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Re: AGM for 2017

Posted: 20 Nov 2018, 13:09
by Johnlewis1920
The debt has occurred by poor decisions made by previous directors although they were made in good faith of which Jack Fulton was Charman of directors and he basically loaned the club money against the ground to make up for the unintentional poor decisions
The new generation Fulton’s basically loaded and cocked a gun and asked give us interest on the loan and all the unsold shares or we call the loan in and close the club
The siblings of jack are now charging around 2% interest above base rate getting a nice little earner but to add insult they are not taking the interest they are adding it to the debt so to earn more money for themselves year on year
This increasing debt makes it more difficult to sign a marque player or indeed improve the grounds infrastructure for the fans to benefit from
Please don’t say we don’t need to improve the infrastructure because we are moving to a new ground we fans are charged around the same as other fans that can use acceptable facility’s
COYF

Re: AGM for 2017

Posted: 20 Nov 2018, 13:46
by tigerfeat
charging 2 per cent interest above base rate but not taking the interest,so if thats true making a lot of money for themselves while the debt on the club grows
i must have misunderstood that cant be rate surely

Re: AGM for 2017

Posted: 20 Nov 2018, 14:06
by Mysterio
Are the Fulton’s taking the P?

Re: AGM for 2017

Posted: 20 Nov 2018, 17:30
by Kenilworth Tiger
If Manchester Utd, Manchester City, Liverpool.......in fact any premier league club had their debts called in they would fold too

Re: AGM for 2017

Posted: 20 Nov 2018, 17:45
by Frankas
Some seem very quick to turn on the Fulton's, Do you think the Fulton's were taking the P? when they handed the club millions of pounds to keep the club competitive, and keep us in business, If Ian Fulton had called the loans in, Cas would have folded. and the ground would be a new housing estate.

Re: AGM for 2017

Posted: 20 Nov 2018, 17:57
by Lofthouse Tiger
That’s a fantastic business model to follow then. Give me what I want or I will close you down? How popular would anyone be that did that to a club that’s been around almost 100 years?

When you look at all the people that have contributed to the club being in existence it only takes one to completely throw it all away if/when they feel the need to do so if they can’t have what they want?

It’s all ok to praise people for throwing money at the club to keep it going but had bad mistakes not been made, Richard Wright being the worst one, then maybe these debts/loans wouldn’t be so high. As someone said these mistakes were probably due to poor judgement and not done intentionally but loyalty to 1 man has had more consequences than we may think.

Re: AGM for 2017

Posted: 20 Nov 2018, 18:35
by cogito ergo sum
What if the owners of London, Huddersfield, Saints, Hull, Hull KR etc etc called loans in?

I don't know on what basis these rich men bankroll these clubs, but does McManus, Davy, Hughes, Pearson, Hudgell Etc give the cash away? If they do, they don't need to call loans in, they just need to walk away, as two others did last year. The league is built on sand, but at Cas we have a solid asset worth millions.

Re: AGM for 2017

Posted: 20 Nov 2018, 20:11
by Lofthouse Tiger
Worth millions if sold and flattened for housing development. If it was to be sold to new owners with a view to building a new ground there and maintaining the squad as a top 4 club how much do people think it would be worth then? What do you feel a new owner might have to pay?

Re: AGM for 2017

Posted: 20 Nov 2018, 21:05
by Robbo
Wr is worth more than stated in the books in my opinion.
To develop a ground there you cannot sell it first.

We need a plan B at the AGM .

The club lost money during a difficult period and changes were not made fast enough. Friendships get in the way.

All should become clearer at the AGm that I and others continue to push for.
Plenty of investors would like the Kudos of owing the club and getting interest in a secured debt.

Robbo

Re: AGM for 2017

Posted: 20 Nov 2018, 21:16
by JIN JER
I thought when I worked at Nestle they said that that area could not be used for housing as it had a chance of flooding once in a hundred year and was classed as a risk, I remember it flooding only once and that was probably back in the 80's. It was also mooted that Tesco wanted to build on the old Nestle site but they'd have had to have it built on stilts and was far too expensive.

Re: AGM for 2017

Posted: 21 Nov 2018, 11:07
by mart0042
JIN JER wrote:I thought when I worked at Nestle they said that that area could not be used for housing as it had a chance of flooding once in a hundred year and was classed as a risk, I remember it flooding only once and that was probably back in the 80's. It was also mooted that Tesco wanted to build on the old Nestle site but they'd have had to have it built on stilts and was far too expensive.
I think that's changed. They built on the school without issues.

There's nothing challenging asda in Cas, I'm sure another supermarket would make money.

Re: AGM for 2017

Posted: 21 Nov 2018, 11:15
by mart0042
The problem is that you can't give an rl club money, it has to be loans or shares or similar.

Ultimately, I want the club to succeed and preferably owned by fans. I cannot say what happened with the fultons, I am pretty sure that Jack wouldn't be happy with his family destroying his club. But if they own the club they are only hurting themselves financially. If it's true and not stirrers

Re: AGM for 2017

Posted: 21 Nov 2018, 11:24
by greenhouse
The Fulton did keep the club afloat but before we all get teary eyed lets not forget they were buying the club in instalments and that was allowed to happen by a week board of directors

Re: AGM for 2017

Posted: 21 Nov 2018, 11:37
by JIN JER
mart0042 wrote:
JIN JER wrote:I thought when I worked at Nestle they said that that area could not be used for housing as it had a chance of flooding once in a hundred year and was classed as a risk, I remember it flooding only once and that was probably back in the 80's. It was also mooted that Tesco wanted to build on the old Nestle site but they'd have had to have it built on stilts and was far too expensive.
I think that's changed. They built on the school without issues.

There's nothing challenging asda in Cas, I'm sure another supermarket would make money.
Ok, it was a long time since and I know things do change.

Re: AGM for 2017

Posted: 21 Nov 2018, 11:52
by TT Tiger
JIN JER wrote:
mart0042 wrote:
JIN JER wrote:I thought when I worked at Nestle they said that that area could not be used for housing as it had a chance of flooding once in a hundred year and was classed as a risk, I remember it flooding only once and that was probably back in the 80's. It was also mooted that Tesco wanted to build on the old Nestle site but they'd have had to have it built on stilts and was far too expensive.
I think that's changed. They built on the school without issues.

There's nothing challenging asda in Cas, I'm sure another supermarket would make money.
Ok, it was a long time since and I know things do change.
They built wicks in Shipley on stilts to save “once in a hundred year floods.” And on Boxing Day 2 years ago it was the only place out of the two trading estates there that didn’t flood. Making it worthwhile. The slit option isn’t that expensive anymore.

Re: AGM for 2017

Posted: 21 Nov 2018, 13:01
by Johnlewis1920
The club made public a terrific profit of over £600k in 2017 accounts that in any ones opinion is good my thoughts is that should of been used to pay off a large proportion of the Fulton debt and therefore reduce interest being charged and costing the club at the moment it appears the loan is being managed like back street money lender would do companyies house show the debt has increased even though a profit has been announced COYF

Re: AGM for 2017

Posted: 21 Nov 2018, 19:22
by Robbo
I am waiting to see the accounts as I guess only abbreviated accounts are filed.

Either way the net debt has to reduce if a profit is made and no dividend declared.

Hence the thread asking for an AGM to discuss the accounts of TWO years ago.

robbo

Re: AGM for 2017

Posted: 21 Nov 2018, 20:18
by tigerfeat
I find these reports troubling

Re: AGM for 2017

Posted: 21 Nov 2018, 20:25
by Lofthouse Tiger
When someone is adamant with gaining full control their is usually something they want to do without any opposition or to hide something from any other interested parties. If this is not the case then I am a chinaman.

I still don’t see how it has been agreed to give shares to cover a loan yet the loan remains and interest paid on it. An absolute recipe for financial disaster for one party. Bet I know who won’t come out of this losing out.

Re: AGM for 2017

Posted: 23 Nov 2018, 19:00
by Robbo
Well we got the AGM.

Tuesday the 11th of December at 10.30 am. How convenient.

Not seen the paperwork yet but a fair few things to concern shareholders who frankly currently have no say at all.

Let me read them and come back
robbo