Michael Foley
Vital Squad Member
Interesting article in the Echo revealing that the Co-Op Bank is refusing to meet Dorrian. So much for all the confident noises coming out of Sincil Bank.
Co-Op Bank
- Thread starter Michael Foley
- Start date
Michael Foley
Vital Squad Member
I don't believe in irrational exuberance. How much time do you think the Board need or should be given to face realities? They were told what was required of them over twelve months ago. Suggest the self-serving Holding Company gets on with it.
Michael Foley
Vital Squad Member
Curious that the Chairman's personal charm appeared not to work.
Sadly the moment the club started throwing mud in the cooperatives direction was inevitable relations would irrecoverably break down. No balanced individual would criticise any business for hardening their approach after that. The fact they cant/wont submit a written proposal speaks volumes. Flabbergasted that people still try elsewhere to absolve the board of responsibility for this mess and feel the urge to blame the bank.
RossolossoImp
Vital Squad Member
I dont think it that they cant submit anything, negotiations only really work on a face to face basis. Its hard to negotiate down figures over paper/letters. Once you have submitted something youll never be able to get a better deal than that, only worse.
Clearly a big segment of the blame comes to us because we are in debt and owe them money, caused by our own actions. However the moral issues go back on the bank. Can be looked at in differnet views, but when it comes to it we are using money that isnt ours, and the people whos it is want it back. The bank will want it written down so they can get more of their money back, we want to to pay less than we should so wont give that to them.
Michael Foley
Vital Squad Member
Moral issues don't come into it and there's nothing (or not much) to negotiate. Most banks would have been nowhere near as patient as the Co-Op Bank appear to have been. You can hardly blame them if their patience has finally run out. If it goes on like this for much longer, the Bank will simply foreclose and conduct its own asset sale. And there will only be one party to blame for that.
H
helgy
Guest
It was all being dealt with they held two meetings previously face to face with the bank.
Then the Yanks took over the next meeting was aggressive bank rep was banging on the table issuing threats.
Every time I have a business meeting with my bank its face to face.
Two sides to every coin the board are trying to solve this, the bank are the ones acting aggressively in this.
The opposite of what you have said is true the bank rang the club after getting bad publicity & asked them to tone it down as they are the ethical bank & don't like bad publicity.
Bert Bowery
Vital Reserves Team
Bad publicity!!!!
This is the bank that lost £1.5billion in a Black Hole
The bank that sacked Bob Rickert, the bank’s chief operating officer tasked with helping restructure the bank, because "he was known for an aggressive management style"
The bank who's former Chairmen was a druggie
The bank that was taken over by a Vulture Fund Co. The same vulture fund which is trying to make Argentina default on its debt
Don't think LCFC's little pot can cause them much more embarrassment.
This is the bank that lost £1.5billion in a Black Hole
The bank that sacked Bob Rickert, the bank’s chief operating officer tasked with helping restructure the bank, because "he was known for an aggressive management style"
The bank who's former Chairmen was a druggie
The bank that was taken over by a Vulture Fund Co. The same vulture fund which is trying to make Argentina default on its debt
Don't think LCFC's little pot can cause them much more embarrassment.
G
Guest
Guest
What about irrational negativity? Is that something you believe in?
ImpfromWashy
Vital Squad Member
I can't understand why the bank wants to terminate their agreements with the club.
I am not aware of the club having defaulted on any interest repayments? With the club having assets to cover any overdraft/loans why would the bank go down the road of insisting on repayment when they are receiving regular interest/overdraft payments.
I am not aware of the club having defaulted on any interest repayments? With the club having assets to cover any overdraft/loans why would the bank go down the road of insisting on repayment when they are receiving regular interest/overdraft payments.
G
Guest
Guest
I think it is simply because they want or need to run down their outstanding debt due to a change in ownership.
ImpfromWashy
Vital Squad Member
If that is the case then why should they not be criticised......
If they went from cosying up to the club to suddenly threatening its very existence, then sure as hell they can be criticized. (Notwithstanding the period of notice given).
It's like the gap between the public image of Banks in the glossy ads and the grim reality of having your house re-possessed by them when it all goes wrong.
Even Wonga didn't do that
Moral of the tale:
1. If you can help it don't get in debt.
2. If you do, beware of man from Co-op bearing gifts.
3. Read the small print.
4. Don't default on payments
5. Be very afraid when the computer at the Co-op says no
6 Be prepared to lose your home (spiritual or otherwise)
7. Don't expect any sympathy or money from anyone, no surprise they're giving none away.
It's like the gap between the public image of Banks in the glossy ads and the grim reality of having your house re-possessed by them when it all goes wrong.
Even Wonga didn't do that
Moral of the tale:
1. If you can help it don't get in debt.
2. If you do, beware of man from Co-op bearing gifts.
3. Read the small print.
4. Don't default on payments
5. Be very afraid when the computer at the Co-op says no
6 Be prepared to lose your home (spiritual or otherwise)
7. Don't expect any sympathy or money from anyone, no surprise they're giving none away.
Michael Foley
Vital Squad Member
What is the evidence that they have ever been "cosying up to the Club"? As to "suddenly threatening its very existence" they informed the Board of the situation and what they expected / demanded well over a year ago. What there is evidence of is the Board of LCFC behaving in an ostrich-like fashion, in denial, and then letting its employees publicly insult the Co-Op Bank at every available opportunity. And then having the nerve to accuse the bank of aggressive attitudes and behaviour. Chickens coming home to roost.
From the Lincolnshire Echo , July 5, 2011:
Powell, who is the company secretary and is the Lincolnshire Co-operative's representative on the board [said]
"Lincolnshire Co-operative is a community organisation, owned by our 200,000 members, and we believe Lincoln City should be a community club representing the fans."
Sounds pretty cosy to me.
Not the same as 'The Co-operative Bank' I know, but part of the same movement surely, (Rochdale Pioneers and all that). Doesn't sit terribly well with the threat of execution of the club.
I did say 'Notwithstanding the period of notice given'.
We all know that in the context of football as a whole, including FIFA's ill-gotten billions, and the Co-operative Bank's own assets , the debt is a pretty trifling amount. A debt is a debt, but it does seem a bit vindictive to call it in at a time when the club is already on a life support machine.
I can't imagine 'The Bank of Dave' doing that to Burnley F.C.
By all means let's get shut of the debt, but there's the rub. When you're in the gutter without a pot to pi$$ in how do you get Wonga off your back?
Suggestions?
Powell, who is the company secretary and is the Lincolnshire Co-operative's representative on the board [said]
"Lincolnshire Co-operative is a community organisation, owned by our 200,000 members, and we believe Lincoln City should be a community club representing the fans."
Sounds pretty cosy to me.
Not the same as 'The Co-operative Bank' I know, but part of the same movement surely, (Rochdale Pioneers and all that). Doesn't sit terribly well with the threat of execution of the club.
I did say 'Notwithstanding the period of notice given'.
We all know that in the context of football as a whole, including FIFA's ill-gotten billions, and the Co-operative Bank's own assets , the debt is a pretty trifling amount. A debt is a debt, but it does seem a bit vindictive to call it in at a time when the club is already on a life support machine.
I can't imagine 'The Bank of Dave' doing that to Burnley F.C.
By all means let's get shut of the debt, but there's the rub. When you're in the gutter without a pot to pi$$ in how do you get Wonga off your back?
Suggestions?
