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Chansiri “This company, we’ve owed them since before my time… Maybe it’s my fault, but I didn’t know that"


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2 hours ago, mkowl said:

What is not unusual when you buy the shares in a company is that in theory you take over all the assets and liabilities at that time. Its why the process takes so long, is very expensive legally and there will be warranties as long as your arm.

 

However debt that the former owner has put in will generally be cleared, as was presumed secured debt from 3rd parties. This was presumed done but it seems evident that there was some legacy debts from the MM era that were not cleared.

 

Due diligence should have picked this. If it didn't and the vendor had not been 100% honest then you would invoke the warranty clauses 

 

So I think it was known as a liability. That interest would be paid and presumably capital repayment is triggered by promotion or the like.

 

The lenders have got spooked with the EFL matter and presumably covid, so DC has had to give security via the stadium to ensure they don't demand repayment 

 

Well that is an hypothesis

 

 

 

 

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Owlstalk Shop

 

 

 

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2 hours ago, @owlstalk said:



I've said it many times that Chansiri didn't get what he thought he was buying at all.

Like when I bought my Renault Megane and thought it was ace, but now the driver window wont' wind up, the right hand speakers gone, and the aircon fan won't turn off at all

 

 

 

Is it petrol or diesel?

 

If it's petrol, you're okay. If it's a diesel, you will probably need something like an industrial weed burner to get the fuel ignited in the tank.

 

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Just now, ChapSmurf said:

 

Is it petrol or diesel?

 

If it's petrol, you're okay. If it's a diesel, you will probably need something like an industrial weed burner to get the fuel ignited in the tank.

 

 

 

Diesel this time mate


I'll take it down to Kwit Fit and say to em "see what i need doing on this mate - I don't know the first thing about cars"

I'm sure they'll sort me out


 


Owlstalk Shop

 

 

 

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Just now, @owlstalk said:

 

 

Diesel this time mate


I'll take it down to Kwit Fit and say to em "see what i need doing on this mate - I don't know the first thing about cars"

I'm sure they'll sort me out

 

You don't need to tell them you don't know the first thing about cars. You've a Renault. They'll have already worked that out lol

Only joking mate. I hope you get your problems sorted out.

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1 hour ago, Morepork said:

I’ve said this before but I’d have a lot more respect for him if he’d just hold his hands up and said “I’ve f@cked up, this is so much harder than I thought.......” Instead with have this “revisionist” version of events littered with deflection. 

Yeah. Me too. Just better to hold his hands up, admit hes had a mare, apologise and then get a CEO in to run the club and he take more of a back seat.

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3 hours ago, @owlstalk said:


Sheffeld Star from February 2016 - Accounts show SWFC are DEBT FREE - https://www.thestar.co.uk/news/accounts-reveal-sheffield-wednesday-are-debt-free-459309


Just prior to DC buying the club He put in a £5m loan. This was to be used to repay £2m to TW Brown, £1.5m to Latham and £1.5m to Barclays. The Latham debt was originally part of the TW Brown debt but it was sold to Latham.

 

The contract signed by MM, his company Football Investments LLC and DC indemnifies DC against any debts that arise that are not disclosed.

 

If the debt was indeed not known to DC then he can claim against FI LLC and MM who acted as guarantor.

 

In my mind this means the debt is either TW Brown or Latham OR what he is saying is not true as he would be pursuing MM.

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11 minutes ago, heppers said:


Just prior to DC buying the club He put in a £5m loan. This was to be used to repay £2m to TW Brown, £1.5m to Latham and £1.5m to Barclays. The Latham debt was originally part of the TW Brown debt but it was sold to Latham.

 

The contract signed by MM, his company Football Investments LLC and DC indemnifies DC against any debts that arise that are not disclosed.

 

If the debt was indeed not known to DC then he can claim against FI LLC and MM who acted as guarantor.

 

In my mind this means the debt is either TW Brown or Latham OR what he is saying is not true as he would be pursuing MM.


It seems like there may also have been another loan of £1.6m from Ecotonian.

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When Milan took over all debts were wiped apart from Allen/ex-directors I thought?

So with the reports that we were "debt-free" when Chansiri took over doesn't that mean one of the following statements has to be true?

 

  • Milan lied at the time he took over what the actual deal with Allen/ex directors was and the only condition wasn't promotion back to the Premier.
  • Milan and Chansiri were both lying when they said we were debt free when Chansiri took over and Milan had taken on some other debt during his tenure.
  • Chansiri is lying now and this debt has been taken on since he took over.

 

Forgive me and please point out if I've missed something or misremembered but I'm just trying to follow how we logically could be in this position after what we've been told over the years.

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6 hours ago, @owlstalk said:


Like when I bought my Renault Megane and thought it was ace, but now the driver window wont' wind up, the right hand speakers gone, and the aircon fan won't turn off at all

 

Sounds just about right when you buy a French car lol

 

The comparison to Chansiri was good though!

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