if I read it right (perhaps someone else with more time/expertise/brain power than me can assist)..
we are retaining some friendly debt which will only be repaid on return to the prem, and interest only on return to the chumps.
So I guess question is how much debt of all types would we be left with - haven't fathomed that out yet? is it 30p in the pound? Don't realy understand why we have to voluntarily dissolve the company if we are retaining debt.
Don't see anything about reducing debts to 30p in the pound in there? Where are you getting that?
There were bonds (which is effectively the debt) of 30p/unit - total value of £14M, plus the money they injected last year. There seems to be a total of £19M outstanding and that's what's being written off. Can't see anything whatsoever about debt being contingent on promotions - where are you seeing that? Written off means that there's no coming back, that debt is gone on for good.
It is a condition of the Disposal that all inter-company
indebtedness owed by each of CAFC and CAH to the Company (which at the date of this letter totals in
aggregate £18,910,800) is written off by the Company (the “Waiver of Inter-company Debt”).
Debts to external parties aren't affected:
CAFC and CAH are being sold:
(i) subject to the term loans, totalling in excess of £6,800,000, outstanding to Lombard as at Completion;
(ii) subject to the prior Waiver of Inter-company Debt; and
(iii) subject to all trade creditors and liabilities in each of CAFC and CAH existing as at Completion.
So the answer is 6.8M plus our trade creditors, and not at 30p in the pound or any other level. The reason is pretty straightforward: it's easier to trade with or sell a business with 7M in debt than 26M
Thanks for the info, it was this bit where I got that from
"Proposal terms and conditions of the Disposal
The shares in CAFC and CAH will be sold by the Company to the Purchaser for a total cash consideration
of £2.00 together with the discharge and/or assumption of certain liabilities of the Company (the “Cash
Consideration”).
The holders of the Bonds have converted the entire debt represented by the Bonds (totalling £14,880,367)
into an equivalent number of £0.30 each ordinary shares in the Company. This has effectively removed this
debt from the balance sheet of the Company. The holders of the Bonds have also waived all accrued rights
to be paid interest on the Bonds up to and including the conversion date, which took place on 5 August 2010.
The Directors Loans will be novated from the Company to CAFC and CAH immediately prior to
completion of the Disposal. The terms of the Directors Loans will then be amended so that no repayments
will be made until such time as the Club returns to the Premier League. Further amendments will be made
relating to payment of interest only if the Club is competing in the Championship. The Lenders under the
Directors Loans will also waive any and all interest accrued under those Loans to the date of completion of
the Disposal and will release the Company from the security granted by it to such lenders."
The bond debt has been written off, but the loans remain as far as I can see. Not sure how much the total loan debt is (anyone know ? ) but this along with the £6.8m owed to Lombard will be carried by CA Ltd. if all goes through. RM looks to be doing all he can (again and thanks ! ) to keep us as competitive as possible, but it is still cruitial that we find some new investment, a turn around and success on the pitch as soon as possible. The directors who have written off their bond holdings must be congratulated on allowing this to happen, but they probably ackonwledge that future success is the only means that "may" result in them getting a return on their original investment in the club.
There are 4 basic strands I think to this: 1) ordinary shares (some with a nominal valueof 50p others with a nominal value of 30p) in what is now Charlton Athletic PLC, 2) the Convertible Bonds (approx £14 million dating roughly from when Chappell was in charge) 3) Directors Loans (the 7 million introduced last season) and 4) inter-company indebtedness ( monies owed to Charlton Athletic PLC by the football club and the holding company £18.91 million).
What I THINK is happening is that Richard Murray has formed a new company (Baton 2010 Limited which is NOT the one with Sebastien Sainsbury!) to buy all the shares of the Football club and the Holding company (which presumably owns The Valley and Training Ground and is therefore pretty important!). Charlton Athletic PLC presently owns the share capital of these two companies and, assuming the deal goes ahead as planned, will no longer be needed.
Fairly obviously Mr Murray does not want to buy the shares of the football club and holding company from the PLC only to have to cough up £18.91 million inter-company debt! That is why PLC shareholders (Mr Murray and connected parties being the main ones don't forget) are being asked to write off this inter-company debt as part of the deal which is number 4 of my strands above.
The next bits get more complicated. I THINK number 2 of my strands, the convertible bonds, have been converted into 30p ordinary shares in Charlton Athletic PLC the effect being that those bondholders will be entitled to an appropiate portion of the assets of PLC following the sale of its shareholdings in the football club and holding company once it is wound up. The bondholders have also waived their interest entitlement up to the date of conversion which is a sacrifice by them.
In simple terms this means that the 14 million debt re the bonds has gone if the deal goes ahead.
Number 3 of my strands, the directors loans, remain and I THINK interest becomes payable on these if we get back into the Championship and capital becomes repayable should we reach the prem.
In simple terms the effect, if the deal happens, is that our debt becomes the £7 million plus normal trading activities.
Blimey, you really do need a degree in accountancy to be a football supporter these days. I don't consider myself stupid but I'm struggling to get me head around what's going on at the moment????
i) Murray wants all out control so he can get shot quick while his other directors/board members are dragging their feet.
ii) Murray feels his fellow directors/board members are getting itchy feet and are willing to sell to any plastic millionaire that comes along. So he has acted to stop this happening.
iii) Murray and board realise they will never get the asking price, so write off some debts in order to possibly at some stage get a return? (still unclear what director debt remains if any and what the final ownership will be)
I like the bit of 'spin' that the prospective buyers were rejected as they could not afford the club after due dilligence... meaning the level of debt was revealed and the buyers said f'off?
The Club is actively still looking for investment. However the asking price just includes taking on the outstanding loan on the North Stand which is about £7M i think, there are no outstanding friendly or otherwise debts to pay up which makes the club a much better proposition to potential investors.
[cite]Posted By: razil[/cite]iii) Murray and board realise they will never get the asking price, so write off some debts in order to possibly at some stage get a return? (still unclear what director debt remains if any and what the final ownership will be)
I like the bit of 'spin' that the prospective buyers were rejected as they could not afford the club after due dilligence... meaning the level of debt was revealed and the buyers said f'off?
Baton 2010 Limited will own 100% of the shares of the football club and holding company (which owns The Valley and Training Ground).
Richard Murray and family are the shareholders of Baton 2010 Limited.
After all "the messing about" The £7 million directors loans (£6.8 million) remain as debt for the new entity. If we get promoted to the Championship interest becomes payable on these loans (not sure from what date a question for the meeting possibly). If we get promoted to the Premiership then, as well as interest, the capital (ie the £7 million) also becomes repayable (not sure of the timescale another question at the meeting perhaps).
[cite]Posted By: Ketman[/cite]The Club is actively still looking for investment. However the asking price just includes taking on the outstanding loan on the North Stand which is about £7M i think, there are no outstanding friendly or otherwise debts to pay up which makes the club a much better proposition to potential investors.
Annual report from last December said the club at the following loans June 2009-
16.1 Bank loans
At 30 June 2009 the group had the following bank loans:
• £2,646,235 at a fixed rate of 6.4016% per annum, repayable in instalments by 30 September 2013;
• £3,432,148 at a floating rate of 1.7% above base rate per annum, repayable in instalments by 30 September 2013; and
• £227,875 at a floating rate of 2% above base rate per annum, repayable in instalments by 30 April 2010.
Is that the debt on the North Stand or something else?
And then there's the £7m the directors invested last season, and the £14-15m in bonds.
[cite]Posted By: No.1 in South London[/cite]The bond debt has been written off, but the loans remain as far as I can see. Not sure how much the total loan debt is (anyone know ? ) but this along with the £6.8m owed to Lombard will be carried by CA Ltd. if all goes through. RM looks to be doing all he can (again and thanks ! ) to keep us as competitive as possible, but it is still cruitial that we find some new investment, a turn around and success on the pitch as soon as possible. The directors who have written off their bond holdings must be congratulated on allowing this to happen, but they probably ackonwledge that future success is the only means that "may" result in them getting a return on their original investment in the club.
The directors loan position is ambiguous even unclear from that letter.
There is reference to in excess of £10 million (including directors loans) being borrowed in September 2009. However the letter refers to £6.8 million Lombard term loans.
The question is are the £6.8 million term loans what is commonly called the mortgage on the North Stand and the £10 million to directors and Lombard is on top of that i.e total debt £16.8 million or has the £10 million effectively been replaced by the £6.8 million as some of it has been repaid ie total debt £6.8 million?
In other words will the "new" debt be £16.8 million or £6.8 million plus normal trading liabilities? A question for the EGM maybe.
[cite]Posted By: carly burn[/cite]So how are people reading this?
i) Murray wants all out control so he can get shot quick while his other directors/board members are dragging their feet.
ii) Murray feels his fellow directors/board members are getting itchy feet and are willing to sell to any plastic millionaire that comes along. So he has acted to stop this happening.
How can you have such a low esteem of the other directors when they are effectively writing off any value now or in the future of any shares they own plus all of the bond which is circa £15m of their own money, plus any interest on the relatively modest loan all for the benefit of the club?
[cite aria-level=0 aria-posinset=0 aria-setsize=0]Posted By: carly burn[/cite]So how are people reading this?
i) Murray wants all out control so he can get shot quick while his other directors/board members are dragging their feet.
ii) Murray feels his fellow directors/board members are getting itchy feet and are willing to sell to any plastic millionaire that comes along. So he has acted to stop this happening.
How can you have such a low esteem of the other directors when they are effectively writing off any value now or in the future of any shares they own plus all of the bond which is circa £15m of their own money, plus any interest on the relatively modest loan all for the benefit of the club?
because it makes better reading than the truth..
you should know bud that the truth should never blinker a good gossip ;-)
[cite]Posted By: Ketman[/cite]The Club is actively still looking for investment. However the asking price just includes taking on the outstanding loan on the North Stand which is about £7M i think, there are no outstanding friendly or otherwise debts to pay up which makes the club a much better proposition to potential investors.
Annual report from last December said the club at the following loans June 2009-
16.1 Bank loans
At 30 June 2009 the group had the following bank loans:
• £2,646,235 at a fixed rate of 6.4016% per annum, repayable in instalments by 30 September 2013;
• £3,432,148 at a floating rate of 1.7% above base rate per annum, repayable in instalments by 30 September 2013; and
• £227,875 at a floating rate of 2% above base rate per annum, repayable in instalments by 30 April 2010.
Is that the debt on the North Stand or something else?
And then there's the £7m the directors invested last season, and the £14-15m in bonds.
The £14 -£15m in bonds will go if and when this happens.
The ambiguity is how much is owed to Lombard and directors re "mortgage" and " directors loans" (the £7 million originally).
I suspect that the "true" total debt will be £16.8 million whereas with the bonds it was over £30 million. The letter is, to put it politely, ambiguous to put it less politely unclear.
im sure no one that brought shares when we did had anythoughts that is was a money earner. We did it because the club needed us and the cash. Im proud that my Dad (God rest his soul) and i did. Its more than a tad galling to find that they dont need us no more "thanks very much and F**K you but we are 80%+ big boys and we are gona do what we want"
The fact i wont get naff for my shares means the same now as it did when big bollox Zeabel were coming in. I will have it framed and dont give a rats arse what the "big boys "do with theirs.
A few things though. (1) We lost the fans Director (2) The Fans Fotum seems to have huge good will but no teeth (3) After the sell out we wont have a chance to see the books and have even once a year a way of asking the big man anything.
Can anyone be 100% comfortable with the above ? we used to pride ourselves about our input into OUR club, now its his and his alone.
Whilst i have read and re read the letter (arrived Saturday) i think they could have made it a damned lot simpler. In fact all it should say is " vote next week----Murray is the only one with money --dont give a shit what you vote,we have 83% ofthe shares--turn up for a free coffee"
[cite]Posted By: Goonerhater[/cite]im sure no one that brought shares when we did had anythoughts that is was a money earner. We did it because the club needed us and the cash. Im proud that my Dad (God rest his soul) and i did. Its more than a tad galling to find that they dont need us no more "thanks very much and F**K you but we are 80%+ big boys and we are gona do what we want"
The fact i wont get naff for my shares means the same now as it did when big bollox Zeabel were coming in. I will have it framed and dont give a rats arse what the "big boys "do with theirs.
A few things though.
(1) We lost the fans Director
(2) The Fans Fotum seems to have huge good will but no teeth
(3) After the sell out we wont have a chance to see the books and have even once a year a way of asking the big man anything.
Can anyone be 100% comfortable with the above ? we used to pride ourselves about our input into OUR club, now its his and his alone.
Whilst i have read and re read the letter (arrived Saturday) i think they could have made it a damned lot simpler. In fact all it should say is
" vote next week----Murray is the only one with money --dont give a shit what you vote,we have 83% ofthe shares--turn up for a free coffee"
If RM announced a new share issuance to fans, which meant annual reports and an AGM, would you buy some shares again? And how much do you reckon could be raised from fans if he did that? Not that I have a clue whether he would want to do so of course.
It was my idea re the "pitch owners" ala Chelsea i thought we should aim big £5 million, but i think it was The Cardinal who pointed out that the economic climate etcetc it was to tall a target.If there was another share issue my feeling is we wouldnt raise £3million, that might get us out of this league but not into the Prem. We need 3/6 million to get us back to the Prem.
[cite]Posted By: carly burn[/cite]So how are people reading this?
i) Murray wants all out control so he can get shot quick while his other directors/board members are dragging their feet.
ii) Murray feels his fellow directors/board members are getting itchy feet and are willing to sell to any plastic millionaire that comes along. So he has acted to stop this happening.
How can you have such a low esteem of the other directors when they are effectively writing off any value now or in the future of any shares they own plus all of the bond which is circa £15m of their own money, plus any interest on the relatively modest loan all for the benefit of the club?
Agree, love them or loathe them they put they money into the Club time and time again and now have written off most of it. What is left is only repayable if we get back to the Prem and even then I'd guess it's a certain % in year 1, another % in year 2 etc. How many of us would put millions in on the chance that we might play in the top flight again soon?
GH, as for we need £3-6m to reach the prem, I think we need that sort of money to still afloat in league 1.
Peanuts has explained this much better than I but effectively we've gone into a do it yourself administration but without the pain of a 10 point deduction or transfer embargo. A huge parcel of the debt has been wiped out and another part deferred until we are a top flight club.
How you view having just Richard Murray in charge depends on how you view him but he has taken all the on-going financial burden upon himself and for that alone deserves praise.
As for other, external, investment it makes that picture clearer and any negotiation easier but there still has to be a buyer/investor out there willing to put the cash in. If RM can find that person/s that he will have done very well.
Worried? Yes I am. Not for this season but for next if we are still in this league and have no new investment. In the Championship I believe we can be viable with tight budget control and selling an occasional player ie where we were in the mid 90s.
[cite]Posted By: Henry Irving[/cite]
Peanuts has explained this much better than I but effectively we've gone into a do it yourself administration but without the pain of a 10 point deduction or transfer embargo. A huge parcel of the debt has been wiped out and another part deferred until we are a top flight club.
I think that is the best and simplest explanation I have heard.
It's a lot to take in, but overall I just feel overwhelmed at what RM and the other directors have managed to put together to ensure Charlton has a future. Thank you all, millions of times over.
Yes, we are paying a small price as individual shareholders, and we'll seemingly be more cut-off from detailed financial info. But I do trust RM 100% - this completely proves that he is. quite simply, every bit as much a Charlton fan as the rest of us, and a brilliant one at that in being able to reach a solution which ensures our short-term survival and makes mid to longer-term survival more likely.
[cite]Posted By: Henry Irving[/cite]
Peanuts has explained this much better than I but effectively we've gone into a do it yourself administration but without the pain of a 10 point deduction or transfer embargo. A huge parcel of the debt has been wiped out and another part deferred until we are a top flight club.
I think that is the best and simplest explanation I have heard.
[cite]Posted By: Goonerhater[/cite]im sure no one that brought shares when we did had anythoughts that is was a money earner. We did it because the club needed us and the cash. Im proud that my Dad (God rest his soul) and i did. Its more than a tad galling to find that they dont need us no more "thanks very much and F**K you but we are 80%+ big boys and we are gona do what we want"
The fact i wont get naff for my shares means the same now as it did when big bollox Zeabel were coming in. I will have it framed and dont give a rats arse what the "big boys "do with theirs.
A few things though.
(1) We lost the fans Director
(2) The Fans Fotum seems to have huge good will but no teeth
(3) After the sell out we wont have a chance to see the books and have even once a year a way of asking the big man anything.
Can anyone be 100% comfortable with the above ? we used to pride ourselves about our input into OUR club, now its his and his alone.
Whilst i have read and re read the letter (arrived Saturday) i think they could have made it a damned lot simpler. In fact all it should say is
" vote next week----Murray is the only one with money --dont give a shit what you vote,we have 83% ofthe shares--turn up for a free coffee"
[cite]Posted By: Henry Irving[/cite] .......... effectively we've gone into a do it yourself administration but without the pain of a 10 point deduction or transfer embargo........
Brilliantly put H. Big mistakes have been made in recent years as we all know but at this point huge credit should go to all of the directors for walking away from a shed load of money due via the bonds (and most likely the loans) not in order to give RM the club on a plate (he has a difficult task ahead and with only himself in the firing line for the timebeing) but solely in the interests of CAFC and the fans. They've given us a fighting chance of survival.
Agree with Henry on the concerns for next season. But why would RM risk his new found capital when he has already lost so much? He is either a saint, or something else is already going on in the background.
Comments
we are retaining some friendly debt which will only be repaid on return to the prem, and interest only on return to the chumps.
So I guess question is how much debt of all types would we be left with - haven't fathomed that out yet? is it 30p in the pound? Don't realy understand why we have to voluntarily dissolve the company if we are retaining debt.
There were bonds (which is effectively the debt) of 30p/unit - total value of £14M, plus the money they injected last year. There seems to be a total of £19M outstanding and that's what's being written off. Can't see anything whatsoever about debt being contingent on promotions - where are you seeing that? Written off means that there's no coming back, that debt is gone on for good.
Debts to external parties aren't affected:
So the answer is 6.8M plus our trade creditors, and not at 30p in the pound or any other level. The reason is pretty straightforward: it's easier to trade with or sell a business with 7M in debt than 26M
"Proposal terms and conditions of the Disposal
The shares in CAFC and CAH will be sold by the Company to the Purchaser for a total cash consideration
of £2.00 together with the discharge and/or assumption of certain liabilities of the Company (the “Cash
Consideration”).
The holders of the Bonds have converted the entire debt represented by the Bonds (totalling £14,880,367)
into an equivalent number of £0.30 each ordinary shares in the Company. This has effectively removed this
debt from the balance sheet of the Company. The holders of the Bonds have also waived all accrued rights
to be paid interest on the Bonds up to and including the conversion date, which took place on 5 August 2010.
The Directors Loans will be novated from the Company to CAFC and CAH immediately prior to
completion of the Disposal. The terms of the Directors Loans will then be amended so that no repayments
will be made until such time as the Club returns to the Premier League. Further amendments will be made
relating to payment of interest only if the Club is competing in the Championship. The Lenders under the
Directors Loans will also waive any and all interest accrued under those Loans to the date of completion of
the Disposal and will release the Company from the security granted by it to such lenders."
What I THINK is happening is that Richard Murray has formed a new company (Baton 2010 Limited which is NOT the one with Sebastien Sainsbury!) to buy all the shares of the Football club and the Holding company (which presumably owns The Valley and Training Ground and is therefore pretty important!). Charlton Athletic PLC presently owns the share capital of these two companies and, assuming the deal goes ahead as planned, will no longer be needed.
Fairly obviously Mr Murray does not want to buy the shares of the football club and holding company from the PLC only to have to cough up £18.91 million inter-company debt! That is why PLC shareholders (Mr Murray and connected parties being the main ones don't forget) are being asked to write off this inter-company debt as part of the deal which is number 4 of my strands above.
The next bits get more complicated. I THINK number 2 of my strands, the convertible bonds, have been converted into 30p ordinary shares in Charlton Athletic PLC the effect being that those bondholders will be entitled to an appropiate portion of the assets of PLC following the sale of its shareholdings in the football club and holding company once it is wound up. The bondholders have also waived their interest entitlement up to the date of conversion which is a sacrifice by them.
In simple terms this means that the 14 million debt re the bonds has gone if the deal goes ahead.
Number 3 of my strands, the directors loans, remain and I THINK interest becomes payable on these if we get back into the Championship and capital becomes repayable should we reach the prem.
In simple terms the effect, if the deal happens, is that our debt becomes the £7 million plus normal trading activities.
Hope this helps!
i) Murray wants all out control so he can get shot quick while his other directors/board members are dragging their feet.
ii) Murray feels his fellow directors/board members are getting itchy feet and are willing to sell to any plastic millionaire that comes along. So he has acted to stop this happening.
I like the bit of 'spin' that the prospective buyers were rejected as they could not afford the club after due dilligence... meaning the level of debt was revealed and the buyers said f'off?
Baton 2010 Limited will own 100% of the shares of the football club and holding company (which owns The Valley and Training Ground).
Richard Murray and family are the shareholders of Baton 2010 Limited.
After all "the messing about" The £7 million directors loans (£6.8 million) remain as debt for the new entity. If we get promoted to the Championship interest becomes payable on these loans (not sure from what date a question for the meeting possibly). If we get promoted to the Premiership then, as well as interest, the capital (ie the £7 million) also becomes repayable (not sure of the timescale another question at the meeting perhaps).
16.1 Bank loans
At 30 June 2009 the group had the following bank loans:
• £2,646,235 at a fixed rate of 6.4016% per annum, repayable in instalments by 30 September 2013;
• £3,432,148 at a floating rate of 1.7% above base rate per annum, repayable in instalments by 30 September 2013; and
• £227,875 at a floating rate of 2% above base rate per annum, repayable in instalments by 30 April 2010.
Is that the debt on the North Stand or something else?
And then there's the £7m the directors invested last season, and the £14-15m in bonds.
The directors loan position is ambiguous even unclear from that letter.
There is reference to in excess of £10 million (including directors loans) being borrowed in September 2009. However the letter refers to £6.8 million Lombard term loans.
The question is are the £6.8 million term loans what is commonly called the mortgage on the North Stand and the £10 million to directors and Lombard is on top of that i.e total debt £16.8 million or has the £10 million effectively been replaced by the £6.8 million as some of it has been repaid ie total debt £6.8 million?
In other words will the "new" debt be £16.8 million or £6.8 million plus normal trading liabilities? A question for the EGM maybe.
How can you have such a low esteem of the other directors when they are effectively writing off any value now or in the future of any shares they own plus all of the bond which is circa £15m of their own money, plus any interest on the relatively modest loan all for the benefit of the club?
because it makes better reading than the truth..
you should know bud that the truth should never blinker a good gossip ;-)
The £14 -£15m in bonds will go if and when this happens.
The ambiguity is how much is owed to Lombard and directors re "mortgage" and " directors loans" (the £7 million originally).
I suspect that the "true" total debt will be £16.8 million whereas with the bonds it was over £30 million. The letter is, to put it politely, ambiguous to put it less politely unclear.
The fact i wont get naff for my shares means the same now as it did when big bollox Zeabel were coming in. I will have it framed and dont give a rats arse what the "big boys "do with theirs.
A few things though.
(1) We lost the fans Director
(2) The Fans Fotum seems to have huge good will but no teeth
(3) After the sell out we wont have a chance to see the books and have even once a year a way of asking the big man anything.
Can anyone be 100% comfortable with the above ? we used to pride ourselves about our input into OUR club, now its his and his alone.
Whilst i have read and re read the letter (arrived Saturday) i think they could have made it a damned lot simpler. In fact all it should say is
" vote next week----Murray is the only one with money --dont give a shit what you vote,we have 83% ofthe shares--turn up for a free coffee"
If RM announced a new share issuance to fans, which meant annual reports and an AGM, would you buy some shares again? And how much do you reckon could be raised from fans if he did that? Not that I have a clue whether he would want to do so of course.
Agree, love them or loathe them they put they money into the Club time and time again and now have written off most of it. What is left is only repayable if we get back to the Prem and even then I'd guess it's a certain % in year 1, another % in year 2 etc. How many of us would put millions in on the chance that we might play in the top flight again soon?
GH, as for we need £3-6m to reach the prem, I think we need that sort of money to still afloat in league 1.
Peanuts has explained this much better than I but effectively we've gone into a do it yourself administration but without the pain of a 10 point deduction or transfer embargo. A huge parcel of the debt has been wiped out and another part deferred until we are a top flight club.
How you view having just Richard Murray in charge depends on how you view him but he has taken all the on-going financial burden upon himself and for that alone deserves praise.
As for other, external, investment it makes that picture clearer and any negotiation easier but there still has to be a buyer/investor out there willing to put the cash in. If RM can find that person/s that he will have done very well.
Worried? Yes I am. Not for this season but for next if we are still in this league and have no new investment. In the Championship I believe we can be viable with tight budget control and selling an occasional player ie where we were in the mid 90s.
I think that is the best and simplest explanation I have heard.
Unlike you Henry to be concise and accurate!
Yes, we are paying a small price as individual shareholders, and we'll seemingly be more cut-off from detailed financial info. But I do trust RM 100% - this completely proves that he is. quite simply, every bit as much a Charlton fan as the rest of us, and a brilliant one at that in being able to reach a solution which ensures our short-term survival and makes mid to longer-term survival more likely.
Piss off! Is that concise enough for you?
: - )
Agree with all of this.
Brilliantly put H. Big mistakes have been made in recent years as we all know but at this point huge credit should go to all of the directors for walking away from a shed load of money due via the bonds (and most likely the loans) not in order to give RM the club on a plate (he has a difficult task ahead and with only himself in the firing line for the timebeing) but solely in the interests of CAFC and the fans. They've given us a fighting chance of survival.