Scott_Gillan Posted July 12, 2006 Share Posted July 12, 2006 there is no interest due at all, or payback date. So what you are saying is Morton have a loan from Golden Casket to which we make no payments and to which no intrest is added? How do you know this bryan? Link to comment Share on other sites More sharing options...
Cawston Posted July 12, 2006 Share Posted July 12, 2006 Thereafter, the only residual debt remaining should have all been footballing-related and would have become the responsibility of Regionsign as the new owners. I'm not aware of any specific agreements put in place as to how those debts were laid off. The GMST guys can confirm but I don't think the Trust contributed towards clearing the footballing debt. The only major action that I remember was the share issue to existing shareholders where effectively Dougie took the lions share, after which I'm sure there was a statement saying that the footballing debt was clear. Along the track the train came puffin, Morton 1 Celtic nuffin. Link to comment Share on other sites More sharing options...
Cawston Posted July 12, 2006 Share Posted July 12, 2006 So what you are saying is Morton have a loan from Golden Casket to which we make no payments and to which no intrest is added? How do you know this bryan? Pretty sure that was declared at the last AGM. Along the track the train came puffin, Morton 1 Celtic nuffin. Link to comment Share on other sites More sharing options...
Savo Posted July 12, 2006 Share Posted July 12, 2006 , maybe I wrong and that's the reason I didn't say it in my first post but I actually thought there was an agreement between the trust and the new owners that the trust would pay off the football debt, the thing is I think I was sitting in front of you at that meeting when I heard it so I might have got my wires crossed somewhere, although I remain a trust member I admit I stopped going to the trust meeting a bit after the club was safe, maybe I should start going again. I remember that meeting, was there along with the old boy and mind seeing you there. Just filled out my membership renewal the other day but like you I've also missed most of the AGMs since as well, which is all too easy to do when things are not grim like back in the day - but you're spot on, it should not be like that. As for the agreement, I don't think it would have been possible for them to make such a commitment - simply because as far as I recall, in terms of football debt, we're talking in excess of £100,000. The Football Foundation (formerly the Football Trust) was owed about that figure alone, and the likes of Millen and Raeside etc. all had capped wages to claim back. Millen called in the union and accepted a settlement on the day of his hearing if I remember correctly. Raeside was getting his money sorted but still went to Hugh Keevins who ran a typically ill-informed hatchet article. Aside from the players, if I'd had my way, the Football Foundation would have got f*** all back. That money was handed over to the unmentionable one who was allowed to spend it as he saw fit, without any audit trail or scrutiny whatsoever. He then leaves the club, is not pursued for it, and the incomers have to stump or kiss goodbye to the club's league membership. Absolute liberty. Link to comment Share on other sites More sharing options...
Guest midTONs Posted July 12, 2006 Share Posted July 12, 2006 So what you are saying is Morton have a loan from Golden Casket to which we make no payments and to which no intrest is added? How do you know this bryan? Scott again I might be wrong here but I think the loans were given to Morton on an interest free basis and there is no set date for these loans to be paid back, I also think DDR wrote off some of the debt but my understanding is we still owe £1 million plus and I suppose it could be called in anytime. Link to comment Share on other sites More sharing options...
Savo Posted July 12, 2006 Share Posted July 12, 2006 Scott again I might be wrong here but I think the loans were given to Morton on an interest free basis and there is no set date for these loans to be paid back, I also think DDR wrote off some of the debt but my understanding is we still owe £1 million plus and I suppose it could be called in anytime. From The Herald story a while back: Golden Casket holds 81% of Greenock Morton FC, which made a loss of £353,776 in 2004-05. The company's accounts disclose that the football club is financed by a hefty "soft" loan from the confectionery company which is interest-free and is not repayable "for the foreseeable future". At December 31, Greenock Morton owed Golden Casket £929,000, up from £693,575 12 months earlier. The confectionery company also paid Morton £24,000 for shirt sponsorship in 2005 and made a £52,000 donation to the football club. Link to comment Share on other sites More sharing options...
Guest midTONs Posted July 12, 2006 Share Posted July 12, 2006 From The Herald story a while back: so I was more or less right with that than, lol, makes a change. Link to comment Share on other sites More sharing options...
Cawston Posted July 12, 2006 Share Posted July 12, 2006 Aside from the players, if I'd had my way, the Football Foundation would have got f*** all back. That money was handed over to the unmentionable one who was allowed to spend it as he saw fit, without any audit trail or scrutiny whatsoever. He then leaves the club, is not pursued for it, and the incomers have to stump or kiss goodbye to the club's league membership. Absolute liberty. Spot on. The money from the football trust was for ground development, wouldn't have taken much effort to dispatch someone to Cappielow to keep an eye on how it was actually being spent. Would have taken even less effort to check out the guys background who they were handing the cheque over to, which I'm sure was around £250-£300K. Along the track the train came puffin, Morton 1 Celtic nuffin. Link to comment Share on other sites More sharing options...
9 Strathblane Crescent Posted July 13, 2006 Share Posted July 13, 2006 yes Mr Morton, Alan McGraw, does attend Ibrox as some have stated and yes have a dig at him as we have never seen him back since the scott years - I believe he went in the huff because his consortium failed Most interesting topic on this board for ages even although some of it is not true. For example this statement above is untrue. It was in fact McGraw who asked the Prof to pull togther all the interested parties who were talking about buying the club to see if they could work together to come up with a rescue package. He did not go in the huff because it failed. He had a personal disagreement with Rae, which exist to this day, which goes way back even before Scott took over and that's why he has never set foot in Cappielow since Rae took over. Does he go to Ibrox? Of course he does as he's a Govan boy born and bread. But let anyone on this board have no doubt that McGraw has a love for this club equal to that of you an I and still takes a great interest in what goes on at Cappielow. The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy. Link to comment Share on other sites More sharing options...
VaderTON Posted July 13, 2006 Share Posted July 13, 2006 This maybe a bit irrelivant....but has anyone also considered the possiblity that the increase in prices for season tickets and the price of our home/away tops, may be slightly contributory to the factor of the club, or should I say the league, not having a sponsor this season, as Bells pulled out at the end of last season. As for the previous issues mentioned on this thread re; dislike/distrust, of the Rae clan, being at the helm of the TON, I for 1 dont actually mind, I know there are quite a few who do, but this is not an issue that we alone have. There are teams world wide, who have the same minority of fans, who, for one reason or another, dislike to the point of hatred, their club owners, take Man utd, when the fraziers bought them over, point beiong, this is something that will never go away, and doesnt bother me what others think of the chairman/owners, why should it? I am just happy to still br going to Scappa on a saturday to watch the team I grew up watching for over 30yrs, and not look at what could ultimately have been an extension to the ship yard grave yard that,that prick Sc***t promised was on the cards. I mean, christ to say"...I`ll have no problems shuting this club down like the shipyards.."on tv,that was the point were he put the last nail in his coffin. Cheers DDFR for keeping us going, regardless of your mystical background. Link to comment Share on other sites More sharing options...
ScotinBelgie Posted July 13, 2006 Share Posted July 13, 2006 I have no idea about past personal disputes, who has corporate boxes at other clubs, etc that seem to have been raised either directly or indirectly on this topic. However, rather than winge about how another person (or company) is running our club or complaining that Dougie effectively is taking all your hard earned cash (to keep the club going given that there will be NO money coming from the SFA this season!) by raising the price of season ticket by less than a pound per game, do something positive. The only way that we can effectively ensure that as fans we truly are the custodians of the club is to continue to raise funs via the Supporters trust and eventually buy a majority shareholding in the club. Otherwise the chairman can basically do what he wants, and for the moment I am thankful that Dougie is generous enough to keep paying the bills - even if it is a useful tax break. ScotinBelgie Link to comment Share on other sites More sharing options...
Tonsilitis Posted July 13, 2006 Share Posted July 13, 2006 I can forgive people not understanding the ins and outs of company law, corporate finance and insolvency law. Most people don't as these are highly specialist areas. What I do not like is the socialist workers on here spouting complete pish as being the truth when anyone who knows anything about these matters knows their allegations are a figment of their left wing imaginations. Its alleged there is no cost to Dougie in making 'loans' from Golden Casket which will never be repaid. Well: 1) The fans certainly helped but, make no mistake about it, Douglas Rae saved Morton and people who say otherwise are ungrateful, blinkered barstewards. Morton was in administration and in the hands of an insolvency practitioner who was going to put the club into liquidation which equals oblivion. Scott had to be paid off as part of the deal to avoid that and there is no way that the fans could have raised the money necessary. Douglas Rae did that and every Morton fan should be eternally grateful to him. 2) The Rae family own Golden Casket lock stock and barrel. These irrecoverable loans to finance Morton's losses reduce the value of Golden Casket and therefore Dougies personal wealth. 3) It is alleged that Morton is only a tax dodge for the Raes. Again, this displays a complete lack of understanding of accounting or tax law. Firstly a loan to another company is not tax allowable. It might become so if the loan is written off but I not aware that anything has. Some of the loan has been converted to shares - again not tax allowable. What they do get tax relief on is Morton's losses but, the current corporation tax rate is 30% so Golden Casket still suffers the other 70% of the losses. I agree that there are some aspects of the present administration which could be better, especially in terms of communication with the fans, the website and maybe some of the peripheral commercial activities. There have also been a lot of positives such as the refurbishment of Cappielow and maintenance of our full time status. Dougie has shown himself willing to fund player acquisitions whether thats through transfer fees or wages. In short he's not perfect but he has done the major things right and we owe him bigtime for the fact that we still have a club. For me, if he wants us to play in polka dots, thats a small thing and I can't understand people getting so uptight about a football shirt. So those of you who don't like it, feel free to check your back issues of the socialist worker to see if there are any other fantasies you want to make up about running companies. Before you do though, can I respectfully suggest that making facts up to suit the argument does nothing to help people's perception of your IQ. Link to comment Share on other sites More sharing options...
Guest midTONs Posted July 13, 2006 Share Posted July 13, 2006 The only way that we can effectively ensure that as fans we truly are the custodians of the club is to continue to raise funs via the Supporters trust and eventually buy a majority shareholding in the club. ScotinBelgie I agree with that but it's not as easy as it sounds and I don't mean in financial terms for the trust. Link to comment Share on other sites More sharing options...
Donkey Dave Posted July 13, 2006 Share Posted July 13, 2006 Do you think it is appropriate for members of the current board to have corporate boxes at Ibrox. Like a cat the curiosity is killing me - what members of the current board have corporate boxes at Ibrox? Failure to directly name them will render the rest of your posts as being non-sensical drivel.... A press release confirming this will be released shortly... Link to comment Share on other sites More sharing options...
ScotinBelgie Posted July 13, 2006 Share Posted July 13, 2006 The only way that we can effectively ensure that as fans we truly are the custodians of the club is to continue to raise funs via the Supporters trust and eventually buy a majority shareholding in the club. ScotinBelgie I agree with that but it's not as easy as it sounds and I don't mean in financial terms for the trust. You're completely correct midTON, and I know that even if we did have the cash (including funds to cover loans, etc.) it doesn't neccessarily mean that we can simply purchase a majority shareholding. However it should be the long term aim of the trust and us as supporters. Since we been 'saved' we may all have become a little complacent. And with the current financial shambles that is the SFA, in my perspective we should all be prepared to go a little further in our support for Morton. ScotinBelgie Link to comment Share on other sites More sharing options...
Cawston Posted July 13, 2006 Share Posted July 13, 2006 I agree that there are some aspects of the present administration which could be better, especially in terms of communication with the fans, the website and maybe some of the peripheral commercial activities. There have also been a lot of positives such as the refurbishment of Cappielow and maintenance of our full time status. Dougie has shown himself willing to fund player acquisitions whether thats through transfer fees or wages. Brilliant post, and a perfect reality check for those who would have you believe Cappielows falling down around us. Lay off the left wingers though Tory boy! The good work that has been done makes it all the more bizarre that things like commercial activity, communication and websites are being run so poorly. The Trust isn't blameless in this either, as a fans organisation we are represented at board level. If this outlet isn't being used then poor communication with the punters can't only be blamed on the Raes. Along the track the train came puffin, Morton 1 Celtic nuffin. Link to comment Share on other sites More sharing options...
Rhubarb Mess Posted July 13, 2006 Author Share Posted July 13, 2006 Like a cat the curiosity is killing me - what members of the current board have corporate boxes at Ibrox? Failure to directly name them will render the rest of your posts as being non-sensical drivel.... Nice try Dave, ask someone at Cappielow on saturday, I don't know anyone personally who doesn't know. Edited to add that it was the same member who donned and England top for most of the World Cup. As for the rest of the topic, well I got the desired effect. We are a MEAN diddy team!!! SITTING ON THE FENCE!!! m1874 Blog<<<..V..>>>Ernies Blog GMST make your own mind up. "Hey!!! That tea leaf half-inched me wallet" Yours Roobs, AKA, Harry's Orville Duck Link to comment Share on other sites More sharing options...
Ice Cube Posted July 13, 2006 Share Posted July 13, 2006 You didn't listen to the fans when we gave our opinion on the design of the new strip. You want US to attend Firhill to help alleviate costs of the Morecambe/Barrow trip. Edited as requested. Your website, the official portal for Morton fans from all around the world is slower to update than my father ( who is officially the slowest man on earth) Are the hierarchy within the realms of Castle Cappielow ever going to listen to us, or does the childs executive box at Ibrox mean much more.? There is only one constant in this equation. P.S for the record, I think we will win the league this season, but I hope we don't go forward with structure we have, as it stinks of s***. You are not Greenock Morton, you are merely custodians of Greenock Morton, and you would do well to remember that. Did I miss something mofos? Check yo' self fool! Link to comment Share on other sites More sharing options...
Donkey Dave Posted July 13, 2006 Share Posted July 13, 2006 Nice try Dave, ask someone at Cappielow on saturday, I don't know anyone personally who doesn't know. Edited to add that it was the same member who donned and England top for most of the World Cup. As for the rest of the topic, well I got the desired effect. Barbarossa, I wasn't trying anything. You have made a statement that members of the CURRENT BOARD have corporate facilities at Ibrox. I have asked you to state clearly and unequivocally who exactly has these alleged facilities. It is a simple question with no hidden agenda behind it- obviously I am not in your group of personal friends and therefore have no knowledge about this but as a Shareholder in the club would be quite interested in who you are referring to before making further enquiries. In anticipation I would like to thank you for your time spent in dealing with this matter and I look forward to your reply. ps please PM with the info if you do not want to publish it on this forum Ta much A press release confirming this will be released shortly... Link to comment Share on other sites More sharing options...
El gofer Posted July 13, 2006 Share Posted July 13, 2006 Right, 1. The tops not that bad.If we do aswell as we did previously in stripes,1995-96,63-64 I will not complain. Think I will buy it. 2. I take it you are talking about one of the Raes at Ibrox. Many companies have corporate boxes at both Ibrox and Parkhead. 3. CHill 20.1.09 Link to comment Share on other sites More sharing options...
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