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Not for us, but for Bury. i was credit checking a potential customer and decided to nosey onto BFC's file and was (or maybe not) supprised to see a new CCJ for circa £22k lodged only Wednesday this week. looks like they are in need of a bumper crowd tomorrow to settle some bills
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tomorrow can't come quick enough on 16:59 - Jan 12 with 9230 views
tomorrow can't come quick enough on 16:33 - Jan 12 by 49thseason
Are all the loans secured by the ground? If they do go tits up, someone is going to be disappointed to find out that the ground isn't worth anything like £14m. Is it even legal to have multiple loans all secured on the same asset?
Day is a Jedi at securing loans against property - most of them have been secured against a house of cards.
tomorrow can't come quick enough on 15:34 - Jan 12 by judd
Not sure how up to date this is but
"Information in the public domain shows Day's companies and BFC currently have live loans of some £3m with Moneything and nearly £11m with Saving Stream as well as a number of other charges with other organisations and individuals. So, it's quite possible that some, if not all, of the £2.5m is from those sources. "
Should we lend them one of Hogan's eyebrows or summat?
Yeah, it appears P2P funders lend to one of the six million Merdco companies and some of that money makes its way to Bury. Essentially funding the club via some property deal somewhere undertaken by a subsidiary company.
tomorrow can't come quick enough on 18:44 - Jan 12 by 442Dale
Not heard of SavingStream being mentioned before.
It's getting very confusing now, why are some of the getting excitable about money being converted to shares?!
Another P2P lender. They're under the impression that Day personally, or one of his companies, has lent the club money but instead of repayment has opted to exchange the debt for shares in club.
Has he balls........
Blue shorts. Still remember Peter Reid's blue shorts 8 foot in the air as a result of Moran's tackle.
tomorrow can't come quick enough on 18:44 - Jan 12 by 442Dale
Not heard of SavingStream being mentioned before.
It's getting very confusing now, why are some of the getting excitable about money being converted to shares?!
I suspect the fact 'it's becoming confusing' is no coincidence. I'm by no means 'savvy' in the world of finance, but I reckon the average fan is no wiser than me, when it comes to the intricacies of dealing in multi-million pound sums and loans.
That, of course, suits them perfectly. thankfully, we have people on here who have a better understanding and can separate the myths from the realities.
This thread should be transplanted on to the Bury Message Board. They should all read it.
[Post edited 12 Jan 2017 21:52]
“It is easier to fool people, than to convince them that they have been fooledâ€
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tomorrow can't come quick enough on 21:08 - Jan 12 with 8744 views
A nice summary of the company and how it works. 1.5% per month on £2500000 is quite a sum of money to pay back especially if the income stream is limited.
A nice summary of the company and how it works. 1.5% per month on £2500000 is quite a sum of money to pay back especially if the income stream is limited.
£37500 a month interest alone.
[Post edited 12 Jan 2017 21:15]
So thats another £10k a week to add to the £40 grand a week they were losing before? Or have they used the new loans to pay off some of the old ones? Although if there is now £ 14m of loans maybe not?
tomorrow can't come quick enough on 16:33 - Jan 12 by 49thseason
Are all the loans secured by the ground? If they do go tits up, someone is going to be disappointed to find out that the ground isn't worth anything like £14m. Is it even legal to have multiple loans all secured on the same asset?
The loans mentioned, I believe ,are spread across Day's portfolio of various companies.
One of them has borrowed at least £2.5m and pumped the cash into Bury FC. In order to strengthen the balance sheet (and possible exhibit signs of financial distress), the loan has been converted to shares, the shareholding being held by Mederco, a Day company. The loan no longer appears as a BFC liability. However, it must still be re-paid from cash generated via some source or other (trading income, sale of various assets, a new loan etc.)
Should the loan be defaulted upon or called in whatsoever, the main way to generate sufficient cash is to realise the valuable assets on the various balance sheets within the portfolio of companies.
Recently BFC revalued their asset base in order to strengthen the balance sheet, their accounts were caveated by the Auditors concern about the ability of the business to meet its' future financial obligations without the funding vehicle provided by the Directors.
Day's businesses appear to be extremely heavily geared, and if they cannot generate the cash needed to fund the on-going short term liabilities then they'll be fooked. He does appear, however, to have managed cash very well thus far, if somewhat in a damaging manner by the regular WUPs.
Anyway, I remember the time when TTNYear got into Bury with a black and white photocopied student id card for a tenner .Or was it a fiver?. The id card professed the learning institute as "University of Life". They really ought to know better.
The numpties are still going on about a new ground and whether they can attract Man City and Man Utd fans who aren't able to get to matches or watch games in the pub. Rose tinted spectacles and generally quite dumb is the way to describe them
Surely this is just another admin error. They'll sort this without difficulty now that they can draw on the megabucks received for all the young talent developed and so recently sold.
steofthedale*
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tomorrow can't come quick enough on 17:37 - Jan 27 with 7028 views
tomorrow can't come quick enough on 18:03 - Jan 27 by dingdangblue
Yes it's their ground!
Dun't think it's anything to do with Southend United. Roots Hall Ltd (the company in question) has its offices registered in St Albans and is a buyer and seller of real estate.
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tomorrow can't come quick enough on 20:28 - Jan 27 with 6756 views
tomorrow can't come quick enough on 21:06 - Nov 21 by Toffeemanc
Next one will be issued in January for February hearing. It's easy to predict when they will be as the pattern is they are issued after late/non payment of tax due for the previous tax quarter for which the next one ends on 31st December. Bookmark this I'm pretty confident it will be correct.
As predicted over 2 months ago the latest winding up petition for Bury FC has been issued. I'd expect they will survive this again with their now standard late payment, then the next one will come in April for the tax quarter ending 31st March. If they are still in danger of relegation at the time would Bury simply then go into administration. I know there is a cut off point for going into administration for the points deduction to count this season, but don't know when this is, anybody know? As the regular season ends on 30th April I'd assume the cut off point would have passed and any deduction would have to be for the following season. With the current season ending on 30th April they will have just over 3 months with very little/no income which could easily be their tipping point.
tomorrow can't come quick enough on 12:27 - Jan 30 by Toffeemanc
As predicted over 2 months ago the latest winding up petition for Bury FC has been issued. I'd expect they will survive this again with their now standard late payment, then the next one will come in April for the tax quarter ending 31st March. If they are still in danger of relegation at the time would Bury simply then go into administration. I know there is a cut off point for going into administration for the points deduction to count this season, but don't know when this is, anybody know? As the regular season ends on 30th April I'd assume the cut off point would have passed and any deduction would have to be for the following season. With the current season ending on 30th April they will have just over 3 months with very little/no income which could easily be their tipping point.
[Post edited 30 Jan 2017 12:29]
Some surprises on the way!
They've paid the taxman?
Its a BRILLIANT goal to cap a BRILLIANT start by Rochdale - Don Goodman 26/08/10
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