come out now and its aged debt and theres another bill in april, we are dead in the water, in my own head i could get the figure from 500k to about a million adding together various bits of the story

You are quite correct but I am attempting the ostrich approach as I don't want to face the truth.

If you are right there then there's no point going on any more. We may as well be put out of our misery now - it may be a blessing.

well one simple question is as follows
does the 500k include the alleged 350k SRW loaned us
if not then our debt is 850k for a start

Reading on here it is clear that those with any sense who can afford to take up the share offer, are not going to until the club comes totally clean about everything and answers the many valid questions raised and yet unanswered.

The synic in me is starting to think that the lack of detail in writing around this whole share offer is due to the fact that there is more to it then meets the eye. Having seen many half-truths emerge from the club over the years, the only way I would consider buying any is if the following was all provided in writing :

(1) Assurance that the current BOD would not have anything to do with the club going forward

(2) Assurance that the money is going into an Escrow account, all we have at the moment is verbal confirmation and being asked to make cheques payable to a firm of accountants that I don't know from Adam

(3) Assurance that none of the funds will be used to repay Directors loans

(4) Assurance that none of the Directors will be able to profit if and when the remaining proceeds from the sale of Belle Vue are realised

(5) Full disclosure on the true debts the club have (including who they are owed to and what period they relate to)

(6) Details of any money that has been taken out of the club over the last 5 years by Ted & Co

(7) Details of what amount the BOD are to be donating to the cause (a total figure will suffice) and confirmation that they will not be taking any shares (or at least donating them along with the other shares they already hold)

Sadly, I doubt anyone at the club is capable of/willing to provide these answers.

Consequently, I think we need to get fully behind the supporters trust and let Sandal Cat know what amounts we are willing to pledge, then we can hopefully have enough to look to buy the club back if it goes into admin. I prefer the Supporters Trust route anyway, because at the moment I believe the share request with a minimum of a grand leaves some of our fans on the outside looking in, and thats not right, everyone should be able to contribute what they want are able to. Plus I am far more willing to trust my fellow supporters than anything that the current BOD are responsible for putting together