An Epic Swindle by Brian Reade

[dom9]

Also, nobody saw Lehman Brothers coming. Nobody. And that changed everything.

[RichC]

Yes, I would say it is working for the Glaziers.

I don't have the inside knowledge to say whether a 1 year loan was requested by the borrowers, or imposed by the banks. Is it in the book?

In fact, I thought the initial loan term was longer than 1 year, but the loans subsequent to the money markets ceasing up were for shorter terms. I don't have any proof to hand either way.

Proof will be when it comes for them to sell, it'll be a success if they make money on the club, currently doubtful and from a supporters point of view the Manc mates I have have similar views of them as we did towards H&G.

From my understanding it was 1 year with a 6 month re-financing agreement attached, that is a highly risky strategy if it was down to H&G and gives the impression they wanted in and out as quickly as possible and if it was down to the banks then they didn't have a huge amount of belief in that this deal was safe money.

And you're right nobody foresaw Lehmans but when you do deals like this you will at some point get burned - as H&G had been done previously, which as I said earlier if due dilligence was carried out properly then no way would these two have been allowed to buy the club.

[wavydavy]

Anyone else spotted the glaring factual error in the book?

[The Birdman]

Anyone else spotted the glaring factual error in the book?

I have - it's the insistance that anything, everything whatsoever at all that happened which helped push H&G out the door was soley down to SOS.

BR is on that much of a wankfest over them that I have almost switched off the iPad and stopped reading

[dom9]

Proof will be when it comes for them to sell, it'll be a success if they make money on the club, currently doubtful and from a supporters point of view the Manc mates I have have similar views of them as we did towards H&G.

From my understanding it was 1 year with a 6 month re-financing agreement attached, that is a highly risky strategy if it was down to H&G and gives the impression they wanted in and out as quickly as possible and if it was down to the banks then they didn't have a huge amount of belief in that this deal was safe money.

And you're right nobody foresaw Lehmans but when you do deals like this you will at some point get burned - as H&G had been done previously, which as I said earlier if due dilligence was carried out properly then no way would these two have been allowed to buy the club.

[Lecter]

Yes, I would say it is working for the Glaziers.

I don't have the inside knowledge to say whether a 1 year loan was requested by the borrowers, or imposed by the banks. Is it in the book?

In fact, I thought the initial loan term was longer than 1 year, but the loans subsequent to the money markets ceasing up were for shorter terms. I don't have any proof to hand either way.

It was a 1 year loan its in the share offer document

Personally I think their plan was borderline at best even before the credit crunch

It relied far too much on debt and involvement in the Champions League

If the credit crunch hadnt of happened then maybe they could have limped through and managed to get continued involvement in the Champions League BUT the moment City came along with money then that would have again changed the landscape

Lots of things conspired against the owners but their business plan wasnt that solid imo

[RichC]

It was a 1 year loan its in the share offer document

it was indeed.

[Baracus]

The book is an epic swindle. I don't think I learnt too much extra from what was already out there in the press, some extra information to make things flow.

[Leyton388]

Finished the book the other night and really enjoyed it. It gives a great insite into just how much of a mess our club was in and how much they were prepared to go to put LFC to the wall. Also as for the offer document which stated it was a 1 year loan it just shows how incompetent the board then was.

[Rowan]

Bump.

Finished it last night so whoever wants my copy can have it.

If I'm sending it abroad you'll have to pay the postage but first to post and ask for it gets it.

[Craig_H]

I'll have it!

[Craig_H]

Actually, no i wont I read it via the PDF Subby posted and i saw it in Asda for £5, so bought it anyway

[Rowan]

Actually, no i wont I read it via the PDF Subby posted and i saw it in Asda for £5, so bought it anyway

Aye, mine was a £5 ASDA job so have no objections in giving it away for nowt.

[Craig_H]

You Geordies really do push the boat out when it comes to generosity

[Rowan]

You Geordies really do push the boat out when it comes to generosity

**** off will you, that's a weeks wages up here