Who do you want to be in charge of CUOSC?

[6EQUJ5]

a) The current board
b) The folk organising Unita Fortior (thecumbrians.net moderators)
c) Another bunch of folk from the Unita Fortior incoming membership
d)
e) None Of The Above

[howoldboy]

a) The current board
b) The folk organising Unita Fortior (thecumbrians.net moderators)
c) Another bunch of folk from the Unita Fortior incoming membership
d)
e) None Of The Above

Ultimately it will be fairly irrelevant when the club goes into administration.

The question then will be who has the money and desire to buy us out of administration and fund what will probably still be a loss making business even without the EWM debt.

[griff]

£84k each year in interest on a debt of around £2.4m. What’s that, 3.5% compounding? About right but it’s more cement holding the current three in place. Day knows where he’s got them.

[_Stefan_Kuntz]

Holdings is just a bucket containing the 1921 shares.
I do not see any possibility of 1921 going into administration because it is not in the interests of any of the stakeholders. Only they can put 1921 into administration.
1921 can go insolvent, out of business and cease to exist. Administration is just a station that can be stopped at on the way to insolvency but it is not in the interests of any of the stakeholders to initiate such a stop.

[howoldboy]

Holdings is just a bucket containing the 1921 shares.
I do not see any possibility of 1921 going into administration because it is not in the interests of any of the stakeholders. Only they can put 1921 into administration.
1921 can go insolvent, out of business and cease to exist. Administration is just a station that can be stopped at on the way to insolvency but it is not in the interests of any of the stakeholders to initiate such a stop.

If Philip Day has no interest in acquiring the Club then it would seem logical that, at some stage, he will want his money back.

In the short term maybe he has been led to believe that there is a chance of this being achieved by income from a sale of Dean Henderson or some other "football fortune".

However if this doesn't happen and at any stage thereafter the Club is unable to comply with the terms of the loan agreement, PD would be entirely within his rights to serve formal demand against both the Club and the Guarantors.

If, at that stage, neither the Club nor the Guarantors were in a position to repay the loan (and outstanding interest) PD would have the option to take legal action against either the Club, the Guarantors or both.

If there is any perceived value in the Club (e.g. a potential buyer of the assets and goodwill waiting in the wings) PD could use his debenture to appoint an administrative receiver with powers to run the Club and sell the assets.

If that happens the CUOSC shareholding becomes worthless.

[cayambe]

I thought the debt was with EWM and not Day. How does that affect the loan - does Day have any say?

[_Stefan_Kuntz]

The debt was with EWM Limited, which was one of the companies of EWM Group. The debt is now with Purepay Retail Limited, which I think is not part of the restructured EWM Group. PD is not a director of Purepay Retail Limited and he does not own any of its shares. However, he controls it by means of a very large loan that he made to it. John Jackson is a director of Purepay Retail Limited and CUFC Holdings.

Folk tend to associate the 1921 debt with PD as a short-hand for Purepay Retail Limited, which he controls. PD most assuredly is controlling the 1921 debt from the Purepay Retail Limited end.

[FactsPriest]

Anyone new would be an improvement. But with a popular and independant forum that is well run to keep them held to account

[Blackdogblue]

Anyone new would be an improvement. But with a popular and independant forum that is well run to keep them held to account

Ffs .. Fo0k off kno8head

[howoldboy]

The debt was with EWM Limited, which was one of the companies of EWM Group. The debt is now with Purepay Retail Limited, which I think is not part of the restructured EWM Group. PD is not a director of Purepay Retail Limited and he does not own any of its shares. However, he controls it by means of a very large loan that he made to it. John Jackson is a director of Purepay Retail Limited and CUFC Holdings.

Folk tend to associate the 1921 debt with PD as a short-hand for Purepay Retail Limited, which he controls. PD most assuredly is controlling the 1921 debt from the Purepay Retail Limited end.

Correct.