Colonel Kurtz Posted December 4, 2008 Share Posted December 4, 2008 At The AGM Rodney was allowed to go off on a rant to deflect any examination of the "registration fees" Since then the allocated money paid into the club from Lithuania has been less than the money earned by the club. Have we in recent months been a "cash cow" for Romanovs ailing Empire. Will we struggle through,avoiding payments until January when circa ?7 million will be generated,with no consideration of the long term effect on the club. A common,if illegal practice is to cash in assets and transfer the cash to a labrynth of holding /nominee companies abroad,before allowing the host/long company to fold. I am not saying this is what will happen,but we need to be wary,and starting to organise to counteract this. Link to comment Share on other sites More sharing options...
leginten Posted December 4, 2008 Share Posted December 4, 2008 Provocateur! Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted December 4, 2008 Share Posted December 4, 2008 I think our Lithuanian directors should be made aware of the consequences of trading while insolvent to any director of a UK company. If UBIG no longer have the funding to support our liabilities over and above our assets then they should be calling in the administrators. Link to comment Share on other sites More sharing options...
Walter Kidd Posted December 4, 2008 Share Posted December 4, 2008 I think they already have and they are called Ernst and Young. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted December 4, 2008 Share Posted December 4, 2008 I think they already have and they are called Ernst and Young. They appear to have disappeared, their only action being to pay off Beslija. Link to comment Share on other sites More sharing options...
Walter Kidd Posted December 4, 2008 Share Posted December 4, 2008 Funny, I'd heard they hadn't completed their root and branch. Link to comment Share on other sites More sharing options...
Jammy T Posted December 4, 2008 Share Posted December 4, 2008 At The AGMRodney was allowed to go off on a rant to deflect any examination of the "registration fees" Since then the allocated money paid into the club from Lithuania has been less than the money earned by the club. Have we in recent months been a "cash cow" for Romanovs ailing Empire. Will we struggle through,avoiding payments until January when circa ?7 million will be generated,with no consideration of the long term effect on the club. A common,if illegal practice is to cash in assets and transfer the cash to a labrynth of holding /nominee companies abroad,before allowing the host/long company to fold. I am not saying this is what will happen,but we need to be wary,and starting to organise to counteract this. I dont doubt it at all. I still cannot believe the AGM performance of Rodney. Link to comment Share on other sites More sharing options...
The People's Chimp Posted December 4, 2008 Share Posted December 4, 2008 January could well be a difficult month. If the sh it does hit the fan, we need to be together as one. No time for egos or for settling scores. Link to comment Share on other sites More sharing options...
troonjambo Posted December 4, 2008 Share Posted December 4, 2008 I dont doubt it at all. I still cannot believe the AGM performance of Rodney. AND YOU NEVER WILL (because it was so bad ) Link to comment Share on other sites More sharing options...
Drylaw Hearts Posted December 4, 2008 Share Posted December 4, 2008 This started long before the last AGM. Our failure to qualify for the CL outright in 2006 set the ball rolling imo. Link to comment Share on other sites More sharing options...
Eldar Hadzimehmedovic Posted December 4, 2008 Share Posted December 4, 2008 This started long before the last AGM. Our failure to qualify for the CL outright in 2006 set the ball rolling imo. Longer than that I reckon. The problem from the very beginning has been VR's reluctance to just set a frickin' budget and appoint people who know what they're doing to oversee it - without the need for his fandan son to be chairman, his useless niece to be on the board, his banking yes-men to be in positions of authority, his comical coaching structures or his throngs of Kaunas duffers. Link to comment Share on other sites More sharing options...
Colonel Kurtz Posted December 5, 2008 Author Share Posted December 5, 2008 January could well be a difficult month. If the sh it does hit the fan, we need to be together as one. No time for egos or for settling scores. If we survive December However the money generated in the January sales,and believe me if a player is marketable he will be sold,cannot be allowed to disappear viia America and The Caymens to Lithuania. We have been in dificult finacial times before,but we are cashing the last of our chips in January,this money cannot be allowed to prop up Romanov. I am no longer a shareholder,but I urge one to start now raising this issue Link to comment Share on other sites More sharing options...
bighusref Posted December 5, 2008 Share Posted December 5, 2008 I hate, absolutely uncontrollably hate Roman Romanov. For various reasons, far more than his bonkers old boy. Link to comment Share on other sites More sharing options...
Jammy T Posted December 5, 2008 Share Posted December 5, 2008 I was going to start a separate thread but felt it overlapped with this one. We clearly have an element of financial asphyxiation going on here. To what degree we dont precisely know. However, in times where we are clearly at a stage where we cannot pay our debts as they fall due (basically are technically insolvent) you need to scrutinise your balance sheet, see where you can make savings etc When you scrutinize our balance sheet from last year, the black hole that is the ?3.6m agency / commission payment stands out and screams at you Its unitemised and not fully explained It is this chunk of money that could have ensured we were at the very least trying to keep our players onside by paying them on time. It is potentially the diversion of funds under this heading that is one of the major factors in our cashflow demise Its a shame the general consensus was to shrug our shoulders at this - it may be an issue that, if it is continuing, strips us of the chance to get out of this Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted December 5, 2008 Share Posted December 5, 2008 I was going to start a separate thread but felt it overlapped with this one. We clearly have an element of financial asphyxiation going on here. To what degree we dont precisely know. However, in times where we are clearly at a stage where we cannot pay our debts as they fall due (basically are technically insolvent) you need to scrutinise your balance sheet, see where you can make savings etc When you scrutinize our balance sheet from last year, the black hole that is the ?3.6m agency / commission payment stands out and screams at you Its unitemised and not fully explained It is this chunk of money that could have ensured we were at the very least trying to keep our players onside by paying them on time. It is potentially the diversion of funds under this heading that is one of the major factors in our cashflow demise Its a shame the general consensus was to shrug our shoulders at this - it may be an issue that, if it is continuing, strips us of the chance to get out of this A written question at the AGM would have got an answer. The general impression was that it was compensation to Kaunas for the loanees but it was never confirmed. That said, why would the auditors have signed the accounts off if they suspected any shenanigans, particularly since they needed the confirmation from UBIG that they would support the club to sign the accounts off as a going concern. Link to comment Share on other sites More sharing options...
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