' Vincent Tan and Langston deal '

Tan wants to put us on the stock market. Sam/Langston could stop that. Basically Sam has the Malaysians by the bollocks. I don't expect many people to believe me on this score.

If the overriding plan ahead of all others is to float the club, then I agree, Sam holds a few cards.

However, if Tan is willing to wait on any floatation, and we know they take time to set up, then the debt could wait until 2016 and Sam would then have to play his hand.

It would seem they both know the weaknesses of their hands so hopefully will deal soon.

As everyone knows Sam was in London for a few days and extended it to coming to Cardiff, Sam originally intended to only be in the Uk for a few days, but extended it to nearly a week as talks progressed successfully regarding the Langston Loan notes.

Another meeting is now planned later this month in London.
Things have started to get back on track again and hopefully this can finally be sorted before the season starts.

It has gone on and on and it needs to finally come to ahead for the good of Cardiff City.

Annis

Who at the club is Sam negotiating with? If the talks were in London , then it can`t have been with VT personally as he is in Malaysia and the last conversation I had with Carl on here about this he said that Simon Lim had told him that he was not involved at all.

Keith

If theres no security on anything why offer him anything at all like in the past, makes no sence

Not quite true. CCFC is now more or less a solvent company due to PL revenues with ambitions to float on a stock market in the Far East. True SH has no security against his loan but what he does have is a valid contract to be repaid anything from £15m to £30m+ by 2016 at the latest, but IMO the debt could arguably be payable now.

It is conceivable that SH could take the club (not Tan personally) to court over the debt and win. He then would have several options to recover his debt, a charge against the company property, bailiffs removing goods or even an attachment to earnings.

This action would also scupper any hope of floating on any stock market as it would be impossible to prepare an IPO with a High Court writ against the club.

Whatever people think of Sam/Langston personally or commercially it is in all our interests to deal with him and get this matter resolved amicably.

Tony

First I would say that I believe a debt is payable to Sam/Langston. What the amount of that debt due is is open to question and negotiation but it is certainly £19m acknowledged in the books plus £1m a year in accruing interest until the due date for payment at the end of 2016. Hopefully it will be settled amicably (and for far less) in the near future.

Unfortunately though , the club is far from solvent at present as its liabilities far outweigh its assets. This will remain the case unless and until Vincent Tan converts his debt into shares following settlement of the Langston debt. The PL revenues will only make the club potentially (depending on how much of the income is paid back out) capable of avoiding future further losses.

I agree that SH could take the club to court to recover the debt due , but believe (along with the club`s directors , auditors and solicitors) that this could only be done if the club fails to pay up by the end of 2016 and not before. Even then , the court action route is a risky and costly strategy. Options of taking security by way of a charge over assets and attachment of earnings are not available options as the former can only be taken in respect of new money advanced , not loans made in the past and the latter relates only to individuals , not companies. Bailiffs removing goods under distraint is a power only available to certain creditors such as HMRC and landlords.

The main barrier to an IPO float in the Far East (or anywhere else for that matter) is the lack of at least a 5 year track record of unbroken profits rather than any unsettled writs , although the latter would hardly help.

I agree entirely that it is in both sides` interests to settle the matter sooner rather than later.