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Showing content with the highest reputation on 07/04/2024 in all areas

  1. Barnack's deal is a no from me. For £300,000 he gets to be chairman with two of his people on the board of eight. If the CEO or FD get a better offer, get pissed off or are driven out EB can appoint another pal and it's now 4 of 8 and with his casting vote now has full control. I have seen nothing of a business plan other than some vague notions of a documentary and expanding interest in us in the USA. He has admitted knowing very little about running a soccer club. For his investment of £1.9 million he increases his shareholding from zero 47 per cent. In contrast for investing £1.3 million the Society sees it's share dropping from 70 per cent to 50.1 per cent. That is just mad. With the Well Society Board at least we have people with the club's interest at heart, not some unknown. As a Well Society member and also a shareholder that is two nos from me.
    5 points
  2. I'll try to summarise one of the best points I heard from a board member.... At the moment board members are sacrificing time they could be spending with their families or on their careers to contribute to the Society and club. Members are contributing money they have worked hard for. if Barmack's deal goes through any time or money put into the Society will be a free contribution to Erik Barmack making a profit on his investment. Why would anyone want to do that?
    5 points
  3. As others have said, we are doing fine without US money. If you look at our accounts since the Society took control, they are actually quite healthy. A lot of that is thanks to Les Hutchison who, when he took charge, articulated a very clear plan of how he wanted the club re-structured, how his money should be spent, how his loans should be paid back, how many new fans needed to join the Society, and what his exit plan was. Exactly what you want to hear from an investor. Exactly what we are NOT hearing from EB.
    4 points
  4. Also, all Trump's businesses go bankrupt and/or end up having to settle lawsuits.
    2 points
  5. We've finished 3rd and played in Cup Finals under that model. 300 grand a year from Erik Barmack isn't going to change anything on the park.
    2 points
  6. As a Well Society member and also a shareholder that is two no's from me.
    1 point
  7. Joined March 10, 2011 I highly doubt it
    1 point
  8. Exactly my thought. I have zero inclination to donate to EB's pension fund if he takes over the club.
    1 point
  9. A few we other snippets I had: Tom was also confident that with the "Motherwell men" on the board if the proposal went through there'd be no need for EB to have the deciding vote. Cos he felt the Motherwell men would prevent it. I pointed out it doesn't always work that way as an example, himself. Voted on the WS board to protect and maintain the Society, Only to vote against society's ownership. When I mentioned we'd probably make up the EB money if not surpass it with the sale of Bair and Miller he said, "we'll sell Bair, We're not selling Miller." Before going into the "what if" injury thing. Make of that what you will. Similarly when I asked "what happens to the society if this deal goes through?" Tom gave the ideal scenario where there is the same amount of members contributing and the Society have X amount of money for a back up. I pointed out that I don't think that would be the case as many members, myself included, would stop their contributions. He couldn't fathom this, I was trying to put a point across "why would anyone contribute to something that has moved the goal posts and no longer stands for it's original purpose?" but it was a busy part of the room and the questions were flying at him.
    1 point
  10. But the idea is for Barmack to bring in more money/investment for the club so that there will be enough coming in to make a difference. However, that’s pretty much a pig in a poke so far. Seems to be very Trumpish, has an idea but no plan or details.
    1 point
  11. I'm the same. I'm feeling optimistic after tonight. It was very clear that all the board members against the proposal are well prepared for the vote and moving the Society forward and that they have put a huge amount of time and effort into dealing with this issue. As far as Tom Feeley goes I'll give him some credit for coming out and putting across his position but whenever detailed criticisms of the deal were addressed to him all he could respond with was "I would hope" or telling us to trust Barmack and other non WS board members. Considering that we are talking about the future of the club and millions of pounds of Well Society member's assets 'hope' and 'trust' are nowhere near good enough. There was a point just before I left where Tom Feeley and Sean Baillie were discussing the future of the Well Society if Barmack takes over and the contrast in detail pretty much summed the night up. Sean clearly explained the likelihood of the WS not being able to meet the funding commitments in the deal and the danger of Barmack's marketing of the club leading to match going fans being outnumbered by new online fans in Society votes. All Tom could respond with was 'we'll deal with that in a few years if we have to'.
    1 point
  12. No he isnt. He is employed by the football club who are run by the Executive Board. The Well Society are merely the major shareholder. Hopefully after all this is over that will change.
    1 point
  13. Sure there is procedures, but being civil upto now has got us into this mess. Time for the owner, the society to flex its muscles and take proper control.
    1 point
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