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| Quote Maccbull_BigBullyBooaza="Maccbull_BigBullyBooaza"I'm struggling to work out how we were physically able to sell the ground lease if it was the main security on the overdraft. Sorry if I'm biased because I hate RBS and love Braford Bulls but it doesn't seem as simple as RBS are making out.
Also if Ryan Duckett is to be believed they were offered securities last week by the directors last week. From my experience RBS seem to be quite inflexible nowadays in their lending to businesses.'"
...is the right answer.
And RBS are our current bankers, so I can speak from the same experience. |
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Apparently the Lord Mayor of London is a lifelong Bradford fan. He wants to get in there and start swinging his mace about.
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Moderator
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Or put it on Ebay.
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It's ironic that the amount we're looking for to save our club is pretty much exactly what RBS head honcho Hester was going to get as his Christmas friggin bonus.
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And I have already put up a strong argument regarding why I cannot believe that was the case.
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Quote Londo06="Londo06"...
But on a serious note RBS said they removed the overdraft because of the stadium www.bbc.co.uk/sport/0/rugby-league/17536053 Simple way for the overdraft bk would be for the RFL to transfer the title deed back to the Bulls and RBS would be olbliged to restore the overdraft.'"
Except the report doesn't say that; it says:-
Quote Londo06The cash-strapped club claimed on Monday that their lending facility has been significantly reduced by RBS, but the bank have labelled this as "incorrect".
RBS's statement sent to the BBC said: "It is incorrect to say RBS has cut the Bulls overdraft. We have been aware of cash difficulties faced by the Bulls for some time and have supported them through the last few months.
"However, the Bulls' main security was the lease on the stadium which they have recently sold and we have not been provided with replacement security to date."'"
So they claim that to say they reduced the O/D is "incorrect";
the impression I got from the various bits emananting from Bulls sources is that the Bulls had asked the bank tyo [iextend[/i the O/D;
and irritatingly the RBS statement doesn't say what they did when told they had lost the security of the lease. I mean, they must have done [isomething[/i, else why mention it at all, but if not alter the O/D - then what?
Also they say the Bulls' main security was the lease; quite apart from Adey's explanations as to why that sounds dodgy, what sort of a bank has a security that the club can get rid of without so much as a by-your-leave from the secured creditor? What flavour of "security" is that? Certainly none that I've ever heard of!
It's a bit like a building society saying to me, here's £200K, you own a house so that's enough security for us, don't worry about any paperwork! |
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Quote Londo06="Londo06"...
But on a serious note RBS said they removed the overdraft because of the stadium www.bbc.co.uk/sport/0/rugby-league/17536053 Simple way for the overdraft bk would be for the RFL to transfer the title deed back to the Bulls and RBS would be olbliged to restore the overdraft.'"
Except the report doesn't say that; it says:-
Quote Londo06The cash-strapped club claimed on Monday that their lending facility has been significantly reduced by RBS, but the bank have labelled this as "incorrect".
RBS's statement sent to the BBC said: "It is incorrect to say RBS has cut the Bulls overdraft. We have been aware of cash difficulties faced by the Bulls for some time and have supported them through the last few months.
"However, the Bulls' main security was the lease on the stadium which they have recently sold and we have not been provided with replacement security to date."'"
So they claim that to say they reduced the O/D is "incorrect";
the impression I got from the various bits emananting from Bulls sources is that the Bulls had asked the bank tyo [iextend[/i the O/D;
and irritatingly the RBS statement doesn't say what they did when told they had lost the security of the lease. I mean, they must have done [isomething[/i, else why mention it at all, but if not alter the O/D - then what?
Also they say the Bulls' main security was the lease; quite apart from Adey's explanations as to why that sounds dodgy, what sort of a bank has a security that the club can get rid of without so much as a by-your-leave from the secured creditor? What flavour of "security" is that? Certainly none that I've ever heard of!
It's a bit like a building society saying to me, here's £200K, you own a house so that's enough security for us, don't worry about any paperwork! | |
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And I think you might find they were offered additional security, which they declined?
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Or didnt value as much as the stadium lease?
We were asking to lend more. They are a commercial lender, albeit one under massive pressure from pretty much everyone in the UK to tighten up their lending procedure and not expose itself to any more toxic debt.
we all know Odsal is toxic!
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| Quote Ferocious Aardvark="Ferocious Aardvark"Except the report doesn't say that; it says:-
So they claim that to say they reduced the O/D is "incorrect";
the impression I got from the various bits emananting from Bulls sources is that the Bulls had asked the bank tyo [iextend[/i the O/D;
and irritatingly the RBS statement doesn't say what they did when told they had lost the security of the lease. I mean, they must have done [isomething[/i, else why mention it at all, but if not alter the O/D - then what?
Also they say the Bulls' main security was the lease; quite apart from Adey's explanations as to why that sounds dodgy, what sort of a bank has a security that the club can get rid of without so much as a by-your-leave from the secured creditor? What flavour of "security" is that? Certainly none that I've ever heard of!
It's a bit like a building society saying to me, here's £200K, you own a house so that's enough security for us, don't worry about any paperwork!'"
What are the chances of the RFL signing Odsal back to the Bradford Bulls for say £1, as the RFL could not in all likelihood afford to loan the Bulls the necessary shortfall in funds. The Bulls then return to RBS with security and go from there, and restore any line of credit that may or may not have been decreased. |
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| Quote Londo06="Londo06"What are the chances of the RFL signing Odsal back to the Bradford Bulls for say £1, as the RFL could not in all likelihood afford to loan the Bulls the necessary shortfall in funds. The Bulls then return to RBS with security and go from there, and restore any line of credit that may or may not have been decreased.'"
What's the number below "nil"? Less than that. |
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| Quote Ferocious Aardvark="Ferocious Aardvark"What's the number below "nil"? Less than that.'"
Is that because the RFL prob wouldn't do it or that RBS wouldn't restore or in any way increase the Bulls overdraft facility if they are given the documentation showing Odsal in Bradford Bulls hands again.
Donations will help but even a small increase in the line of credit would assist the Bulls, and the signing over of a stadium that would be of no interest to anyone but developers could be the beset route to bring liquidity to the club. |
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