SSN Report: No use of Ibrox as security

[der Berliner 3,744]

Ashley is obviously trying to price the Bears, out of the game. 13 mill debt and no security station left and also no retail money to call upon. That is the end game for him. His helpers will try and get another loan in beforethe EGM is in place.

 

The way I see it at this moment .... The board apparently needs the cash before the end of January and any EGM anyway. They were only going to one cash-machine anyway. Once the EGM takes place, he will most likely have a deal in place for Auchenhowie (no-one knows for how long), plus EH and ACP (till April). He may hold this mortage thing over Ibrox and Auchenhowie for XX days, if he only takes up Auchenhowie, Ibrox remains after the EGM ... the board (and Ashley too) would commit public suicide if they go back on this Ibrox statement. All depends how the deal is structured and how anything can be challenged post-EGM, should this come to pass and yield the desired results. First, we need more info.

[Scott7 6,004]

Is it prudent for a company teetering on the brink of insolvency to borrow money without a credible plan for repayment? Are not shareholders rightly aggrieved? Fair enough to borrow sufficient to keep trading up to an imminent point of investment but sound fiscal management must usually prefer investment to borrowing. Could the directors be interdicted from borrowing excessively until an egm if a reasonable estimate could be made of the amount needed? Perhaps clever blokes like fs or BD can tell us.

 

Ashley would be an idiot to lend unless default would bring about some happy alternative outcome for him and we don't need clever blokes to tell us what that is.