Vibrac loan/mortgage

[mikewex]

Bit off topic.... But can Kenwright and co legally pocket all the new TV money coming in?... And in the extreme, are they legally in their right to be able to liquidate the football club and profit from it?... Or do they have some legal duty of care etc...

Not directly. They could of course declare a dividend and do it that way. And yes they can liquidate the club if they wanted, provided all creditors are paid off and contracts fulfilled. Regardless of what the average fan thinks, at the end of the day it is just a corporation.

 

[Mogwai]

Not directly. They could of course declare a dividend and do it that way. And yes they can liquidate the club if they wanted, provided all creditors are paid off and contracts fulfilled. Regardless of what the average fan thinks, at the end of the day it is just a corporation.

That's what I feared...

 

[mikewex]

That's what I feared...

Why? None of the directors have ever shown an interest in taking an income stream (a capital gain, yes) from the club (despite some of the more lurid tales), and the club would be worth a lot less in a liquidation then a sale.

 

[SingBlue]

Why? None of the directors have ever shown an interest in taking an income stream (a capital gain, yes) from the club (despite some of the more lurid tales), and the club would be worth a lot less in a liquidation then a sale.

EFC's Articles of Association forbid Directors from taking a salary unless they are also employees. That line from BK at the EGM about not taking a salary, as in effect their contribution, was misleading.

 

[mikewex]

EFC's Articles of Association forbid Directors from taking a salary unless they are also employees. That line from BK at the EGM about not taking a salary, as in effect their contribution, was misleading.

Not really. BKs point was simply that they don't get paid for any time spent on EFC business. As for the Articles, the directors are overwhelming majority shareholders, that clause could have been removed at any time if the board had wanted to (as they were changed to remove AGMs), or indeed they could have become employees had they wanted to.

 

[tommye]

Shouldn't all this be in the board thread?


http://www.grandoldteam.com/forum/threads/33472-The-Everton-Board-Thread-(Inc-Bill-Kenwright-Blue-Union)?p=2158469

 

[SingBlue]

Not really. BKs point was simply that they don't get paid for any time spent on EFC business. As for the Articles, the directors are overwhelming majority shareholders, that clause could have been removed at any time if the board had wanted to (as they were changed to remove AGMs), or indeed they could have become employees had they wanted to.

Mike, I take your point, but my point is that it was an attempt at misleading the audience - a pretty lame one at that. I understand BK et al don't have the money to invest, that's not their fault. What I can't forgive was the failure to land the Kings' Waterfront development. Had he delivered that, he'd have got his big windfall no problem. Valuing the club at £180m as an opening gambit really isn't going to get us any further forward.

 

[davek]

Not really. BKs point was simply that they don't get paid for any time spent on EFC business. As for the Articles, the directors are overwhelming majority shareholders, that clause could have been removed at any time if the board had wanted to (as they were changed to remove AGMs), or indeed they could have become employees had they wanted to.

Many clubs have CEOs who are also classed as directors of the club. Wyness fell into that category and was handsomely paid.

 

[magicjuan]

Many clubs have CEOs who are also classed as directors of the club. Wyness fell into that category and was handsomely paid.

and handsomely paid to keep schtum too....

 

[davek]

and handsomely paid to keep schtum too....

Oh aye!

 

[pamorris]

There are so many company that offers mortgage loan that can help people. There seems to be little that one cannot purchase from Costco. Earlier this year, the warehouse club publicized that it would be providing home loans, available online. The Costco mortgage program is available to both customers and non-members, though customers get substantial discounts on some mortgage terms.

 

[Moomin]

There are so many company that offers mortgage loan that can help people. There seems to be little that one cannot purchase from Costco. Earlier this year, the warehouse club publicized that it would be providing home loans, available online. The Costco mortgage program is available to both customers and non-members, though customers get substantial discounts on some mortgage terms.

Totally agree, would not have happened with Walter Smith's replacement.

WHATS OUR NAME????

 

[Steve Wigan]

It was inevitable that this thread would turn into yet another playground for the conspiracy theorists, usual suspects, and never-say-anything-positive-about- Everton- platoon. I am no financial expert, and don't pretend to be one (you know who you are!), but isn't it true that Everton is not a public limited company, like many football clubs, and, for example, don't have to inform the Stock EXchange when they are involved in a substantial transaction?Similarly, the price of Everton shares is not quoted in the Shares Index, and shares in Everton are closer in alignment to having a debenture at,say, Wimbledon or Twickenham. All that could change under new owners, but currently could it be said that those that run the club are in some ways 'playing with their own money' ? Maybe one of the genuine accounts people on here could enlighten us in an unbiased manner? I mean Juan, or the guy who used to be so articulate on Kipper, who is also on here?

 

[Chang Elephant]

Steve

Ever considered a career with these people or do you just take one off assignments like the current ?

http://reputationmanagementexperts.co.uk/

 

[pfim]

Yes, them and probably 10k other companies. Its the address of http://www.icazalaw.com/, a solicitors that specializes in setting up BVI companies and acts as a registered address and trustees. Google the address, it appears a lot on a large number of companies. All the business about "avoiding dividends" appears to have been pretty much made up on forums.

Correct.