Mon Aug 01, 2011 9:48 pm
Mon Aug 01, 2011 9:55 pm
Mon Aug 01, 2011 10:07 pm
Mon Aug 01, 2011 10:12 pm
THE LANGSTON LOAN NOTES DEBT
The Chairman confirmed the forensic accounting investigation into the legitimacy of the loan notes agreement with the Langston Corporation and the expenditure incurred while the club was under Sam Hammam’s control is ongoing. He suggested it will take some time before the inquiry is concluded and said: “We want to be sure there are no more nasty surprises.”
Doug Lee stated the loan notes deal which is currently in effect is the October 2006 agreement, ie: the one which the club successfully fought to protect during the High Court battle in March 2008.
That particular revision saw the Langston debt written down from £24 million to £15 million in exchange for an entitlement to future income up to a maximum of £9 million arising from the sale of the naming rights at the new stadium. All historic interest was waived as a part of the deal, while interest on the remaining £15 million was set at 7% per annum. The interest began accruing in March 2007, although the agreement stipulated that no payments of either the principle sum or interest were necessary until December 2016. The deal also meant that Langston became eligible for a £5 million ‘bonus’ payment if the Bluebirds managed to gain promotion to the Premier League before December 2011 or, if later, at any time that the principle sum of £15 million remained outstanding.
Lee said the revised December 2009 agreement had expired on 31 December 2010 and is now null and void. He underlined that no additional interest or penalty payments were due to Langston as a result of the club’s decision not to clear debt by the end of December 2010, and confirmed the terms have simply reverted back to those of the October 2006 agreement.
Mon Aug 01, 2011 10:32 pm
Mon Aug 01, 2011 10:40 pm
Einstein wrote:Where's his blog? Linky...
Mon Aug 01, 2011 10:45 pm
NJ73 wrote:THE LANGSTON LOAN NOTES DEBT
The Chairman confirmed the forensic accounting investigation into the legitimacy of the loan notes agreement with the Langston Corporation and the expenditure incurred while the club was under Sam Hammam’s control is ongoing. He suggested it will take some time before the inquiry is concluded and said: “We want to be sure there are no more nasty surprises.”
Doug Lee stated the loan notes deal which is currently in effect is the October 2006 agreement, ie: the one which the club successfully fought to protect during the High Court battle in March 2008.
That particular revision saw the Langston debt written down from £24 million to £15 million in exchange for an entitlement to future income up to a maximum of £9 million arising from the sale of the naming rights at the new stadium. All historic interest was waived as a part of the deal, while interest on the remaining £15 million was set at 7% per annum. The interest began accruing in March 2007, although the agreement stipulated that no payments of either the principle sum or interest were necessary until December 2016. The deal also meant that Langston became eligible for a £5 million ‘bonus’ payment if the Bluebirds managed to gain promotion to the Premier League before December 2011 or, if later, at any time that the principle sum of £15 million remained outstanding.
Lee said the revised December 2009 agreement had expired on 31 December 2010 and is now null and void. He underlined that no additional interest or penalty payments were due to Langston as a result of the club’s decision not to clear debt by the end of December 2010, and confirmed the terms have simply reverted back to those of the October 2006 agreement.
Carl, over to you
Mon Aug 01, 2011 10:50 pm
NJ73 wrote:THE LANGSTON LOAN NOTES DEBT
The Chairman confirmed the forensic accounting investigation into the legitimacy of the loan notes agreement with the Langston Corporation and the expenditure incurred while the club was under Sam Hammam’s control is ongoing. He suggested it will take some time before the inquiry is concluded and said: “We want to be sure there are no more nasty surprises.”
Doug Lee stated the loan notes deal which is currently in effect is the October 2006 agreement, ie: the one which the club successfully fought to protect during the High Court battle in March 2008.
That particular revision saw the Langston debt written down from £24 million to £15 million in exchange for an entitlement to future income up to a maximum of £9 million arising from the sale of the naming rights at the new stadium. All historic interest was waived as a part of the deal, while interest on the remaining £15 million was set at 7% per annum. The interest began accruing in March 2007, although the agreement stipulated that no payments of either the principle sum or interest were necessary until December 2016. The deal also meant that Langston became eligible for a £5 million ‘bonus’ payment if the Bluebirds managed to gain promotion to the Premier League before December 2011 or, if later, at any time that the principle sum of £15 million remained outstanding.
Lee said the revised December 2009 agreement had expired on 31 December 2010 and is now null and void. He underlined that no additional interest or penalty payments were due to Langston as a result of the club’s decision not to clear debt by the end of December 2010, and confirmed the terms have simply reverted back to those of the October 2006 agreement.
Carl, over to you
Mon Aug 01, 2011 10:52 pm
carlccfc wrote:NJ73 wrote:THE LANGSTON LOAN NOTES DEBT
The Chairman confirmed the forensic accounting investigation into the legitimacy of the loan notes agreement with the Langston Corporation and the expenditure incurred while the club was under Sam Hammam’s control is ongoing. He suggested it will take some time before the inquiry is concluded and said: “We want to be sure there are no more nasty surprises.”
Doug Lee stated the loan notes deal which is currently in effect is the October 2006 agreement, ie: the one which the club successfully fought to protect during the High Court battle in March 2008.
That particular revision saw the Langston debt written down from £24 million to £15 million in exchange for an entitlement to future income up to a maximum of £9 million arising from the sale of the naming rights at the new stadium. All historic interest was waived as a part of the deal, while interest on the remaining £15 million was set at 7% per annum. The interest began accruing in March 2007, although the agreement stipulated that no payments of either the principle sum or interest were necessary until December 2016. The deal also meant that Langston became eligible for a £5 million ‘bonus’ payment if the Bluebirds managed to gain promotion to the Premier League before December 2011 or, if later, at any time that the principle sum of £15 million remained outstanding.
Lee said the revised December 2009 agreement had expired on 31 December 2010 and is now null and void. He underlined that no additional interest or penalty payments were due to Langston as a result of the club’s decision not to clear debt by the end of December 2010, and confirmed the terms have simply reverted back to those of the October 2006 agreement.
Carl, over to you
When the time is right
Mon Aug 01, 2011 10:52 pm
Mon Aug 01, 2011 11:49 pm
Tue Aug 02, 2011 8:38 am
NJ73 wrote:THE LANGSTON LOAN NOTES DEBT
The Chairman confirmed the forensic accounting investigation into the legitimacy of the loan notes agreement with the Langston Corporation and the expenditure incurred while the club was under Sam Hammam’s control is ongoing. He suggested it will take some time before the inquiry is concluded and said: “We want to be sure there are no more nasty surprises.”
Doug Lee stated the loan notes deal which is currently in effect is the October 2006 agreement, ie: the one which the club successfully fought to protect during the High Court battle in March 2008.
That particular revision saw the Langston debt written down from £24 million to £15 million in exchange for an entitlement to future income up to a maximum of £9 million arising from the sale of the naming rights at the new stadium. All historic interest was waived as a part of the deal, while interest on the remaining £15 million was set at 7% per annum. The interest began accruing in March 2007, although the agreement stipulated that no payments of either the principle sum or interest were necessary until December 2016. The deal also meant that Langston became eligible for a £5 million ‘bonus’ payment if the Bluebirds managed to gain promotion to the Premier League before December 2011 or, if later, at any time that the principle sum of £15 million remained outstanding.
Lee said the revised December 2009 agreement had expired on 31 December 2010 and is now null and void. He underlined that no additional interest or penalty payments were due to Langston as a result of the club’s decision not to clear debt by the end of December 2010, and confirmed the terms have simply reverted back to those of the October 2006 agreement.
Carl, over to you
Tue Aug 02, 2011 10:11 am
Tue Aug 02, 2011 10:57 am
Tue Aug 02, 2011 10:58 am
carlccfc wrote:NJ73 wrote:THE LANGSTON LOAN NOTES DEBT
The Chairman confirmed the forensic accounting investigation into the legitimacy of the loan notes agreement with the Langston Corporation and the expenditure incurred while the club was under Sam Hammam’s control is ongoing. He suggested it will take some time before the inquiry is concluded and said: “We want to be sure there are no more nasty surprises.”
Doug Lee stated the loan notes deal which is currently in effect is the October 2006 agreement, ie: the one which the club successfully fought to protect during the High Court battle in March 2008.
That particular revision saw the Langston debt written down from £24 million to £15 million in exchange for an entitlement to future income up to a maximum of £9 million arising from the sale of the naming rights at the new stadium. All historic interest was waived as a part of the deal, while interest on the remaining £15 million was set at 7% per annum. The interest began accruing in March 2007, although the agreement stipulated that no payments of either the principle sum or interest were necessary until December 2016. The deal also meant that Langston became eligible for a £5 million ‘bonus’ payment if the Bluebirds managed to gain promotion to the Premier League before December 2011 or, if later, at any time that the principle sum of £15 million remained outstanding.
Lee said the revised December 2009 agreement had expired on 31 December 2010 and is now null and void. He underlined that no additional interest or penalty payments were due to Langston as a result of the club’s decision not to clear debt by the end of December 2010, and confirmed the terms have simply reverted back to those of the October 2006 agreement.
Carl, over to you
When the time is right
Tue Aug 02, 2011 11:36 am
Tue Aug 02, 2011 11:58 am
Tue Aug 02, 2011 3:39 pm
Tue Aug 02, 2011 3:57 pm
Tue Aug 02, 2011 5:09 pm
Tue Aug 02, 2011 5:12 pm
Fergy1927 wrote:I agree. Why couldn't the FAW just have said "we will be flexible with fixtures, winners will go to Europe and you can still play in the fa cup"?
THe FAW could have made some money from this. Are they really that stupid? Who keeps them in power?
Tue Aug 02, 2011 5:24 pm
carlccfc wrote:NJ73 wrote:THE LANGSTON LOAN NOTES DEBT
The Chairman confirmed the forensic accounting investigation into the legitimacy of the loan notes agreement with the Langston Corporation and the expenditure incurred while the club was under Sam Hammam’s control is ongoing. He suggested it will take some time before the inquiry is concluded and said: “We want to be sure there are no more nasty surprises.”
Doug Lee stated the loan notes deal which is currently in effect is the October 2006 agreement, ie: the one which the club successfully fought to protect during the High Court battle in March 2008.
That particular revision saw the Langston debt written down from £24 million to £15 million in exchange for an entitlement to future income up to a maximum of £9 million arising from the sale of the naming rights at the new stadium. All historic interest was waived as a part of the deal, while interest on the remaining £15 million was set at 7% per annum. The interest began accruing in March 2007, although the agreement stipulated that no payments of either the principle sum or interest were necessary until December 2016. The deal also meant that Langston became eligible for a £5 million ‘bonus’ payment if the Bluebirds managed to gain promotion to the Premier League before December 2011 or, if later, at any time that the principle sum of £15 million remained outstanding.
Lee said the revised December 2009 agreement had expired on 31 December 2010 and is now null and void. He underlined that no additional interest or penalty payments were due to Langston as a result of the club’s decision not to clear debt by the end of December 2010, and confirmed the terms have simply reverted back to those of the October 2006 agreement.
Carl, over to you
When the time is right
Tue Aug 02, 2011 6:16 pm
Nuclearblue wrote:carlccfc wrote:NJ73 wrote:THE LANGSTON LOAN NOTES DEBT
The Chairman confirmed the forensic accounting investigation into the legitimacy of the loan notes agreement with the Langston Corporation and the expenditure incurred while the club was under Sam Hammam’s control is ongoing. He suggested it will take some time before the inquiry is concluded and said: “We want to be sure there are no more nasty surprises.”
Doug Lee stated the loan notes deal which is currently in effect is the October 2006 agreement, ie: the one which the club successfully fought to protect during the High Court battle in March 2008.
That particular revision saw the Langston debt written down from £24 million to £15 million in exchange for an entitlement to future income up to a maximum of £9 million arising from the sale of the naming rights at the new stadium. All historic interest was waived as a part of the deal, while interest on the remaining £15 million was set at 7% per annum. The interest began accruing in March 2007, although the agreement stipulated that no payments of either the principle sum or interest were necessary until December 2016. The deal also meant that Langston became eligible for a £5 million ‘bonus’ payment if the Bluebirds managed to gain promotion to the Premier League before December 2011 or, if later, at any time that the principle sum of £15 million remained outstanding.
Lee said the revised December 2009 agreement had expired on 31 December 2010 and is now null and void. He underlined that no additional interest or penalty payments were due to Langston as a result of the club’s decision not to clear debt by the end of December 2010, and confirmed the terms have simply reverted back to those of the October 2006 agreement.
Carl, over to you
When the time is right
When Annis comes back from holiday
Tue Aug 02, 2011 6:59 pm
Krel wrote:Good right up. The bloke deals in facts.
Tue Aug 02, 2011 7:16 pm
Krel wrote:Krel wrote:Good right up. The bloke deals in facts.
Well if no one else is going to mention it i will. "Right up"? Wot a ****. i need a holiday
Tue Aug 02, 2011 9:31 pm
Tue Aug 02, 2011 10:48 pm
Wed Aug 03, 2011 7:30 am
Magners wrote:I don't normaly read TLG's comments because there is usually an hidden agender. But this post is very well written.
Wed Aug 03, 2011 7:59 am
bornsurvivor wrote:Magners wrote:I don't normaly read TLG's comments because there is usually an hidden agender. But this post is very well written.
Do you prefer the non-hidden agenda from other quarters then?
Wed Aug 03, 2011 8:07 am
Bakedalasker wrote:
The report on his blog is basically the "facts" that came out of the meeting. TLG reframes from coing out with his hidden agenda comments but uses CCMB for that. Personally I would be fuming with him if I was the owner of CCMB as I would be feeling used.