Peter Cullum - it's the same old story

I bang on and on about this board's fascination with property development and the trouble it has caused. No-one takes any notice but here we go again: the board's hopelessly inflated ideas of the value of the land the club and its subsidiaries owns has caused financial problems in the past, and still they never learn.

There is nothing new in what Cullum has said today: anyone with half a brain could see that what Cullum was proposing was the creation of new shares: the drawback with the internet is, of course, that the views of idiots have equal weight to those of the rest of us, hence the rash of postings on here and elsewhere suggesting that Cullum wanted Delia's shares for nothing (I accept that some of this may have been the work of of the asinine Ferrari trying to muddy the waters).

As Cullum said from the start the talks broke down over "a friendly arm-wrestle based on the valuation of the club" - basically Cullum wanted control for his ?20m which is what the club's accounts say it should buy him, but as was claimed in the accounts the board take the view that actually the fixed assets are worth more than is stated in the accounts. Just like they thought they would make so much money from property development that it would fund the South Stand and Infill.

Will they never learn?

Posted By: Reg Presley, Nov 13, 19:59:04