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morty

Re: The Music Continued to Play While the Ship Was Sinking

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Thank you Peter.

I''m very interested in bringing investment to NCFC and stabilizing the capital structure but have been locked out of the process by Mr. McNally.  I''m assuming he doesn''t like American investors although their money is as green as anyone''s.

I''m legit, just ask Michael Bailey at the Evening News in your town.  Gave a nice account of your club to him for a a story which appeared recently.  Just finished my responsibilities at Wednesday on their investment process.  I represented the Americans in that case.

 

Best,

 

Joe

 

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Joseph M. Kosich is the founder of Dornoch Capital Advisors LLC, a merchant banking and advisory firm specializing in professional sports finance and located in Pinehurst, NC. Previously, Joe founded and served as a managing director and head of originations and syndications for Wachovia’s Structured Finance Group which specialized in sports and entertainment finance. Joe was responsible for structuring and syndicating complex corporate finance transactions in the United States, Canada and U.K for ultra high net worth families and individual sponsor groups. Joe’s primary focus was on enterprise value lending, preferred, mezzanine and other subordinated debt structures. Prior to joining Wachovia in 2005, Joe spent 16 years, in various structured finance and corporate/private banking positions, with Citigroup, UBS, AG and Bank of America.

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[quote user="Anglofile"]

Thank you Peter.

I''m very interested in bringing investment to NCFC and stabilizing the capital structure but have been locked out of the process by Mr. McNally.  I''m assuming he doesn''t like American investors although their money is as green as anyone''s.

I''m legit, just ask Michael Bailey at the Evening News in your town.  Gave a nice account of your club to him for a a story which appeared recently.  Just finished my responsibilities at Wednesday on their investment process.  I represented the Americans in that case.

 

Best,

 

Joe

 

[/quote]Let''s not have a US flag in carrow road please :P

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Not that I''m going dark on you all but I''m going out to the Pinehurst Intercollegiate Golf Tournament at the #8 Course here today.  Will be more than happy to answer any questions later today.

 

Best to all.

 

Joe

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If Americans invest in Norwich City football club I will wear a Red and White scarf and break my season ticket in half.

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[quote user="lappinitup"]Joe. Straight and to the point, have you actually got someone interested and ready to buy our club?[/quote]

Probably the Glazer''s - they seem to have an affection for teams that play in yellow and green!

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[quote user="Sports Desk Pete"]

I can confirm it''s Joe Kosich.

For those still none the wiser click here

[/quote]I didn''t know Archant had branched out into ''smell''o forums'', it''s just I get this whiff of bullsh*t Pete.Shame on you for feeding this looper''s fantasy![;)]

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Lol, as said before no wonder Mcnally wasn''t interested, seriously what an ignorant investment banker.Yes, and that last bit was rhyming slang.

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[quote user="morty"]Lol, as said before no wonder Mcnally wasn''t interested, seriously what an ignorant investment banker.

Yes, and that last bit was rhyming slang.
[/quote]

Caught you on his hook though, didn''t he?

Wriggle, wriggle.

Now you can stop bleating and go off out like you planned.

[:|]

OTBC

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I, like all of us here in some form (tickets, merch etc) are investors in Norwich City, so I can say McNally is the right man to steer the club through doomcasters mess, and I don''t want any yanks who have a shorter attention span than a 2 year old coming anywhere near our club.no offence "mate"

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[quote user="Anglofile"]

Thank you Peter.

I''m very interested in bringing investment to NCFC and stabilizing the capital structure but have been locked out of the process by Mr. McNally.  I''m assuming he doesn''t like American investors although their money is as green as anyone''s.

I''m legit, just ask Michael Bailey at the Evening News in your town.  Gave a nice account of your club to him for a a story which appeared recently.  Just finished my responsibilities at Wednesday on their investment process.  I represented the Americans in that case.

 

Best,

 

Joe

 

[/quote]Ok Joe. Assuming you are who you say you are (and playing into a delusion of a message board egotist if you are not), the Glazers, and Gillette and Hicks have damaged the reputations of American businessmen "buying into", or more accurately "debt leveraging" football clubs that people would much prefer an anonymous Oil Sheik or Billionaire precious metals magnate from Uzbekistan than they would an American.  Assuming also that you were actually frozen out by McNasty (that name being a compliment after the "nice" Doomcaster), would that be because the interests that you represent would work on their model ?  E.g. Saddling the club with massive debts, and then expecting the customers of the club to pay the debt off ?

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[quote user="BlyBlyBabes"]

[quote user="morty"]Lol, as said before no wonder Mcnally wasn''t interested, seriously what an ignorant investment banker.Yes, and that last bit was rhyming slang.[/quote]

Caught you on his hook though, didn''t he?

Wriggle, wriggle.

Now you can stop bleating and go off out like you planned.

[:|]

OTBC

[/quote]I did go out.Then I came back.Is that okay with you?Stupid old man.

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I don''t know what "legit" means in today''s world anymore. I also don''t know much about Dornoch Capital Advisors other than, at some point, it was listed as a two person operation managed by Joe Kosich and Russell Black. I think they operate this business out of a small office on a commercial plaza in Pinehurst, North Carolina. I believe Russell Black was the principal figure in the transportation business in the UK known as the Nightfreight Group, a company that experienced a lot of problems with debt. Another significant principal in that business was a man called Peter Johnson. I wonder if that''s the same Peter Johnson of Tranmere Rovers who expressed some concerns about the manner in which Dornoch Capital went about putting the Rovers up for sale on E-Bay? Joe Kosich, of course, worked for a good while with Wachovia, which also encountered all kinds of difficulty with debt before being acquired by others. I suppose the expertise that they potentially bring to football clubs is a knowledge of debt. 

I think Norwich City FC are safer staying the course with the people they are currently involved with, both in ownership terms and the manner of seeking investment.    

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I like the way that you make reference to our £23m of (currently secure) debt. Its rich (excuse the pun) coming from an American, seeing as the Glazers, Hicks and Gillets of this world have done more to damage English football in the past few years than anybody other than Rupert Murdoch (an Aussie). We created football, we took it to the world stage, and we would be better off continuing to show the world how football should be managed.... on the pitch basically.

Would these American friends of yours be interested if Carrow Road wasnt valued at £35m?

Why do we need to restructure our capital systems? If you know so much about English football (which you dont) then you would be aware that a promotion is worth almost £3m in additional TV revenue for us next year, potentially £1.5m in redirected parachute payments, and McNally has already raised an additional couple of million through increased season ticket prices for next season.

We faced a £4m budget shortfall this season as a result of relegation, next season our revenues will increase by in excess of £6m. Those figures are in no way comprehensive, but McNally would probably give you similar stats if you werent such a renowed waste of space.

Our annual interest payments on our existing finance are just over £1.25m. We have no arrears with HMCR.

You have to ask yourself whether we ''need'' investment or ''desire'' investment. I would say that we ''desire'' investment. We would have to be ''desperate'' to risk some unknown American making a laughing stock out of the club by attempting to sell us on eBay. It is somewhat ironic that Norwich is the eBay capital of the UK.

We dont need you, and we dont need your imaginary American investment friends. They werent so quick with the money when you tried to flog Tranmere on a public auction site were you? Norwich City Football Club already lists stuff on eBay, they already have an eBay account, they could put themselves on if they wanted.

In fact, I have an eBay account, 100% positive feedback..... any football clubs want to be listed by me? I promise not to accept bids from Americans....

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[quote user="YankeeCanary"]I don''t know what "legit" means in today''s world anymore. I also don''t know much about Dornoch Capital Advisors other than, at some point, it was listed as a two person operation managed by Joe Kosich and Russell Black. I think they operate this business out of a small office on a commercial plaza in Pinehurst, North Carolina. I believe Russell Black was the principal figure in the transportation business in the UK known as the Nightfreight Group, a company that experienced a lot of problems with debt. Another significant principal in that business was a man called Peter Johnson. I wonder if that''s the same Peter Johnson of Tranmere Rovers who expressed some concerns about the manner in which Dornoch Capital went about putting the Rovers up for sale on E-Bay? Joe Kosich, of course, worked for a good while with Wachovia, which also encountered all kinds of difficulty with debt before being acquired by others. I suppose the expertise that they potentially bring to football clubs is a knowledge of debt. 

I think Norwich City FC are safer staying the course with the people they are currently involved with, both in ownership terms and the manner of seeking investment.[/quote]Thanks for that Yankee. It seems that having been unsuccessful with an approach to the club through McNally (they were referred to Deloittes if I remember correctly), they have now turned their attention to the fans a la Cullum. Having been there and got the t-shirt I can''t imagine many NCFC supporters falling for this ploy a second time. 

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This man doesnt deserve to be mentioned in the same breath as Cullum, we know that he has money, power, and has actually been known to visit Carrow Road. In addition, it was his intention to sell his business and then invest in the club. Exactly the same as Wynn-Jones I might add, a retirement project. Cullum will see Towergate one day, when the time is right, and maybe then....... he will put his money where his mouth is.

This random yank on the other hand has an apparent annual revenue of less than £100k (somebody gave those stats) and is well known for listing something on eBay.

Even Canary Call regulars are not that stupid mate!

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Everything I''ve seen connected with this guy has been about "investment" to restructure debt not cash investment. This smacks of a Glazer type situation to me and I don''t see how it is any more advantageous to the club than what we have with the current structure of our debt to be honest.

Not today thanks Uncle Sam.

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[quote user="BlyBlyBabes"]

[quote user="morty"]Lol, as said before no wonder Mcnally wasn''t interested, seriously what an ignorant investment banker.

Yes, and that last bit was rhyming slang.
[/quote]

Caught you on his hook though, didn''t he?

Wriggle, wriggle.

Now you can stop bleating and go off out like you planned.

[:|]

OTBC

[/quote]

In much the same way as Mr Cullum caught you on his.

Difference is that Morty had a nibble and spat it out while you''re still chomping on the bait like a good ''un months after the event. As Tangy would say.....

 

MEGA WRIGGLE!

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[quote user="Beauseant"][quote user="BlyBlyBabes"]

[quote user="morty"]Lol, as said before no wonder Mcnally wasn''t interested, seriously what an ignorant investment banker.Yes, and that last bit was rhyming slang.[/quote]

Caught you on his hook though, didn''t he?

Wriggle, wriggle.

Now you can stop bleating and go off out like you planned.

[:|]

OTBC

[/quote]

In much the same way as Mr Cullum caught you on his.

Difference is that Morty had a nibble and spat it out while you''re still chomping on the bait like a good ''un months after the event. As Tangy would say.....

 

MEGA WRIGGLE!

[/quote]Couldn''t have put it better myself lol.

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---

---

I have no axe to grind here for or against Joe Kosich (apart from taking his side and that of the EDP over that imbecilic attack by McNally) but I think some posters are missing the point here.

Kosich is not himself a potential investor (one of McNally''s many mistakes in that interview). He is an agent or middleman who tries to attract investment for clubs. As such, in his blog last month, he analysed Norwich City as a potential investment and gave the club what is essentially a glowing report. In analysts’ jargon he issued a “buy” recommendation.

On the back of that he received initial expressions of interest from some possible investors. On McNally’s say-so he passed the names on to Deloitte’s for further investigation.

Now it really doesn’t matter if Kosich is a time-waster. What matters is whether the possible investors are time-wasters. And even if they are, then presumably Deloitte’s will work that out very quickly. That is what we are paying them to do. There will be no harm done. But supposing, by luck or judgment, Kosich has unearthed another Randy Lerner. I’m struggling to see how that would be a bad thing. Indeed, I’m struggling to see how anything he has done so far is a bad thing, apart from getting in a slanging match with posters.

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[quote user="PurpleCanary"]---

---

I have no axe to grind here for or against Joe Kosich (apart from taking his side and that of the EDP over that imbecilic attack by McNally) but I think some posters are missing the point here.

Kosich is not himself a potential investor (one of McNally''s many mistakes in that interview). He is an agent or middleman who tries to attract investment for clubs. As such, in his blog last month, he analysed Norwich City as a potential investment and gave the club what is essentially a glowing report. In analysts’ jargon he issued a “buy” recommendation.

On the back of that he received initial expressions of interest from some possible investors. On McNally’s say-so he passed the names on to Deloitte’s for further investigation.

Now it really doesn’t matter if Kosich is a time-waster. What matters is whether the possible investors are time-wasters. And even if they are, then presumably Deloitte’s will work that out very quickly. That is what we are paying them to do. There will be no harm done. But supposing, by luck or judgment, Kosich has unearthed another Randy Lerner. I’m struggling to see how that would be a bad thing. Indeed, I’m struggling to see how anything he has done so far is a bad thing, apart from getting in a slanging match with posters.[/quote]And your last line is the important fact here. How could anyone be taken seriously after engaging in petty slanging matches on an internet message board? Its like First Wizard saying he has investors lined up ffs.

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[quote user="PurpleCanary"]Indeed, I’m struggling to see how anything he has done so far is a bad thing, apart from getting in a slanging match with posters.[/quote]It''s not exactly hard to do, to be fair. 

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Salient point here is that, say this guy was genuine, doing business on an internet message forum is amateurish to say the least. And if this is an attempt to get fans on his side to produce some sort of rebellion from within then he has made a right royal arse of it lol.

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Joseph, by bringing your "dirty laundry" on here just goes to show what a dirty underhanded conniving little scumbag you really are. As you can see already by the few people that have posted here that we are not at all interested in the male bovine excrement that spews from your mouth.So please with the grace of whatever you believe in P1SS OFF!

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I think we should all wait for Tangy (our official C.G.F.P.A. representative) to decide of this is a genuine offer for our club before we unleash smudger with another "SACK THE BOARD" one man demo and NSICA advise us how to starve the club of revenue before we drive them out. We must be sure we''ve got it right before we unleash our fury on the wicked witch and her cronies!

If Tangy says "Joe''s the man", then perhaps we can turn the forthcoming civic reception at City Hall into a public hanging.

[+o(]

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[quote user="lappinitup"]

I think we should all wait for Tangy (our official C.G.F.P.A. representative) to decide of this is a genuine offer for our club before we unleash smudger with another "SACK THE BOARD" one man demo and NSICA advise us how to starve the club of revenue before we drive them out. We must be sure we''ve got it right before we unleash our fury on the wicked witch and her cronies!

If Tangy says "Joe''s the man", then perhaps we can turn the forthcoming civic reception at City Hall into a public hanging.

[+o(]

[/quote]I will personally await the....MEGA LOL!!!

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