Quote:
Originally Posted by GiggityGiggityGiggityGoo
They backed it while knowing what a crook Moss was, the WST meeting about the proposal was little more than two groups of people crowing at each other pretending to be hard. While getting distracted from the real issue and finding a way forward.
So the trust couldn't have done a leveraged buyout like the Glazers famously did? I think they could've.
Nothing but blind faith in those running things back then and some currently still are, little wonder were in the mess we are now.
A rod made for our own backs being far too militant for fear of redevelopers, yet jumped into bed with one anyway.
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Time does cloud the memory but I thought it was down to the administrator trying to get the best deal for the creditors.
Moss / Dickens were able with support to find a sum of around £2million. (Some borrowed from Steve Morgan) The WST couldn't match that and had proposed to use the money from the flats development to pay the debts.
The administrator wanted the best deal up front and the trust were left in no position to argue. They went along with the deal rather than backing it.