Sounds a bit Ominous
- Thread starter ZAKKY
- Start date
jeffs right
Vital Football Hero
There must be something we don't know about. Actually a lot of things.
On paper other than having no income from crowds etc we look an attractive club to buy.
Assets in Stadium, Academy, Training ground, Sharpies thing, a collection of good established and up and coming players, sitting tenants and scope for many more sitting tenants if the stadium was utilised. So why have we not been snapped up?
On paper other than having no income from crowds etc we look an attractive club to buy.
Assets in Stadium, Academy, Training ground, Sharpies thing, a collection of good established and up and coming players, sitting tenants and scope for many more sitting tenants if the stadium was utilised. So why have we not been snapped up?
Scholes controls
Vital Youth Team
Its this loan thing with choi and his mate how the efl let this go through is unforgivable they have let this go then put boot in aswell i hate the c@nts so much i honestly dont want us in there league or cups or be on our kits or anything and where is the fa in all this ive not heard anything from them
Mighty Bongsmon
Vital Squad Member
The administrators also don't work for Choi or Au Yeung but lets not let that get in the way of their rant!!
Mighty Bongsmon
Vital Squad Member
Bolton had a preferred bidder who wouldn't go away no matter how many obstacles Anderson threw in their path which was why they started the season.
We have interested parties but no-one prepared to put their money where their mouth is so the administrators have effectively said they aren't here to run a football club long term & there isn't the money to do that so if you haven't put up before that date they will move on to their next option (i.e. liquidation).
Bolton's administrators would've done the same thing if they didn't have Football Ventures in place doing everything they could to buy the club (& hotel)
Your absolutely bob on Bicky. Congratulations – you have won this weeks 'most incisive comment' award. Unfortunately we only have Ferraris in red but I could lend you a paint brush... and blue emulsion.
SO Deep breath... here we go.. no going to sleep..
As a listed company, IEC accounts were readily available. Me and others checked them out in circa May 2019 and saw that they were a small loss making company with not a lot of cash. If Dave was providing due diligence and care as a seller, he would have seen the same.
But also and detrimental to the club; Dave agreed to the hybrid leveraged scheme 'Working Capita Loans' which created a massive financial burden on the club which we could never hope to relieve ourselves from and in the long term fatal.
The facts. DW and or family or trust received circa £22 million. Dr Choi states IEC only paid £15.9m
Here is the relevant bit of contract agreement.
The capital commitment for the Acquisition is the aggregate of:
(a) £15,900,000 and
(b) the Working Capital Loans (in any event not exceeding £6,475,000)
Explantation: The two protagonists agreed that all the normal working capital paid by DW between May 18 and Nov 18 would be provided as a loan to the club. Then upon completion the club would repay that loan to DW by way of a loan from IEC to the club. So as a result the debt fell upon the club. No different than Glaziers did with Man Utd. Only difference is, they are profitable and generate a lorra cash, we don't!
Further more; Dr Choi stated in his letter to his shareholders and the HK stock market, that the purchase of our club would generate revenue for IEC. (I had to red that several times). Obviously, Choi would have seen our accounts and noted we were serial loss making. This can mean only one thing; he planned to sell our assets – no other explanation. There is another but not plausible – getting into premier league which Choi in fact, did mention. But that can only be speculation. When was last time a club went from L1 to Prem in a season? DW would have been aware of this too if he'd as been as wary and concerned as me and others.
The killer blow to me was when a a BBC mon asked DW if IEC had the financial resources; he hesitated and grinned and said, 'they're enthusiastic'. I've known Dave for over 25 years, this spoke volumes to me. I was totally convinced our future was in jeopardy. I recall after the IEC MD said we were on our way to the Premier League, I wrote on this forum, 'he missed out the word 'northern'.
I wrote a warning letter to Jonathan White SCMP in Oct 2018 with a lorra above in it. But it never used, it got 'lost' within their offices. If you wanna see a copy let me know and I'll PM copy you.
If things go tits up for us I'm going to write a book; Who killed Wigan Athletic?
With pictures of DW, Choi, Darren and Rick. No Au Yueng – he's a stooge but probably £50 k better off in his apartment in HK.
In late May I wrote a 6 page essay titled 'The end of the pier for Wigan Athletic?' I sub headed it;
''For the fans of Wigan Athletic and footy fans in UK this is a damning and frightening story of contradictions, dishonesty, complex finance, betrayal and incompetence''. (Sounds about right now).
N"Zogbia's fan club
Vital Squad Member
Thanks for the above.
Just wondered why you've omitted Joe in your picture listing. Also where does Gary Cook sit in this picture?
moonay
Vital Football Legend
Pies,
You say above that "Me and others checked them out in circa May 2019 and saw that they were a small loss making company with not a lot of cash."
However, on the "What would you ask Au Yeung" thread, just yesterday, you wrote "Dr Choi's actions allowed him plus hundreds of shareholders to regain the value of their share holding - for Dr Choi,this will amount to circa £155 Million, to shareholders £120 million."
I'm just trying to understand if IEC (and at the same time, Choi) do have money, or don't.
This isn't meant as a pop, even if you take it as one. It's a simple question, asking for clarity. Ta.
You say above that "Me and others checked them out in circa May 2019 and saw that they were a small loss making company with not a lot of cash."
However, on the "What would you ask Au Yeung" thread, just yesterday, you wrote "Dr Choi's actions allowed him plus hundreds of shareholders to regain the value of their share holding - for Dr Choi,this will amount to circa £155 Million, to shareholders £120 million."
I'm just trying to understand if IEC (and at the same time, Choi) do have money, or don't.
This isn't meant as a pop, even if you take it as one. It's a simple question, asking for clarity. Ta.
ZAKKY
Vital Football Hero
Danny_de_Zeeuw16
Vital Squad Member
Should he collect that before or after you collect your arrogant condescending knob head of the year award? The way you speak to people is unacceptable.
Snow flake alert
Not sure really. These were of top of mi head and in reality just part of my fantasy escapism world. Nominations accepted.....
Unfortunately.. it does exist.
ZAKKY
Vital Football Hero
Have you read Wilkinson's Q&A thing on WEP Pies if so what is your assessment of it ? Seems to answer most questions
My above quote is correct and you can go and check iEC's accounts available through the companys web site.
Im not sure of your question. But I'll give it a shot.
Obviously I don't know what anyone has in their bank accounts. So, here's me; I own shares in several quoted company's. Due to pandemic they're all at price much lower than i paid so I'm staring at a 'paper' loss presently. But as a cautious person (financially) I have some money for a rainy day. I imagine Choi and the other investors are similar
Explaination; shares are bought with money that is not realised again until they are sold at the prevailing quoted market value. Owners of IEC stock are sitting on massive loss of value presently. However, they will only realise a 'physical' loss if they sell now.
IEC had circa £38 million but it will be less now due to lockdown in Manilla. But it's not a lot relatively speaking. Thinking about premises, overheads, staff circa 4/500 etc. However, IEC own outright the hotel complex and if need be, could probably easily raise finace upon it.
I have no idea how much dosh Choi has in his personal accounts - naturally! But have no illusions; people like Choi do not become millionaires by being easy going about flittering away money or share value. Just to remind what I've related before.. Choi is a predator that's how he achieved his wealth. Hope this helps
Unfortunately Zakky, not yet but now you've alerted me I'll check later. Also, just seen admins report - not good figures - I'm gobsmacked. I'm just checking for confidentiality issues before posting owt.
moonay
Vital Football Legend
Thanks Pies. I suppose the question was:
- how do you term IEC a small loss making company, when the value of it's shares - or rather the "value regained" is how I think you put it - is circa £275m.? ......... unless that's deemed small. Fair enough if that's so.
For context though, your "End of the Pier" report said that the "the present stock market capitalisation (value) of IEC plc is £36.48 million".
If "market capitalisation value" is the number of shares multiplied by the price, then how does that equate to the circa £275m?
- how do you term IEC a small loss making company, when the value of it's shares - or rather the "value regained" is how I think you put it - is circa £275m.? ......... unless that's deemed small. Fair enough if that's so.
For context though, your "End of the Pier" report said that the "the present stock market capitalisation (value) of IEC plc is £36.48 million".
If "market capitalisation value" is the number of shares multiplied by the price, then how does that equate to the circa £275m?
ZAKKY
Vital Football Hero
daleks.at.the.monaco
Vital 1st Team Regular
Thing is John, your mate, he was a shareholder.
