Jay Posted December 16, 2014 Report Share Posted December 16, 2014 Posted this in the thread about this week's podcast but given not all folk are into podcasts I thought it deserved its own thread as it's a great opportunity to get some questions answered... Those of you who haven't listened to this week's podcast, batter in. Those of you who have, will know that there'll be a Well Society podcast special on Thursday night featuring Society Chairman Brian McCafferty. I've been really critical of the Society since I joined a few years ago (all justified I believe!) and one of my main gripes has been the complete lack of communication. So for Brian to agree to come on to the podcast in an attempt to reach out to the fans is a move that deserves appreciation. So this is the 'Well fans chance to get as much information as possible with regards to the Society and where we go from here. Whether you're a member or not, we'll be looking to put as many questions as possible to Brian in an attempt to get the maximum benefit from his podcast appearance. So if you have a Well Society question that you want put to Brian, then feel free to get in touch via our Facebook Group or Twitter, or even just post it below and we'll try and get through as many as possible... Quote Link to comment Share on other sites More sharing options...
Andy_P Posted December 16, 2014 Report Share Posted December 16, 2014 For me without having seen the full details of the transcripts that are being talked of on tweets and on the Well Society thread there a couple of things that come to mind. A question that kind of leads on to further questions I'm afraid. Sorry if that it doesn't make it very easy to ask! I was under the impression that the WS had spent the last few months seeking to attain soft loans to reach the undefined amount that would have satisfied John Boyle the fan ownership model was still a goer. Yet Les Hutchison's loan has apparently gone directly to the club. How so? And following on from that how will the repayment side of things work? Are the club liable for the loan? Is it the Well Society? Is it a combination of both? And what are the terms. Do we have five 5 years to accumulate the monies? Do we have to repay amount each year? Why is this so important to know? Well for me knowing the state of play should give everyone a clear indication of the strategies that will be required to get to the "takeover point" whenever that will be. Do we require funds urgently to meet a first repayment say or can a more measured approach be taken across the 5 years to reach the ultimate target? I'll fully understand if you take one look at that, laugh and go next!! Quote Link to comment Share on other sites More sharing options...
dennyc Posted December 16, 2014 Report Share Posted December 16, 2014 Similar questions as Andy P. My understanding is that LH has deposited £1m with MFC and not the Well Society. In return he has received John Boyle's shareholding and therefore has the power to effect changes to the club board. I am assuming John Boyle received no payment. Questions.... Is MFC solely liable for the repayment of the Loan? Is the loan secured? Are the monies for use in the day to day running of the Club or do they have they to be replaced in the same way that any funds borrowed from the Well Society must be repaid as soon as possible?..... Effectively maintaining a balance of £1m. To me this would make sense as, at some stage, that sum has to be returned to LH. If the LH monies are "frittered away" it seems very unlikely that the Club will be able to generate sufficient trading profits to repay the debt. Am I correct in saying that the intention at the end of 5 years is that MFC still have the £1m intact and the Well Society also have £1m+ for use as originally planned? If the Well Society fails to raise £1m does LH get back his money from MFC and return the Shares to John Boyle? Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.