WHY DOES VINCENT TAN,NEED A BUSINESS PLAN

In my life's experience, the only time I have needed tp prepare or provide a business plan, is when I have needed other people's help, permission or money.

It's usually people like bank managers, investment bankers, accountants or even Government departments who demand to see a business plan before granting permission or providing financial support, or even in our case the Football League.

If none of these groups or people have needed to ask for VT to provide a business plan, then surely that is a positive, any plan or vision he has for the club is being backed by his own funding, so who and why does he need to provide a plan for, who's permission or help is he asking for.

If he does have a plan, and I'm sure he got a plan or at the least a vision, then at the end of the day it's his money, his risk, and if it goes tits up, then will we be any worse off than we have been several times in recent history.
As I see it, at least we have a punters chance and we are having a go.

His own funding secured against the assets of the club when the conversion happens you mean?

In my life's experience, the only time I have needed tp prepare or provide a business plan, is when I have needed other people's help, permission or money.

It's usually people like bank managers, investment bankers, accountants or even Government departments who demand to see a business plan before granting permission or providing financial support, or even in our case the Football League.

If none of these groups or people have needed to ask for VT to provide a business plan, then surely that is a positive, any plan or vision he has for the club is being backed by his own funding, so who and why does he need to provide a plan for, who's permission or help is he asking for.

If he does have a plan, and I'm sure he got a plan or at the least a vision, then at the end of the day it's his money, his risk, and if it goes tits up, then will we be any worse off than we have been several times in recent history.
As I see it, at least we have a punters chance and we are having a go.

GULP.......gwyn are you now starting to wonder???.....maybe he doesnt want to risk his own money,maybe he is replacing debt with debt

His own funding secured against the assets of the club when the conversion happens you mean?

And how much of his investment will the ASSETTS cover? great plan, invest a fortune to asset strip and get pennies.

His own funding secured against the assets of the club when the conversion happens you mean?

And how much of his investment will the ASSETTS cover? great plan, invest a fortune to asset strip and get pennies.

Assets can include future ticket income and transfer fees. Ask Rangers how that turned out for them.

His own funding secured against the assets of the club when the conversion happens you mean?

And how much of his investment will the ASSETTS cover? great plan, invest a fortune to asset strip and get pennies.

£6 million ST money
£44 million Stadium
£10 million+ player sales.

£60 million.


We are left with nothing. Go team Tan

Last edited by RoathMagic on Thu Jul 19, 2012 9:39 am, edited 1 time in total.

In my life's experience, the only time I have needed tp prepare or provide a business plan, is when I have needed other people's help, permission or money.

It's usually people like bank managers, investment bankers, accountants or even Government departments who demand to see a business plan before granting permission or providing financial support, or even in our case the Football League.

If none of these groups or people have needed to ask for VT to provide a business plan, then surely that is a positive, any plan or vision he has for the club is being backed by his own funding, so who and why does he need to provide a plan for, who's permission or help is he asking for.

If he does have a plan, and I'm sure he got a plan or at the least a vision, then at the end of the day it's his money, his risk, and if it goes tits up, then will we be any worse off than we have been several times in recent history.
As I see it, at least we have a punters chance and we are having a go.

Gwyn this whole question of a business plan relating to rebranding is in my opinion irrelevent when considered against the need for a business plan, operating plan or budget for the running of our club through the next season. On the back of that is the bigger question of "Is appropriate funding in place to meet that plan".

We know the answer to that because VT is bankrolling the club and that is being proved by the transfer activity taking place at the moment.

As you rightly say any costs associated with the marketing of the club are his as are the risks, but the benefits if he is successful will be both his and our clubs.

Nothing to lose and everything to gain in my opinion. I hope he succeeds beyond his wildest dreams.

Gwyn this whole question of a business plan relating to rebranding is in my opinion irrelevent when considered against the need for a business plan, operating plan or budget for the running of our club through the next season. On the back of that is the bigger question of "Is appropriate funding in place to meet that plan".

We know the answer to that because VT is bankrolling the club and that is being proved by the transfer activity taking place at the moment.

As you rightly say any costs associated with the marketing of the club are his as are the risks, but the benefits if he is successful will be both his and our clubs.

Nothing to lose and everything to gain in my opinion. I hope he succeeds beyond his wildest dreams.

And this is the reason why the debt to equity is such a great plan. People simply dont understand it - so wont oppose it. The club is worth £15 million, why on earth would someone buy it for nearly £100 million?

Right now his £40 million investment is an unsecured loan. The club cannot pay this back and if Sam decides to take on the club into admin, he will lose hise money... by settleing Langston and the historical debt he will be the only creditor taking away the threat of admin and thus losing his money... This is still an unsecured loan however, so he will convert the debt into equity meaning he then owns every assett CCFC have, so it is now a secured loan.

any extra investment will also be in saleable assetts i.e real estate be that improvement to current (expansion of stadium) or purchasing new (training ground) - all risk free as they can be sold, probably for more than the cost of aquirement.

It is our risk, he is risking nothing. If it goes tits up he sells everything we have and walks away the same as where he started... we end up crippled.

did the man city owners have a business plan ,or chelsea etc no they did nt its there money they can do what they want with it

Are you seriously asking if businessman needs a plan?

ffs roath you are doing it again? asuming everything instead of being factual! st sales depend on amount! sold also sale of players depends on what we get for them and how many we sell?? get a GRIP PLEASE

Gwyn this whole question of a business plan relating to rebranding is in my opinion irrelevent when considered against the need for a business plan, operating plan or budget for the running of our club through the next season. On the back of that is the bigger question of "Is appropriate funding in place to meet that plan".

We know the answer to that because VT is bankrolling the club and that is being proved by the transfer activity taking place at the moment.

As you rightly say any costs associated with the marketing of the club are his as are the risks, but the benefits if he is successful will be both his and our clubs.

Nothing to lose and everything to gain in my opinion. I hope he succeeds beyond his wildest dreams.

And this is the reason why the debt to equity is such a great plan. People simply dont understand it - so wont oppose it. The club is worth £15 million, why on earth would someone buy it for nearly £100 million?

Right now his £40 million investment is an unsecured loan. The club cannot pay this back and if Sam decides to take on the club into admin, he will lose hise money... by settleing Langston and the historical debt he will be the only creditor taking away the threat of admin and thus losing his money... This is still an unsecured loan however, so he will convert the debt into equity meaning he then owns every assett CCFC have, so it is now a secured loan.

any extra investment will also be in saleable assetts i.e real estate be that improvement to current (expansion of stadium) or purchasing new (training ground) - all risk free as they can be sold, probably for more than the cost of aquirement.

It is our risk, he is risking nothing. If it goes tits up he sells everything we have and walks away the same as where he started... we end up crippled.

Gwyn,I'm sure you posted this just to attract this muppet.An intelectual hillbilly if I ever saw one.If Tan's purpose is to do over a football club he could have chosen a club of a higher profile and better placed than us.Everton being an Ideal candidate me thinks.

His own funding secured against the assets of the club when the conversion happens you mean?

And how much of his investment will the ASSETTS cover? great plan, invest a fortune to asset strip and get pennies.

£6 million ST money
£44 million Stadium
£10 million+ player sales.

£60 million.


We are left with nothing. Go team Tan

how do you know how many st we will sell?
stadium well didnt thing was worth that much!
players mmm who knows how much we get for a player and how many we can sell?
all speculation and esumtions
dont think have enough assets to cover debts do you? which means ???
admin at least dont you think?

If you fail to plan, you plan to fail.

His own funding secured against the assets of the club when the conversion happens you mean?

And how much of his investment will the ASSETTS cover? great plan, invest a fortune to asset strip and get pennies.

£6 million ST money
£44 million Stadium
£10 million+ player sales.

£60 million.


We are left with nothing. Go team Tan

how do you know how many st we will sell?
stadium well didnt thing was worth that much!
players mmm who knows how much we get for a player and how many we can sell?
all speculation and esumtions
dont think have enough assets to cover debts do you? which means ???
admin at least dont you think?

-Ive gone for 15,000 ST sales, a pretty conservative figure im sure you will agree, which brings in £6 million.
-The stadium is worth £44 million according to the clubs balance sheet registered at companies house.
-Tan can sell any amount of players he wants and we are no different to any other club and will get market value, and if you dont think we have £10 million worth of players then surely theres something wrong considering we have just spent £6 million just on our last 3 players, not including Husdon, Whitts, Mason and Gunnarson.

This is before even mentioning the TV money and sponsorship...

So yes its clear we have the assetts to cover the debt, if we didnt then he would be converting would he.

Gwyn,I'm sure you posted this just to attract this muppet.An intelectual hillbilly if I ever saw one.If Tan's purpose is to do over a football club he could have chosen a club of a higher profile and better placed than us.Everton being an Ideal candidate me thinks.

Can you buy a 40% stake in Everton for £6 million then?

Gwyn,I'm sure you posted this just to attract this muppet.An intelectual hillbilly if I ever saw one.If Tan's purpose is to do over a football club he could have chosen a club of a higher profile and better placed than us.Everton being an Ideal candidate me thinks.

Can you buy a 40% stake in Everton for £6 million then?

No but what about £40m or even £100m


I think that's the point Sneggybluebird is making here together with the intellectual hillbilly comment of course.

And this is the reason why the debt to equity is such a great plan. People simply dont understand it - so wont oppose it. The club is worth £15 million, why on earth would someone buy it for nearly £100 million?

Right now his £40 million investment is an unsecured loan. The club cannot pay this back and if Sam decides to take on the club into admin, he will lose hise money... by settleing Langston and the historical debt he will be the only creditor taking away the threat of admin and thus losing his money... This is still an unsecured loan however, so he will convert the debt into equity meaning he then owns every assett CCFC have, so it is now a secured loan.

any extra investment will also be in saleable assetts i.e real estate be that improvement to current (expansion of stadium) or purchasing new (training ground) - all risk free as they can be sold, probably for more than the cost of aquirement.

It is our risk, he is risking nothing. If it goes tits up he sells everything we have and walks away the same as where he started... we end up crippled.

According to the 2010/11 accounts the loans from the Malaysian investors, or companies they are associated with, is a secured one (page 20 - loans from directors).

Of course Vincent Tan is virtually going to own the club lock, stock and barrel once any debt to equity conversion goes through - you have this way of presenting the bleeding obvious and making it sound like some masterplan than no one but you can see through!

I'd be fascinated to know what the Cardiff City Board should have done more than two years ago, when faced with tax bills they couldn''t pay, to have avoided the situation they now find themselves in and what should they be doing now to stop Vincent Tan achieving his dastardly plan of getting complete ownership of the club by spending £100 million on it?

Gwyn,I'm sure you posted this just to attract this muppet.An intelectual hillbilly if I ever saw one.If Tan's purpose is to do over a football club he could have chosen a club of a higher profile and better placed than us.Everton being an Ideal candidate me thinks.

Can you buy a 40% stake in Everton for £6 million then?

No but what about £40m or even £100m


I think that's the point Sneggybluebird is making here together with the intellectual hillbilly comment of course.

But he didnt intend on spending that kind of money. The initial purchase was £6 million for 40% stake of a team on the verge of the Premiership, cheap due to our financial problems and a great risk to reward ratio due to the massive difference in NPC to EPL income.

since that investment and the failiure of the gamble due to us not gaining promotion, he has had to spend another £34 to protect his initial investment by covering shortfalls and staving off winding up orders and threats to his money.

That is precarious as its unsecured so in order to protect it even more he has to rid the threat of admin by getting rid of historical debt and then securing it turning it into equity so he owns the clubs assetts worth the ame or greater than the amount hes put in.

Its simple really.

According to the 2010/11 accounts the loans from the Malaysian investors, or companies they are associated with, is a secured one (page 20 - loans from directors).

Of course Vincent Tan is virtually going to own the club lock, stock and barrel once any debt to equity conversion goes through - you have this way of presenting the bleeding obvious and making it sound like some masterplan than no one but you can see through!

I'd be fascinated to know what the Cardiff City Board should have done more than two years ago, when faced with tax bills they couldn''t pay, to have avoided the situation they now find themselves in and what should they be doing now to stop Vincent Tan achieving his dastardly plan of getting complete ownership of the club by spending £100 million on it?

Sell a player and cut expenditure and live within our means like other clubs do...

not rocket science.

And this is the reason why the debt to equity is such a great plan. People simply dont understand it - so wont oppose it. The club is worth £15 million, why on earth would someone buy it for nearly £100 million?

Right now his £40 million investment is an unsecured loan. The club cannot pay this back and if Sam decides to take on the club into admin, he will lose hise money... by settleing Langston and the historical debt he will be the only creditor taking away the threat of admin and thus losing his money... This is still an unsecured loan however, so he will convert the debt into equity meaning he then owns every assett CCFC have, so it is now a secured loan.

any extra investment will also be in saleable assetts i.e real estate be that improvement to current (expansion of stadium) or purchasing new (training ground) - all risk free as they can be sold, probably for more than the cost of aquirement.

It is our risk, he is risking nothing. If it goes tits up he sells everything we have and walks away the same as where he started... we end up crippled.

According to the 2010/11 accounts the loans from the Malaysian investors, or companies they are associated with, is a secured one (page 20 - loans from directors).

Of course Vincent Tan is virtually going to own the club lock, stock and barrel once any debt to equity conversion goes through - you have this way of presenting the bleeding obvious and making it sound like some masterplan than no one but you can see through!

I'd be fascinated to know what the Cardiff City Board should have done more than two years ago, when faced with tax bills they couldn''t pay, to have avoided the situation they now find themselves in and what should they be doing now to stop Vincent Tan achieving his dastardly plan of getting complete ownership of the club by spending £100 million on it?

Exactly, the best argument anyone has put up is still based around what if's, well what if it works and we become succesful, have people forgotten how desperate we were when they first came on board, we were only heading one way then , and as I keep saying at least we have a punters chance now.

I can understand people being concerned, it's been bred into us down here, but I swear some would love to see it fail just so they can say, "see I told you so" show us the plan B or the other choices, because from where I see it, we haven't been swamped with other alternatives.

Gwyn this whole question of a business plan relating to rebranding is in my opinion irrelevent when considered against the need for a business plan, operating plan or budget for the running of our club through the next season. On the back of that is the bigger question of "Is appropriate funding in place to meet that plan".

We know the answer to that because VT is bankrolling the club and that is being proved by the transfer activity taking place at the moment.

As you rightly say any costs associated with the marketing of the club are his as are the risks, but the benefits if he is successful will be both his and our clubs.

Nothing to lose and everything to gain in my opinion. I hope he succeeds beyond his wildest dreams.

And this is the reason why the debt to equity is such a great plan. People simply dont understand it - so wont oppose it. The club is worth £15 million, why on earth would someone buy it for nearly £100 million?

Right now his £40 million investment is an unsecured loan. The club cannot pay this back and if Sam decides to take on the club into admin, he will lose hise money... by settleing Langston and the historical debt he will be the only creditor taking away the threat of admin and thus losing his money... This is still an unsecured loan however, so he will convert the debt into equity meaning he then owns every assett CCFC have, so it is now a secured loan.

any extra investment will also be in saleable assetts i.e real estate be that improvement to current (expansion of stadium) or purchasing new (training ground) - all risk free as they can be sold, probably for more than the cost of aquirement.

It is our risk, he is risking nothing. If it goes tits up he sells everything we have and walks away the same as where he started... we end up crippled.

You really are an idiot, the drivel that comes out of your moutrh/keyboard at times is unbelievable, of course by increasing the capacity and building new training facilities will increase the overall assetts of the club, that is why he is doing it, at a future date,if he wants to sell the club then he has to make it a viable business to tempt potential buyers, that,s how business operations work. As for it is at no risk to himself, all the risk is his, when he changes the debt to equity, (after the langston deal is concluded) he then becomes the sole secured creditor of Cardiff City. Before VT arrived on the scene we had THREE winding up orders in the high court against us and a transfer embargo in place, since he has been our main invester we have been nowhere near any potential court cases againsnt the club, if he had not bailed us out the club would have been in administration, no question, it,s funny you never mention this period of his takeover??? Finally, having read a few of your posts, it,s quite obvious that you are not a Cardiff City fan, i have never read a positive post about the club from you !!!!!

You really are an idiot, the drivel that comes out of your moutrh/keyboard at times is unbelievable, of course by increasing the capacity and building new training facilities will increase the overall assetts of the club, that is why he is doing it, at a future date,if he wants to sell the club then he has to make it a viable business to tempt potential buyers, that,s how business operations work. As for it is at no risk to himself, all the risk is his, when he changes the debt to equity, (after the langston deal is concluded) he then becomes the sole secured creditor of Cardiff City. Before VT arrived on the scene we had THREE winding up orders in the high court against us and a transfer embargo in place, since he has been our main invester we have been nowhere near any potential court cases againsnt the club, if he had not bailed us out the club would have been in administration, no question, it,s funny you never mention this period of his takeover??? Finally, having read a few of your posts, it,s quite obvious that you are not a Cardiff City fan, i have never read a positive post about the club from you !!!!!

You call me an idiot for posting sense, then you post up that nonense. If you dont understand something, ask me, dont just go into a tirade of frustrated abuse and jibberish.

Your piece was incredibly contradictory. One one hand you agreed that when he becomes sole creditor he will own everything, and on the other you are saying the risk is all his? If he owns everything we have, which sale value is equal or greater to what he has invested means its not his risk at all,, but ours. We risk to lose our assetts, he risks nothing.

Before VT came on the scene we still had these aleable assetts and the only reason we faced the winding up orders is because we didnt want to sacrifice the dream of promotion by selling our assetts in order to settle what we owed to aquire them in the first place.

As for the rest of the nonense in the post, I couldnt really care less who you think I support.

Exactly, the best argument anyone has put up is still based around what if's, well what if it works and we become succesful, have people forgotten how desperate we were when they first came on board, we were only heading one way then , and as I keep saying at least we have a punters chance now.

I can understand people being concerned, it's been bred into us down here, but I swear some would love to see it fail just so they can say, "see I told you so" show us the plan B or the other choices, because from where I see it, we haven't been swamped with other alternatives.

Ok well lets entertain that idea. Tell me then as a supporter of the Malaysians, what is the best realistic outcome your are expecting.

And this is the reason why the debt to equity is such a great plan. People simply dont understand it - so wont oppose it. The club is worth £15 million, why on earth would someone buy it for nearly £100 million?

Right now his £40 million investment is an unsecured loan. The club cannot pay this back and if Sam decides to take on the club into admin, he will lose hise money... by settleing Langston and the historical debt he will be the only creditor taking away the threat of admin and thus losing his money... This is still an unsecured loan however, so he will convert the debt into equity meaning he then owns every assett CCFC have, so it is now a secured loan.

any extra investment will also be in saleable assetts i.e real estate be that improvement to current (expansion of stadium) or purchasing new (training ground) - all risk free as they can be sold, probably for more than the cost of aquirement.

It is our risk, he is risking nothing. If it goes tits up he sells everything we have and walks away the same as where he started... we end up crippled.

According to the 2010/11 accounts the loans from the Malaysian investors, or companies they are associated with, is a secured one (page 20 - loans from directors).

Of course Vincent Tan is virtually going to own the club lock, stock and barrel once any debt to equity conversion goes through - you have this way of presenting the bleeding obvious and making it sound like some masterplan than no one but you can see through!

I'd be fascinated to know what the Cardiff City Board should have done more than two years ago, when faced with tax bills they couldn''t pay, to have avoided the situation they now find themselves in and what should they be doing now to stop Vincent Tan achieving his dastardly plan of getting complete ownership of the club by spending £100 million on it?

Exactly, the best argument anyone has put up is still based around what if's, well what if it works and we become succesful, have people forgotten how desperate we were when they first came on board, we were only heading one way then , and as I keep saying at least we have a punters chance now.

I can understand people being concerned, it's been bred into us down here, but I swear some would love to see it fail just so they can say, "see I told you so" show us the plan B or the other choices, because from where I see it, we haven't been swamped with other alternatives.

people dont want to see it fail,but the whole rebranding thing has never made any sense,not once has a real positive been put forward for the lose of our identity,the whole langstone thing stinks,from what i have read on here sam has agreed terms only to have them dashed by the malaysians.and yep,if it fails i also see alot of people who agreed to the rebranding,suddenly disappear and go support chelsea united or whatever they are called.

You really are an idiot, the drivel that comes out of your moutrh/keyboard at times is unbelievable, of course by increasing the capacity and building new training facilities will increase the overall assetts of the club, that is why he is doing it, at a future date,if he wants to sell the club then he has to make it a viable business to tempt potential buyers, that,s how business operations work. As for it is at no risk to himself, all the risk is his, when he changes the debt to equity, (after the langston deal is concluded) he then becomes the sole secured creditor of Cardiff City. Before VT arrived on the scene we had THREE winding up orders in the high court against us and a transfer embargo in place, since he has been our main invester we have been nowhere near any potential court cases againsnt the club, if he had not bailed us out the club would have been in administration, no question, it,s funny you never mention this period of his takeover??? Finally, having read a few of your posts, it,s quite obvious that you are not a Cardiff City fan, i have never read a positive post about the club from you !!!!!

You call me an idiot for posting sense, then you post up that nonense. If you dont understand something, ask me, dont just go into a tirade of frustrated abuse and jibberish.

Your piece was incredibly contradictory. One one hand you agreed that when he becomes sole creditor he will own everything, and on the other you are saying the risk is all his? If he owns everything we have, which sale value is equal or greater to what he has invested means its not his risk at all,, but ours. We risk to lose our assetts, he risks nothing.

Before VT came on the scene we still had these aleable assetts and the only reason we faced the winding up orders is because we didnt want to sacrifice the dream of promotion by selling our assetts in order to settle what we owed to aquire them in the first place.

As for the rest of the nonense in the post, I couldnt really care less who you think I support.

So after investing £100 million, if it all went tits up VT wont be losing anything???? As for your so called explanation why we faced winding up orders, well even by your standards that is up there with the best of them, let me put it to you as simply as i can, WE FACED THREE WINDING UP ORDERS BECAUSE WE COULDN,T PAY OUR BASIC MONTHLY CONTRIBUTIONS, PAYE, i,ve been self employed for over 20 years, it,s a shame i couldn,t do business deals with someone like you, i could well be a rich man by now if i did!!!

Your lack of understanding of the situation is astounding.

1) He hasnt invested £100m, after he settles Langston it will be around £60m.
2) If it goes tits up - HE OWNS more than £60m worth of our assetts due to the conversion to equity, so no absolutely no risk to him anymore. Its like taking out a loan and securing it against your house.
3) If he does invest further, it will be in real estate which will also add to his assetts, again no risk.
4) We faced winding up orders of £2.8 million from HRMC. are you saying we didnt have any players or assetts worth £2.8 million?

Your lack of understanding of the situation is astounding.

1) He hasnt invested £100m, after he settles Langston it will be around £60m.
2) If it goes tits up - HE OWNS more than £60m worth of our assetts due to the conversion to equity, so no absolutely no risk to him anymore. Its like taking out a loan and securing it against your house.
3) If he does invest further, it will be in real estate which will also add to his assetts, again no risk.
4) We faced winding up orders of £2.8 million from HRMC. are you saying we didnt have any players or assetts worth £2.8 million?

But what happens when there is more than one secured creditor? Who gets priority? Is there a pecking order? Will the secured loans of PMG come before any monies advanced by VT?

Even if VT settles Langston and completes his debt to equity conversion will he really own everything, will the secured loans of PMG carry more weight in an insolvency situation.

Your lack of understanding of the situation is astounding.

1) He hasnt invested £100m, after he settles Langston it will be around £60m.
2) If it goes tits up - HE OWNS more than £60m worth of our assetts due to the conversion to equity, so no absolutely no risk to him anymore. Its like taking out a loan and securing it against your house.
3) If he does invest further, it will be in real estate which will also add to his assetts, again no risk.
4) We faced winding up orders of £2.8 million from HRMC. are you saying we didnt have any players or assetts worth £2.8 million?

But what happens when there is more than one secured creditor? Who gets priority? Is there a pecking order? Will the secured loans of PMG come before any monies advanced by VT?

Even if VT settles Langston and completes his debt to equity conversion will he really own everything, will the secured loans of PMG carry more weight in an insolvency situation.

There isnt and wont be more than once secured creditor, thats why Tan covers the shortfall for a fee of 7%. The company will never be insolvent under Tan, Tan will simpy sell the assetts to cover his investment. When he leaves after recouping what hes put in THEN we start defaulting on our financial obligations as we wont have anyone to cover them THEN we will start to see winding up orders and impending iinsolvency as we wont have any assetts left to outweigh the debt.

We are a company that pays over 100% of income in wages, the rest of the overheads are covered by loan notes to Tan.

Your lack of understanding of the situation is astounding.

1) He hasnt invested £100m, after he settles Langston it will be around £60m.
2) If it goes tits up - HE OWNS more than £60m worth of our assetts due to the conversion to equity, so no absolutely no risk to him anymore. Its like taking out a loan and securing it against your house.
3) If he does invest further, it will be in real estate which will also add to his assetts, again no risk.
4) We faced winding up orders of £2.8 million from HRMC. are you saying we didnt have any players or assetts worth £2.8 million?

But what happens when there is more than one secured creditor? Who gets priority? Is there a pecking order? Will the secured loans of PMG come before any monies advanced by VT?

Even if VT settles Langston and completes his debt to equity conversion will he really own everything, will the secured loans of PMG carry more weight in an insolvency situation.

There isnt and wont be more than once secured creditor, thats why Tan covers the shortfall for a fee of 7%. The company will never be insolvent under Tan, Tan will simpy sell the assetts to cover his investment. When he leaves after recouping what hes put in THEN we start defaulting on our financial obligations as we wont have anyone to cover them THEN we will start to see winding up orders and impending iinsolvency as we wont have any assetts left to outweigh the debt.

We are a company that pays over 100% of income in wages, the rest of the overheads are covered by loan notes to Tan.

So PMG and Ray Ransons company do not hold secured loans against assets of the club? or are you saying VT plans to settle those loans as well because I cannot remember reading that anywhere.

Unfortunately there are at least two secured creditors of the club and who were secured creditors long before VT arrived. Are you really sure that they do not present a risk to VT?

I don't understand your assertion that VT covers any shortfall for a fee of 7%. How does the interest charged by VT differ from that charged by PMG, or any other director. What is their 7% covering.