' VERY DISAPPOINTED '

http://www.youtube.com/watch?v=IjiYCBq3D9s more lies

At the end of the day, he said he would do it, so he should do it. You dont dangle a carrot then move it away.

How many more times wil the goal posts move?

Ill defend anybody from false allegations but sometimes you cant defend the indefensible.

Tan has done many good things for this club and he's f*cking it all up for himself. Has anybody told him he could be an absolute hero down here if he just used his head.

At the end of the day, he said he would do it, so he should do it. You dont dangle a carrot then move it away.

How many more times wil the goal posts move?

Ill defend anybody from false allegations but sometimes you cant defend the indefensible.

Tan has done many good things for this club and he's f*cking it all up for himself. Has anybody told him he could be an absolute hero down here if he just used his head.

I doubt it Craig.

Tan is surrounded by guys who want s pay off from him. He should bring in some none executive directors. Now that would be interesting. Then again is he the listening type.

Hang on , he is converting £ 50 million, that is £50 million... So how much profit do you make on away coaches ?

He's not stupid the club is now worth far less he'd be an idiot to convert all £120m into shares now as he already owns around 48% of the club which he paid merely £6m for why would he spend £120 on 52% of the club you'd have to be thick as shit

He can covert so much and still be owed money although he'd just be owing himself so why would he do it

In the premier league the club valuation is worth far more due to increased revenue streams now it's worth diddly squat again

I'm not 100% sure of the exact figure but wasn't it roughly £6m invested after play off final for 42% of the club?

That would have put the club total share value at around £15m

Bearing in mind we were a championship team with low revenue and high expenditure and a balance sheet riddled with debt which made the club almost insolvent on paper hence the low value of the club

By the time we had been given the red and dead scenario and £100m investment tan had probably loaned the club a further £15-20m adding to the debt

He then propesd the investment and a promise to covert set to equity

If we had stayed up this year I believe he would have done so for a few reason

Even though he only paid £6m for roughly 40% of the club at premier league level we as a business would be worth far more this proven by the other directors selling their shares to tan this season for far more than tan paid for his shares issued for the initial £6m investment and the fact that we've been told isaacs was holding out for a huge amount of money for his few % of Shares

The balance sheet for premier league season will also prove the business was worth far more due to increased revenue and higher asset values

If we had stayed up then the £120m now owed to tan would more than likely have been converted as the other 60% of the club would be far more valuable to an investor as revenues being as high as they were would make the liabilities more financially viable

If the club stayed up and was valued at £150m (perfectly reasonable sum for PL club) then 10% would equate to £15m where as tan only originally paid £1.5m per 10% of 40% he bought for £6m initial investment he'd now have no choice but to convert for more money or he'd be devaluing his own share price which had gone up since promotion

The 60% would be worth around £75m now meaning he'd still have to write off around £45m owed to him but staying up in positive he'd have done this in order to sell the club completely debt free with our own stadium for more like £250m al fated done similar to sell Fulham

Now the club is back in championship share price drops considerably assets will be sold revenues will drop and club value will drop considerably effectively putting the business at 10x less the value than last season meaning he'd probably need to pay around £7.5m to buy the remaining shares of the business meaning he'd be owing himself £112.5m which he'd theoretically have to write off if we never made it back to prem or worse got relegated again he'd have absolutely no chance of recouping any of his money

Therefore he'd be a f*cking idiot to convert debt to equity at any point whiskt we remain in the championship IMO and I'm pretty sure we'll hear more excuses this season if we get promoted again if expect him to do it immediately and write off a lot less

Without converting this season he is still in charge as we are reliant on the man staying put cos if he decided that's it he could let us go into administration and then he'd be our only major creditor where by he would force player sales stadium sale etc we'd probably go under completely

It's a lose/lose situation for us as he holds all the cards in the deck

To be fair, you can´t ask him to convert the debt and at the same time ask him to leave. Give us your money, then sod off.