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Re: Bishop International Update

Posted: 00:00 26 Jul 2011
by Jones the Green
StaddyGreen wrote: The thing that gets me is that we would want our clubs owners to be 'fit and proper.'
I am afraid that if somebody has gone out of their way to create an offshore company, then in my mind there is dirty business involved and the people behind the bid have something to hide.
The biggest thing that grinds my goat is the anonymity. I don't understand why our future landlords are taking advantage of nominee services, ensuring through an offshore company that they have the highest level of privacy protection, limited liability, legal tax exemption, no taxation on any kind of income, no accounting requirements, no reporting requirements, no accountants costs, no auditing and that there are no requirements on profession or financial standing in order for them to register an offshore company.


The only thing I would dispute about your above post, StaddyGreen, is the phrase "I don't understand" . I think you do.... I think we all do! :twisted: :twisted: :twisted:

Re: Bishop International Update

Posted: 05:56 26 Jul 2011
by footieshop
I am in quandry .... can the good people of PASOTI help me?

I run a business and a couple of years ago, having taken it as far as I can, I decided to seek some support by appointing business men, wealthy individuals with contacts in my business area, I found these people and duly issued shares and thought that they could help me raise the profile of my brand in the UK and abroad....

Well after a period of time I noticed that the business was not running to form and these new individuals were not in a position to, or have the drive that I had, take my business forward, in fact since their involvement my business has run up significant debts..... My business is going to go into administration as I cannot sustain in it in its current form

Therefore I have 2 options, which should I choose?

Option 1

a) I appoint a friend of mine as chair / director in order to start the administration process, I can do this by stating he has a wealth of experience in this field and can help us out
b) I then, with the aid of my friend, appoint an administrator who is in the know
d) I then look to get the debt reduced on the business, using my friend and his administrator friend to do so
e) Whilst this is happening I take a back seat /drop off the radar whilst the following unfold
f) I then arrange with a local cohort to put a bid in for my company, unbeknown to my current associates
f) I know my bid will be accepted as it is my friend at the helm and his friend is running the administration
g) In the meantime I will set up some nominee businesses with no link back to me so that I cannot be seen to be involved
h) I then get my cohort to front the bid
i) once the bid is accepted and any regulatory requirements are met I can then move forward
j) just to ensure there is no comeback I will get my friend to run the business for a period of time then I will buy it back from him in the future and become the saviour once again
k) I will then get rid of the cohort and friend, with a nice payday, and bob's your uncle I am back in business, having wiped out approx 90% of the debt, got rid of my original associates and picked up the business for a song

Option 2

a) I run the business hand it over to my friend and walk away with nothing....

Which do you think is the best option for me?

Re: Bishop International Update

Posted: 06:14 26 Jul 2011
by bandwagon
footieshop wrote: I am in quandry .... can the good people of PASOTI help me?

I run a business and a couple of years ago, having taken it as far as I can, I decided to seek some support by appointing business men, wealthy individuals with contacts in my business area, I found these people and duly issued shares and thought that they could help me raise the profile of my brand in the UK and abroad....

Well after a period of time I noticed that the business was not running to form and these new individuals were not in a position to, or have the drive that I had, take my business forward, in fact since their involvement my business has run up significant debts..... My business is going to go into administration as I cannot sustain in it in its current form

Therefore I have 2 options, which should I choose?

Option 1

a) I appoint a friend of mine as chair / director in order to start the administration process, I can do this by stating he has a wealth of experience in this field and can help us out
b) I then, with the aid of my friend, appoint an administrator who is in the know
d) I then look to get the debt reduced on the business, using my friend and his administrator friend to do so
e) Whilst this is happening I take a back seat /drop off the radar whilst the following unfold
f) I then arrange with a local cohort to put a bid in for my company, unbeknown to my current associates
f) I know my bid will be accepted as it is my friend at the helm and his friend is running the administration
g) In the meantime I will set up some nominee businesses with no link back to me so that I cannot be seen to be involved
h) I then get my cohort to front the bid
i) once the bid is accepted and any regulatory requirements are met I can then move forward
j) just to ensure there is no comeback I will get my friend to run the business for a period of time then I will buy it back from him in the future and become the saviour once again
k) I will then get rid of the cohort and friend, with a nice payday, and bob's your uncle I am back in business, having wiped out approx 90% of the debt, got rid of my original associates and picked up the business for a song

Option 2

a) I run the business hand it over to my friend and walk away with nothing....

Which do you think is the best option for me?


I'll name you in one - Whitey!!

Re: Bishop International Update

Posted: 06:37 26 Jul 2011
by GreenMill
footieshop wrote: I am in quandry .... can the good people of PASOTI help me?

I run a business and a couple of years ago, having taken it as far as I can, I decided to seek some support by appointing business men, wealthy individuals with contacts in my business area, I found these people and duly issued shares and thought that they could help me raise the profile of my brand in the UK and abroad....

Well after a period of time I noticed that the business was not running to form and these new individuals were not in a position to, or have the drive that I had, take my business forward, in fact since their involvement my business has run up significant debts..... My business is going to go into administration as I cannot sustain in it in its current form

Therefore I have 2 options, which should I choose?

Option 1

a) I appoint a friend of mine as chair / director in order to start the administration process, I can do this by stating he has a wealth of experience in this field and can help us out
b) I then, with the aid of my friend, appoint an administrator who is in the know
d) I then look to get the debt reduced on the business, using my friend and his administrator friend to do so
e) Whilst this is happening I take a back seat /drop off the radar whilst the following unfold
f) I then arrange with a local cohort to put a bid in for my company, unbeknown to my current associates
f) I know my bid will be accepted as it is my friend at the helm and his friend is running the administration
g) In the meantime I will set up some nominee businesses with no link back to me so that I cannot be seen to be involved
h) I then get my cohort to front the bid
i) once the bid is accepted and any regulatory requirements are met I can then move forward
j) just to ensure there is no comeback I will get my friend to run the business for a period of time then I will buy it back from him in the future and become the saviour once again
k) I will then get rid of the cohort and friend, with a nice payday, and bob's your uncle I am back in business, having wiped out approx 90% of the debt, got rid of my original associates and picked up the business for a song

Option 2

a) I run the business hand it over to my friend and walk away with nothing....

Which do you think is the best option for me?


Umm, this is a tricky one.

Have you made yourself personally liable for any of the debts? Especially any of the debts that you incurred before you invited into your business those wealthy individuals who did not take it to 'the next level' as you had hoped?

I'm thinking of a debt such as a large mortgage on office property for which you might have had to give a personal guarantee to underwrite?

If so, Option 1 is probably better and you should ensure your new 'cohort' finds the money to pay off that debt. You don't want to be digging into your own pocket!

Re: Bishop International Update

Posted: 06:43 26 Jul 2011
by footieshop
Thanks Greenmill, I thought that maybe the case..but just needed a fresh pair of eyes to see the way forward.

who is whitey? bandwagon

Re: Bishop International Update

Posted: 07:09 26 Jul 2011
by bandwagon
footieshop wrote: Thanks Greenmill, I thought that maybe the case..but just needed a fresh pair of eyes to see the way forward.

who is whitey? bandwagon


Oh sorry - not on about our ex leader then? :doh:

Re: Bishop International Update

Posted: 07:21 26 Jul 2011
by Lousy_Pint
footieshop wrote: Thanks Greenmill, I thought that maybe the case..but just needed a fresh pair of eyes to see the way forward.


Not sure of the way forward Footie, who is?
However, I think it all started to go wrong for you when your experienced business partners suggested converting your garden shed into a 20,000 capacity arena in the event that Expo 2018 may have been held in your area.

Re: Bishop International Update

Posted: 07:54 26 Jul 2011
by Graham Clark
So far little has been said about Bishop International Ltd's role in the future of PAFC (125) Ltd. Indeed, whilst eyes have been firmly focused on the financial capability of BIL to complete the Sale and Purchase Agreement there has been little attention paid to the other company in the Agreement.

We now know that PAFC (125) Ltd was set up by a Yorkshire based company that specilaises in also setting up off shore companies particularly in Gibraltar. We know the sole (but reluctant) shareholder will be Peter Ridsdale. We at know present there is only one other director, David Jones. We understand that to meet Football League rules two further Directors may need to be appointed. We know that Peter Ridsdale as Chairman and Chief Executive will not set his own fee for undertaking those roles. That will be the responsibility of the other appointed Directors - appointed by him that is. Note the word fee was used - so that would indicate it will not be a salaried position but one where a consultancy fee is charged. Sounds familiar.

The Football League require a three year business plan to be put in place and a secure lease (in excess of 10 years) on the stadium. The lease agreement appears to have been 'agreed' over the weekend but its terms remain unpublicised but it is understood that it may involve rent reductions in the first year or so or even the first five years.

In effect, BIL, whoever they may be will be subsidizing the initial rental costs of the stadium for PAFC (125) Ltd. Nothing particularly unusual in that - in a struggling commercial world often rent free or reduced rent periods are commonplace if it means securing a 25 year lease. However, BIL are going a step further. It is reported that they are providing a sum variously reported in size but believed to be in excess of £1m to assist the trading of PAFC (125) Ltd in its first year at least. Now in a commercial world that is most unusual. It is, in effect an admittance that PAFC (125) Ltd possibly cannot trade solvently and meet all its liabilities in its first trading year. I may have missed it but why is this the case? Is it anything to do with Football Creditor payments?

So, in my opinion, whilst attention is understandably focused on BIL there are some questions that need to be addressed as far as PAFC (125) Ltd is concerned.

Who are the other Directors going to be in PAFC (125) Ltd.?

What amount has been agreed as part of the Sale and Purchase Agreement for BIL to pay PAFC (125) Ltd in its first trading year?

Is this amount a fixed payment or is it an agreement to underwrite the losses, whatever they may be?.

Is the payment going to be a lump sum up front or paid over a period?

Have the Football League sanctioned this arrangement between the companies?

Given that Kevin Heaney cannot be part of any such transaction (the Association and Dual Purpose Football League rule) when will the identity of the other Joint Venture partners, who it understood will be providing these funds be revealed?

Who is responsible for paying the agreed full Football Creditor debt?

There have been understandable calls for full transparency regarding those behind Bishop International Ltd. As the date for the completion of the Sale and Purchase Agreement fast approaches (nine working days and counting) it is surely reasonable to seek similar transparency for PAFC (125) Ltd no matter how 'reluctant' the sole shareholder may be in the whole process.

Re: Bishop International Update

Posted: 08:00 26 Jul 2011
by GreenMill
Graham Clark wrote: So far little has been said about Bishop International Ltd's role in the future of PAFC (125) Ltd. Indeed, whilst eyes have been firmly focused on the financial capability of BIL to complete the Sale and Purchase Agreement there has been little attention paid to the other company in the Agreement.

We now know that PAFC (125) Ltd was set up by a Yorkshire based company that specilaises in also setting up off shore companies particularly in Gibraltar. We know the sole (but reluctant) shareholder will be Peter Ridsdale. We at know present there is only one other director, David Jones. We understand that to meet Football League rules two further Directors may need to be appointed. We know that Peter Ridsdale as Chairman and Chief Executive will not set his own fee for undertaking those roles. That will be the responsibility of the other appointed Directors - appointed by him that is. Note the word fee was used - so that would indicate it will not be a salaried position but one where a consultancy fee is charged. Sounds familiar.

The Football League require a three year business plan to be put in place and a secure lease (in excess of 10 years) on the stadium. The lease agreement appears to have been 'agreed' over the weekend but its terms remain unpublicised but it is understood that it may involve rent reductions in the first year or so or even the first five years.

In effect, BIL, whoever they may be will be subsidizing the initial rental costs of the stadium for PAFC (125) Ltd. Nothing particularly unusual in that - in a struggling commercial world often rent free or reduced rent periods are commonplace if it means securing a 25 year lease. However, BIL are going a step further. It is reported that they are providing a sum variously reported in size but believed to be in excess of £1m to assist the trading of PAFC (125) Ltd in its first year at least. Now in a commercial world that is most unusual. It is, in effect an admittance that PAFC (125) Ltd possibly cannot trade solvently and meet all its liabilities in its first trading year. I may have missed it but why is this the case? Is it anything to do with Football Creditor payments?

So, in my opinion, whilst attention is understandably focused on BIL there are some questions that need to be addressed as far as PAFC (125) Ltd is concerned.

Who are the other Directors going to be in PAFC (125) Ltd.?

What amount has been agreed as part of the Sale and Purchase Agreement for BIL to pay PAFC (125) Ltd in its first trading year?

Is this amount a fixed payment or is it an agreement to underwrite the losses, whatever they may be?.

Is the payment going to be a lump sum up front or paid over a period?

Have the Football League sanctioned this arrangement between the companies?

Given that Kevin Heaney cannot be part of any such transaction (the Association and Dual Purpose Football League rule) when will the identity of the other Joint Venture partners, who it understood will be providing these funds be revealed?

Who is responsible for paying the agreed full Football Creditor debt?

There have been understandable calls for full transparency regarding those behind Bishop International Ltd. As the date for the completion of the Sale and Purchase Agreement fast approaches (nine working days and counting) it is surely reasonable to seek similar transparency for PAFC (125) Ltd no matter how 'reluctant' the sole shareholder may be in the whole process.


As luck would have it, Graham, the sole and reluctant Shareholder of PAFC 125 will be answering fans' questions on Friday 29th July in London for PASALB. Unfortunately, I'm not in London but perhaps someone who is, could raise these questions directly with him....

Re: Bishop International Update

Posted: 08:37 26 Jul 2011
by PL2 3DQ
footieshop wrote: I am in quandry .... can the good people of PASOTI help me?

I run a business and a couple of years ago, having taken it as far as I can, I decided to seek some support by appointing business men, wealthy individuals with contacts in my business area, I found these people and duly issued shares and thought that they could help me raise the profile of my brand in the UK and abroad....

Well after a period of time I noticed that the business was not running to form and these new individuals were not in a position to, or have the drive that I had, take my business forward, in fact since their involvement my business has run up significant debts..... My business is going to go into administration as I cannot sustain in it in its current form

Therefore I have 2 options, which should I choose?

Option 1

a) I appoint a friend of mine as chair / director in order to start the administration process, I can do this by stating he has a wealth of experience in this field and can help us out
b) I then, with the aid of my friend, appoint an administrator who is in the know
d) I then look to get the debt reduced on the business, using my friend and his administrator friend to do so
e) Whilst this is happening I take a back seat /drop off the radar whilst the following unfold
f) I then arrange with a local cohort to put a bid in for my company, unbeknown to my current associates
f) I know my bid will be accepted as it is my friend at the helm and his friend is running the administration
g) In the meantime I will set up some nominee businesses with no link back to me so that I cannot be seen to be involved
h) I then get my cohort to front the bid
i) once the bid is accepted and any regulatory requirements are met I can then move forward
j) just to ensure there is no comeback I will get my friend to run the business for a period of time then I will buy it back from him in the future and become the saviour once again
k) I will then get rid of the cohort and friend, with a nice payday, and bob's your uncle I am back in business, having wiped out approx 90% of the debt, got rid of my original associates and picked up the business for a song

Option 2

a) I run the business hand it over to my friend and walk away with nothing....

Which do you think is the best option for me?


I would go for Option 1. I would also get my local cohort friend to register my new company name at my current business address using his girlfriend's name as a director. When asked I would just deny all knowledge.

Re: Bishop International Update

Posted: 11:07 26 Jul 2011
by RedGreen
PL2 3DQ wrote:
footieshop wrote: I am in quandry .... can the good people of PASOTI help me?

I run a business and a couple of years ago, having taken it as far as I can, I decided to seek some support by appointing business men, wealthy individuals with contacts in my business area, I found these people and duly issued shares and thought that they could help me raise the profile of my brand in the UK and abroad....

Well after a period of time I noticed that the business was not running to form and these new individuals were not in a position to, or have the drive that I had, take my business forward, in fact since their involvement my business has run up significant debts..... My business is going to go into administration as I cannot sustain in it in its current form

Therefore I have 2 options, which should I choose?

Option 1

a) I appoint a friend of mine as chair / director in order to start the administration process, I can do this by stating he has a wealth of experience in this field and can help us out
b) I then, with the aid of my friend, appoint an administrator who is in the know
d) I then look to get the debt reduced on the business, using my friend and his administrator friend to do so
e) Whilst this is happening I take a back seat /drop off the radar whilst the following unfold
f) I then arrange with a local cohort to put a bid in for my company, unbeknown to my current associates
f) I know my bid will be accepted as it is my friend at the helm and his friend is running the administration
g) In the meantime I will set up some nominee businesses with no link back to me so that I cannot be seen to be involved
h) I then get my cohort to front the bid
i) once the bid is accepted and any regulatory requirements are met I can then move forward
j) just to ensure there is no comeback I will get my friend to run the business for a period of time then I will buy it back from him in the future and become the saviour once again
k) I will then get rid of the cohort and friend, with a nice payday, and bob's your uncle I am back in business, having wiped out approx 90% of the debt, got rid of my original associates and picked up the business for a song

Option 2

a) I run the business hand it over to my friend and walk away with nothing....

Which do you think is the best option for me?


I would go for Option 1. I would also get my local cohort friend to register my new company name at my current business address using his girlfriend's name as a director. When asked I would just deny all knowledge.


An innocent or naive slip up - you decide, but they probably thought they could sail through this with Argyle fans falling at their ( saviour's ) feet!

Re: Bishop International Update

Posted: 11:19 26 Jul 2011
by Shadowknight
PL2 3DQ wrote:
footieshop wrote: I am in quandry .... can the good people of PASOTI help me?

I run a business and a couple of years ago, having taken it as far as I can, I decided to seek some support by appointing business men, wealthy individuals with contacts in my business area, I found these people and duly issued shares and thought that they could help me raise the profile of my brand in the UK and abroad....

Well after a period of time I noticed that the business was not running to form and these new individuals were not in a position to, or have the drive that I had, take my business forward, in fact since their involvement my business has run up significant debts..... My business is going to go into administration as I cannot sustain in it in its current form

Therefore I have 2 options, which should I choose?

Option 1

a) I appoint a friend of mine as chair / director in order to start the administration process, I can do this by stating he has a wealth of experience in this field and can help us out
b) I then, with the aid of my friend, appoint an administrator who is in the know
d) I then look to get the debt reduced on the business, using my friend and his administrator friend to do so
e) Whilst this is happening I take a back seat /drop off the radar whilst the following unfold
f) I then arrange with a local cohort to put a bid in for my company, unbeknown to my current associates
f) I know my bid will be accepted as it is my friend at the helm and his friend is running the administration
g) In the meantime I will set up some nominee businesses with no link back to me so that I cannot be seen to be involved
h) I then get my cohort to front the bid
i) once the bid is accepted and any regulatory requirements are met I can then move forward
j) just to ensure there is no comeback I will get my friend to run the business for a period of time then I will buy it back from him in the future and become the saviour once again
k) I will then get rid of the cohort and friend, with a nice payday, and bob's your uncle I am back in business, having wiped out approx 90% of the debt, got rid of my original associates and picked up the business for a song

Option 2

a) I run the business hand it over to my friend and walk away with nothing....

Which do you think is the best option for me?


I would go for Option 1. I would also get my local cohort friend to register my new company name at my current business address using his girlfriend's name as a director. When asked I would just deny all knowledge.

You could also get mutual friends to join up with local websites to tell people what wonderful people you are. Can't hurt, can it?

Re: Bishop International Update

Posted: 11:50 26 Jul 2011
by Gerald Wylie
There's also option 3'

Walk around the ground at Truro friendly, with a sign asking for donations for family to emigrate to Dubai.
You wouldn't believe how generous, fans can be.