First European Securities In Court in February

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"At the risk of going over old ground, this is all part of the same dispute we are involved with and have discussed previously. This is nothing new and I do not expect a hearing to even take place."

Tigertony says,
Think you need to fast forward 2 weeks lilcol
I always doff my forelock going past FES offices in Penryn. (daily )

Didn't know that Nikk has moved out of his office then Tony or do you know Richard?

Tigertony is so representative of mind numbed Pasoti. FES being presented with a winding up order is new news. Nikkkkkkk had previously said the firm wasn't bankrupt or in administration. Which it wasn't and isn't. It's being chased by an unpaid creditor who think the only way it's going to get its money is to force the company to close and gets its money from the disposal of assets. Instead of forelock tugging as he passes the office he should call in. Especially when it reopens on Monday (or will it as it effectively can't trade at the moment) after the Christmas break.

From what I was told on the phone FES is trading at the moment just not with Nikk at the helm.

The loyalty shown by some to Nikkk is entirely understandable. No matter how you cut it the contributions made by him have benefitted the staff, charities, the club and supporters in many and varied ways. It would be churlish beyond belief not to feel gratitude and show some loyalty if you have been on the receiving end of his largesse.

And the best phrases to use, in the interests of being entirely accurate and thus avoiding provocation of a sensitive issue, are either "in the hands of an administrator" or "in liquidation" (which was the exact wording I used when I first flagged the matter and I am yet to receive a letter from any lawyers in the 3 weeks or so since I used it).

I have also been told that of the £600,000 that FES put forward (according to a source close to FES) is only around £300,000 as far as Argyle is concerned (according to a source close to Argyle). Obviously some confusion exists around this matter which the court will, presumably, get to the bottom of.

Bit like Terry Venables then when he bought Australian players for Pompey in Aussie dollars and told the club he'd paid that amount in pounds sterling? Somewhere a big chunk of money disappeared never to be seen again!

Sir Francis Drake wrote:

I have also been told that of the £600,000 that FES put forward (according to a source close to FES) is only around £300,000 as far as Argyle is concerned (according to a source close to Argyle). Obviously some confusion exists around this matter which the court will, presumably, get to the bottom of.

Well, maybe the above is a sort of attempt on behalf of the club to say that the monies received that went to the "staff fund" did not go to PAFC, and of course there is the record that GT monies that were collected were treated as some form of loan to be repaid by some community project in the future. So where did the famous "auctions" fit in ? There was always confusion where the GT monies were going as initially their collections went to support the club before the staff fund was started.  I hope they've kept good books. There are a lot of reasons why Jimmy wouldn't want people to get the wrong idea, as I would imagine if anybody were to pay off staff in the wrong way, he would end up in trouble. It all sounds very messy indeed.

Lord Tis wrote:

Anyway, despite the name this looks to be a bit of a mickey mouse insurance/money brokerage bringing a pointless petition which will probably cost them more than they might already have lost, there don't seem to be any real assets in FES and the chances of it radically damaging Nick the Userer would be pretty low imho, been there, done that, got the T shirt.

How does one define Mickey Mouse?

In it's last annual report Waltham Forest Friendly Society had £10 mill in property, £2.5 mill in other investments and £3.4 mill in the bank. Those figures alone make them considerably bigger than FES.

Last accounts (2012) show they had turnover of 'just' 600k and with a profit of 200k. I've no idea how much FES has given to Argyle through sponsorship but the p(r)oxy associate director said the Devonport End figure was in 6 figures. A seemingly generous chunk of the above figures.

By the look of it Waltham Forest are also happy to go to court. Several cases in the past.

Hey ho it's nothing to worry about for Argyle so that's ok.

Dougie wrote:

Lord Tis wrote:

Anyway, despite the name this looks to be a bit of a mickey mouse insurance/money brokerage bringing a pointless petition which will probably cost them more than they might already have lost, there don't seem to be any real assets in FES and the chances of it radically damaging Nick the Userer would be pretty low imho, been there, done that, got the T shirt.

How does one define Mickey Mouse?

In it's last annual report Waltham Forest Friendly Society had £10 mill in property, £2.5 mill in other investments and £3.4 mill in the bank.  Those figures alone make them considerably bigger than FES.  

Last accounts (2012) show they had turnover of 'just' 600k and with a profit of 200k. I've no idea how much FES has given to Argyle through sponsorship but the p(r)oxy associate director said the Devonport End figure was in 6 figures.  A seemingly generous chunk of the above figures.

By the look of it Waltham Forest are also happy to go to court.  Several cases in the past.

Hey ho it's nothing to worry about for Argyle so that's ok.

Feck, that's more Billy Big Blox than MM, I only gave it a cursory and the first page on the Goog just gave up the trade directories which showed next to nothing, for a mob that big I would have expected a load more up front.

Doesn't change Usery Nick's exposure much as long as he is happy for FES to paddle on up Shiite Creek, could have a serious effect on FIL's ability to access fundage though, Suits don't mind screwing the plebs but they take umbrage when their own get taken for a ride.

Yes, Waltham have a bit of public online history. a fair bit of litigious stuff and some interesting attempts at developing a particular farm in the area.
So, the question is, what on earth was Nikkkkkkkkkkkkkkkkkkkkyboy doing with them. It didn't take long for the marriage to go belly up, the marital bed was still warm. A bit like finding the dowry was not what it seemed.

Winter Green wrote:

Yes, Waltham have a bit of public online history. a fair bit of litigious stuff and some interesting attempts at developing a particular farm in the area.
So, the question is, what on earth was Nikkkkkkkkkkkkkkkkkkkkyboy doing with them. It didn't take long for the marriage to go belly up, the marital bed was still warm. A bit like finding the dowry was not what it seemed.

or chris webb ran off with the bride

I understand that support for the St Lukes fundraising trip to Machu Pichu has been withdrawn meaning a loss of £25k to St Lukes and the 5 Pasoti fundraisers not now going on the trip.

Can't be long before Argyle sponsorship is withdrawn.

Chancellor wrote:

I understand that support for the St Lukes fundraising trip to Machu Pichu has been withdrawn meaning a loss of £25k to St Lukes and the 5 Pasoti fundraisers not now going on the trip.

Can't be long before Argyle sponsorship is withdrawn.

If that is true then that is a massive kick in the teeth for St Lukes.

Nikkk really is starting to look like a bit of a Walter Mitty.

After all that's been said the withdrawing of that is appalling.

I was about to ask if they are still the Club sponsors but I would imagine that if St Lukes have been let down the Club almost certainly will be?

I'm gutted for St Lukes who do a magnificent job, as for Argyle, don't they have a supposedly wealthy owner ? albeit one who seems 'reluctant' to spend his own money.

Thought it all went quiet over there about this trip - agree, sorry for St Luke's.

such a shame a charity has suffered like that i hope they can "cope" with this income loss and their other fundraisers dont let them down

The donation page is still up.  Bit of a way to go with the fundraising though.

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I think the +2 mentioned were IjN and Nikk who weren't doing the trek but just taking in the sights.

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Seems it is actually +3 with Webb joining the other 2 in self financing their trip.

Looks all systems go at the moment.

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Mr Newells page fairing a lot better with the latest donation coming in from Nikkks November night

Though IjNs Justgiving page does explain that the trip in its original form is not going ahead. So him Chris and Nikk have dropped out. And a couple of the others have been given the heave ho through lack of effort

A jolly boys outing    Maybe they could conduct something less exotic, like a sponsored honesty month. I'd donate to that

It would be nice to think that JB would step up to the plate and cover the FES/FIL money.

Yes, it would indeed Frank but judging by track record that seems very unlikely.

it's very sad and there's no satisfaction in seeing such a well loved and cherished organisation having to take such a hit and in my own small way I will dig a little deeper the next time I pass a collection box for St Lukes.

And the Chancellor rips Cholwell/Hooper a new one on the PASOTI FES thread.

The Snooper (Hello Tony Hello Lee) is that good with his facts his he. 24 hours turns out to be 24 minutes. God save us from 'experts in the field'.

It is regrettable that the fundraising will not reach its target. However compare and contrast the fanfare with which the trip was announced, the Herald did a piece for goodness sake, with the non disclosure or a hastily low key updating of a just giving page. You would think someone was genuinely hoping it wouldn't be noticed.