superward Posted September 23, 2015 Report Share Posted September 23, 2015 Given the chat on here around debt repayments etc I thought I would do a bit of digging at Companies House and came across the following. Amongst the usual notices for appointment of directors the filings for the alterations to the floating charge were also posted. Interestingly on a scan through them the debt repayment schedule to Les Hutchison, John Boyle and Derek Weir/Jim McMahon is present within the document. Given Les's recent outburst in the paper I can only assume the club missed the June 2015 repayment of £40k. Now, that is not a huge amount in the grand scheme of things so I would be interested to know why we missed it. Was it a club decision to re-invest it elsewhere at the time? Was it because season ticket funds had not came through? Was it because we agreed it with Les due to the above and Les is being a bit cute with the press? Also, three points of interest. - Firstly, Les said 3 defaulted payments and he reserves the right to stop involvement/look for a sale. So, that would be June 2016 earliest. - Secondly, the terms don't really ramp up until June 2017 so I would imagine that is our realistic date for ensuring the club is on a fine platform and self sufficient/working in profit. - Thirdly, I thought Les had came in and paid off Boyle's debt leaving us owing c£1m to him. That does not seem to be the case and Boyle still has his own debt repayments. 3 Quote Link to comment Share on other sites More sharing options...
Lobey_Dosser Posted September 23, 2015 Report Share Posted September 23, 2015 Good find. There must be valid reasoning to default on £40k this summer, particularly when we haven't been shy in transfer market. Quote Link to comment Share on other sites More sharing options...
steelboy Posted September 23, 2015 Report Share Posted September 23, 2015 Is there any way to see what Boyle has been repaid over the past 24 months? Quote Link to comment Share on other sites More sharing options...
superward Posted September 23, 2015 Report Share Posted September 23, 2015 Is there any way to see what Boyle has been repaid over the past 24 months? It will be in the posted accounts somewhere I think. Quote Link to comment Share on other sites More sharing options...
Ianc Posted September 23, 2015 Report Share Posted September 23, 2015 Given the chat on here around debt repayments etc I thought I would do a bit of digging at Companies House and came across the following. Amongst the usual notices for appointment of directors the filings for the alterations to the floating charge were also posted. Interestingly on a scan through them the debt repayment schedule to Les Hutchison, John Boyle and Derek Weir/Jim McMahon is present within the document. Given Les's recent outburst in the paper I can only assume the club missed the June 2015 repayment of £40k. Now, that is not a huge amount in the grand scheme of things so I would be interested to know why we missed it. Was it a club decision to re-invest it elsewhere at the time? Was it because season ticket funds had not came through? Was it because we agreed it with Les due to the above and Les is being a bit cute with the press? Also, three points of interest. - Firstly, Les said 3 defaulted payments and he reserves the right to stop involvement/look for a sale. So, that would be June 2016 earliest. - Secondly, the terms don't really ramp up until June 2017 so I would imagine that is our realistic date for ensuring the club is on a fine platform and self sufficient/working in profit. - Thirdly, I thought Les had came in and paid off Boyle's debt leaving us owing c£1m to him. That does not seem to be the case and Boyle still has his own debt repayments. Quote Link to comment Share on other sites More sharing options...
Ianc Posted September 23, 2015 Report Share Posted September 23, 2015 got it now ta Quote Link to comment Share on other sites More sharing options...
Ianc Posted September 23, 2015 Report Share Posted September 23, 2015 Ill have a look looks pretty straight forward at first pass a split of repayments. Quote Link to comment Share on other sites More sharing options...
Kmcalpin Posted October 31, 2015 Report Share Posted October 31, 2015 In case any of you haven't heard there's a Society/Mark McGhee Q & A evening planned for Monday 16 November. It'll be a perfect opportunity to air your views and ask those so far unanswered questions. This is your chance. Quote Link to comment Share on other sites More sharing options...
superward Posted October 31, 2015 Report Share Posted October 31, 2015 Links: http://www.motherwellfc.co.uk/2015/10/30/meet-the-manager-again/ http://www.thewellsociety.co.uk/2015/10/30/qa-night-monday-16th-november/ Questions can be submitted via email also. So, yep, it's a good chance to to get all the questions/queries out there. I am going to try and get along myself and see what is said. Quote Link to comment Share on other sites More sharing options...
dossertillidie Posted November 2, 2015 Report Share Posted November 2, 2015 Can someone explain what the hell is going on with the society now? Last year I gave £1000 payment to the society and now give £30 a month after they did a complete restructure The level was £10 now I have an email today saying they have lowered to £5 This is showing me to be one of the worst run and launched initiatives I have seen So thanks for you payment of £1000 last year but we are now changing to monthly payments and are reducing these to £10 a month Then a few months on thank you for your contribution of £10+ a month but we are now lowering to £5 a month How low are we making the donations before someone upstairs realizes this proposition may have no long term viability Quote Link to comment Share on other sites More sharing options...
Spiderpig Posted November 2, 2015 Report Share Posted November 2, 2015 Can someone explain what the hell is going on with the society now? Last year I gave £1000 payment to the society and now give £30 a month after they did a complete restructure The level was £10 now I have an email today saying they have lowered to £5 This is showing me to be one of the worst run and launched initiatives I have seen So thanks for you payment of £1000 last year but we are now changing to monthly payments and are reducing these to £10 a month Then a few months on thank you for your contribution of £10+ a month but we are now lowering to £5 a month How low are we making the donations before someone upstairs realizes this proposition may have no long term viability Agree with that the whole thing is a shambles, I am not a member and I have no intention of becoming one as I have never been convinced of the benefits/merit of it from the start. I have no doubt that the original concept was sound but it seems to me that it has been implemented and is being run by amateurs, I have said all along we do not have the fan base to make the WS a viable prospect, everybody who wanted to and was financially able to has already joined. Quote Link to comment Share on other sites More sharing options...
fizoxy Posted November 2, 2015 Report Share Posted November 2, 2015 I think the big failure was that the society expected people to make the full payments in the first place. First impressions last. But if something isn't working you change it, so at least they're doing that. Quote Link to comment Share on other sites More sharing options...
weeyin Posted November 2, 2015 Report Share Posted November 2, 2015 Agree with that the whole thing is a shambles, I am not a member and I have no intention of becoming one as I have never been convinced of the benefits/merit of it from the start. I have no doubt that the original concept was sound but it seems to me that it has been implemented and is being run by amateurs, I have said all along we do not have the fan base to make the WS a viable prospect, everybody who wanted to and was financially able to has already joined. I have many criticisms of the Society over many different aspects, but if people can't see the benefits/merit of it they really haven't been paying attention. On multiple occasions, the Society has loaned the club funds to see them through traditionally low income periods of the season. These are funds that they cannot borrow from a bank and have kept the club afloat. Putting aside fan ownership, "buying the club" or whatever, one of the fundamental reasons for the Society was to be able to provide these interest-free loans.That alone is sufficient merit for me. 2 Quote Link to comment Share on other sites More sharing options...
Mortonhallwell Posted November 2, 2015 Report Share Posted November 2, 2015 Agree with that the whole thing is a shambles, I am not a member and I have no intention of becoming one as I have never been convinced of the benefits/merit of it from the start. I have no doubt that the original concept was sound but it seems to me that it has been implemented and is being run by amateurs, I have said all along we do not have the fan base to make the WS a viable prospect, everybody who wanted to and was financially able to has already joined. We nearly fell into foreign ownership before Les Hutchison stepped in to take over the club. I for one am very glad he did. I am a Well Society member and will continue to give what I can. The last thing we need is the club being taken over by someone whose motives are at best questionable. Vladimir Romanov anyone? Quote Link to comment Share on other sites More sharing options...
weeyin Posted November 2, 2015 Report Share Posted November 2, 2015 No doubt someone can clear this up at the Q&A, but if one of the basic criteria is that we must have 2000 members by a given date, then presumably the Society is trying to create membership offers that help ensure we hit that basic target. Quote Link to comment Share on other sites More sharing options...
Spiderpig Posted November 2, 2015 Report Share Posted November 2, 2015 We nearly fell into foreign ownership before Les Hutchison stepped in to take over the club. I for one am very glad he did. I am a Well Society member and will continue to give what I can. The last thing we need is the club being taken over by someone whose motives are at best questionable. Vladimir Romanov anyone? What are Mr Hutchisons motives, did the multi millionaire tax exile who has never been near Lanarkshire in years invest because of his good community spirit and wanting to help the local area, or did he smell an investment opportunity with a decent return on his cash if he is getting one, but you don't become a millionaire by giving cash away so he must be getting something fro the deal. I am not saying he is wrong and the club did need the cash but it only re-enforces the point that for clubs to be stable financially they need an owner/investor to put up some cash, hopefully for a return on their investment as was the case with Fergus McCann at Celtic, Community / Fan ownership is a nice idea but for a club the size of ours its not viable, we need a Hutchison, or a Boyle or a Chapman to put some cash into the club, not ordinary fans contributing £60 a year at the new £5/month rate. Quote Link to comment Share on other sites More sharing options...
ropy Posted November 2, 2015 Report Share Posted November 2, 2015 I can't see any way that he is expecting any sort of investment return, it's Motherwell! Quote Link to comment Share on other sites More sharing options...
steelboy Posted November 2, 2015 Report Share Posted November 2, 2015 What are Mr Hutchisons motives, did the multi millionaire tax exile who has never been near Lanarkshire in years invest because of his good community spirit and wanting to help the local area, or did he smell an investment opportunity with a decent return on his cash if he is getting one, but you don't become a millionaire by giving cash away so he must be getting something fro the deal. I am not saying he is wrong and the club did need the cash but it only re-enforces the point that for clubs to be stable financially they need an owner/investor to put up some cash, hopefully for a return on their investment as was the case with Fergus McCann at Celtic, Community / Fan ownership is a nice idea but for a club the size of ours its not viable, we need a Hutchison, or a Boyle or a Chapman to put some cash into the club, not ordinary fans contributing £60 a year at the new £5/month rate. My guess is that's it something to keep him busy and away from the in laws businesses. Quote Link to comment Share on other sites More sharing options...
ropy Posted November 2, 2015 Report Share Posted November 2, 2015 My guess is that's it something to keep him busy and away from the in laws businesses. Maybe he was on the Bajan rum when he signed up, it's no bad Quote Link to comment Share on other sites More sharing options...
stuwell Posted November 2, 2015 Author Report Share Posted November 2, 2015 What are Mr Hutchisons motives, did the multi millionaire tax exile who has never been near Lanarkshire in years invest because of his good community spirit and wanting to help the local area, or did he smell an investment opportunity with a decent return on his cash if he is getting one, but you don't become a millionaire by giving cash away so he must be getting something fro the deal........ You must be at the wind up, I'm no expert but there has been plenty written about his involvement at Motherwell and of what I've seen there is nothing saying that he is looking to get anything other that his invested money back over a set period of time. If you have read something different then please show me. If you havent see such a statement then please do some research into the man and his motives instead of guessing. Quote Link to comment Share on other sites More sharing options...
Big Wispy Flossy Posted November 2, 2015 Report Share Posted November 2, 2015 Piece on club website advising that well society has paid £200k of £1M loan owed to Les. At the very least it's good to see communication. Not convinced of the long term viability, similar to others, but will continue to make my monthly contributions Quote Link to comment Share on other sites More sharing options...
steelboy Posted November 2, 2015 Report Share Posted November 2, 2015 Piece on club website advising that well society has paid £200k of £1M loan owed to Les. At the very least it's good to see communication. Not convinced of the long term viability, similar to others, but will continue to make my monthly contributions So that's about £350,000 spent then? Quote Link to comment Share on other sites More sharing options...
Big Wispy Flossy Posted November 2, 2015 Report Share Posted November 2, 2015 It would appear so Quote Link to comment Share on other sites More sharing options...
ropy Posted November 2, 2015 Report Share Posted November 2, 2015 Mark getting a trip to Barbados, not bad. Quote Link to comment Share on other sites More sharing options...
Brazilian Posted November 2, 2015 Report Share Posted November 2, 2015 Piece on club website advising that well society has paid £200k of £1M loan owed to Les. At the very least it's good to see communication. Not convinced of the long term viability, similar to others, but will continue to make my monthly contributions Am I missing something here? it reads "say the club recently repaid £180,000 of this loan" was this said differently and hastily edited or have I just missed the society payment? I have said all along we do not have the fan base to make the WS a viable prospect, everybody who wanted to and was financially able to has already joined. how often have you said this? at 600 members? at 800 members , at 1000, 1200, 1400, 1600? has the steady growth never cast a doubt that you are wrong, as the ever growing members list would indicate that not everyone who wanted to and had the funds have joined, slower than would be liked yes, but not plateaued yet. Agree with that the whole thing is a shambles, I am not a member and I have no intention of becoming one as I have never been convinced of the benefits/merit of it from the start. I have no doubt that the original concept was sound but it seems to me that it has been implemented and is being run by amateurs, See you keep coming and repeating this, sure its a forum, but to keep coming on and telling all over and over its doomed etc. just reads like you want it to fail, as you dont believe, I get that, you've told us often enough, but what I don't get is the need to strike a blow against it at every opportunity, let it run and see how it goes, maybe the progress will even convince you some day I have no doubt that the original concept was sound but it seems to me that it has been implemented and is being run by amateurs, maybe there is hope, as amongst all the changes that have pissed many of us off, the original concept has never changed Quote Link to comment Share on other sites More sharing options...
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