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Robert Ketts Yellow Army

Cullum restructures bank debt - now come and get us

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He''s got a personal wealth of about £65m (business - £1,700m) , this will only make him richer I presume and his company is doing well. If he was serious.......

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[quote user="fleggy"]Wonder what Purple Canary has to say about that![/quote]Fleggy, what I would say about that is this! I have never said Peter Cullum could not afford to buy the football club. The point I make in my article, if that is what you are referring to, is very simple. The club''s main criterion is a deal with a promise of long-term funding. Anyone wanting to buy the club needs to rule that in; Peter Cullum explicitly ruled it out.Why he ruled it out only he would know. Perhaps he thought he couldn''t afford; perhaps he just decided he didn''t want to afford it. I have no idea. His motivation and reasons are irrelevant, and I have not speculated on them; what mattered was that he did rule it out.If, in the future, he ruled in long-term financing then I believe he would be greatly increasing his chances of becoming the next owner of the club. As to whether this latest news about Towergate means he will feel he wants to rule it in as part of a revamped proposal, only he would know, and only time will tell.

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And to be fair to Purple, he did all the research to the news publications.  Did the leg work to piece it together in chronological order to write a rather large article on how it looks to us supporters.  Make that of what you wish,  but I don''t think I read any sensational unfounded claims. 

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Purple, assuming this is true (and where''s the evidence?) it sounds very much like a ploy by the owners to avoid relinquishing control. 

If you can show me a single example where the owners of a club have insisted on a guarantee of long term funding before they would sell, I''d like to see it.  It simply doesn work like that.  No prospective owner would agree to it and if that''s their criterion no wonder there''s a lack of interest. 

PC was offering to put in £20m in one go but it wasn''t acceptable simply because it was enough to give him control of the club.  It would also, if spent wisely over a couple of seasons, have been enough to make us a force to be reckoned with at the top end of the Championship.  If he''d offered £20m in dribs and drabs over 10 years no doubt it would have suited the present owners very well but it would have done little or nothing to transform the club''s fortunes.    

D&M might argue that it shows they have the long term interests of the club at heart.  The way things are going, there won''t be any long term interests.

 

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[quote user="mystic megson is back "]

Purple, assuming this is true (and where''s the evidence?) it sounds very much like a ploy by the owners to avoid relinquishing control. 

[/quote]Mystic, yes it is true. If it sounds like a ploy to you, then you are entitled to that opinion.

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[quote user="PurpleCanary"][quote user="mystic megson is back "]

Purple, assuming this is true (and where''s the evidence?) it sounds very much like a ploy by the owners to avoid relinquishing control.

 

[/quote]

Mystic, yes it is true. [/quote]

I assumed that it was.  I was simply wondering how you knew.  How do you know, Purple?  Gissa clue.

 

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Mystic, I think my article that has been referred to gives quite enough clues! However if you do think it''s a ploy by the board, then there is, as I have said, a simple way to expose it as such. Call the board''s bluff by publicly offering long-term finance. It would put the directors in a fix AND get doubtful fans on your side. All it needs is for someone to do that.

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[quote user="PurpleCanary"]Mystic, I think my article that has been referred to gives quite enough clues! However if you do think it''s a ploy by the board, then there is, as I have said, a simple way to expose it as such. Call the board''s bluff by publicly offering long-term finance. It would put the directors in a fix AND get doubtful fans on your side. All it needs is for someone to do that.[/quote]

You and I both know that hell would freeze over before anyone in their right mind would dream of doing anything of the sort.  That''s exactly my point.

But thank you for exposing the truth.  It''s an uncomfortable truth because it confirms my worst fears, but better than an easy lie.

 

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One other thing occurs to me: could they withstand a legal challenge?

D&M don''t own the club outright.  They don''t own the ground, or Colney, or that expensive useless piece of land behind the Jarrold, or the expensive useless "intangible fixed assets" that let us down again this afternoon.  They own about 61% of the club''s shareholding. 

They are perfectly entitled to hold out for silly money for their shares if they so choose.  But are they entitled to block potential investment in the club by insisting on a condition that no "reasonable man" (I think that''s the legal term) would consider meeting?

I wonder . . .

 

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Wonder if Jack Haywood insisted on a guarantee of eternal funding from that chap who bought Wolves for £1 on the basis that he would put in £20m to try and get them promoted?

Wonder how thats working out!

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I have no idea what Mr Cullum''s future plans are but the restructuring of the loans was to avoid losing his credit rating by defaulting (his rating has already been downgraded once, according to insurance newspapers) and presumably to try and avoid making staff redundant.

All the insurers are having a bad time at the moment.  He said recently he expected this to continue throughout this year and was not over optimistic about 2010.  Several major insurers (he is more niche than major) are expected to announce further redundancies in the months to come.  He has been trying to diversify into personal finance advice but obviously that, too, is a dull market at the moment.

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Cam, I know a lot of posters have little time for you on here, but obviously you seem to know more than most regarding matters such as this, anything to indicate Cullum would come in and soften the blow financially if we were to go down?

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[quote user="Mushroom"]Cam, I know a lot of posters have little time for you on here, but obviously you seem to know more than most regarding matters such as this, anything to indicate Cullum would come in and soften the blow financially if we were to go down?[/quote]

I really don''t see it as very likely at the moment - perhaps at some time in the future but immediately I would doubt it.  He''s a battle on his hands for his own company at the moment (as they all have) and I would think he will be concentrating on that.  When you think of the "potential" valuation of Towergate and other major insurers telling the banks you need to renegotiate the loan terms is not indicative of a healthy income.

You''re not down yet, anyway.  Yes, it looks bad but you are still not adrift and, as others have said, there may well be unexpected twists and turns before the season ends.

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