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

[victorturner]

Do we think these issues suggest that DC is financially stretched?

[Rogers]

What’s the context here? What’s he talking about? 

[@owlstalk]

58 minutes ago, Rogers said:

What’s the context here? What’s he talking about? 

 

He’s talking about the ground being sold and why

[Guest mkowl]

8 hours 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.

Thanks Heppers

 

Always interesting to hear your take as you have a finger on the pulse so to speak.

 

Like the old song "it raises more questions than answers" 

[oh_weds_we_love_you]

Didn't Mr Chansiri say the debt was "only a few million"... if that's the case, why hasn't he just paid it up? It's the equivalent of me securing my milk delivery debt against my house rather than pay the milkman the £34 I owe him.

[Hookowl]

9 minutes ago, oh_weds_we_love_you said:

Didn't Mr Chansiri say the debt was "only a few million"... if that's the case, why hasn't he just paid it up? It's the equivalent of me securing my milk delivery debt against my house rather than pay the milkman the £34 I owe him.

 

I think someone said earlier that the debt was only repayable if we were promoted to the prem.

If this is true I would presume that he is only securing the debt rather than pay a few million that he may not have to.

[asteener1867]

8 minutes ago, Hookowl said:

 

I think someone said earlier that the debt was only repayable if we were promoted to the prem.

If this is true I would presume that he is only securing the debt rather than pay a few million that he may not have to.

Is thgis the one owed to DA etc....?

Maybe it had a time frame...

[Guest Therealrealist]

Looks like hes bought a car without doing an hpi check..but on a bigger scale.how mm got 37 mill for swfc i will never know

[Swiss Toni]

22 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

 

 

Renault Megane will always come with a hair styling kit though. Or was that the Peugeot CC?

 

[oh_weds_we_love_you]

3 minutes ago, Hookowl said:

 

I think someone said earlier that the debt was only repayable if we were promoted to the prem.

If this is true I would presume that he is only securing the debt rather than pay a few million that he may not have to.

 

Ahhh I see, that would make more sense. I wonder what servicing the debt is costing him.

[Hookowl]

4 minutes ago, asteener1867 said:

Is thgis the one owed to DA etc....?

Maybe it had a time frame...

Could be, can't find a time frame though.

 

Current and former directors at the club, other than David Allen, who own loan notes in the company have all agreed to waive a significant majority of the value of their debts, with any repayment of the remaining sum only taking place if Wednesday  gains promotion to the Premier League.

Mr Allen will receive an initial payment on completion of the acquisition along with a further payment if Premier League promotion happens.

[oh_weds_we_love_you]

Just now, Therealrealist said:

Looks like hes bought a car without doing an hpi check..but on a bigger scale.how mm got 37 mill for swfc i will never know

 

And where Mr Chansiri has spent his "few hundred million" I'll never know!

[kobayashi]

Very strange comments compared with the information in the accounts.

The May 2015 accounts disclose a number of loans to various parties being repaid and charges satisfied with only one loan for £1.2m outstanding, to be repaid in January 2016. Subsequently the May 2016 show an "other" interest payment of £77K (interest on the £1.2m) but make no mention of any continuing 3rd party debts and thereafter the  May 2017 and July 2018 accounts disclose no debt to 3rd parties and also no "other" interest has been charged to profit. So neemingly no debt disclosed and no interest paid and/or accrued. With regard to  contingent liabilities, then only those to the Co-Op and Dave Allen etc. that Mandaric agreed when he took over to be paid if the club were promoted to the PL. These have been been disclosed in every set of accounts for nearly a decade so cannot have been too big of a surprise.

[Guest Therealrealist]

10 minutes ago, oh_weds_we_love_you said:

 

And where Mr Chansiri has spent his "few hundred million" I'll never 

Love to know how mm got in touch with him..is there an ebay or summat for reyt rich people where things like football clubs get advertised

[heppers]

All debts were disclosed.

 

MM and his business indemnify against any debts that crop up afterwards.

 

Something stinks here.

[asteener1867]

So some company post Mandaric has tipped up with a bill?...according to DC....but if as above Mandaric had said He was liable to ALL bills prior  the sale to DC...Surely DC simply had to hand the bill over to Mandaric?..Or am I missing something?

Edited November 6, 2020 by asteener1867

[Hookowl]

25 minutes ago, kobayashi said:

Very strange comments compared with the information in the accounts.

The May 2015 accounts disclose a number of loans to various parties being repaid and charges satisfied with only one loan for £1.2m outstanding, to be repaid in January 2016. Subsequently the May 2016 show an "other" interest payment of £77K (interest on the £1.2m) but make no mention of any continuing 3rd party debts and thereafter the  May 2017 and July 2018 accounts disclose no debt to 3rd parties and also no "other" interest has been charged to profit. So neemingly no debt disclosed and no interest paid and/or accrued. With regard to  contingent liabilities, then only those to the Co-Op and Dave Allen etc. that Mandaric agreed when he took over to be paid if the club were promoted to the PL. These have been been disclosed in every set of accounts for nearly a decade so cannot have been too big of a surprise.

 

Not saying this is the case, but could DC's comments refer to him being surprised if he suddenly had to indemnify these liabilities when he previously believed he didn't have to do anything until promotion occurred ?

[Guest Therealrealist]

5 minutes ago, Hookowl said:

 

Not saying this is the case, but could DC's comments refer to him being surprised if he suddenly had to indemnify these liabilities when he previously believed he didn't have to do anything until promotion occurred ?

Surely his lawyers would have poured over everthing with a fine tooth pick..he shudnt be getting 'surprised' by any old debts

[FreshOwl]

He clearly hadn’t done his homework related to anything about running a football club.

 

Madness that we haven’t spiralled out of control already and gone under 

 

All the gear no idea 

[Hookowl]

2 minutes ago, Therealrealist said:

Surely his lawyers would have poured over everthing with a fine tooth pick..he shudnt be getting 'surprised' by any old debts

 

You would have thought so, I'm only guessing like everyone else, but the DA thing seems the only feasible one to me.