Mark Attanasio

[Indy 3,315]

4 hours ago, GMF said:

Amusing as it would be, it’s not going to happen. Something’s a brewing… 

Something Brewing ! I see what you did there! Milwaukee brewers😂

[PurpleCanary 5,580]

13 minutes ago, shefcanary said:

Come on, what do you know that I don't? 😉 

Shef, you need to relax!😍  

[essex canary 506]

12 minutes ago, PurpleCanary said:

Shef, you need to relax!😍  

I bet they don't do a decent pint of Bitter.

[GMF 757]

Okay, I’m being a tad mischievous, but only because so many seem to be getting worked up on conspiracy theories, which have no substance whatsoever.

I’ve consistently said that this is about raising capital and there’s one obvious purchaser. If that happens, the issue price is highly likely to be key (and, probably almost certainly higher than any private deal between MF and MA!)

Also, and I’ve said this before too, MF is due to step down in the summer. There’s logic (but by no means certainty) that this will be linked to another appointment from the Attanasio stable.

There you go, me adding 2 plus 2 and getting 5.

Something’s a brewing…

[Soldier on 168]

4 minutes ago, GMF said:

Okay, I’m being a tad mischievous, but only because so many seem to be getting worked up on conspiracy theories, which have no substance whatsoever.

I’ve consistently said that this is about raising capital and there’s one obvious purchaser. If that happens, the issue price is highly likely to be key (and, probably almost certainly higher than any private deal between MF and MA!)

Also, and I’ve said this before too, MF is due to step down in the summer. There’s logic (but by no means certainty) that this will be linked to another appointment from the Attanasio stable.

There you go, me adding 2 plus 2 and getting 5.

Something’s a brewing…

Do you think it will be Richard Ressler GMF?

[essex canary 506]

3 minutes ago, GMF said:

Okay, I’m being a tad mischievous, but only because so many seem to be getting worked up on conspiracy theories, which have no substance whatsoever.

I’ve consistently said that this is about raising capital and there’s one obvious purchaser. If that happens, the issue price is highly likely to be key (and, probably almost certainly higher than any private deal between MF and MA!)

Also, and I’ve said this before too, MF is due to step down in the summer. There’s logic (but by no means certainty) that this will be linked to another appointment from the Attanasio stable.

There you go, me adding 2 plus 2 and getting 5.

Something’s a brewing…

Perhaps with better briefings they could have avoided the conspiracy theories.

Does 'another appointment from the Attanasio stable' constitute a Takeover? 

 

[GMF 757]

2 minutes ago, Soldier on said:

Do you think it will be Richard Ressler GMF?

No idea, although his name has been mentioned before, by some who clearly know far more about these things than me.

[GMF 757]

3 minutes ago, essex canary said:

Perhaps with better briefings they could have avoided the conspiracy theories.

Does 'another appointment from the Attanasio stable' constitute a Takeover? 

 

If there’s ever a stick to beat the Club with, we can always rely on you to pick it up and wave it in their direction!

I’ve always believed that the takeover code would apply, as soon as MA, or someone linked to him, took the holding above 30%, not least because those who know far more about it than me have flagged it as an issue. 

[Indy 3,315]

8 minutes ago, Soldier on said:

Do you think it will be Richard Ressler GMF?

No there's a sneaky bid by Purple! He said so earlier! I'm all for Purple taking charge! Go for it!😂 

[Indy 3,315]

1 minute ago, GMF said:

If there’s ever a stick to beat the Club with, we can always rely on you to pick it up and wave it in their direction!

I’ve always believed that the takeover code would apply, as soon as MA, or someone linked to him, took the holding above 30%, not least because those who know far more about it than me have flagged it as an issue. 

I thought it was 32%?

Anyhow can I ask how do Cat C shares bare when taking into consideration this 32% mark, is that for all types of share combined?

[GMF 757]

4 minutes ago, Indy said:

No there's a sneaky bid by Purple! He said so earlier! I'm all for Purple taking charge! Go for it!😂 

It’s a joint bid, with @PurpleCanary’s running mate, doubling up as Chairman of the remuneration committee, with special responsibility for all minority shareholders, plus their inheritors, being @essex canary 

[GMF 757]

5 minutes ago, Indy said:

I thought it was 32%?

Anyhow can I ask how do Cat C shares bare when taking into consideration this 32% mark, is that for all types of share combined?

No, it’s 30%.

C-preference shares would be converted into the equivalent of 10% of the ordinary share capital, on a fully diluted basis (with a tip hat to @MrBunce for that info).

[TIL 1010 4,794]

26 minutes ago, GMF said:

No idea, although his name has been mentioned before, by someone who clearly thinks he knows far more about these things than me.

Fixed it for you GMF .

[essex canary 506]

4 minutes ago, GMF said:

It’s a joint bid, with @PurpleCanary’s running mate, doubling up as Chairman of the remuneration committee, with special responsibility for all minority shareholders, plus their inheritors, being @essex canary 

The inheritors must represent almost half the total now which aside from sheer numbers of shareholders and developments in modern football is why the whole concept is obsolete. They just need to put it to bed which if they had managed themselves remotely as well as, say Burnley, they would have been able to settle at a very favourable rate and have done the ground development too.

More to do with secrecy and surreptitious behaviour than sticks.

[BigFish 1,988]

2 hours ago, GMF said:

If there’s ever a stick to beat the Club with, we can always rely on you to pick it up and wave it in their direction!

I’ve always believed that the takeover code would apply, as soon as MA, or someone linked to him, took the holding above 30%, not least because those who know far more about it than me have flagged it as an issue. 

OK, as you are teasing @GMF .

Assuming MA goes above 30% and the majority of shareholders don't vote for a waiver, that would involve him making an unconditional offer at the highest value he had paid for a share for the Trust's shares.

Would they accept, or reject?

[PurpleCanary 5,580]

2 hours ago, Indy said:

No there's a sneaky bid by Purple! He said so earlier! I'm all for Purple taking charge! Go for it!😂 

Well, I suppose the cat had to jump out of the bag eventually, Indy. Of course all the Attanasio stuff and the new shares are total misdirection. Mark was happy to play along in public as good cop while I assembled the finance for the takeover.

In very simple terms it will be a non-leveraged buy-out bankrolled by the proceeds of NFTs invested in short-selling tulip futures on the Macau stock exchange and by the sale of promissory notes securitised by the subsequent long-selling of tulip futures.

Unluckily for minority shareholders I have bribed the Takeover Panel to rule that Attanasio and I have not been acting in concert so the 87p per share I have just paid to the Canaries Trust for its 30-percent-breaking holding stands as the amount I will have to offer everyone else, and especially past and present Associate Directors. So sad.

And once I acquire 100 per cent I will of course be taking the company private and headquartering it on one of the lesser-known offshore tax havens, so putting a stop to all the tedious nonsense from fans about corporate governance and oversight.
 

[GMF 757]

36 minutes ago, BigFish said:

OK, as you are teasing @GMF .

Assuming MA goes above 30% and the majority of shareholders don't vote for a waiver, that would involve him making an unconditional offer at the highest value he had paid for a share for the Trust's shares.

Would they accept, or reject?

Let’s take your post one step at a time.

First, if MA crosses the 30% threshold, I’m presuming that he has to make the same offer to all shareholders, including D&M. They would then be in the same situation as everyone else, with a decision to make as to whether to accept or sit tight. I guess that would depend upon the offer price.

As far as I’m aware (but I’m no expert) they don’t have to disclose their decision, even given the size of their holding.

Second, the Trust would have the same decision as everyone else, to sell, or sit tight. That would ultimately be dependent upon the offer price.

Third, I’m not one to make comparisons to Burnley, so I can’t really answer your question. 

[shefcanary 2,456]

5 hours ago, GMF said:

No idea, although his name has been mentioned before, by some who clearly know far more about these things than me.

We all put 2 & 2 together at times. My thought is that Mike Attanasio will be the guy for the Board role. Why else that video of him with his Dad, where he seemed to do more talking.

[PurpleCanary 5,580]

7 hours ago, Indy said:

Something Brewing ! I see what you did there! Milwaukee brewers😂

Yes, Indy, but perhaps GMF is using that pun to hide the fact that he believes something really is about to happen?!

[Indy 3,315]

1 hour ago, PurpleCanary said:

Yes, Indy, but perhaps GMF is using that pun to hide the fact that he believes something really is about to happen?!

But he said he didn't know!.....I don't believe anyone on here knows....time might tell, then again.

[GMF 757]

8 hours ago, PurpleCanary said:

Yes, Indy, but perhaps GMF is using that pun to hide the fact that he believes something really is about to happen?!

I’ve always thought that the Club wouldn’t have set such a short deadline, two weeks, for the allotment of the shares, unless there was a deal lined up (almost) ready to go, subject to the legal formalities.

Yes, they may have made themselves a bit of a hostage to fortune, by having such a short time frame, but that has obviously been extended several times.

So, here we are, just over two months on, with no hints that it’s not going to happen, despite the obvious frustrations in some parts.

Something’s a brewing, it’s just a shame no one has yet plugged in the kettle and turned on the switch. Maybe we can’t afford the electric, as Stuart has already spent all the parachute payments… 

Edited April 22, 2023 by GMF
Fat finger syndrome…

[BigFish 1,988]

12 hours ago, GMF said:

Let’s take your post one step at a time.

First, if MA crosses the 30% threshold, I’m presuming that he has to make the same offer to all shareholders, including D&M. They would then be in the same situation as everyone else, with a decision to make as to whether to accept or sit tight. I guess that would depend upon the offer price.

As far as I’m aware (but I’m no expert) they don’t have to disclose their decision, even given the size of their holding.

Second, the Trust would have the same decision as everyone else, to sell, or sit tight. That would ultimately be dependent upon the offer price.

Third, I’m not one to make comparisons to Burnley, so I can’t really answer your question. 

I was only teasing, so never expected an answer.

The point is important though. At some point I think we all expect MA to breach the 30% and then go one to make an offer for the remaining shares. This gives all shareholders a choice. For some, and I think the Trust will come into this category, the price is immaterial and they will not sell willingly at any price. Others might take the chance and hold out for more and some will take the opportunity to cash in their equity gains. If MA gets to 75% he can do pretty much what he wants within the law and if he gets to 90% he can force out the first two categories whatever. The nightmare scenario could be he makes the offer conditional on making one of these thresholds and either just walks away if he doesn't or just waits to convert that famous 10% when the time comes. So no new money anytime soon.

[Indy 3,315]

30 minutes ago, GMF said:

I’ve always thought that the Club wouldn’t have set such a short deadline, two weeks, for the allotment of the shares, unless there was a deal lined up (almost) ready to go, subject to the legal formalities.

Yes, they may have made themselves a bit of a hostage to fortune, by having such a short time frame, but that has obviously been extended several times.

So, here we are, just over two months on, with no hints that it’s not going to happen, despite the obvious frustrations in some parts.

Something’s a brewing, it’s just a shame no one has yet plugged in the kettle and turned on the switch. Maybe we can’t afford the electric, as Stuart has already spent all the parachute payments… 

Well time will show the brew once its ready....any astute types with a big financial team behind them won't be doing deals over the table with a cuppa. His advisors certainly know the inner workings of the club including the impact of not going up, any deal will be directly effected by this, the price negotiated so and though cordial on the face of it to the outside world maybe Foulger wanting o sell actually started this process as the price of his shares were too rich for the current owners and the only takers to want these shares at the price was MA and his team who then came here at the end of last season.

The reason no one knows what's going on is because the current owners have earned the right as the custodians to broker any deal to try and raise further capital into the club with Cat C shares without having to sell or lose control. It could well be that the timing was at a time when we still looked good for promotion and the value was set high, but with the season panning out as it has maybe MA & his team are seeing the potential opportunity without promotion to maybe not just buy the Cat C shares but possibly be in position to move for a well priced full takeover without the need for the long process of buying up enough shares to trigger this 30%  clause.

Whatever the real behind the scene process is, one ting for certain is we we have MA in some form onboard in some capacity from here on in and hopefully even if the status quo happens with no movement on the new shares thins might change in the board room with his advice being inputted from his knowledge. People like MA won't want to keep investing money into a venture without wanting a certain level of control, so I can see why this is taking longer than just issue the shares, set a price and buy.

Edited April 22, 2023 by Indy

[GMF 757]

13 minutes ago, BigFish said:

I was only teasing, so never expected an answer.

The point is important though. At some point I think we all expect MA to breach the 30% and then go one to make an offer for the remaining shares. This gives all shareholders a choice. For some, and I think the Trust will come into this category, the price is immaterial and they will not sell willingly at any price. Others might take the chance and hold out for more and some will take the opportunity to cash in their equity gains. If MA gets to 75% he can do pretty much what he wants within the law and if he gets to 90% he can force out the first two categories whatever. The nightmare scenario could be he makes the offer conditional on making one of these thresholds and either just walks away if he doesn't or just waits to convert that famous 10% when the time comes. So no new money anytime soon.

@BigFish it’s the obvious direction of travel, at some point the club will be taken private - who needs 8,000 plus pesky shareholders, bleating about inheritors and Burnley. Seriously, though, it’s an administrative pain for the club.

The game changer will be if D&M decide to sell their shares, as that would take MA well North of 80%.

Alternatively, there could be a series of further share allotments, over the next few years, which would have the benefit of additional capital injections, but also increase MA’s share holders further, achieving the 90% threshold by that means too.

[littleyellowbirdie 2,595]

On 22/11/2022 at 12:26, Parma Ham's gone mouldy said:

 

Parma Ham's gone mouldy     1,265

•  
  •  

Posted just now

   On 11/11/2022 at 18:45,  Parma Ham's gone mouldysaid: 

We talk about ‘corporate leverage’. Who has it, when and why. 

Timing when you ‘exercise your leverage’ is an art. I would bet good money that Attanasio is a master. 

In that sense the tables are not turning, they have already turned.

Parma 

 

 

   On 11/11/2022 at 18:41,  ricardo said: 

Attanasio struck me as a man who is unlikely to countenance mediocrity or drift. I suspect we will quickly see sparks fly if we fail to move forward.

Just further to this @ricardo from your AGM thread. 

Attanasio’s primary source of wealth and access to possible further funding comes from Crescent Capital Group.

It probably hasn’t escaped the attentions of @PurpleCanary @shefcanary @essex canary and others that Crescent Capital Group typically focuses its operations on the less traditional, higher-risk, higher yielding forms of alternative investments. 

To simplify they go into companies and places that more traditional scale lenders would not touch, investments or funding that these traditional lenders may wish to exit, or areas of finance excluding stocks, bonds and cash.

There are areas of operation including distressed securities -lending from other institutions that they-are consider(ed) distressed and-or at risk of bankruptcy. Or lending where collateral may be weak or even unsecured financial products (‘lending on belief’). 

That Attanasio used the term ‘win…winning …winner’ several times in his short AGM speech might well be indicative. His business approach seems to rather vault over ‘prudence with ambition’ or ‘self-sustainability’ into a wilder jungle whereby forensic homework, granular market knowledge and a huge belief in the superior skills, knowledge and judgment of yourself and your team over the market is used to drive decision-making. 

His jovial appearance, accommodating nature and laid-back approach is no doubt genuine. Though his business acts and operates at the high risk sharp end. His skills are hiding in plain sight. 

Your statement is - I think - prescient. And not far into the future either. Now is the time to exercise that corporate leverage. 
 

 

Parma 

Rewinding to Attanassio's first interview about his involvement in the club on TNC, he was fairly explicit in wanting to get his feet under the table and learn the details of the game and the business around the game. His record of succeeding with high risk ventures suggests two valuable skills of both identifying a high risk venture that has something in it, and also having the additional analytical skills to formulate strategies to increase the chance of success.

The points you make reinforce my own feeling that he won't want to take over until he's fully satisfied that he and his team have a strategy that they themselves are convinced has a good chance of making the club successful. In the meantime, he's in a great position to keep on observing the inner workings of the club while continuing to figure out what needs to happen to set us on a path to the next level in a way that allows us to stay there.

The fact he's taking his time over it is a strong indication that the answer will be more sophisticated than arbitrary top-level sackings.

Edited April 22, 2023 by littleyellowbirdie

[essex canary 506]

1 minute ago, GMF said:

@BigFish it’s the obvious direction of travel, at some point the club will be taken private - who needs 8,000 plus pesky shareholders, bleating about inheritors and Burnley. Seriously, though, it’s an administrative pain for the club.

The game changer will be if D&M decide to sell their shares, as that would take MA well North of 80%.

Alternatively, there could be a series of further share allotments, over the next few years, which would have the benefit of additional capital injections, but also increase MA’s share holders further, achieving the 90% threshold by that means too.

It was a construction of the Club's own making. The same as Burnley. I Hope you have read the 'Boom,Bust,Burnley and Charlton' thread on page 4. Surely vital information from a Corporate Governance perspective. Perhaps equally relevant from our perspective is @hogesar s superb take on self-funding under the Parachute thread. I hope those with a Corporate Governance remit will take that on board to.

A little surprised to see the Trust open a thread about share trading at this juncture particularly when you appear to suggest the Trust would consider the offer. Surely the Trust would like to continue and if anyone wishes to donate their shares or a portion thereof it would be of mutual benefit to the Trust and the Club.

[Indy 3,315]

2 minutes ago, littleyellowbirdie said:

Rewinding to Attanassio's first interview about his involvement in the club on TNC, he was fairly explicit in wanting to get his feet under the table and learn the details of the game and the busines around the game. His record of succeeding with high risk ventures suggests two valuable skills of both identifying a high risk venture that has something in it, and also having the additional analytical skills to formulate strategies to increase the chance of success.

I don't think he'll want to take over until he's fully satisfied that he and his team have a strategy that they themselves are convinced has a good chance of making the club successful. In the meantime, he's in a great position to keep on observing the inner workings of the club while continuing to figure out what needs to happen to set us on a path to the next level in a way that allows us to stay there.

The fact he's taking his time over it is a strong indication that the answer will be more sophisticated than arbitrary top-level sackings.

Agee, unfrotunately this season has shown just how quickly money in Soccer vanishes outside the EPL. So for any real return the business of Soccer is one with little return without a degree of success and will be subject to money invested gamble for the reward and what his limit will be set at for the club. The one thing about American franchise sport system there's no relegation and the money coming in is always high to start with. As you say this is new and hopefully this season has been what's needed to learn the workings of English Football.

[GMF 757]

9 minutes ago, littleyellowbirdie said:

The points you make reinforce my own feeling that he won't want to take over until he's fully satisfied that he and his team have a strategy that they themselves are convinced has a good chance of making the club successful. In the meantime, he's in a great position to keep on observing the inner workings of the club while continuing to figure out what needs to happen to set us on a path to the next level in a way that allows us to stay there.

It’s a two way street, in my opinion. Not only is MA taking his time to suss out NCFC, but D&M are equally taking their time to ensure he’s the right person for NCFC. As @Indy said above, they’ve earned that right, despite the obvious pressures in some quarters for them to just sell up. 

[GMF 757]

9 minutes ago, essex canary said:

A little surprised to see the Trust open a thread about share trading at this juncture particularly when you appear to suggest the Trust would consider the offer. Surely the Trust would like to continue and if anyone wishes to donate their shares or a portion thereof it would be of mutual benefit to the Trust and the Club.

The Trust has operated a matched bargain service via its website since 2014. It was something agreed with McNally at the time. The only difference now is that the process is fully automated.

As an aside, since last summer, the number of people who have expressed an interest in acquiring shares has actually increased significantly. So have the number of existing shareholders seeking to sell their shares. We’ve facilitated a number of private deals between unrelated parties.

Any further questions really should be directed to that thread, or the shares email address, which you already know. 

[Olano 100]

Don't t think Norwich will geth much investment from MA. If they don't spend a lot of money on the team in the US whay do we believe he will spend it on Norwich?