Terry does not own the Phoenix on paper!!!!!!!!!!!!!!!!!
So how can he loss it, due to his other companies troubles.Hogster2011-07-15 09:47:08
Phoenix Ownership - Rob says FTFFA (Part 1)
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but this latest one is a finance company who has gone bust, it is the receivers trying to get the loan paid back, they want it now , not after they have got rid of the company.
p.s. i am no financial expert but am sure that is how it works, if i am wrong anyone can feel free to correct me
"FM Custodians is trying to claw back the remaining $5 million owed on
some $6.8 million of loans personally guaranteed by Serepisos. The
outstanding balance is accruing annual interest of 17.25%.
The lender has already forced mortgagee sales on several properties and
expects there may be a shortfall in excess of $2.3 million, the May
judgement said."
I take it from this that the loans are due, as well as interest, either because the term has expired, or because the interest payments are in default and the loan can be called back in under the terms.
If you have a mortgage and are keeping to the terms, there is no obligation to be forced to sell property and repay the loan, unless the terms in the mortgage were such that the lender could demand repayment at any time of its chosing, but who would agree to a deal like that.
If the loan was not in default it could not be called up. End of Story, it has nothing to do with whether the Lender (FM Custodians) is in Liquidation. If the loan was not in default they could raise cash by selling the loan to another lender, but they can not simply call up the loan
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Maybe ifill is in a dark place because he is reading this forum?
Or he's having trouble with the missus, or his mum back in England is sick or any number of things. The assumption that he's low because of Terry's property developments is paranoid at best, and I know from paranoid.
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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Maybe ifill is in a dark place because he is reading this forum?
Or he's having trouble with the missus, or his mum back in England is sick or any number of things. The assumption that he's low because of Terry's property developments is paranoid at best, and I know from paranoid.
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Ricki in the Herald: "we wouldn't be signing and trialling players if we thought Terry was doomed". But obviously random guys on this forum know much better about what's going on. Ricki's obviously living in a rose-tinted fantasy world. It's not as if his very livelihood depends on his call here or anything. 
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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I PERSONALLY KNOW 6 MILLIONAIRES WHO WILL COME FORWARD IF TERRY WILL JUST LET THE CLUB GO.
I KNOW THIS BECAUSE I ATTEND FANCY PARTIES WITH THEM ALL AND PARTAKE IN TEA SCONES AND CHAMPAGNE IT'S DELIGHTFUL. TERRY JUST SITS IN THE CORNER AND SCOWLS AT EVERYONE.Tegal2011-07-16 11:56:51
I KNOW THIS BECAUSE I ATTEND FANCY PARTIES WITH THEM ALL AND PARTAKE IN TEA SCONES AND CHAMPAGNE IT'S DELIGHTFUL. TERRY JUST SITS IN THE CORNER AND SCOWLS AT EVERYONE.Tegal2011-07-16 11:56:51
Allegedly
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its true! I'm one of the 6!!!
as am i, i am a rich billionaire in japan, and will fly to all games in my private jet picking up all auckland and chch based fevourites on my way to games
Calling all fans in Japan, come down and support the mighty nix in Osaka
http://www.facebook.com/WellingtonPhoenixClubMembersSupportersGroupOsaka
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ricki is dreaming ansd tryin to be positive, how can terry still think the cash is coming in? am i the only one who thinks he has lost it
What a lot of people seem to forget is that the Phoenix is a completely different business to the rest of Terry's empire. The downturn in the property market doesn't directly affect the Phoenix business model at all.
The connection between the Phoenix and the downturn in the property market is that Terry is a property developer and Terry funds any losses that the Nix make. So it's definitely in the Nix interest that Terry is in a position to cover any losses but it doesn't automatically mean the end of the world for the Nix if he's not.
It's the timing of cashflow that is the really important factor. Even if the Nix makes a loss it doesn't really come to a head until they can't pay their debts (in fact, even businesses making a profit sometimes can't pay their bills due to poor cashflow). At this point in the year the Nix should moving through a relatively cashflow positive phase (season ticket sales being the main driver) so unless they are carrying lots of unpaid debts already then there shouldn't be any immediate need for concern (or any immediate need for top-up funding from Terry).
The main issue for the Nix if Terry were to be made bankrupt on Monday is not so much that a source of funding dries up but that a bankrupt can't be a director of a limited liability company. I guess it's actually possible that Century City Football could continue to trade and hold the A-League license as long as Terry was removed as a director. I suspect, however, that the FFA have something in the license agreement that would allow them to terminate it anyway.
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What a lot of people seem to forget is that the Phoenix is a completely different business to the rest of Terry's empire. The downturn in the property market doesn't directly affect the Phoenix� business model at all.
The Phoenix business model RELIES ENTIRELY on Terry picking up the tab for losses. Losses are budgeted for. So Terry's "empire" will be required to produce a dividend to pay those amounts. If it can't there will be a shortfall at some point in the season. Aren't those facts inarguable?
When you say it "So it's definitely in the Nix interest that Terry is in a position to cover any losses but it doesn't automatically mean the end of the world for the Nix if he's not" what does that actually mean? Ok maybe it's not a problem today but surely it's going to be a problem at some time during the season?
Which comes back to the simple point that without Terry's funding the Phoenix business model is unsustainable
Normo's coming home
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I PERSONALLY KNOW 6 MILLIONAIRES WHO WILL COME FORWARD IF TERRY WILL JUST LET THE CLUB GO.
I KNOW THIS BECAUSE I ATTEND FANCY PARTIES WITH THEM ALL AND PARTAKE IN TEA SCONES AND CHAMPAGNE IT'S DELIGHTFUL. TERRY JUST SITS IN THE CORNER AND SCOWLS AT EVERYONE.
But I,m a millionaire but could not sustain or even think of sustaining the losses. What a millionaire needs is an income to write the losses of against.I KNOW THIS BECAUSE I ATTEND FANCY PARTIES WITH THEM ALL AND PARTAKE IN TEA SCONES AND CHAMPAGNE IT'S DELIGHTFUL. TERRY JUST SITS IN THE CORNER AND SCOWLS AT EVERYONE.
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What a lot of people seem to forget is that the Phoenix is a completely different business to the rest of Terry's empire. The downturn in the property market doesn't directly affect the Phoenix business model at all.
The Phoenix business model RELIES ENTIRELY on Terry picking up the tab for losses. Losses are budgeted for. So Terry's "empire" will be required to produce a dividend to pay those amounts. If it can't there will be a shortfall at some point in the season. Aren't those facts inarguable?
When you say it "So it's definitely in the Nix interest that Terry is in a position to cover any losses but it doesn't automatically mean the end of the world for the Nix if he's not" what does that actually mean? Ok maybe it's not a problem today but surely it's going to be a problem at some time during the season?
Which comes back to the simple point that without Terry's funding the Phoenix business model is unsustainable
Isn't that what I just said?
I was simply making the point that even if "Terry is gone for all money" you would need to have access to the Nix' cashflow forecasts to know exactly when that becomes a problem for the Nix. As you said yourself "maybe it's not a problem today" but it will become a problem sometime (unless the Nix can at least break-even).
I am becoming more optimistic by the day that the Nix will be alive and well at the start of the season, and for a significant part of the season. That gives Terry maybe another 6-9 months in which he can try and sort out his financial situation before his "ownership" of the Nix becomes an issue. That's good news for those of us who would like to see him stay, rather than be forced out of the club he created.
The more immediate threat is that if he is made personally bankrupt he won't be able to continue as a director of Century City Football and we don't know what that means in terms of the FFA allowing Century City Football to retain the license (but it almost certainly means it's all over).
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He's been given another four weeks.
https://www.stuff.co.nz/business/money/5300425/Serepisos-bankruptcy-case-on-hold
bigtobz2011-07-18 10:50:37
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I knew it. FM Custodians don't really want to bankrupt him, they just want their money.
And what happens if FM get their money? Is that the end of it? No. According to the story ...
"If Serepisos settles with FM Custodians, South Canterbury Finance can take over the bankruptcy proceedings if its debt remains unpaid."
Which means the pain and bad PR for the Nix (by association with Terry) will continue.
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He's been given another four weeks.
https://www.stuff.co.nz/business/money/5300425/Serepisos-bankruptcy-case-on-hold
no surprises there!
Queenslander 3x a year.
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According to Herald report, a couple of liquidation applications were also withdrawn. It seems that Terry is pulling something out of the bag. Despite Burgess's wishful thinking, perhaps he actually got some cash from the sale of the hotel after all?
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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While the 'real' you goes to bed each night and cries into your pillow?
Not over something I can't control. I go to my counselling sessions with 2ndBest, Feverish, Smithy and EG and we help each other through these troubled times.
My drinking is up though.
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Hey, I promised to do a walk of shame if Terry went bankrupt today, what you're seeing is relief.
Sorry, i missed that promise - what did it involve?
"Phoenix till they lose"
Posting 97% bollox, 8% lies and 3.658% genuine opinion.
Genuine opinion: FTFFA
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Hey, I promised to do a walk of shame if Terry went bankrupt today, what you're seeing is relief.
if terry is good at one thing, it is surviving, i dont know how he does it, but long may it continue
Calling all fans in Japan, come down and support the mighty nix in Osaka
http://www.facebook.com/WellingtonPhoenixClubMembersSupportersGroupOsaka
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