> -----Original Message----- > From: [EMAIL PROTECTED] [mailto:leedslist- > [EMAIL PROTECTED] On Behalf Of John Boocock > Sent: 10 August 2007 12:20 > To: LEEDS LIST > Subject: Re: [LU] Anti-Bates-ers > > Ken Bates is a self professed businessman surrounded by apparently > knowledgeable advisors. Advisors who clearly told him we were in > clover > in September 2006 and heading for financial stability at the end of the > season and then for some reason minds were changed - almost entirely by > the desire for Astor to amortise its debt through a charge on Leeds > United's assets.
Or possibly the fact they were likely to be relegated, or at least at risk and therefore the projected income from sponsorship and the like would be at best delayed, at worst threatened altogether. My reading of events is that cashflow would have been severely impacted by relegation and when the prospect of potential (or planned) administration loomed then Bates would have made sure all loans/investments etc were accounted for on the books. What if, for example (and it is just an example) Astor had made an interest free loan for a very long term period to the club? They were not going to call in that debt, it had zero impact on cashflow in terms of interest being due or whatever. When it might be possible that the club would need to go into administration then of course that loan comes into focus. Not what happened but it is an example where a debt is for all intents and purposes not a debt, but when there is a risk of administration and a potential CVA to go through you are going to want to fully empower that debt are you not? Basically one could argue that Bates didn't HAVE to take us into admin, and he gambled on HMRC backing down or the FL backing down or whatever, but without any evidence to the contrary I don't see how everyone assumes the Astor debt 'magically' appearing was illegal. HMRC could do him for that, or order an inspection and go through the books with a very fine toothed comb to get to the bottom of it. They apparently have it in for him, so they will no doubt do that. Until they do so and find him guilty why can we not be civilised and democratic and assume innocent until proven guilty? _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist Join The Leeds United Supporters Trust at www.lufctrust.org
