Andrew Jenkins, John Nixon and Steven Pattison

[Neil_McDonalds_dick]

Over at the other place they reckon that The Three are determined to keep their ownership of almost 75% of Holdings, which owns 93.2% of 1921.

This was true up to and beyond March 2017 when the EWM Limited 'facility' had to happen. At that point the club's entire assets were used as security against an initial loan of £450,000. Also The Three gave personal guarantees covering that loan. Clearly The Three thought that such security and guarantees would never be exercised and in any event the loan would not grow any bigger.

However, such optimism was clearly not justified and before long The Three obviously became desperate to escape and have been of such a disposition ever since. But Phillip Day's lawyers obviously write formidably good clauses into agreements and The Three are trapped on the sinking s­hit. As at the last accounts to year ending 31/6/2019 there was this debt to EWM of £2.1 million and other debt of £0.8 million. It is utter fantasy to assume that the club can pay off even a small portion of the debt to EWM from transfer fees of the last couple of years. https://boards.footymad.net/showthre...0#post39669080

The Three have been desperate to escape for at least 3 years but they are strapped in. Phillip Day does not permanently give money away, no matter how little it is in comparison to his overall wealth.