Redevelopment Closer Than Ever?

[GrangeParkCobbler]

Presumably because nothing illegal happened, but got to agree with The Marquis why doesn't anyone seem to fussed about getting answers.

Well if the loan document was a legal document, and the money has not been spent as was specified in the legal loan document, then surely something illegal has happened!

[lift tower]

It hasn't been spent,

there was post on here from Iest with a link to an instagram account belonging to a member of the grossman family (it was locked straightaway by a pedant). Its debatable whether it has all been spent but somebody has been flying on private jets. Tony D also claimed similar things were going on in one of his marathon chron comments posts months and months ago.

I do wonder if some of the loan has gone on the squad this season too. Not exactly a shoestring outfit on the pitch this year are we?

[guest49]

Well if the loan document was a legal document, and the money has not been spent as was specified in the legal loan document, then surely something illegal has happened!

Did that document say you couldn't hand it to a third party, who was going to do what it specified but went 'bust'?

[GrangeParkCobbler]

Did that document say you couldn't hand it to a third party, who was going to do what it specified but went 'bust'?

Well its arguable that if the Club loaned £10.25m for the redev and eventually came up with a redev which was going to cost £4.1m then it wasn't going on what it was supposed to be going on was it?

[Blackadder]

Well if the loan document was a legal document, and the money has not been spent as was specified in the legal loan document, then surely something illegal has happened!

Completely agree but the money was given to the developer (or equivalent) which presumably was in line with that legal document.

I'd be very suprised if there was a legal document between ntfc and 1st land or DC and his mate as we know it!

[GrangeParkCobbler]

I would guess that the sticking point is the loan! Lets not forget that the Council borrowed that money themselves, probably under the same terms in respect of length of time and interest rates.
It has already been confirmed that the club was passed the same rates as the council got it for, the problem would be that the Council are committed to pay it back over 5 years, so to turn round and give the club now say 20 years to pay it back is going to leave them out of pocket. Unless they themselves manage to renegotiate terms with the government, just as the club are trying to renegotiate terms with the Council.

[guest49]

As for our CEO.... Not sure how he still has a job if that amount of money has been paid to someone "by mistake".

I read he dropped a bit of a major clanger tonight.

[Gonzales]

So basically no one is buying the club until they can sort out who has to pay back the money.
As much as it pains me to say it if I was the council I'd make a condition of buying the club an immediate payment of the £10.25M owed.
They've already had their pants pulled down once and I don't suppose they'd welcome any more slip ups.
Nor would the Northampton tax payers who don't give a fig about the cobblers.
I'd suggest buying the club and letting a perspective new owner pay off the debt in stages would be a risky strategy.
What if heaven forbid the first payment is met but then payments stop.....
It's a bloody merry go round.
For me whoevers buying should pay off the council and then buy the club.
Excuse my scepticism but I can't see anyone doing that...

You've basically disproved your own point? What f***wit would pay the council the £10.25m up front in order to buy a League Two team? The only way the council will ever see any of that money back is by agreeing a reasonable repayment schedule. Some of that will come up front, but no sap is going to pay the whole amount straight away.

[guest49]

Well its arguable that if the Club loaned £10.25m for the redev and eventually came up with a redev which was going to cost £4.1m then it wasn't going on what it was supposed to be going on was it?

Wasn't that after 1st Land vanished and the mark 2 Aldi version was proposed to Buckingham's, via that other vanishing development company?

[Cobbler78]

As for our CEO.... Not sure how he still has a job if that amount of money has been paid to someone "by mistake".

It is obvious you weren't at the meeting, his hands have been tied. DC makes or made ALL of the payments and all of the decisions. I genuinely feel for James Whiting, the pain and genuine sorrow on his face was clear to see. His CV will be unfairly stained by all of this.

[pattcobb]

It looks like something was said at the meeting and then shrouded in secrecy. The twitterati are arguing now.
Anyone any ideas?

[GrangeParkCobbler]

It looks like something was said at the meeting and then shrouded in secrecy. The twitterati are arguing now.
Anyone any ideas?

I see on FB that something was said but everyone has been sworn to secrecy........

[Cobbler78]

I read he dropped a bit of a major clanger tonight.

DC is the crook here, lets not shoot the messenger!

[The Yelvy Cobbler]

Does anyone know : What (or who) triggered 1st land to go bust?

If they received £10 million of the loan and then went bust very soon after then they must have either :

1) Owed OVER £10 million they couldn't pay to somebody  (BEFORE they received the money).
or
2) Their closure was pre-planned once they got the money.

You can't just use up all that money that quickly ! ? ?

I don't know how these things work but there must be a Name that called in their debts.

Is there any of you out there that can explain to the rest of us how this can be found out.  Thanks.

[New Dawn Fades]

It is obvious you weren't at the meeting, his hands have been tied. DC makes or made ALL of the payments and all of the decisions. I genuinely feel for James Whiting, the pain and genuine sorrow on his face was clear to see. His CV will be unfairly stained by all of this.

He is a local man and a fan of the club also.

[Dan]

Going off twitter, some horrific news is coming.

[HallamCobbler]

It is obvious you weren't at the meeting, his hands have been tied. DC makes or made ALL of the payments and all of the decisions. I genuinely feel for James Whiting, the pain and genuine sorrow on his face was clear to see. His CV will be unfairly stained by all of this.

Pick and choose who you want to believe.

Anyway... back to practicing my new secret handshake.

[GrangeParkCobbler]

Does anyone know : What (or who) triggered 1st land to go bust?

If they received £10 million of the loan and then went bust very soon after then they must have either :

1) Owed OVER £10 million they couldn't pay to somebody  (BEFORE they received the money).
or
2) Their closure was pre-planned once they got the money.

You can't just use up all that money that quickly ! ? ?

I don't know how these things work but there must be a Name that called in their debts.

Is there any of you out there that can explain to the rest of us how this can be found out.  Thanks.

Without seeing the 1st Land bank statements nobody can say where the money went out! Apart from those names listed as "assets" on their balance sheet. In the same way that DC and TC are shown as having received a loan/joint venture fee of £2.65m there is also sums mentioned to NTFC (2.1m...is this the money that was "held back"?) County Cemetery Services, County Homes (Herts) and Howard Grossman.

The list of their creditors reads like a "who's who" of people who weren't paid for work, including the Council themselves (possibly for a planning application), the floodlight company, soil sample company, Cherry picker hire company, security firm and so on and so on. There was even a six figure sum "owed" to a company called SIMPA investments.....SIMPA as in SIMon PAtnick.......that claim was mysteriously dropped by the second administrators report.

Of course, the main bulk of the money owed was to Buckingham Contracting, and ultimately it was they who sought to have 1st Land put into administration.

[SteveRiches]

Going off twitter, some horrific news is coming.

Twerp. Or worse a name than that.

[New Dawn Fades]

Pick and choose who you want to believe.

Anyway... back to practicing my new secret handshake.

I used to know him rather well and have been to games with the guy. I would stake a great deal on him being innocent in all this.