Lange - again

[Baffled]

The Evening Standard tonight again says that Noades plans to sell the ground. It is reported as definite fact.
Again I ask - where is Lange in all this? He again repeated his old promise that the ground will be safe while he has a 24-25 per cent holding in it.
Noades doesn't seem to think this is the case.

 

[rebus]

<font face="Verdana, Arial" size="2">Originally posted by Baffled:

Noades doesn't seem to think this is the case.
</font>

no, the Evening Standard hasn't checked it's facts in pursuit of a story. Griffin Park CANNOT be sold unless Martin Lange agrees.......

 

[Chrisbee]

<font face="Verdana, Arial" size="2">Originally posted by Mark Chapman:
no, the Evening Standard hasn't checked it's facts in pursuit of a story. Griffin Park CANNOT be sold unless Martin Lange agrees.......</font>

Not quite true Mark.75% of shareholders have to agree to sell.Lange has at best 25% so he might not have too much say.However most of the remainder wouldn't want to sell so what I am saying is hypothetical!

 

[Mr Tree]

i hope this isn't misinterpretation of my part, but i think i've read about a million times in the past week, noades owns 51% and Lange owns 24%, so lange and others can block a sale (as chrisbee says, there will be enough others to help martin...)

 

[roddy]

I am no expert on company law but It seems at present that Ron Noades is doing exactly what he wants without reference to anyone. So much so that even those at Griffin Park have not got a clue what is going on. Surely there is a facility for other shareholders to call an extraordinary general meeting to get Noades to account for himself.

As I have said before on this site if Noades was going to fund the club for two years why are we in debt? My understanding of funding means that he was to spend his own money rather than the clubs. Has he spent any of his own? I believe that the situation is a lot more serious than we think and Noades needs to come clean.

 

[Baffled]

I think we should be probing Noades from all legal angles. His main love in life is money. Let's get financial experts (we have them or can get them) to probe Altonwood. Find its weak links and exploit them.Has he been tax dodging, etc? You can bet he has.
We need the deeds and legal position of Griffin Park examined. What's the set up of the board? Is everything being done legally?
In short, make life awkward for this failure as a human being.
Let's organise a meeting - as was done in the 1967 sell-out crisis - to pool our talents and use them.

 

[SC]

<font face="Verdana, Arial" size="2">Originally posted by roddy:

As I have said before on this site if Noades was going to fund the club for two years why are we in debt? My understanding of funding means that he was to spend his own money rather than the clubs. Has he spent any of his own? I believe that the situation is a lot more serious than we think and Noades needs to come clean.</font>

I made this point a separate topic Roddy cos I thought it was important too. Abee gave a great response but having re-read it, I'm still not sure if he was commenting that we were making a loss with regards the profit & loss account which would be obvious or saying that the company accounts showed we had debts in the form of a bank overdraft. Abee could you enlighten me again please.

Even better Abee, would there be any chance you could email me with the relevant accounts ?


[This message has been edited by SC (edited 18 January 2001).]

[This message has been edited by SC (edited 18 January 2001).]

 

[St Helens Bee]

There might be a way Noades could force a sale. Altonwood have a mortgage over the ground. Let's say Altonwood call in the debt and the club can't pay it. In their position as a charge holder, Altonwood could then apply to the court for an order that the ground be sold in order to discharge the debt, with nothing that the club or any other charge holder can do about it. Easy, I've done the same thing (with the stakes slightly lower, admittedly).

 

[Bucks Bee]

Surely he can't get away with that as he is majority shareholder of both companies. Someone must smell a rat if he tries to pull that off. Unless he relinquishes controlling interest of GPLtd and then calls the debt in??!!

 

[St Helens Bee]

He would bo doing it not in his capacity as shareholder of Altonwood, but director. It is the directors who make decisions about company activities, not the shareholders. And any such decisions must be made in the interests of the company and not the personal interests of the directors. He would have to ignore his status as shareholder of GP Stadium Ltd in making decisions on behalf of Altonwood. The bottom line is, if there is a way, be sure Noades will find it.