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Posted: 13:55 12 Feb 2011
by Andy_Lannie
PL2 3DQ wrote:
Laughter My Ploy wrote:
PL2 3DQ wrote: I've just seen the legal document between PAST&DT and PAFC, it's dated 25th January.

The loan is for £330,000, PAST&DT gives its address in Lostwithiel, Cornwall, the charge is behind Lombard but in front of Mastpoint and Gardner.
Paul Stapleton has signed the document on behalf of PAFC.


Does it indicate any guarantees or payment terms?


To be honest it's full of legal speak beyond me, if anyone wants a copy PM me with your email address.
It would have wise to have another Director sign the document and not Stapleton.

I heard the money was actually handed over on the 15th January.

Scary if you ask me.

Posted: 14:57 12 Feb 2011
by Mark_Colling
PL2 3DQ wrote:
Laughter My Ploy wrote:
PL2 3DQ wrote: I've just seen the legal document between PAST&DT and PAFC, it's dated 25th January.

The loan is for £330,000, PAST&DT gives its address in Lostwithiel, Cornwall, the charge is behind Lombard but in front of Mastpoint and Gardner.
Paul Stapleton has signed the document on behalf of PAFC.


Does it indicate any guarantees or payment terms?


To be honest it's full of legal speak beyond me, if anyone wants a copy PM me with your email address.
It would have wise to have another Director sign the document and not Stapleton.

I heard the money was actually handed over on the 15th January.

As much as anything else, the timeline will be part of the Charity Commission's enquiries. If the cash really was paid over on the 15th and the loan is dated 25th, that in itself is a concern. There was no announcement about it for almost two weeks after that; do we know when the Trustees meeting was to approve the loan?

Posted: 18:24 12 Feb 2011
by blenks
Laughter My Ploy wrote:
PL2 3DQ wrote: I've just seen the legal document between PAST&DT and PAFC, it's dated 25th January.

The loan is for £330,000, PAST&DT gives its address in Lostwithiel, Cornwall, the charge is behind Lombard but in front of Mastpoint and Gardner.
Paul Stapleton has signed the document on behalf of PAFC.


Does it indicate any guarantees or payment terms?


Having now read it - It would appear that there are no other personal guarantees, however there is a separate 'Facility Letter' of the same date that is not yet in the public domain which should detail the term, interest and repayment structure.

Again, studying the document, I'm also not yet convinced that the loan does rank ahead of Mastpoint/Gardner but it is certainly behind Lombard.