West Ham in insolvency?

[The_weatherman]

The parent company of West Ham is apparently filing for insolvency (I think it's insolvency), a spokesman said in the media that he was confident that the company's assets were good for the loans that are due. Don't know what this means, the parent company is called Hansa, I'm not sure if they have any other assets than West Ham.

Watch this space.

[The_weatherman]

can't be arsed, but if anyone is interested. From 2006.

Some guff from the statement to the Stock Exchange.


WH Holding strongly believes that an integrated approach is required to build West Ham’s future
and will be looking to develop West Ham’s business both on and off the field, including
investment in the training ground and facilities (including the academy), stadium upgrades and
player acquisitions, all of which will provide West Ham with the opportunity to build upon its
existing strong foundations.

------------------------

WH Holding intends to continue to run West Ham as a football business, with operations
remaining at the current locations. WH Holding believes, however, that as part of its integrated
strategy going forward, there is scope to enhance current commercial operations.
WH Holding does not have any immediate intentions to dispose of or otherwise change the use of
any assets within the West Ham portfolio, although it would consider any potential opportunities if
and when they arise.
WH Holding will work with the executive management team of West Ham and expects that
existing members of senior management will continue to be involved in the ongoing business of
West Ham.
Following the Offer becoming or being declared unconditional in all respects, Terry Brown has
agreed to step down from the Board of the holding company of West Ham although he will remain
a director and employee of the football club. Paul Aldridge will remain as Managing Director and
Nick Igoe will remain as Finance Director.
Upon the Offer becoming or being declared wholly unconditional, Eggert Magnusson will assume
the position of Chairman of the Board of West Ham. Thor Kristjansson and Gudmundur J
Oddsson will also be appointed to the Board of West Ham.
Following the Offer becoming or being declared wholly unconditional, Eggert Magnusson will
assume the position of Chairman of the Board of West Ham United Football Club and Terry
Brown will be appointed as non-executive Deputy Vice Chairman. Each of Paul Aldridge, Nick
Igoe and Scott Duxbury will remain as executive Directors of West Ham United Football Club.
Furthermore, upon the Offer becoming wholly unconditional, Thor Kristjansson, Gudmundur J
Oddsson and Sighvatur Bjarnason will be appointed to the Board of West Ham United Football
Club. Sighvatur Bjarnason is the Chairman of the Board of Directors of both Cimbric
Fiskekonserves A/S and Saltur Holding ehf.
In addition, Bjorgolfur Gudmundsson will assume the position of Honorary Life President of West
Ham United Football Club and, in recognition of his service to the Club, Terry Brown will be
appointed as Honorary Life Vice-President of West Ham United Football Club.
Following the Offer becoming or being declared wholly unconditional, Charles Warner, Martin
Cearns and Christopher Manhire have agreed to resign from the Boards of all West Ham Group
companies. In order to ensure that the traditions of the Club are preserved, Charles Warner and
Martin Cearns (whose families founded the Club) will become Associate Members of the Club
until their respective 75th birthdays.
The Board of WH Holding has given assurances to the Board of West Ham that, on the Offer
becoming or being declared wholly unconditional, the existing employment rights of all
management and employees of the West Ham Group will be honoured and pensions obligations
complied with.
WH Holding does not have any current plans which would impact the existing arrangements with
employees. Upon the Offer becoming wholly unconditional there will be a full strategic review
before there is any substantive change in Club strategy.

------------------------

WH Holding, a company incorporated in England and Wales, was incorporated on 9 November
2006 exclusively for the purpose of making the Offer. Since its incorporation WH Holding has not
traded.
The current directors of WH Holding are Bjorgolfur Gudmundsson, Eggert Magnusson, Thor
Kristjansson and Gudmundur J Oddsson.
Eggert Magnusson, 59, is a former owner and chief executive of an import/export and bread and
biscuit manufacturing company. He has been president of the Football Association of Iceland
since 1989 and is a former president of Valur Reykjavik (1984-89), one of Iceland’s oldest
football clubs. He was elected to the UEFA Executive Committee in April 2002, having been a
member of the Licensed Match Agents panel (1992-94), the Fair Play Committee (1994-96) and
the Club Competitions Committee (1996-2002). He has also been a member of a number of
FIFA committees. Mr Magnusson also serves as a board member of Straumur-Burdaras, an
Icelandic investment bank, as well as of the logistics firm, Avion Group hf. Both Straumur-
Burdaras and Avion Group hf. are listed on the Iceland Stock Exchange.
Bjorgolfur Gudmundsson is an international investor with interests in various sectors including
financial services, international transportation, seafood processing and sales, real estate and
publishing. Mr Gudmundsson is the Chairman of the non-executive board of Landsbanki, a
leading Icelandic bank with operations in 12 countries. Since Mr. Gudmundsson became
Chairman of Landsbanki in 2003, the bank has taken a lead in sponsoring sport in Iceland,
particularly football, where it has focused on the development of young players.
Mr Gudmundsson's principal investments are in three holding companies: Samson
eignarhaldsfelag ehf., Samson Global Holding and Hansa ehf.
Samson eignarhaldsfelag ehf. and Samson Global Holding are owned by Mr Bjorgolfur
Gudmundsson, together with his son Mr Bjorgolfur Thor Bjorgolfsson, who is also his business
partner. Samson eignarhaldsfelag ehf. is a shareholder in Landsbanki, holding over 40 per cent.
of the issued share capital. Samson Global Holding is a shareholder in Straumur-Burdaras,
holding just over 30 per cent. of the issued share capital.
Hansa ehf. is wholly owned by Mr Gudmundsson and is a 28.5 per cent. shareholder in the
unlisted Icelandic investment company Fjarfestingarfelagid Grettir hf. Through the investment
company Opera fjarfestingar ehf. Mr Gudmundsson indirectly owns a further 10.3 per cent. of
Fjarfestingarfelagid Grettir hf. Fjarfestingarfelagid Grettir hf. owns 34.4 per cent. of the issued
share capital in Avion Group hf., a transportation company listed on the Iceland Stock Exchange
and a 26.4 per cent. holding in Icelandic Group hf., the international seafood processing and
sales company, which is also listed on the Iceland Stock Exchange.Thor Kristjansson is a member of the board of Landsbanki.
Gudmundur J Oddsson is a partner at Logos legal services, an Icelandic law firm, and is head of
the firm’s London office.

[TheStig]

Not a big surprise, Iceland is in a bad state....

If you don't mind me asking, how are you getting on?

[The_weatherman]

Not a big surprise, Iceland is in a bad state....

If you don't mind me asking, how are you getting on?

Personally, I'm fine and will be fine but this is going to be a real **** storm over the next few months, something that has not been seen by any western country since the 1929 depression.

Lot's of people being laid off, 20% inflation and everyone's mortgage will rise as the loans are indexed (they rise proportionally to inflation) and general wage reduction.

But therre will be some good investment opportunities in Iceland soon. The currency is so devalued that foreigners can buy used cars and houses at a real discount, you should use the opportunity and travel to Iceland, buy something nice etc. It really is cheap for everyone else but us.

But we'll get through this and learn from this.

[dww]

The parent company of West Ham is apparently filing for insolvency (I think it's insolvency), a spokesman said in the media that he was confident that the company's assets were good for the loans that are due. Don't know what this means, the parent company is called Hansa, I'm not sure if they have any other assets than West Ham.

Watch this space.

Doesn't look good for them certainly. I imagine with the £30m Sheffield United case hanging over them it isn't a very attractive proposition for other investors either. It's a shame as I like West Ham (and they are my local PL club at the minute). I think they may well struggle this season too - potential for them to be the next Leeds.

[The_weatherman]

Doesn't look good for them certainly. I imagine with the £30m Sheffield United case hanging over them it isn't a very attractive proposition for other investors either. It's a shame as I like West Ham (and they are my local PL club at the minute). I think they may well struggle this season too - potential for them to be the next Leeds.

Doesn't look good at all, and I have to point out again that the owner of West Ham was also the owner of a private institution that is on this list
http://www.hm-treasury.gov.uk/d/sanctionsconlist.htm

Other respectable names and organizations are Al-Qaida and the Talibans. Why is he still allowed to operate West Ham, and if he is judged fit and proper, why is the institution on this list.

[dww]

Doesn't look good at all, and I have to point out again that the owner of West Ham was also the owner of a private institution that is on this list
http://www.hm-treasury.gov.uk/d/sanctionsconlist.htm

Other respectable names and organizations are Al-Qaida and the Talibans. Why is he still allowed to operate West Ham, and if he is judged fit and proper, why is the institution on this list.

Looks likes the reason is that it is a mental way to allow us to freeze assets from Iceland to safeguard UK investors money in Icelandic banks.

http://www.indefence.is/QandA

Not that that means the 'fit and proper persons' test is any less of a joke.

[The_weatherman]

Looks likes the reason is that it is a mental way to allow us to freeze assets from Iceland to safeguard UK investors money in Icelandic banks.

http://www.indefence.is/QandA

Not that that means the 'fit and proper persons' test is any less of a joke.

Just about the worst way possible to do that, seriously, the assets have been seriously devalued so that means Iceland has to pay for eventually out of it's own pocket.

Imagine the damage this has done Icelands financial system, whatever trust was left vaporised when we were put on this list. Plus, some fishing companies have been forced to cut down work since their assets were also frozen, this extends to some members of my family.

Sorry for the rant. Whenever I start I can't calm down, Gordon ****ING Brown made a horrible situation even worse and ensured the lives of ordinary people were turned upside down.