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Thread: So that’s where the debt went…

  1. #1
    Join Date
    Aug 2002
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    19,961

    So that’s where the debt went…

    …bought up by the Piataks and to be “disposed of”, tax efficiently.

    It’s a start, masters of our own destiny etc.


    https://x.com/joncolman/status/17290...REPJHqzPN5Ym_Q

  2. #2
    Join Date
    Aug 2003
    Posts
    3,356
    Quote Originally Posted by griff View Post
    …bought up by the Piataks and to be “disposed of”, tax efficiently.

    It’s a start, masters of our own destiny etc.


    https://x.com/joncolman/status/17290...REPJHqzPN5Ym_Q
    So, at this stage, the debt is still there. Just owed to a different Company.

    It will be interesting to see the first set of audited accounts post the acquisition.

    Until the debt has been converted to share capital, or written off, it would seem that the football club is still insolvent.

    I wonder how much (if anything) the old owners contributed to the Purepay repayment. They certainly should have made a significant contribution if they have been released from their personal guarantees.

  3. #3
    Join Date
    Aug 2007
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    4,242
    Think we know how much Pattison and Nixon would put in,shame Andrew Lapping doesn't post on here as i would be interested to hear his take on it.

  4. #4
    Join Date
    Mar 2004
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    5,115
    From my point of view the issue is not the debt - rather the monthly interest that is now 0

  5. #5
    Join Date
    Aug 2002
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    Quote Originally Posted by postmanpete View Post
    Think we know how much Pattison and Nixon would put in,shame Andrew Lapping doesn't post on here as i would be interested to hear his take on it.
    I wondered too, so I asked. He says they can’t write it off as it would a taxable event for the club, so in his words the options are:

    “-convert to B shares to avoid dilution of Trust
    -leave in place
    -offer shares in the club to the likes of me to pay it off. I think this might be in his thinking after they save themselves from relegation.It’s what I would do, still leaving him with 76pc”

  6. #6
    Join Date
    Aug 2003
    Posts
    3,356
    Further details:-

    "Piatak had already told the News & Star that Castle Sports Group have bought the club’s Ł2.6m debt from Purepay Retail Limited in order to get the takeover across the line.

    Asked how that could now be dealt with going forward, the Jacksonville businessman added: “I’m not an accountant so I’m going to have to defer to them on that. My commitment is it will not be a burden on the club in any shape or form.

    “There will be no interest payments, the club can move freely as if it’s not there.

    “Whether that will be a conversion to equity shares, if that’s the most efficient way…but I don’t want to see it disposed of and the club has a huge tax bill because it’s converted to forgiveness of revenue or something of that nature."

    https://www.newsandstar.co.uk/sport/...al-powerhouse/

  7. #7
    Join Date
    Aug 2021
    Posts
    2,277
    Rumour has it Dale only paid 25% of wages this month..

    If we are not paying wages as it suggests… that leads to another worrying issue… Points Deductions…

    ****in Biffos & Buckets will have a field day…. Talking of buckets… no money leads to CCJ’s as well…

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