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Three cheers for the ex-Directors

Cardinal Sin
Cardinal Sin Posts: 5,233
edited June 2019 in General Charlton
According to Duchatelet, three ex-Directors are holding up completion of a takeover by not accepting offers to settle outstanding loans (four ex-Directors possibly if we include David White).

These are the men who loaned the club money in the past under better ownership because the club were desperate for it. They did so on zero percent interest and on the basis that the loans would only ever be repayable if the club hit the Premier League jackpot. Hardly the action of greedy or grasping individuals compared to Duchatelet himself who charges the club 3% on his loans and who is demanding a ridiculously unrealistic price to sell.

I am as desperate for a takeover as anyone but I am more than prepared to wait another 6 months or longer if it means the ex-Directors get what they want in settling these loans and Duchatelet has to suck-up ongoing losses . Duchatelet didn't bother with Due Diligence when he bought the club because he was arrogant enough to assume his wealth would enable him to deal with any problems and because he didn't want to pay for it or wait until it was concluded. So it's entirely his own fault that he is now having to settle this. The issue was exposed years ago when the protests started but still he didn't bother about it, until now.

I am sure most of our supporters will back the ex-Directors here in them getting what they want to settle their loans. Another loss Duchatelet should be forced to pay for. 
«13

Comments

  • Airman Brown
    Airman Brown Posts: 15,772
    Two per cent (!) interest in more recent accounts.
  • Valiantphil
    Valiantphil Posts: 6,415
    Can somebody confirm that the ex-director loans are at 0% interest. 
    If so, why would they be hesitant when anyone offered to repay them ?
  • blackpool72
    blackpool72 Posts: 23,748
    Airman Brown said:
    Two per cent (!) interest in more recent accounts.
    Who Roland  ?
  • SuedeAdidas
    SuedeAdidas Posts: 7,765
    Valiantphil said:
    Can somebody confirm that the ex-director loans are at 0% interest. 
    If so, why would they be hesitant when anyone offered to repay them ?
    Presumably because they are not being offered repayment of the full amounts owed. 
  • Starinnaddick
    Starinnaddick Posts: 4,360
    They can't refuse to accept repayment in full  but they are being asked to take a haircut
  • North Lower Neil
    North Lower Neil Posts: 23,014
    Valiantphil said:
    Can somebody confirm that the ex-director loans are at 0% interest. 
    If so, why would they be hesitant when anyone offered to repay them ?
    I presume because the offers are partial ones.
  • Chizz
    Chizz Posts: 28,366
    Valiantphil said:
    Can somebody confirm that the ex-director loans are at 0% interest. 
    If so, why would they be hesitant when anyone offered to repay them ?
    Because they're not being offered full payment.  

    They cannot object if they're being offered the full amount of the loan, but Roland is offering to pay back only part of the amounts - ie a heavily-discounted repayment. 

    If you loaned someone £1,000, would you accept £500 as repayment? 
  • charltonnick
    charltonnick Posts: 3,065
    Roland can afford it , the ex directors should expect and receive full repayment. 
  • DA9
    DA9 Posts: 11,097
    But David White has clearly stated that he has had no contact or discussions over his loan

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  • cafc999
    cafc999 Posts: 4,976
    Starinnaddick said:
    They can't refuse to accept repayment in full  but they are being asked to take a haircut
    Not so much of a haircut but a full head shave is what I have heard
  • Swisdom
    Swisdom Posts: 14,977
    Starinnaddick said:
    They can't refuse to accept repayment in full  but they are being asked to take a haircut
    More than a haircut - more like butchering them with blunt clippers 
  • Covered End
    Covered End Posts: 52,091
    DA9 said:
    But David White has clearly stated that he has had no contact or discussions over his loan
    No, he said he had been contacted recently and was willing to discuss his loan.
    However, no discussion has taken place.
  • Fanny Fanackapan
    Fanny Fanackapan Posts: 18,769
    Cardinal Sin said:
    According to Duchatelet, three ex-Directors are holding up completion of a takeover by not accepting offers to settle outstanding loans (four ex-Directors possibly if we include David White).

    These are the men who loaned the club money in the past under better ownership because the club were desperate for it. They did so on zero percent interest and on the basis that the loans would only ever be repayable if the club hit the Premier League jackpot. Hardly the action of greedy or grasping individuals compared to Duchatelet himself who charges the club 3% on his loans and who is demanding a ridiculously unrealistic price to sell.

    I am as desperate for a takeover as anyone but I am more than prepared to wait another 6 months or longer if it means the ex-Directors get what they want in settling these loans and Duchatelet has to suck-up ongoing losses . Duchatelet didn't bother with Due Diligence when he bought the club because he was arrogant enough to assume his wealth would enable him to deal with any problems and because he didn't want to pay for it or wait until it was concluded. So it's entirely his own fault that he is now having to settle this. The issue was exposed years ago when the protests started but still he didn't bother about it, until now.

    I am sure most of our supporters will back the ex-Directors here in them getting what they want to settle their loans. Another loss Duchatelet should be forced to pay for. 
    I would be prepared to wait but it would probably mean that the Rat had not increased Bow's contract offer and none of the players out of contract would have received one either....

    So, with no guarantee that in 6 months or longer this Directors' loans fiasco would be concluded successfully, we could 
     be left without our manager and most, if not all of our current squad. 
  • stonemuse
    stonemuse Posts: 34,084
    Cardinal Sin said:
    According to Duchatelet, three ex-Directors are holding up completion of a takeover by not accepting offers to settle outstanding loans (four ex-Directors possibly if we include David White).

    These are the men who loaned the club money in the past under better ownership because the club were desperate for it. They did so on zero percent interest and on the basis that the loans would only ever be repayable if the club hit the Premier League jackpot. Hardly the action of greedy or grasping individuals compared to Duchatelet himself who charges the club 3% on his loans and who is demanding a ridiculously unrealistic price to sell.

    I am as desperate for a takeover as anyone but I am more than prepared to wait another 6 months or longer if it means the ex-Directors get what they want in settling these loans and Duchatelet has to suck-up ongoing losses . Duchatelet didn't bother with Due Diligence when he bought the club because he was arrogant enough to assume his wealth would enable him to deal with any problems and because he didn't want to pay for it or wait until it was concluded. So it's entirely his own fault that he is now having to settle this. The issue was exposed years ago when the protests started but still he didn't bother about it, until now.

    I am sure most of our supporters will back the ex-Directors here in them getting what they want to settle their loans. Another loss Duchatelet should be forced to pay for. 
    Yup
  • stonemuse
    stonemuse Posts: 34,084
    Could it be that RD is playing a new game?

    Trying to get ... or embarrass ... the ex-directors to accept a big discount - then he decides he doesn’t want to sell and takes the opportunity to obtain finance (or seek other opportunities) using the land as collateral?

    I wouldn’t be surprised if he sees the land as his big chance to make money, and is using the proposed buyers as pawns in his game. 

    Far-fetched? Maybe. But nothing would surprise me with this individual. 
  • Kap10
    Kap10 Posts: 15,602
    Is this still based on the directors being paid out in promotion to the Prem. Or is payment due to happen with the current sale?
  • andynelson
    andynelson Posts: 1,951
    Roland and the buyers performing a pincer movement on the directors to stitch them up?
  • RyanSalesWestStand
    RyanSalesWestStand Posts: 18
    Does anyone know the value of the loans? I appreciate there must be some complexity to them, but I struggle to grasp why they are such a blocker. Surely if we reach the Prem, 1 or 2 million to ex-directors is nothing!

    Not to mention LDT said ex-director loans would not be a problem! 
  • TellyTubby
    TellyTubby Posts: 3,559
    stonemuse said:
    Could it be that RD is playing a new game?

    Trying to get ... or embarrass ... the ex-directors to accept a big discount - then he decides he doesn’t want to sell and takes the opportunity to obtain finance (or seek other opportunities) using the land as collateral?

    I wouldn’t be surprised if he sees the land as his big chance to make money, and is using the proposed buyers as pawns in his game. 

    Far-fetched? Maybe. But nothing would surprise me with this individual. 
    My guess is that Roland is hoping that Charlton fans will start putting pressure on David White etc to get them to take the offer.

    Yet more evidence that he really, really don't get it.

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  • _MrDick
    _MrDick Posts: 13,135
    And they've now put out a statement via Voice of the Valley ... fair play   
  • Airman Brown
    Airman Brown Posts: 15,772
    http://www.votvonline.com/home/the-2018-19-blogs/9-6-ex-charlton-directors-respond-over-loan-claims/

  • Goonerhater
    Goonerhater Posts: 12,677
    edited June 2019
    As said upteen times feck all to do with the Ex Director's loans ------ are we now clear Mr Seed?
  • Isawsummersplay
    Isawsummersplay Posts: 1,430
    edited June 2019
    So stick that up your pipe Duchatelet!
  • flyingkiwiDK
    flyingkiwiDK Posts: 5,729
    edited June 2019
    When do the protests start up again then?
  • Lewis Coaches
    Lewis Coaches Posts: 5,415
    TellyTubby said:
    stonemuse said:
    Could it be that RD is playing a new game?

    Trying to get ... or embarrass ... the ex-directors to accept a big discount - then he decides he doesn’t want to sell and takes the opportunity to obtain finance (or seek other opportunities) using the land as collateral?

    I wouldn’t be surprised if he sees the land as his big chance to make money, and is using the proposed buyers as pawns in his game. 

    Far-fetched? Maybe. But nothing would surprise me with this individual. 
    My guess is that Roland is hoping that Charlton fans will start putting pressure on David White etc to get them to take the offer.

    Yet more evidence that he really, really don't get

    Roland has never and will never understand the fans of this great club. 100% behind the directors that hold out for afull return of the money due.

  • Chizz
    Chizz Posts: 28,366
    Goonerhater said:
    As said upteen times feck all to do with the Ex Director's loans ------ are we now clear Mr Seed?
    That's a really odd statement!
  • NapaAddick
    NapaAddick Posts: 4,657
    edited June 2019
    From the most recent annual report.
    And this....

  • Ferryman
    Ferryman Posts: 2,922
    Looks like a right con! Can we also use FRS 102 discounting the debt to Roland, with a factor of 3% or whatever - does anyone understand it?
  • LenGlover
    LenGlover Posts: 31,683
    edited June 2019
    Ferryman said:
    Looks like a right con! Can we also use FRS 102 discounting the debt to Roland, with a factor of 3% or whatever - does anyone understand it?
    It is a load of bollocks in that it is just a fancy way of putting in an estimate of what £7 million at the date of the accounts, 30 June 2018 presumably, will be worth in real terms after inflation, loss of interest etc in 2 years time. 

    In the unlikely event of us ever reaching the Premier league under the Belgian lunatic the physical amount actually paid out would still be £7 million everything else remaining equal.

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