Gerinako Posted December 5, 2019 Share Posted December 5, 2019 From the player recruitment to the sale of the stadium to balance the books and then this news today. Embarassing 1 Link to comment Share on other sites More sharing options...
BARMYARMY2010 Posted December 5, 2019 Share Posted December 5, 2019 3 minutes ago, rickygoo said: Have you seen the balance sheet? Have you seen that liabilities exceed assets? Have you seen that the audited accounts are qualified re the company's ability to operate as a going concern? Weren't you pulled up for posting that initial thing yesterday. While ever Mr Chansiri keeps paying the bills, it's a going concern. 1 Link to comment Share on other sites More sharing options...
Harrysgame Posted December 5, 2019 Share Posted December 5, 2019 2 minutes ago, rickygoo said: Wasn't Forestieri charged by the FA? Think they are cast from a similar mould, sorry if wrong, but you get the jist of the thread. 1 Link to comment Share on other sites More sharing options...
Harrysgame Posted December 5, 2019 Share Posted December 5, 2019 Just now, BARMYARMY2010 said: Weren't you pulled up for posting that initial thing yesterday. While ever Mr Chansiri keeps paying the bills, it's a going concern. Yes, does not matter what the balance sheet says as long as the owner is rich enough to fund it. I would have thought the majority of football clubs would on a balance sheet be technically insolvent if they didn't have or had rich backers. Link to comment Share on other sites More sharing options...
Sonny Posted December 5, 2019 Share Posted December 5, 2019 1 hour ago, Veredisquo said: No. I just don’t want to see our club suffer because our owner is too naive, or too stubborn to admit when they’re wrong. I just fear that with that aggressive statement we are lining ourselves up for a hefty punishment that would derail any sense of progress we’ve made in the past few years. I love this club- I don’t have to justify that to anyone simply because I think our owner is setting us down a path that may cause more damage than any of us are anticipating. We are already set up for a hefty punishment that will derail any sense of progress we’ve made in the past few years. That’s what doing nothing will get us. Link to comment Share on other sites More sharing options...
markg Posted December 5, 2019 Share Posted December 5, 2019 Hopefully he wins his case but it wont be a time for celebrating. We shouldn't be in a position where we have had to do this. Link to comment Share on other sites More sharing options...
Dick_Turpin Posted December 5, 2019 Share Posted December 5, 2019 6 minutes ago, BARMYARMY2010 said: Weren't you pulled up for posting that initial thing yesterday. While ever Mr Chansiri keeps paying the bills, it's a going concern. There's no point rowing about accounting semantics really and definitions of balance sheet and cash-flow insolvency. If you think the accounts look rosy then fair enough - it's your opinion, and these things are generally judgement calls. During my days as an insolvency accountant we took over companies with better P&L records and balance sheets than Wednesday. However, virtually all of the debt is owed to Chansiri which is hopefully better than owing it to a bank. But it completely depends on how deep his pockets are and his willingness and ability to continue to fund us. That's not necessarily a good place to be. Link to comment Share on other sites More sharing options...
Veredisquo Posted December 5, 2019 Share Posted December 5, 2019 6 minutes ago, Sonny said: We are already set up for a hefty punishment that will derail any sense of progress we’ve made in the past few years. That’s what doing nothing will get us. 21 points is worse than 9- it’s all hypothetical at this stage anyway Link to comment Share on other sites More sharing options...
SwellOwl Posted December 5, 2019 Share Posted December 5, 2019 3 hours ago, matthefish2002 said: The clubs are the EFL. Its the clubs who decide the rules of the EFL like FFP etc. They agree but it is mainly a proposal put to them to agree and disagree by a board at EFL. Link to comment Share on other sites More sharing options...
SwellOwl Posted December 5, 2019 Share Posted December 5, 2019 The EFL showing their lack of interest to solve the issue at Macclesfield Town currently. Seems like they just want to make noise when it suits them. Link to comment Share on other sites More sharing options...
nevthelodgemoorowl Posted December 5, 2019 Share Posted December 5, 2019 What I want to happen obviously is that DC wins and a level of compensation is awarded for damage to feelings and image. What I feel will happen is some form of no liability arbitration where our trading position is to a large extent unhindered. We get the kitchen sink thrown at us. Fines, points, relegation. The full on works. In this scenario we walk away from the EFL don't accept the fines, go through the highest courts possible with an unresolved disagreement. Then Join the SFL what a refreshing journey that would be. 1 Link to comment Share on other sites More sharing options...
BARMYARMY2010 Posted December 5, 2019 Share Posted December 5, 2019 19 minutes ago, rickygoo said: There's no point rowing about accounting semantics really and definitions of balance sheet and cash-flow insolvency. If you think the accounts look rosy then fair enough - it's your opinion, and these things are generally judgement calls. During my days as an insolvency accountant we took over companies with better P&L records and balance sheets than Wednesday. However, virtually all of the debt is owed to Chansiri which is hopefully better than owing it to a bank. But it completely depends on how deep his pockets are and his willingness and ability to continue to fund us. That's not necessarily a good place to be. My reply wasn't about the accounts, it was to your flagrant misuse of the word "insolvency", there are those on here who reckon Chansiri is broke, despite there being no evidence from day one to present, he's always said he has money, just can't spend it. 1 Link to comment Share on other sites More sharing options...
Dick_Turpin Posted December 5, 2019 Share Posted December 5, 2019 1 minute ago, BARMYARMY2010 said: My reply wasn't about the accounts, it was to your flagrant misuse of the word "insolvency", there are those on here who reckon Chansiri is broke, despite there being no evidence from day one to present, he's always said he has money, just can't spend it. Like I said no point rowing about accounting semantics -we'll just go round in circles. It wasn't flagrant misuse. It was an interpretation of the balance sheet as reflected in the accounts. So if your reply wasn't about the accounts it wasn't about the specifics of my comment - it was about how you chose to interpret it. Link to comment Share on other sites More sharing options...
Dick_Turpin Posted December 5, 2019 Share Posted December 5, 2019 8 minutes ago, nevthelodgemoorowl said: What I want to happen obviously is that DC wins and a level of compensation is awarded for damage to feelings and image. What I feel will happen is some form of no liability arbitration where our trading position is to a large extent unhindered. We get the kitchen sink thrown at us. Fines, points, relegation. The full on works. In this scenario we walk away from the EFL don't accept the fines, go through the highest courts possible with an unresolved disagreement. Then Join the SFL what a refreshing journey that would be. A local English derby with Berwick. Tasty. 1 Link to comment Share on other sites More sharing options...
BARMYARMY2010 Posted December 5, 2019 Share Posted December 5, 2019 9 minutes ago, rickygoo said: Like I said no point rowing about accounting semantics -we'll just go round in circles. It wasn't flagrant misuse. It was an interpretation of the balance sheet as reflected in the accounts. So if your reply wasn't about the accounts it wasn't about the specifics of my comment - it was about how you chose to interpret it. Really, you got pulled up for your initial post, flagrant misuse, not semantics. Am done now. Link to comment Share on other sites More sharing options...
pazowl55 Posted December 5, 2019 Share Posted December 5, 2019 35 minutes ago, rickygoo said: There's no point rowing about accounting semantics really and definitions of balance sheet and cash-flow insolvency. If you think the accounts look rosy then fair enough - it's your opinion, and these things are generally judgement calls. During my days as an insolvency accountant we took over companies with better P&L records and balance sheets than Wednesday. However, virtually all of the debt is owed to Chansiri which is hopefully better than owing it to a bank. But it completely depends on how deep his pockets are and his willingness and ability to continue to fund us. That's not necessarily a good place to be. Is our debt owed to Chansiri though. Is he definitely going to ask for it all back or will they get converted into shares (may have already happened) or what ever they do so that they dont shackle the club with debt. 1 Link to comment Share on other sites More sharing options...
Dick_Turpin Posted December 5, 2019 Share Posted December 5, 2019 2 minutes ago, BARMYARMY2010 said: Really, you got pulled up for your initial post, flagrant misuse, not semantics. Am done now. I got pulled up erroneously by someone who later admitted I knew more than them about the subject. But believe what you want. Link to comment Share on other sites More sharing options...
Hookowl Posted December 5, 2019 Share Posted December 5, 2019 3 hours ago, Veredisquo said: The chairman claimed to sell Hillsborough to a company that didn’t exist at the time. Seems pretty clear cut to me. That's not clear cut at all. Section 21 of the new Companies Act 71 of 2008 provides for an exception to the rule that a person cannot bind a non-existent principal, which determines that a person may act as an agent for a company to be formed. The Act states in section 21(1) that a person may enter into a written agreement in the name of, or purport to act in the name of, or on behalf of, an entity that is contemplated to be incorporated in terms of this Act, but does not yet exist at the time. 1 2 Link to comment Share on other sites More sharing options...
Mike Hunt Posted December 5, 2019 Share Posted December 5, 2019 1 hour ago, rickygoo said: Have you seen the balance sheet? Have you seen that liabilities exceed assets? Have you seen that the audited accounts are qualified re the company's ability to operate as a going concern? Using that formula , how many clubs in the Championship are technically Insolvent ? Link to comment Share on other sites More sharing options...
Dick_Turpin Posted December 5, 2019 Share Posted December 5, 2019 2 minutes ago, hugeowl said: Using that formula , how many clubs in the Championship are technically Insolvent ? I haven't dug out the accounts of the other clubs. I'm only interested in Wednesday. 1 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now