Fry reveals all about Pinnacle

[NickG]

after takeover is complete;)

 

Solent asked Fry for the full / real story about Pinnacle, Fry said he will reveal all after the takeover is complete.

 

He did say to them that he was desperate to get wages paid to stop club folding and the Swiss were not ready to commit at that stage.

[stanthemanfairoak]

after takeover is complete;)

 

Solent asked Fry for the full / real story about Pinnacle, Fry said he will reveal all after the takeover is complete.

 

He did say to them that he was desperate to get wages paid to stop club folding and the Swiss were not ready to commit at that stage a r`nt they due at the end of the month?]

[John B]

after takeover is complete;)

 

Solent asked Fry for the full / real story about Pinnacle, Fry said he will reveal all after the takeover is complete.

 

He did say to them that he was desperate to get wages paid to stop club folding and the Swiss were not ready to commit at that stage.

 

That is fair enough I would have thought not easy being an administrator even though you know the facts.

Edited 8 July, 2009 by John B

[alpine_saint]

after takeover is complete;)

 

Solent asked Fry for the full / real story about Pinnacle, Fry said he will reveal all after the takeover is complete.

 

He did say to them that he was desperate to get wages paid to stop club folding and the Swiss were not ready to commit at that stage.

 

Surprised this is permitted under the NDAs

[John B]

Surprised this is permitted under the NDAs

 

What is your opinion of Fry now?

 

It seems to have gone from one extreme to the other

[bungle]

alpine changes his opinion based on wind direction. He's never had a clue what he's on about.

[Wes Tender]

alpine changes his opinion based on wind direction. He's never had a clue what he's on about.

 

No. It might be that you don't have a clue what he's on about, but that's a different matter.

[trousers]

Clever utilisation of partial thread title + incorrect tense techniques :smt021

[Wes Tender]

Clever utilisation of partial thread title + incorrect tense techniques :smt021

 

Yes. Nick is interfering with the Space/Time continuum, which might have dire consequences.

[Gemmel]

Surprised this is permitted under the NDAs

 

NDA's are normally fairly "Washy" in the grand scheme of things. I would imagine that off limits, will be names of backers etc. but unless there was specific reference to whether or not any physical cash was paid for the exclusivity, then i would imagine he could outline the details around that.

Judging by Fry's quote (If true) above it could be a bit uncomfortable for Mr Lynam over the next couple of days.

[John B]

NDA's are normally fairly "Washy" in the grand scheme of things. I would imagine that off limits, will be names of backers etc. but unless there was specific reference to whether or not any physical cash was paid for the exclusivity, then i would imagine he could outline the details around that.

Judging by Fry's quote (If true) above it could be a bit uncomfortable for Mr Lynam over the next couple of days.

 

Thats how I would see it just details of the events which led Fry and the Administrators letting Pinnacle nearly in

[Guy]

How much detail does the administrator have to put into the public domain by law, to show he has done his job properly?

[Saint Billy]

alpine changes his opinion based on wind direction. He's never had a clue what he's on about.

 

Wherever there is an Alpine post there is a Bungle post following it.

[OldNick]

or Fry is trying to move the blame from him giving exclusivity to a sham instead of the Swiss. If he is inferring that he did it to get the wages paid he forgets that it is not sure how much was paid at that time.Is it alos right that he took money knowing that they would not complete, is that correct for him to do?

[eelpie]

So Fry hasn't revealed all about Pinnacle.

[SaintBobby]

Surprised this is permitted under the NDAs

 

Fair point - alhough I guess/hope the point is academic now. Would have thought Tony Lynam will be keen to post on here to give his side of the story first. I'm sure he wouldn't want his credibility to suffer by not furnishing with us fans with all the facts...

[Scummer]

If he is inferring that he did it to get the wages paid he forgets that it is not sure how much was paid at that time.

 

Surely he's exactly the person who would know that, rather than all the people on here with their theories?

[John B]

or Fry is trying to move the blame from him giving exclusivity to a sham instead of the Swiss. If he is inferring that he did it to get the wages paid he forgets that it is not sure how much was paid at that time.Is it alos right that he took money knowing that they would not complete, is that correct for him to do?

 

You dont like Fry do you Nick .

 

Perhaps what he was saying was that it was important to get money for the wages and at the time the Swiss were not prepared to cough up money so he went with Pinnacle who he thought at the time had the rquisite financial backing.

 

But time will tell I have an open mind and will make up my mind about Fry when more facts are known.

[OldNick]

Surely he's exactly the person who would know that, rather than all the people on here with their theories?

well he can let us all know. He will try and make himself look good as I doubt his trade mates think he has been that clever being duped and so he is bound to try and make it sound as he pulled a stroke of magic.

[INFLUENCED.COM]

Surely he's exactly the person who would know that, rather than all the people on here with their theories?

 

Of course, but what he alludes to is quite wrong and he too is accountable for the delay but will no doubt hide behind proof of funds was 'demonstrated'

[OldNick]

You dont like Fry do you Nick .

 

Perhaps what he was saying was that it was important to get money for the wages and at the time the Swiss were not prepared to cough up money so he went with Pinnacle who he thought at the time had the rquisite financial backing.

 

But time will tell I have an open mind and will make up my mind about Fry when more facts are known.

I was at first impressed but time has changed that John.

[John B]

well he can let us all know. He will try and make himself look good as I doubt his trade mates think he has been that clever being duped and so he is bound to try and make it sound as he pulled a stroke of magic.

 

We dont know that he was duped do we we only think he was duped.

 

At least Fry has kept the club going and paid the wages and seems to have found a really good buyer.

[John B]

I was at first impressed but time has changed that John.

 

I know we regard to Fry I always know you are to post something negative you may well be right but only time will tell.

 

 

If I was told three months ago that we would have a billionaire owner in July I would have not believe it but it seems it will happen thanks to Fry

[OldNick]

We dont know that he was duped do we we only think he was duped.

 

At least Fry has kept the club going and paid the wages and seems to have found a really good buyer.

From where i sit he was but of course only my opinion. If he allowed a third party to pay a deposit for them it would seem obvious that they were eithrer not committed or unable to raise the right funds IMO. I doubt he found the buyer but they were introduced.They could have easily walked after he gave Pinnacle 3 weeks exclusivity. In that time they could have changed their mind or even got a better opportunity, especially as it seemed Pinnacle were the real deal. He of course may have kept them warm but there were ruours of them being very unhappy that Pinnacle were give the first chance. i believe he was lucky that the Swiss stayed.

[INFLUENCED.COM]

it will happen thanks to Fry

 

Because of or inspite of ?

[John B]

From where i sit he was but of course only my opinion. If he allowed a third party to pay a deposit for them it would seem obvious that they were eithrer not committed or unable to raise the right funds IMO. I doubt he found the buyer but they were introduced.They could have easily walked after he gave Pinnacle 3 weeks exclusivity. In that time they could have changed their mind or even got a better opportunity, especially as it seemed Pinnacle were the real deal. He of course may have kept them warm but there were ruours of them being very unhappy that Pinnacle were give the first chance. i believe he was lucky that the Swiss stayed.

 

If the choice was Pinnacle or Liquidation what would you go for?

[Fowllyd]

well he can let us all know. He will try and make himself look good as I doubt his trade mates think he has been that clever being duped and so he is bound to try and make it sound as he pulled a stroke of magic.

 

Nick, you've frequently alluded to an offer which was on the table some time before Pinnacle gained exclusivity, and said that Fry studiously ignored that offer. A couple of questions about that: first, who was behind said offer; second, how much was it?

[OldNick]

Nick, you've frequently alluded to an offer which was on the table some time before Pinnacle gained exclusivity, and said that Fry studiously ignored that offer. A couple of questions about that: first, who was behind said offer; second, how much was it?

It has been mentioned many times that Jackson had an offer on the table. It was not enough apparently but it is for others who know more to put that up.

[Scummer]

It has been mentioned many times that Jackson had an offer on the table. It was not enough apparently but it is for others who know more to put that up.

 

But it sounds like it was an offer on the never-never.

 

If I offered to give you 50 quid, and another 50 quid in a few years when I get round to marrying Madonna, or someone else offered you 60 quid today, which would you accept?

 

In todays environment, companies are far more likely to want cash up front, even if there's the potential to get more later.

 

I could offer to buy the club for a pound today, but promise to pay Aviva 50 million when I get to the premiership. That's not a very attractive deal for Aviva, as for all they know (and they'd probably be right) I'd never get there.

[Fitzhugh Fella]

It has been mentioned many times that Jackson had an offer on the table. It was not enough apparently but it is for others who know more to put that up.

 

There is a big difference between offering and delivering.

 

The Pinnacle debacle needs to be investigated and I know it will be once the Swiss takeover is completed. It appears there were serious misrepresentations going on that could in some quarters be regarded close to being fraudulent.

 

IMO Pinnacle were never serious, they had no funds once the early principles melted away early on and they then wasted 4 weeks of the club's time in a critical period.

 

It will be in Fry's interest to spill the beans simply to protect his reputation. In the meantime let's hope this actual deal does come to a swift conclusion - you are never certain until the funds are in the bank.

[Fowllyd]

It has been mentioned many times that Jackson had an offer on the table. It was not enough apparently but it is for others who know more to put that up.

 

Thanks, that's what I thought was the case. Now, if I were in the position of the creditors I'd feel mightily pleased that an offer from Marc Jackson and his Magical Melting Money Men hadn't been taken up by the administrator who was working on my behalf. And, if the sum offered was in the region of £8M, as has been suggested, then they'll be even happier as the reported figure being paid by Markus Liebherr is £12.5M. Well worth a few weeks' wait to get over 50% more I'd have thought.

[OldNick]

But it sounds like it was an offer on the never-never.

 

If I offered to give you 50 quid, and another 50 quid in a few years when I get round to marrying Madonna, or someone else offered you 60 quid today, which would you accept?

 

In todays environment, companies are far more likely to want cash up front, even if there's the potential to get more later.

 

I could offer to buy the club for a pound today, but promise to pay Aviva 50 million when I get to the premiership. That's not a very attractive deal for Aviva, as for all they know (and they'd probably be right) I'd never get there.

and you think Pinnacles was not on similar lines, and we dont know the Swiss's either. I would also look at the probabability of such futures coming to pass. I believe if the right set up is achieved we could be at least up 1 division quickly. If that is the case and the cost base of the club is low then the chance of further payments are high.Your analogy is obviously far fetched as the odds are not stacked as you put them.It would have been in the region of £8m with add ons i suspect.Not £1 now and 50m later.

[OldNick]

Thanks, that's what I thought was the case. Now, if I were in the position of the creditors I'd feel mightily pleased that an offer from Marc Jackson and his Magical Melting Money Men hadn't been taken up by the administrator who was working on my behalf. And, if the sum offered was in the region of £8M, as has been suggested, then they'll be even happier as the reported figure being paid by Markus Liebherr is £12.5M. Well worth a few weeks' wait to get over 50% more I'd have thought.

We dont know Liebherrs offer of course. It has turned out OK for Fry but perhaps not on purpose, as if i was a billionaire and a little club like SFC had scorned me i may have moved to other things, after all he doesnt have the emotional ties we do. he looks at us in £'s

[John B]

There is a big difference between offering and delivering.

 

The Pinnacle debacle needs to be investigated and I know it will be once the Swiss takeover is completed. It appears there were serious misrepresentations going on that could in some quarters be regarded close to being fraudulent.

 

IMO Pinnacle were never serious, they had no funds once the early principles melted away early on and they then wasted 4 weeks of the club's time in a critical period.

 

It will be in Fry's interest to spill the beans simply to protect his reputation. In the meantime let's hope this actual deal does come to a swift conclusion - you are never certain until the funds are in the bank.

 

I think the MLT factor clouded the issue perhaps as the fans wanted him involved the Swiss may have not been confident in going forward but I do agree with what you are saying in general.

 

Fry will have seen the negative comments about him and no doubt will want to say why he did certain things at least we have played two pre season games so things are not as bad as they could have been if the wages had not been paid

[Scummer]

and you think Pinnacles was not on similar lines, and we dont know the Swiss's either.

 

Phil said other bid(s) worth less in total, but more cash up front.

 

Let's be honest, none of us know the full picture, so it's a bit foolish to be casting aspersions. Maybe we should just wait til the deal is done, then revisit this.

[Torres]

Wherever there is an Alpine post there is a Bungle post following it.

 

Alpine, Bungle and The Dell Days are all the same person.

[Chez]

alpine changes his opinion based on wind direction. He's never had a clue what he's on about.

 

go on, you can tell me, you two are lovers right?

[Chez]

Thanks, that's what I thought was the case. Now, if I were in the position of the creditors I'd feel mightily pleased that an offer from Marc Jackson and his Magical Melting Money Men hadn't been taken up by the administrator who was working on my behalf. And, if the sum offered was in the region of £8M, as has been suggested, then they'll be even happier as the reported figure being paid by Markus Liebherr is £12.5M. Well worth a few weeks' wait to get over 50% more I'd have thought.

 

maybe the previous didn't include the land, training ground, stadium...who knows.

[Thedelldays]

cant wait to read about these guys

[benjii]

I would suggest that the following may have happened:

 

Pinnacle originally had interest from some wealthy people and were able to demonstrate proof of funds at an early stage (bear in mind "proof of funds" is just that; you don't have to commit the funds, just show they are potentially available).

 

Pinnacle went public and were associated with MLT (whether MLT was entirely comfortable or not, who knows).

 

For whatever reason the rich people withdrew.

 

There were other serious bidders (like our dear friend Mr Liebherr).

 

The wage deadline was approaching but the other bidders weren't ready to cover any payments.

 

Pinnacle, having gone public were desperately trying to salvage their deal and managed to persuade someone to stump up a deposit (which may have been less than the originally touted £500,000 if Fry was getting desperate).

 

Fry had no choice but to accept or wind-up, and had to give Pinnacle exclusivity in return.

 

It became clear that Pinnacle no longer had any funds but other bidders had naturally assumed they were serious vis the deposit and, in any case, didn't want to go toe-to-toe with MLT.

 

Fry gave Pinnacle every opportunity but they couldn't complete.

 

The other bidders were still interested...

 

And here we are!

 

So all-in-all, if that is correct I would say a tremendous "well done" to Fry for keeping the other parties interested during Pinnacle's exlusivity.

 

Of course, that is just guesswork based on what has come out so far.

 

Nothing sinister. Nothing needing "investigation". Just a failed deal and then a completed deal. That's business.

Edited 8 July, 2009 by benjii

[John B]

I would suggest that the following may have happened:

 

Pinnacle originally had interest from some wealthy people and were able to demonstrate proof of funds at an early stage (bear in mind "proof of funds" is just that; you don't have to commit the funds, just show they are potentially available).

 

Pinnacle went public and were associated with MLT (whether MLT was entirely comfortable or not, who knows).

 

For whatever reason the rich people withdrew.

 

There were other serious bidders (like our dear friend Mr Liebherr).

 

The wage deadline was approaching but the other bidders weren't ready to cover any payments.

 

Pinnacle, having gone public were desperately trying to salvage their deal and managed to persuade someone to stump up a deposit (which may have been less than the originally touted £500,000 if Fry was getting desperate).

 

Fry had no choice but to accept or wind-up, and had to give Pinnacle exclusivity in return.

 

It became clear that Pinnacle no longer had any funds but other bidders had naturally assumed they were serious vis the deposit and, in any case, didn't want to go toe-to-toe with MLT.

 

Fry gave Pinnacle every opportunity but they couldn't complete.

 

The other bidders were still interested...

 

And here we are!

 

So all-in-all, if that is correct I would say a tremendous "well done" to Fry for keeping the other parties interested during Pinnacle's exlusivity.

 

Of course, that is just guesswork based on what has come out so far.

 

Yes that is how I see it too but lets wait and see what the true story is

[batterseasaint]

I would suggest that the following may have happened:

 

Pinnacle originally had interest from some wealthy people and were able to demonstrate proof of funds at an early stage (bear in mind "proof of funds" is just that; you don't have to commit the funds, just show they are potentially available).

 

Pinnacle went public and were associated with MLT (whether MLT was entirely comfortable or not, who knows).

 

For whatever reason the rich people withdrew.

 

There were other serious bidders (like our dear friend Mr Liebherr).

 

The wage deadline was approaching but the other bidders weren't ready to cover any payments.

 

Pinnacle, having gone public were desperately trying to salvage their deal and managed to persuade someone to stump up a deposit (which may have been less than the originally touted £500,000 if Fry was getting desperate).

 

Fry had no choice but to accept or wind-up, and had to give Pinnacle exclusivity in return.

 

It became clear that Pinnacle no longer had any funds but other bidders had naturally assumed they were serious vis the deposit and, in any case, didn't want to go toe-to-toe with MLT.

 

Fry gave Pinnacle every opportunity but they couldn't complete.

 

The other bidders were still interested...

 

And here we are!

 

So all-in-all, if that is correct I would say a tremendous "well done" to Fry for keeping the other parties interested during Pinnacle's exlusivity.

 

Of course, that is just guesswork based on what has come out so far.

 

Nothing sinister. Nothing needing "investigation". Just a failed deal and then a completed deal. That's business.

 

Am completely with you on this Benji. I really don't buy all this stuff about Fry and MLT being duped. They both got into bed with Pinnacle based on the FACTS, and those facts were originally that the investors were there and had proven funds. Neither can be blamed that those investors then pulled out for whatever reason. And because Fry had granted exclusivity for a set period, he could hardly renege on that. And as for Le Tiss, he had publicly put his name to the bid, and even when the original backers pulled out, he felt it was the right thing to do to assist in finding alternatives, for his own love of the club.

 

I think they both knew the whole truth all along, and no-one kept them in the dark over anything. Us fans were the only ones kept in the dark, due to Lynham's various messages that everything was in place apart from a few legal issues and the FL argument (and he forgot to tag on the end that the money wasn't in place either).

[John B]

Am completely with you on this Benji. I really don't buy all this stuff about Fry and MLT being duped. They both got into bed with Pinnacle based on the FACTS, and those facts were originally that the investors were there and had proven funds. Neither can be blamed that those investors then pulled out for whatever reason. And because Fry had granted exclusivity for a set period, he could hardly renege on that. And as for Le Tiss, he had publicly put his name to the bid, and even when the original backers pulled out, he felt it was the right thing to do to assist in finding alternatives, for his own love of the club.

 

I think they both knew the whole truth all along, and no-one kept them in the dark over anything. Us fans were the only ones kept in the dark, due to Lynham's various messages that everything was in place apart from a few legal issues and the FL argument (and he forgot to tag on the end that the money wasn't in place either).

 

The only thing he did to muddy the water was to say Failka had loads of money as I never wanted Pinnacle after hearing them on SKY I am pleased with the outcome

Edited 8 July, 2009 by John B

[OldNick]

Am completely with you on this Benji. I really don't buy all this stuff about Fry and MLT being duped. They both got into bed with Pinnacle based on the FACTS, and those facts were originally that the investors were there and had proven funds. Neither can be blamed that those investors then pulled out for whatever reason. And because Fry had granted exclusivity for a set period, he could hardly renege on that. And as for Le Tiss, he had publicly put his name to the bid, and even when the original backers pulled out, he felt it was the right thing to do to assist in finding alternatives, for his own love of the club.

 

I think they both knew the whole truth all along, and no-one kept them in the dark over anything. Us fans were the only ones kept in the dark, due to Lynham's various messages that everything was in place apart from a few legal issues and the FL argument (and he forgot to tag on the end that the money wasn't in place either).

thats fine, people have their opinions. I beleive that the excluivity period always had question marks over it. people took it that 500k was paid when that was never stated by Fry just an undisclosed fee. Then all of a sudden people were saying LC had paid it, but he was not part of Pinnacle, neither parth denied it, for different reasons i suspect. Fry should have been alerted to the buyer not having the ability or will to pay the deposit, especially as it would potentially upset other parties.

[John B]

thats fine, people have their opinions. I beleive that the excluivity period always had question marks over it. people took it that 500k was paid when that was never stated by Fry just an undisclosed fee. Then all of a sudden people were saying LC had paid it, but he was not part of Pinnacle, neither parth denied it, for different reasons i suspect. Fry should have been alerted to the buyer not having the ability or will to pay the deposit, especially as it would potentially upset other parties.

 

No money from Pinnacle meant liquidation probably

[OldNick]

No money from Pinnacle meant liquidation probably

or the Swiss quicker. Anyway it is history now. Lets move on and hope NONE of the past personalities are in the directors box. Period

[John B]

or the Swiss quicker. Anyway it is history now. Lets move on and hope NONE of the past personalities are in the directors box. Period

 

Back to the football

 

 

Success this season top ten finish

 

 

Good Cup Runs

[OldNick]

Back to the football

 

 

Success this season top ten finish

 

 

Good Cup Runs

I agree John. Time for wounds to be healed and a united fanbase will be worth a few points and and upbeat feel to the club agian

[Fitzhugh Fella]

or the Swiss quicker. Anyway it is history now. Lets move on and hope NONE of the past personalities are in the directors box. Period

 

It might be history to you, Nick but Pinnacle's actions brought SFC to the brink, meant that 2-3 players had to be sold to pay the wages and 5 weeks were wasted when the club could be rebuilding under genuine new owners. Plus of course there is that little matter of £500,00+. Who ever put that upfront may well have done it on false promises and I daresay they are feeling a little sore right now. While I agree about a clean break from the past there are some things that should not be swept under the carpet.

 

Looking forward to the new Swiss dawn as much as anyone but will watch forthcoming appointments closely - already I have heard the name of someone, most on here, would find unpalatable - just let's hope it's not true.

[Papa Shango]

Looking forward to the new Swiss dawn as much as anyone but will watch forthcoming appointments closely - already I have heard the name of someone, most on here, would find unpalatable - just let's hope it's not true.

 

Come on, name names please!