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Crikey, fair play, he’s making up for lost time. It’s a book.
Personally though, I don’t care if we never see “Jase” and “Steve” there again.
This is what’s troubling to me. It seems that this Jake Silverstein came out of nowhere with a “loan” and now is a 3rd partner?
I’m assuming this is an end around to “ownership” that wouldn’t otherwise be needed if it weren’t for the ongoing legal issues with the Trust?
I mean, if one can loan money to the club (presumably with interest) and get a board seat sign me up.
A loan is a debt where they must pay the money back on the terms outlined, generally with interest.
An investment would be purchasing a portion of an asset, in this case the holding company that owns the club.
Interestingly, in many cases if loans aren’t paid collateral is forfeited. House gets foreclosed or your car gets repossessed. I wonder if the club has no intention of paying and the “loan” converts to an ownership stake in the club…
Yes. An investment is allocating funds with the intention of getting a return. Interest is a return, as when you invest in a deposit account and get a micron back by loaning money to a bank. Or better example, buying fixed interest corporate bonds.
An interesting update but not one mention of the upcoming legal action which I presume is going to involve the current owners, since they are one of the parties which took part in a fraudulent transaction. Allegedly.
Confirmed tonight at fans forums by the SD - it's against both - current owners and sellers.
Edit: but obviously cautious in what could be stated publicly, given legal sensitivities.
Last edited by Jinxy on 13 Oct 2021 21:21, edited 1 time in total.
I wish I could say this was surprising.
The real question is whether all shares are being devalued or if the Americans are selling a portion of theirs?
If the former, especially if the trust didn’t approve (how could they), this is asking for street fight. If the latter, wouldn’t the trust have the first option to buy the Americans’ shares?
Either way, this smells awful. I’m a bit surprised this has seemingly flown a bit under the radar (unless I’ve missed something big).
Edit to add:
I can only imagine this was structured as a loan to get Jake in the door and kick the can down the road until the legal action is concluded.
That said, if the trust prevails I wonder what the terms of the loan might entail. Have the Americans hamstrung us? I can’t imagine they’d do such a thing…
Last edited by crazedbison on 13 Oct 2021 21:23, edited 2 times in total.
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The Trust is a major shareholder. I presume they‘d have known about that. Why weren’t the members informed in a short update? A two liner would have been enough. Which reminds me - tenner in the post for a renewal. Please prove it‘s worth it. Otherwise I‘ll be joining the WI next year.