steelboy

@dennyc contacted the Society about this and they told him that Companies House won't let the Well Society be listed as a person of significant control. However if you look at St Mirren's listing their fan ownership group and the charity are both listed as having significant control despite holding fewer shares than the Well Society. I also contacted the Society about the decision to sell shares to go below the 75% threshold and they told me that they never held 75%+ at any time despite that being listed on the Companies House website.

Aye it'll definitely be Jim McMahon trying to salvage his position. We'll see if he has the balls to say what he really thinks about the Society.

The only update we need is Jim McMahon's resignation and Caldwell and Lindsay explaining why they have undervalued the club so severely.

It's also worth saying that McMahon was misleading in saying it's impossible to sell the stadium as it costs too much to build a new one. There are other possibilities. * Sell the stadium to an third party who leases it back to us for an annual fee. This is the Coventry scenario. * Sell the stadium and go on our travels renting other stadiums as Clyde and Accies have done. * Sell the stadium and liquidate the club. Under the current proposal this will be possible after 6 years. Jim McMahon knows this he just doesn't care.

The charge gives us some protection if we go into administration. In terms of stopping a future owner from selling the ground it doesn't do much because any asset stripper would have no problem borrowing the £800,000 against the millions in future sale proceeds. They would just pay back the Well Society and then sell up. Obviously if you can get the Well Society to forgive the loan any sale would be even more lucrative.

They won't be able to meet the terms and they will be changed so the whole loan of 800k is written off rather than just half of it.

The Well Society constitution will have to change to give up fan ownership. As you say a yes vote for the deal kills the Well Society and chance of building a new one because why would you put anything in again if people are just going to vote to give all the money away? This really is an IQ test for our fanbase.....

Correct. And the proposal is to reduce their holdings by 80% so for them to get break even value Barmack's plans would have to increase the value of the club by 500% (to £20m not including the stadium going by wee Jim's funny sums). But we have no idea if any *prominent shareholders* involved in the discussions might have done a side deal with Barmack.

I think you might be over rating him. He's quite active online, he published a long two part article about the benefits of AI in film production recently (basically making people unemployed and increasing profits). I get the impression he's more of a wheeler dealer than captain of industry.

Is he even that big time though? There has been zero due diligence done on him, his net worth, his outstanding debts. He's a guy with a production company which has made a few straight to streaming movies which obviously isn't nothing but doesn't mean much in California. The fact that he is only fronting up with £300,000 doesn't suggest he's super wealthy.

I'm not particularly having a go at you but the more he posts the more people seem to be impressed by it. It's like if a marketing company phone your house, the person might be friendly and engaging but they are doing it for money and trying to get something out of you. I just don't want to see a false equivalence created between Barmack and The Well Society. Everyone should remember he's a businessman trying to buy an asset at an undervalued price due to a bitter old man in his 70s having a tantrum. He's not talking to Motherwell fans because he enjoys the dialouge he's doing because it's potentially worth millions of pounds to his net worth and all he has to do is get enough Well Society members onside. It's about transferring the community owned wealth of our Well Society to a Californian millionaire. It's that simple.

I'm not writing him off but I'm wondering how we came to sign him. His spell with Accies and his loan to the National League North both seem to have been unimpressive.

The only explanation for signing this boy is that Kettlewell is actually GrizzlyG and secretly obsessed with shite puns.

I'm sorry but to me it's like someone being impressed that Sunak, Starmer or Flynn came to their workplace during a General Election campaign. He's posting on a message board to try and earn votes so the deal goes through and his net worth significantly increases (and the net worth of the the Well Society decreases by the same amount). He's playing a smart game. His first offer was terrible so he's using Social Media as a market research tool to finessese a new offer while doing the equivalent of 'kissing babies' by buttering up the electorate. At the same time he is avoiding all the hard questions about his bid and his plan for the club.

He's trying to buy £4m of assets for £2m, gain control of £1.8m of Well Society assets and take sole control over the clubs £6m+ a year turnover. He would probably do live Webcam shows on request to get the deal through. He's working for big money, not just chatting with some fans. Don't be naive.

The football side is hard. But the directors don't have much input into that it's the manager, players, head of recruitment to a lesser extent the CEO. The administrative side is easy, you could put a Sausage Dog in the board room and we are still selling out the South Stand to the Old Firm and getting our share of the TV money, the UEFA money etc.

The main thing that needs to happen now is for the The Well Society to get a reliable valuation put on their shareholding and let the members know exactly how much McMahon has undervalued our assets. After that they need to get legal advice about whether it's actually legal to hold a vote based on a inaccurate valuation.

No chance. She has spent the whole week asking the same idiotic questions over and over in an attempt to create the impression that the club is in some of crisis situation if we don't get immediate investment. She has spent almost her entire time on the board trying to derail any conversation about this takeover attempt.

Aye but I mean why she went from being passionate about fan ownership to wanting to end it.

It's pretty obvious that McMahon and Dickie want to get rid of the The Well Society and see Barmack as a means to an end. An wealthy American with zero track record is obviously a better option to them than working class fans from the East Stand having some influence. Fuck knows what Feely and Downie are thinking. They are both staying silent at the moment so I doubt they could actually explain it.

We switch to playing rugby and relocate to East Kilbride. What a stupid question.

The Society board agree with me that McMahon has massively undervalued the club. It's undervalued to the extent it can't be considered an honest mistake. The question is what they are going to do about it? If we ever actually have a Society meeting about this you can come watch me make all these points in public.

What kind of skills? Skills like McMahon, Weir and Wilson where they managed to destroy Royal Bank Of Scotland and made every household in the country pay for it? The CEO is a professional who runs the club day to day. Our business is footballl, it's extremely straightforward and the primary income streams come via the SPFL, the SFA and UEFA. What we need in both boardrooms is honesty and intregrity.

Hugely undervaluing the club isn't acting in the best wishes of the shareholders. What he has done before that is irrelevant.

Did anyone say £11m. £8m is more realistic. The crooked chairman has set it below £4m.