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Unfortunately they can't pay the 100k for exclusivity until we have the 1000 members signed up

thought it was 50K which i thought they had as dome loan had been repaid.

Getting 1000 members and then taking the first instalment will only get 12K and GoCardless will not normally let you do this sort of thing on a repayment basis, the deal will need to actually be done, otherwise they become liable subject to DD terms, and if the deal is done then what is the need for exclusivity?

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thought it was 50K which i thought they had as dome loan had been repaid.

Getting 1000 members and then taking the first instalment will only get 12K and GoCardless will not normally let you do this sort of thing on a repayment basis, the deal will need to actually be done, otherwise they become liable subject to DD terms, and if the deal is done then what is the need for exclusivity?

I believe it's 100k that what was briefed at the meeting , 80k from Gordon and 20k from SMISA .

Money isn't actually being taken from DD's until July , so this deposit would be paid before then

They can't pay it until they know this is going to be viable proposal, ie they need the fans initial commitment

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I believe it's 100k that what was briefed at the meeting , 80k from Gordon and 20k from SMISA .

Money isn't actually being taken from DD's until July , so this deposit would be paid before then

They can't pay it until they know this is going to be viable proposal, ie they need the fans initial commitment

Ok, but if 1000 members makes it viable and able to complete then why would it need paid as you would just do the deal in totality?

is end of May still the deadline?

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I believe it's 100k that what was briefed at the meeting , 80k from Gordon and 20k from SMISA .

Money isn't actually being taken from DD's until July , so this deposit would be paid before then

They can't pay it until they know this is going to be viable proposal, ie they need the fans initial commitment

I can confirm these points made are correct

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indeed, i cannot see any other bid break cover before end of May which is SMISA deadline (have they paid for exclusivity yet?)

I personally dont think this is more or less difficult to understand, (a stand alone organisation is selling different categories of membership to buy a bunch of shares for fans to control on OMOV)

in the final analysis the actual offer to the consortium is virtual the same except price but there are some very key differences so will be interesting to see what happens next.

As far as other groups having 7 years the difference now is the valuation and the league the Club is in, it is not a very different market and proposition

Assume you mean it is NOW a verry different market and proposition?

Any other bidder has still had over a year to get themselves sorted out since we got relegated. Now that the SMiSA deal is out in the open at just under £1 million I expect some interest might be generated elsewhere but it would be suicidal for someone to try and gazump the customers of the business from trying to buy it.

I think after 3 iterations 10KHOURS became easier to understand but even at the last attempt it definitely wasn't as simple as this one is!

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only the company can borrow against the stadium not the board of directors, and no one can do whatever they like as the company lending it to them would attach usage terms.

on the other hand the Fan are not responsible for the debt as such the Company is

Craig Whyte borrowed against future club revenues to acquire Rangers. Charles Green paid himself (and others) a fortune to be an executive of a fourth tier club. The Glazers bought Man U and then saddled the club with the cost of the acquisition. We have no reason to suspect that financial institutions would behave with integrity in their dealings with a future owner of St Mirren.

As for the second point, it would be the club that would be offering the ground as security, but it would clearly be the fans (or at least smisa) who would take responsibility for repaying the money.

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A complete nonsense that Douglas McNeil refusing to let George Adam on radio when he is openly offering... Douglas says he only wants Gordon in yet George is SMISA chairman so is very relevant .

We need someone on to counteract the nonsense that chic young was shouting the other night

Edited by gazmc83

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Assume you mean it is NOW a verry different market and proposition?

Any other bidder has still had over a year to get themselves sorted out since we got relegated. Now that the SMiSA deal is out in the open at just under £1 million I expect some interest might be generated elsewhere but it would be suicidal for someone to try and gazump the customers of the business from trying to buy it.

I think after 3 iterations 10KHOURS became easier to understand but even at the last attempt it definitely wasn't as simple as this one is!

yes sorry NOW...

maybe not for this post but would be interested to know what is easier to understand....you still for example have multiple boards, multiple levels of membership, loans, different types of company involved, other groups like Buses and Fans Council, other bids still in the wings.

I dont think it is as different as you think when you look at the detail, what i think is different is in the time that has past FO has become a lot better understood and with this bid you dont have the "whats in it for him brigade" making it sound more complex by asking loaded questions and coming with their own agendas.

would be interesting to know why the big press launch was cancelled on monday...and who cancelled it.

N.B i fully support Fan Ownership as a model of ownership and operation

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Ok, but if 1000 members makes it viable and able to complete then why would it need paid as you would just do the deal in totality?

is end of May still the deadline?

End of May is the approx date that Gordon wanted to try and conclude the deals

The current board have asked for evidence that this proposal is achievable before offering exclusivity , hence the 1k target

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Craig Whyte borrowed against future club revenues to acquire Rangers.

Which he is current being taken to court over as it is generally viewed as being against the law to by shares in a company using the assets of said company for a third, it is all do do with what is called the right of the minority check the companies act for details

poartyCharles Green paid himself (and others) a fortune to be an executive of a fourth tier club.

as employees, who had to do work and should have been held more accountable, again see court case

The Glazers bought Man U and then saddled the club with the cost of the acquisition. We have no reason to suspect that financial institutions would behave with integrity in their dealings with a future owner of St Mirren.

This is slightly different a leveraged buyout of a PLC is a different legal matter,

As for the second point, it would be the club that would be offering the ground as security, but it would clearly be the fans (or at least smisa) who would take responsibility for repaying the money.

The final issue here is a legal one the Fan may be repaying it but the liability lies with the assett and therefore its owners

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End of May is the approx date that Gordon wanted to try and conclude the deals

The current board have asked for evidence that this proposal is achievable before offering exclusivity , hence the 1k target

ok, so do i understand by this that the loan is therefore not in place to kick in as soon as the 1000 target is reached? but that only the exclusivity deal kicks in at that point with the loan then to be secured thereafter?

Edited by rea

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yes sorry NOW...

maybe not for this post but would be interested to know what is easier to understand....you still for example have multiple boards, multiple levels of membership, loans, different types of company involved, other groups like Buses and Fans Council, other bids still in the wings.

I dont think it is as different as you think when you look at the detail, what i think is different is in the time that has past FO has become a lot better understood and with this bid you dont have the "whats in it for him brigade" making it sound more complex by asking loaded questions and coming with their own agendas.

would be interesting to know why the big press launch was cancelled on monday...and who cancelled it.

N.B i fully support Fan Ownership as a model of ownership and operation

I think it's easier to understand that Gordon is pitching in £600K of his own money and looking to get it back in ten years tme versus a "social lender" giving us the money with all sorts of community involvement caveats (however valid those were).

We don't need to raise revenue through the void this time, we have ten years to pay it back and we have clarity from day one on who will actually call the majority of the shots on the board (Gordon).

I think for the rank & file this is a much easier propositon to follow, particularly since it's closely following what Hearts have already started, and been very successful with.

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A complete nonsense that Douglas McNeil refusing to let George Adam on radio when he is openly offering... Douglas says he only wants Gordon in yet George is SMISA chairman so is very relevant .

We need someone on to counteract the nonsense that chic young was shouting the other night

You need to take a deep breath and calm down.

Douglas has posted 1 tweet saying "it kinda has to be Gordon that comes on " or something to that effect.

Why is Gordon not willing to go on the show?

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You need to take a deep breath and calm down.

Douglas has posted 1 tweet saying "it kinda has to be Gordon that comes on " or something to that effect.

Why is Gordon not willing to go on the show?

it would not surprise me with the elections that the BBC might have some issues with an MSP being on this close to the election, and the various broadcast rules at this time

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ok, so do i understand by this that the loan is therefore not in place to kick in as soon as the 1000 target is reached? but that only the exclusivity deal kicks in at that point with the loan then to be secured thereafter?

Loan is currently being negotiated for approx 380k I believe this will be in place very soon ..

The 20k that SMISA will be contributing to deposit I believe will come from their existing funds

Edited by gazmc83

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You need to take a deep breath and calm down.

Douglas has posted 1 tweet saying "it kinda has to be Gordon that comes on " or something to that effect.

Why is Gordon not willing to go on the show?

George has offered to go on several times and been denied.

No idea why Gordon has declined

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Loan is currently being negotiate for approx 380k

The 20k that SMISA will be contributing to deposit I believe will come from their existing funds

so they could in fact pay it now and make the other bidders take a seat for a few months, bearing in mind deposit is returnable, a proper exclusivity deal would also prevent the sellers speaking further other parties...so why no do it

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Richard ...... SMISA want to prove they have a viable model before committing , which is understandable enough sign ups ...

Also the current board want to see if it's viable before granting

Edited by gazmc83

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Richard ...... You don't seem to be understanding that the current board won't grant exclusivity until SMISA prove they have a viable model , enough sign ups .....

i do understand, but as soon as they have a viable model which is 1000 sign ups they also have everything in place to actually conclude the deal, so no need then to bother with exclusivity just pay the money and GLS and SMISA have control. get it?

however from further posts the loan has not ye been sourced for SMISA which could take a wee while especially if a lender will not deal until the 1000 mark has also been passed in which case the exclusivity deal then becomes relevant again

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The final issue here is a legal one the Fan may be repaying it but the liability lies with the assett and therefore its owners

You are completely correct, of course, but the reality is that the fans would *feel* responsible for it. Even if this bid is successful, 10 years down the line it will still legally be 'the club' that is responsible for this, that and the next thing, but the fans will *feel* it is their responsibility, because they will own the club.

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You are completely correct, of course, but the reality is that the fans would *feel* responsible for it. Even if this bid is successful, 10 years down the line it will still legally be 'the club' that is responsible for this, that and the next thing, but the fans will *feel* it is their responsibility, because they will own the club.

i accept that

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