1. BoardAdmin
  2. CUSG Meeting Threads
  3. 11-01-2021 05:30
We will be attending another virtual CUSG Meeting this evening.

As per the other Meetings this Season, this will be via Zoom.

Due to the return of another Lockdown, we’ve held off on Questions, given the Club have been readjusting yet again in an ever changing landscape. As we all know, Football is in unchartered territory and the regular updates from the Club have been excellent in keeping fans informed throughout the pandemic.

We will provide an update post-Meeting on this Thread,

Thanks,

Admin.
Accepted Answer Pending Moderation
Thank you to those who participate in this and keep us informed.
  1. 15-01-2021 12:02
  2. CUSG Meeting Threads
  3. # 1
Accepted Answer Pending Moderation
Nevertheless the question 'has the £2.1m actually been written off or simply passed on to another part of the EWM group?’ should be asked.
  1. 11-01-2021 07:21
  2. CUSG Meeting Threads
  3. # 2
Accepted Answer Pending Moderation
With John Jackson still being a director and Days best buddy Holdsworth being here you’d imagine they’d know.

We are obviously living off player sales. The 70% income loss will obviously worry anyone. With £20 million to allocate from the PL its not a lot at all. it’ll also be interesting to see if we have loaned any money of the EFL.

If they call in the loan then surely it’s goodnight Vienna.
  1. 15-01-2021 18:49
  2. CUSG Meeting Threads
  3. # 3
Accepted Answer Pending Moderation
I think you are missing the math Richard-the EOS clearly records that PD is in control as his secured creditor swamps any recovery for unsecured.That puts PD in position to decide what to do with the Club loan

He can either

-write it off
-kick it down the road
-call it in
-assign it to his remaining group.

I think kicking it down the road is a good option for all
  1. 16-01-2021 09:12
  2. CUSG Meeting Threads
  3. # 4
Accepted Answer Pending Moderation
I think you are missing the math Richard-the EOS clearly records that PD is in control as his secured creditor swamps any recovery for unsecured.That puts PD in position to decide what to do with the Club loan

He can either

-write it off
-kick it down the road
-call it in
-assign it to his remaining group.

I think kicking it down the road is a good option for all


So PD can decide what to do with money his company is owed while at the same time write off debts he owes and shaft small businesses - seems fair.

Kicking it down the road may be the best bet in this current situation but just means the issue is there for another day.
  1. 16-01-2021 11:19
  2. CUSG Meeting Threads
  3. # 5
Accepted Answer Pending Moderation
Nothing to say it won't be written off in the future. Fred wrote his off eventually, The "debt" will have some benefits to Day as regards his business, as long as it's not hurting the club, why worry until there is something to worry about? But then some folk on here are just full of doom, gloom and despondency, in fact they seem to revel in it.....strange!
  1. 16-01-2021 12:49
  2. CUSG Meeting Threads
  3. # 6
ccu
Site Admin
Accepted Answer Pending Moderation
I will raise this issue of the current standing of the EWM Loan...
  1. 11-01-2021 07:28
  2. CUSG Meeting Threads
  3. # 7
ccu
Site Admin
Accepted Answer Pending Moderation
  1. 15-01-2021 11:03
  2. CUSG Meeting Threads
  3. # 8
Accepted Answer Pending Moderation
Good set of minutes that-and well done to those who participate.

The elephant in the room is the EWM debt of course.I’m surprised they are in the dark as I would seeking an update from PD/administrator
  1. 15-01-2021 18:24
  2. CUSG Meeting Threads
  3. # 9
Accepted Answer Pending Moderation
It’s not going to happen Richard-PD needs to eat lunch in Carlisle as they say.

He might kick into long grass and have a call on transfer fees but as you say, the club needs those.

In another world you would reach out to the wider community and look for an equity raise.....

Whatever-the minutes highlight how tough it is for the club and it will be equally bad for the rest
  1. 15-01-2021 19:24
  2. CUSG Meeting Threads
  3. # 10
Accepted Answer Pending Moderation
Its no consolation but we are in a much better position than a lot of clubs.
  1. 15-01-2021 19:30
  2. CUSG Meeting Threads
  3. # 11
Accepted Answer Pending Moderation
Yep agree - we are better than a lot of clubs, doesn’t say much in this situation though.

The problem is if the loan moves, PD won’t have authority whether he wants to eat in Carlisle or not. Maybe far fetched but we were once told by the club and the trust that EWM were in a good position and were in no position to go bust.
  1. 15-01-2021 19:39
  2. CUSG Meeting Threads
  3. # 12
Accepted Answer Pending Moderation
The world has changed a lot in 12 months though Mullen. Anything is possible in the new world
  1. 15-01-2021 21:11
  2. CUSG Meeting Threads
  3. # 13
ccu
Site Admin
Accepted Answer Pending Moderation
I get the feeling it’ll be one of the first two...
  1. 16-01-2021 09:39
  2. CUSG Meeting Threads
  3. # 14
Accepted Answer Pending Moderation
Bet PD’s caking his pants at the thought of Mullen running him out of Nando’s
  1. 16-01-2021 11:03
  2. CUSG Meeting Threads
  3. # 15
Accepted Answer Pending Moderation
Ignore debt at your peril mate-especially when it’s backed onto the farm and PGs and the lender is in distress
  1. 16-01-2021 20:06
  2. CUSG Meeting Threads
  3. # 16
Accepted Answer Pending Moderation
I agree we have to have eyes open but, currently there doesn't seem to be any pressure from the debt, it's there but the only ones to be worried are the guarantors surely? There'll not be many currently looking to buy a football stadium that's on a flood plain?
  1. 16-01-2021 20:12
  2. CUSG Meeting Threads
  3. # 17
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