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Re: PASOTI Q&A with George Synan - The Answers!

Posted: 19:46 02 Dec 2013
by Greenskin
Seems very amateurish and naive of Mr Synan and Mr Kagami not to carry out appropriate due diligence before entering into the deal in the first place,if indeed the state of the club was as parlous as he alleges.Most unusual business practice not to have a good look through the books before ploughing £2.6m in. :?

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 20:12 02 Dec 2013
by Glynn
Interesting read and glad he has answered the questions raised. Its hard to know how much of it to take as gospel as this is only his side of the story.

Would be interesting if we could get a Q&A from everyone involved at the time to try and get some clarity.

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 21:58 02 Dec 2013
by gaspargomez
27K would have been a great stadium.
And I bet the profits form the land development are still there to deliver it.

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 22:01 02 Dec 2013
by gaspargomez
Greenskin wrote: Seems very amateurish and naive of Mr Synan and Mr Kagami not to carry out appropriate due diligence before entering into the deal in the first place,if indeed the state of the club was as parlous as he alleges.Most unusual business practice not to have a good look through the books before ploughing £2.6m in. :?


Yeah, that's why his story doesn't entirely stack up.

Synan and Kagami are both successful businessmen. Of course they carried out their due diligence.

They knew what they were doing. They were clearly here for the land freehold.

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 08:20 03 Dec 2013
by Deacster
Slightly insightful but only one side of the story, you could interview all 7 who would tell you something different which makes them look good. The day someone comes out and puts their hand up for their role in our downfall will be the day I respect any of them.

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 08:24 03 Dec 2013
by Damon.Lenszner
Deacster, if the downfall started the day the Club bought the freehold from PCC as many suggest, then I put my hands up and admit it was a massive error of judgement. It is why it must not be allowed to happen again.

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 08:42 03 Dec 2013
by xmastree
Stapleton's claim that he didn't know is just ludicrous. If that is true it makes him look worse, not better. As a director and an accountant who had been on the scene for a long time, he should have been deep in the books. Ignorance is no defence.

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 09:09 03 Dec 2013
by Frank_Butcher
For those not savvy with financial markets, Wikipedia has a good concise description of 'put options'.

A put or put option is a contract between two parties to exchange an asset (the underlying), at a specified price (the strike), by a predetermined date (the expiry or maturity). One party, the buyer of the put, has the right, but not an obligation, to re-sell the asset at the strike price by the future date, while the other party, the seller of the put, has the obligation to repurchase the asset at the strike price if the buyer exercises the option

Kagami is the seller in this case, the local Directors were the buyers according to what Synan says. If his account is true, it explains a lot.

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 11:00 03 Dec 2013
by Quintrell_Green
One could take the view that the final catalyst for the administration was

1] Kagami's late realisation that to inject more funds into PAFC was 'throwing good money after bad'.

2] Kagami's team realisation that doing business with Ridsdale was akin to supping with the devil

After that there was only one way the dodgey situation would lead.

This was a good read, although it is raking over old coals and I think enough is enough. Argyle are currently, where Argyle are, and the further we look to the future, the better it will be for all parties.

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 14:41 03 Dec 2013
by dunlop
Looks to me that they took a lot of what Tony Campbell told them to be true, it will be interesting to hear his story.

Before these idiots got involved we were a reasonably happy football club with reasonable ambitions, they along with Gardner Todd and co ripped the soul out of the club, and have my doubts if we will ever get it back.

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 15:49 03 Dec 2013
by Andy in Peverell
well done to all who organised this. At first glance that seems a far more honest response than I thought Pasoti would get when this was first suggested

Would it still be in their (kagami and synan) interests, now the dust has settled, to spin the facts more favourably to suit them? I'm probably being naive here but What would be gained by him lying?

Whatever way you look at it Stapletons defence that he never knew the scale of the problems seems as implausible now as it did then.

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 15:58 03 Dec 2013
by gaspargomez
Unless stapleton was being lied to ?
The accounts would be a yearly audit, so they might not have reflected the current situation which forced the club into administration.
If the last set of accounts looked OK and Todd told the other directors everything was under control, then maybe the locals might have not found out until it was too late ??

Re: PASOTI Q&A with George Synan - The Answers!

Posted: 16:50 03 Dec 2013
by IJN