My theeery, wot it is, wot is all mine and not nobody else's. Ahem! Not sure about the conspiracies...all of which have some degree of believability, where Papa Smurf's history of shady dealings is concerned but, more so on the subject of where the bloody mystery debt came from and why the Administrators were so quick to accept Bates' buy back offer and he's so smugly confident that "the majority of the major creditors" will accept it..
It is not so long ago that KFC was telling us all, in the LUAFC garden was rosy. With debt reduced to a highly manageable nine million pounds and all payment to ex-players/managers and retired goldfish due to end this summer. Now, suddenly the taxman is trying to wind us up quicker than Rob Woodmansey and we've mysteriously borrowed extra debt from spurious sources, but for what? Here's my take... We owed 9,000,000. The change in the tax law dumped us with a further 5,000,000 of unexpected debt and we apparently still owe around 2,000,000 to the ex's by the summer. That gives us an understandable debt of around 16,000,000, Leaving around 19,000,000 of mystery debt and the, equally mysterious roles of these shady offshore funding sources all of which have been rumoured to have Cuddly Ken's finger prints all over them. Now, given that the cost, to buy back the ground/training facilities was supposed to be around 19,000,000 at the time of it's quiet acquisition by yet another mysterious off-shore concern, my theory is that our beloved saviour borrowed/transferred money from one set of his shady companies, in the name of LUAFC to exercise the buy back of ER/TH but then somehow put it into the name of Teak Trading (another of his fronts) so as to show the club with extra debt and still no assets. Having done that, he was then able to file for Administration on the grounds of debt levels that might put off other buyers while having no major assets (including players or Championship status) to sell and knowing, all the time that the three major creditor companies were under his, clandestine control and so would readily agree to his re-purchase of the club and to no rival bids. Hence KPMG were willing to go along with the idea, that Bates is the number one creditor and this deal would be the best, for LU(A)FC without a fuss nor waiting for other bids which would be moot, as the creditors (i.e. Bates) would not approve.. So Master Bates and cronies now own both the club and the ground though through separate entities and if he wants to sell the club any buyer would have to pay off the extra 19,000,000 of, supposed LUFC debt (to Bates through Forward Sports etc) and then no doubt he'd either continue to rent the ground to the new owners or sell it to them for another 19,000,000 (through Teak Trading) thus making double the money. (A classic Bates and switch!) Watch for the small print, in the settlement, with creditors; that says, in the event of a future sale, all forgiven debts become payable in full. _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist The Leeds List - "where never is heard a discouraging word..."
