The latest Club1872 commotion

[Bluedell 5,627]

42 minutes ago, bmck said:

 He did what no one else was willing to do, in my view. I’m sure he won’t be recouping more than he put in. 

I'd agree with that.

[the gunslinger 3,366]

Shares certainly only available to some at 20p. 

 

Dave king saved us from Green and got us back on top alongside several others who all deserve a statue for sure. 

 

It's a shame he wants his money back but that's up to him. He certainly seems to have hijacked club 1872 to do so which is a real shame. 

 

going forward those shares at 20p will be good value for club 1872. despite everything there will be a good case they should be buying those even if the club is selling at a higher price. 

 

 

[the gunslinger 3,366]

the interest is disappointing. was it not mooted that that was regulatory though. 

 

even so no sign of him returning it. 

 

 

[Bluedell 5,627]

26 minutes ago, the gunslinger said:

the interest is disappointing. was it not mooted that that was regulatory though. 

 

even so no sign of him returning it. 

 

 

He claims that he has to charge it due to SA authorities. That may or may not be true but certainly there was no interest charged on his other loans and 8% is a great return for him.

[Bill 13,717]

There’s no question of Dave King wanting his money back. The money he paid for them went to the club and that’s where it stays. All he’s doing is trying to sell his shares to a third party and it’s their money he will pocket. The club has no involvement in the sale of his shares. 

[craig 5,199]

6 hours ago, Bluedell said:

Covered here:

 

The letter from Rev Stuart MacQuarrie which prompted me to stand for Club 1872 | FollowFollow.com

That is a very concerning read.  Rev MacQuarrie's credentials have been beyond reproach for a very long time.  The way that these 3 appear to have bullied him, and also Christine it would seem, to get their own way is absolutely disgusting.

 

I would personally actually consider running for election at the next elections to throw a spanner in their works and attempt, no matter how futile it was, to steer the C1872 ship back on course.  Even if it would be like steering the Titanic....

[craig 5,199]

2 hours ago, Bluedell said:

He claims that he has to charge it due to SA authorities. That may or may not be true but certainly there was no interest charged on his other loans and 8% is a great return for him.

I don't know the SA regulations but that doesn't hold for me (without, as I say, knowing the regulations).  Other jurisdictions wont care if you charge interest or not - what they WILL care about, is receiving income based on a perceived arms-length transaction.

 

8% may be a great return for him but it also would satisfy, I imagine, the SA authorities in terms of the interest rate charged being arms-length.

 

Where my issue would be is that I don't believe that DK would have had to have actually received that 8%.  I do US tax returns for our company and we have an inter-company loan, repayable on demand, with no interest applied.  Clearly not arms length.  However, all that we do to satisfy the US authorities is calculate an "implied interest". In DK's instance this would have meant that his SA tax return would show a commercial interest rate (arms length) which would allow SARS to collect income tax on the interest "charged".  But DK didn't need to collect the interest itself.

 

At least that is how it works elsewhere.  As I said, I don't now the inner workings of SARS so could be wrong.

[gaspard 562]

9 hours ago, Frankie said:

It's certainly a huge mess and off-putting for any fan interested in acquiring shares through Club1872.

 

 

F, agree with your post , however as far as I view the collectives model, it is not possible for anyone to aquire shares through C1872.

As I'm sure you are well aware individuals can contribute to a pot but they can never own any equity, and that for me was the flaw that doomed this enterprise from the outset.

[Tannochsidebear 2,413]

After many years (18 I think) of sticking by firstly the RST (was at initial meeting and signed up right away) then it’s successor bodies I have had enough of them and cancelled my 2 monthly dds. We never seem to stop suffering from infighting, cronyism, self-interest, and while many of those who have worked tirelessly and given up huge chunks of their time are unfairly chastised, I feel we are never going to learn. 
 

I have signed up to the share issue for the minimum and am happier giving the club my cash directly rather than through the fans vehicle. 
 

Really saddened by this thread, especially the letter from the Rev. It seems we will never learn.

[Bill 13,717]

2 hours ago, gaspard said:

F, agree with your post , however as far as I view the collectives model, it is not possible for anyone to aquire shares through C1872.

As I'm sure you are well aware individuals can contribute to a pot but they can never own any equity, and that for me was the flaw that doomed this enterprise from the outset.

I'm still amazed that any supporters thought it was a good idea to fund share purchases that someone else would own and for the rights conferred by those shares to be controlled by people who were completely unaccountable to anyone. Well, here we are. Perhaps some pennies will now start dropping. You've been had folks, it's all been for bugger all.