esmer wrote:grovehill wrote:Graham Clark wrote: Barclays are the club's Bankers. The last known overdraft from the accounts was £600,000. I suspect the club reached that limit of credit long ago. Bank accounts are normally only frozen in association with winding up orders and we don't have another one yet.
I can't imagine Barclays with their high profile sponsorship of the Premiership wanting to be associated with the largest ever Football League club to fail. I imagine their account manager is in banking parlance being friendly but firm!.
It was Todd that picked up the running on the World Cup bid in July 2009 after Kagami was on board.
There's a serious lack of knowledge from some Posters on how the whole financial/Mortgage /Banking system functions.
Banks have virtually free rein in how they control Accounts, they can transfer funds, freeze accounts remove credit/Overdraft facilities at will if they think their money is at risk.
Mortgage Companies however, cannot call in a loan just because they think there's a chance future payments might not be made, you pay the monthly payments and your safe.
So, Lombard can't evict PAFC even if the Club go into Admin or Liquidation, payments have to be missed, the matter has to go to Court etc.
BUT, if Barclays were feeling nervous, they could close or freeze the account, stop payments going out etc. As they haven't done so, (and PR and other doom-mongers would have said if they had) is anindication that Barclays, at least seem to have more confidence in PAFC than some others.
PS A £600,000 O/D for a business with PAFC's turnover is very small beer.
I would think it very likely we have missed a number of monthly payments and if we go into administration will miss more. It wouldn't be long before Lombards re-possessed.
Whether the club has missed any payments is another of those little snippets of information (or Facts) that we are not privy to. The whole lack of real facts/spreading of rumours that we have been subject to is really pi**ing me off and leads me to believe a lot of this is being manipulated by people playing power games.
Anyway, like most finance companies, I suspect that the last thing Lombard want is to be lumbered with a sports arena that one on apparently wants-they'd stand to lose far more money if they reposessed than if they waive payments for a few months while thew ownership of the club was sorted out.
bet he's wearing mitt(y)ens.
