Yngwie
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Everything posted by Yngwie
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Can’t be ruled out but more likely to be a cost cutting decision. Replace the definite cost of insurance with the possible cost of an operation once in a while, and possibly no cost at all if the player in question is going out of contract.
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Interesting. Do you when the medical insurance stopped?
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Some people only want to hear one narrative, others are open perspectives they might not previously have considered. Do we want discussion forum or an echo chamber?
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Great pod, and really interesting to hear Ridgers’ perspectives on various things including the season’s footballing matters as well as the financial shambles.
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Whilst it is appalling, especially for such a long-serving player, let’s not forget that the that the club has no money, it is bust, it needs a begging bowl every month to pay the wages and meet other legal obligations. It’s the sad reality that businesses in our desperate situation will put off any non-essential payments in order to stay alive a bit longer. Not justifying the club’s actions (or inactions) here, but it’s just the sort of unpleasant thing that I’ve seen happen in struggling businesses.
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At all costs? Including training in the central belt to save a 6 figure running cost? Our fans would prefer administration/oblivion to that.
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The floating charge is entirely normal in business, and you can’t pledge the same assets as security to more than one lender hence the negative pledge. The club only owns 1% of the battery farm company having cashed in for £250,000, so the appeal isn’t really our problem any more. Morrison’s security over the battery farm shares now seems worthless, and he actually paid cash to the club to buy 1/3rd of something that he could have claimed full ownership of under the charge he had.
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Closer to home, there is a multi-millionaire who has close connections to the club and owes his success to it. Not saying that he has a duty to step in and help, but it would be much appreciated if he did!
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The accounts being late is almost certainly because of the lack of certainty as to whether the club is a going concern. It seems increasingly certain that we are NOT a going concern. As for the AGM, I think everyone at the club has more important things to deal with over the next few weeks - yes it is supposed to happen in a prescribed timescale, but asking about the AGM right now feels like a a passenger on the Titanic heading to the lifeboats and asking what time breakfast will be served!
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Couple of thoughts on that. 1. It’s arguably harsh on clubs (like us) who were already on the brink of administration long before the new rule came in and were trying to cut costs, as opposed to clubs who might be financially irresponsible after the new rule comes in who would surely be the target of the rule. 2. To kick clubs out of the SPFL for at least 3 years seems an incredibly harsh and disproportionate penalty. I don’t think other countries are as draconian, are they?
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Radio Scotland did a piece this afternoon on our predicament, as Charles had mentioned. It included him and a couple of fans including Moff from the podcast. No real news, as nothing at all is coming out of the club at the moment much to everyone’s frustration, but Moff indicated a belief that Wednesday is administration day unless an investment completes before then. It was also suggested from his discussion with a football finance expert for the next pod that it is 50/50 whether there will even a club at the end of this.
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Just hearing that the Board have rejected Taylor Swift’s £500m investment proposal because she wasn’t prepared to relocate to Inverness and only wanted to turn up for matches.
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Could we not have sold sections of the pitch to fans to raise a few quid?! The grass in my garden is from Tannadice - the first owner was a Utd player and helped himself to it at the end of the season.
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I’ve always vowed that if I ever won the lottery, I’d help ICT. I started buying tickets recently and would you believe it, I won! I am now in a position to buy the club, and then treat myself to a pie or two with the change.
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For a CEO role I’ve never seen a notice period of less than 3 months, and it is not uncommon to have 12 months. Arguably long notice periods are put in with self interest in mind, but equally a company does not want to be left in the lurch without adequate time to recruit a replacement. ICT have a tonne of things needing done this month if we are to have any chance of fielding a team and it is all a lot more complicated than usual given the financial predicament.
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Probably 5 years!
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Glad he is gone, should’ve happened the day after relegation, but also glad he is working his notice because there is a complete void in the club now, so fair play in that respect.
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Nah, it’s not the same, so I’ll take your bet. Morrison is an ICT fan who has been there for about 6 years and is £1.5m out of pocket, he cannot be accused of asset stripping. He is no longer in charge either. If assets are now being sold it’s to save the club. It may well be a bit of a fire sale to generate funds quickly but I’m sure anybody including yourself would be very welcome to put in a bid.
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Why do you think he is no longer a shareholder in the battery company? It was only a couple of months ago that he and two other directors each purchased stakes of 33% each, and I don’t recall seeing anything in the public domain to suggest he has sold his.
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Noticed that the podcast team were described in The Guardian as “articulate and well-informed” Guys, where did it all go so wrong?! But seriously, well done. Get yourselves T-shirts made with that printed on it.
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The captain saw the iceberg looming ahead in the distance, so plotted a course 136 miles south. However, this sparked a mutiny and he was made to walk the plank. The mutineers then set the ship back on course, so that they can see the iceberg close up.
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He is a secured creditor regardless of status as a director. The only difference is that he is in a worse position now, as he cannot influence board decisions that might impact repayment of his loan.
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I think he was going straight into a board meeting after the pod interview. Possibly happened at that meeting and was then formalised next day?
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Tomorrow’s headlines “Ex-pat tech millionaire rescues home town football club”
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Worth adding that 30 May was his last day as a director, which was last Thursday.
