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Post by ITK on Jun 26, 2013 13:59:01 GMT
Yes thanks for making that clear Ash my mistake. So then if the Trading Company WMX goes Insolvent would City Only lose the shares and not in anyway be liable for the full debt ?
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Post by Deleted on Jun 26, 2013 16:12:09 GMT
I Think what your saying is the club charity protected, to use a political term ' ring fenced ' I would hope in six months of discussion that would have been a priority in any agreement. But any Clarity would be Welcomed.
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Post by ELM on Jun 26, 2013 21:05:00 GMT
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Post by factchecker on Jun 27, 2013 8:06:01 GMT
Yes thanks for making that clear Ash my mistake. So then if the Trading Company WMX goes Insolvent would City Only lose the shares and not in anyway be liable for the full debt ? The Oxford City Football Club (Trading) Ltd is jointly owned by the charity Oxford City Youth Football Club Ltd (who hold 51%) and WMX Group (who allegedly hold 49%). If WMX go breasts skywards, neither the charity nor the trading company would be liable for their debts. The situation would be similar to an individual going bankrupt and, because they own some British Gas shares, believing BG would become liable for the individual's debts - and clearly that doesn't happen. The position would be that the shares would be an asset in WMX's insolvency and could be sold to raise funds for their creditors. The more concerning aspects of the situation are: a) If fund raising for the club is being funnelled through WMX group, what sums are they taking out which would otherwise go to the club? and b) Considering that WMX have been completely unable to raise funds to keep their current business going, why do they and the club think that they can raise funds for the benefit of the football club?
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Post by Deleted on Jun 27, 2013 9:41:12 GMT
I understand the points you are making with reference to a)&b) which I can't answer (don't know). But thanks for clearing up the main point, as with myself and others we don't understand the laws . So what you are saying at the moment, as Steve asks No huge debts can be transferred to OCFC. Unless of course the club was taken over completely, this is the main question people want answering.
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Post by MG on Jun 27, 2013 9:55:49 GMT
Yes thanks for making that clear Ash my mistake. So then if the Trading Company WMX goes Insolvent would City Only lose the shares and not in anyway be liable for the full debt ? The Oxford City Football Club (Trading) Ltd is jointly owned by the charity Oxford City Youth Football Club Ltd (who hold 51%) and WMX Group (who allegedly hold 49%). If WMX go breasts skywards, neither the charity nor the trading company would be liable for their debts. The situation would be similar to an individual going bankrupt and, because they own some British Gas shares, believing BG would become liable for the individual's debts - and clearly that doesn't happen. The position would be that the shares would be an asset in WMX's insolvency and could be sold to raise funds for their creditors. The more concerning aspects of the situation are: a) If fund raising for the club is being funnelled through WMX group, what sums are they taking out which would otherwise go to the club? and b) Considering that WMX have been completely unable to raise funds to keep their current business going, why do they and the club think that they can raise funds for the benefit of the football club? The WMX accounts linked to before say that TAG is entitled to USD 950 per HOUR!
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Post by tag on Jun 27, 2013 10:05:17 GMT
What I find curious, and alluded to before, are the Oxford City FC (Trading) Ltd accounts. At 31 May 2012, the value of "debtors" (money due to be paid to OCFC (Trading) Ltd) was £65,743, almost entirely money in a VAT control account. Also at 31 May 2012, the creditors due to be paid after one year (money owed by OCFC (Trading) Ltd) were £202,069. These were described as "other loans", but note 10 suggests this was largely £165,000 that had been loaned to the club by Colin Taylor.
By 28 Feburary 2013, the debtors had increased to £507,000. Someone either owed, or had committed to pay a lot of money into OCFC (Trading). Unfortunately there are no further details or breakdown of this figure that I can see. At the same time, the creditors due after one year increased to £729,000. Again, there is no explanation of why this is. Applying Occam's razor, I conclude that the two £500K movements are related - perhaps someone committed around £500,000 of funding, due to be repaid at some point in the future (perhaps as an indefinite interest-free loan)? Another director's loan from Colin Taylor? A promise of a cash injection from Mr Guerriero? If the latter, and in the context of overall debts of around £350,000, one can understand why some might have been all to eager to overlook the implausibility of Mr Guerriero's claims of financial acumen.
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Post by factchecker on Jun 27, 2013 10:39:30 GMT
The WMX accounts linked to before say that TAG is entitled to USD 950 per HOUR! I presume you are referring to this bit: "On December 1, 2012, the Company executed a consulting agreement (the “Agreement”) with GCE Wealth, Inc. (“GCE”), a company controlled by our CEO, Mr. Thomas Guerriero. Pursuant to the terms and conditions of the Agreement, among other things GCE will act as our consultant through December 2015 and GCE will receive $950 per hour for services rendered. The total expense related to this agreement was $556,446 and $0 for nine months and ended March 31, 2013 and 2012, respectively; and $552,332 and $0 for three months ended March 31, 2013 and 2012, respectively." What this is saying is that WMX Group will pay GCE Wealth $950/hour consulting fees. It's not money which is coming out of Oxford City FC.
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Post by ITK on Jun 27, 2013 11:18:05 GMT
By the way going slightly off the point, OCFC/WMX/Sponsor are in Lima Peru today according to the Facebook page. At least this is where the hang glider was last seen!
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Post by Undertaker on Jul 2, 2013 14:06:22 GMT
Any news on how much Inca gold was liberated?
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Post by Barney on Jul 3, 2013 23:46:11 GMT
So, am I right in what you are suggesting in that OCFC had debts of c£350 and that they have either a) taken a loan from a director (pres MR Taylor) for £500k repayable at some stage, b) received an injection from Mr G. repayable at some stage or c) received a promise of such from Mr G (presumably depending on his fundraising efforts)
Two questions: 1) How, in each case, is it suggested that each is repaid (particularly if any fundraising is being done on behalf of the WMX side of the business)? and 2) if (c) are the club technically building up creditors elsewhere by taking services/players etc before the money is there to pay the appropriate bills?
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Post by ITK on Jul 4, 2013 9:50:37 GMT
According to ocfc trading Facebook page ,the president has touched down in Sunny Oxford today!
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Post by Undertaker on Jul 4, 2013 14:25:30 GMT
Bother, I've just arrived in Florida! He's always one step ahead ...
I look forward to a balanced account of his travels and success thus far soon then!
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Post by Undertaker on Jul 4, 2013 14:26:08 GMT
Bother, I've just arrived in Florida! He's always one step ahead ...
I look forward to a balanced account of his travels and success thus far soon then!
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Post by Aussie fan on Jul 5, 2013 8:02:58 GMT
Hey, it was great to hear about Oxford City FC when your new president was here recently. Wish you guys all the best - I know youre worried, but I reckon it'll turn out for the best. I'll keep an eye on how the teams doing.
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Post by ITK on Jul 5, 2013 13:22:13 GMT
Will he set up a stall down the market . Now he's back !
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Post by Bookman on Jul 6, 2013 9:12:54 GMT
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Post by hedges on Jul 6, 2013 22:32:01 GMT
Forum spammers......an issue we didn't have 3 months ago. (Apart from the fact this was an official forum thats the first noticeable change since TG took over....whoot!)
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Post by Undertaker on Jul 10, 2013 2:52:01 GMT
So has The Yank been seen about town or at the ground by anyone yet? Anymore outrageous press releases? Any news at all about the international tour raising funds?
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Post by ITK on Jul 10, 2013 8:08:08 GMT
All I know is he was interviewing prospective clients /sponsors at a hotel in north Oxford yesterday . The tour and hang glider moves to Sweden today !
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Post by Undertaker on Jul 12, 2013 2:51:31 GMT
So no-one has seen him and he's not got anything to release to the press? Doesn't sound good does it?
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Post by ITK on Jul 12, 2013 9:22:11 GMT
The last day of the tour today though, will he travel straight back to Florida or take in the pre season friendly ?
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Post by tag on Jul 12, 2013 12:01:10 GMT
I wonder who funded Mr Guerriero's world tour?
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Post by Barney on Jul 12, 2013 14:31:57 GMT
I wonder whether the cost of the tour will actually be greater than the amount that our friendly local Swedish security company have actually put in as sponsors?
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Steve Bateman (not STFC!)
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Post by Steve Bateman (not STFC!) on Jul 12, 2013 14:50:14 GMT
No sightings of hang-gliders over Oxfordshire then?
I wonder if TG will be at the first home game...
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Post by ITK on Jul 12, 2013 15:05:26 GMT
No sightings of hang-gliders over Oxfordshire then? I wonder if TG will be at the first home game... This is a rumour only, an airbaloon was seen heading to buckinghamshire a while ago it had WMX on it, could it be going to Aylesbury F C tomorrow ?? Kick off 3pm......
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Post by Undertaker on Jul 12, 2013 15:56:22 GMT
Apparently an appointment was made by a worried supporter to meet The Yank on Wednesday but when they discovered he wasn't a potential investor it was cancelled. Why so shy?
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Steve Bateman (not STFC)
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Post by Steve Bateman (not STFC) on Jul 12, 2013 23:25:18 GMT
Sounds a bit dodgy - if he was/is a genuine investor then surely he'd have no problem talking with the fans/media/businessmen/whoever.
Why so secretive TG - or is it best (for you anyway) that we are kept in ignorance?
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Post by OCFC Fan on Jul 13, 2013 18:32:51 GMT
Mmmmm..... worried supporter or Oxford United fan posing as a potential investor/shareholder..... if in doubt, refer to Rage Online forum...
Perhaps if person had been more honest about why they wanted to meet instead of pretending to be someone they weren't.....
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Post by factchecker on Jul 15, 2013 8:13:13 GMT
Mmmmm..... worried supporter or Oxford United fan posing as a potential investor/shareholder..... if in doubt, refer to Rage Online forum... Perhaps if person had been more honest about why they wanted to meet instead of pretending to be someone they weren't..... Hi Thomas, How's it going? But what if that individual had been sent an invitation from your good self to book an appointment? Surely that's not them pretending to be someone they weren't? All they were doing was accepting your kind invitation. The fact that you have to take such a scattergun approach to try and get investment would suggest that your approach is little more advanced than a boiler room operation cold calling people and trying to sell them stock in a worthless company. You know the sort of thing - one of those companies who have shares publicly quoted at a fraction of a cent but somehow manage to sell their stock at $20 a piece.
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