V bored with this now but

yet again, the debt has not been "paid off". Ips**t still owe the same amount. It's just that they owe it to Mr Evans, rather than to Morley.

Morley have sold the rights to a £32m debt for £6m because they think it wasn't very valuable. They couldn't enforce it against assets, because the scum's rented ground is the footballing equivalent of living in a caravan and they haven't got a pot to piss in. They couldn't even make the bastards pay the interest payments they owed, because if they had enforced them the scum would have gone very very bust. They couldn't make them sell valuable players because they hadn't got any.

So getting £6m was better than carrying on holding it and hoping that somehow the scum would get promoted and be able to pay it back (or at least pay the interest).

People like Evans buy distressed debt NOT to "write it off". They buy it because they think that they have thought of a way of making the debtor repay the money. This can be in all sorts of ways - sacking the management and putting in a good new team, asset-stripping, exploiting new markets which the company had missed - all sorts of ways of doing it. But Mr Evans has paid £6m IN EXCHANGE FOR THE RIGHT TO MAKE PISWICH PAY HIM £32M at some point.

So the debt is NOT written off. It's just changed hands.

Anyway, f**k them, f**k their grubby shabby shameful commercial conduct, and f**k their team. I hope they get to the play off finals and lose 2-1 with Haynes scoring an own goal in the 92nd minute. I hope that Evans gets bored with them after 2 or 3 seasons trying and failing to get them promoted, and that they end up being flushed away down the toilet of football like a used condom.

I am NOT engaging in ANY more scum-investment posts today.

Posted By: Old Git on November 2nd 2007 at 10:39:09

Message Thread

Fucking Ipshit (Other Football) - phrankin, Nov 2, 10:14:10
- V bored with this now but (Other Football) - Old Git, Nov 2, 10:39:09
  - Nicely summarised, OG (Other Football) - BerlinCanary, Nov 2, 10:51:23
  - YOU ARE VERY WRONG, THE DEBT IS NOT OWED TO ANYNONE! (Other Football) - DUFFYIN, Nov 2, 10:42:57
    - Fucking hell, you really are thick aren't you? (n/m) (Other Football) - Yellalee, Nov 2, 10:51:58
  - have you told Leeds how that scheme works (Other Football) - south, Nov 2, 10:41:39
    - Leeds had a different set of problems (Other Football) - Old Git, Nov 2, 10:54:16
      - It could also, I suppose, be some sort of tax write-off (n/m) (Other Football) - BerlinCanary, Nov 2, 10:57:15
- Don't worry. It wont make any difference. (n/m) (Other Football) - Snakey, Nov 2, 10:28:34
- Really? Investment? Is that true? (Other Football) - Arizona Bay, Nov 2, 10:17:01
  - I didnt realise (Other Football) - phrankin, Nov 2, 10:18:05
- This isn't going to be your new 'but he's been relegated three times', is it? (n/m) (Other Football) - Yellalee, Nov 2, 10:16:01
  - No, just saying.... (Other Football) - phrankin, Nov 2, 10:17:29
- it's nice when a major employer in your arch rivals city, decide to pay £25 million (Other Football) - DUFFYIN, Nov 2, 10:15:30
- let's move on now (n/m) (Other Football) - malkybarkid, Nov 2, 10:14:40
  - You wise old Sage, you. (Other Football) - Garry Brooke, Nov 2, 10:17:53

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