feck knows, you never tell us. Drasdo wouldn't be happy if you suddenly came over all neutral on him
ALL issues relating to the bond issue and club finances
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feck knows, you never tell us. Drasdo wouldn't be happy if you suddenly came over all neutral on him
So The Glazers have any malls in and around DC, Manassas I could swing by and take some pictures of occupancy
First Allied Corporation - Property Detail
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Swung by this mall yesterday and if it wasn't for the Aldi it would be dead. In and around this mall are a fair few other malls that are busier.
Dear fecking god. We've now got people visiting their malls to report on popularity. Get a grip.
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I went to one of his malls last week and they were giving away free bundles of money it was doing so well. In and around this mall are a fair few other malls which were overrun with flesh-eating zombies.
I went to one of his malls last week and they were giving away free bundles of money it was doing so well. In and around this mall are a fair few other malls which were overrun with flesh-eating zombies.
feck you dude I was in the area but as it doesnt stand up to the weak arguments presented you can go feck yourself as well.
Nah they were giving away free interest payments and debt. Yeah their business is not doing too well in the US and your arguments they are ok financially kinda fall flat.
Get a grip yourself. You grumble about a lack of evidence, someone provides some you don't like so you have the male equivalent of a blobstrop!
Fair enough but I don't buy it really. Just because you believe Malc has £50 in the bank doesn't mean that that is the case and just because I can't prove that he has £50million in there doesn't mean he doesn't.
The alternative is to believe that a bloke who has been a businessman for 70 years and now controls over £2billion worth of assets is skint.
I think we're also allowed to use a bit of common-sense, Anders although I appreciate that that isn't easy to enter into a spreadsheet and perhaps isn't to your liking.
Why? If the standard of journalism in this country on the subject is anything to go by, they just ring someone like you up and say, "Oi! What do you make of this Andy? He's skint, you say!? Tell me more..."
I don't know if you just don't read half of what I say (understandable) or you don't understand it (unbelievable) but unless you're a super-duper-squillionaire Sheik who is not buying the club as an investment but only as an amusing toy, then you'd have to be a bit of a nutter to pay £830million out of your own pocket upfront even if you had that kind of money in your Post Office Savings Account.
Comparisons to my claim that the Red Knights "don't have the money" are a bit weak really. These were people who were apparently not buying the club as an investment but as an altruistic gesture but when it came to the crunch, decided that they either a) weren't getting their altruistic gesture at a bargain price or b) Literally didn't have enough money and couldn't come up with the money without plunging the club into further debt.
This.
Eh? Evidence? A random bloke walking through a shopping mall.
So The Glazers have any malls in and around DC, Manassas I could swing by and take some pictures of occupancy
First Allied Corporation - Property Detail
Edit
Swung by this mall yesterday and if it wasn't for the Aldi it would be dead. In and around this mall are a fair few other malls that are busier.
"If it wasn't for the Aldi it would be dead" - I presume you mean by this that Aldi was in the FAC shopping mall and this was the only operating shop in there. The rest were just vacant rental lots? Is this an accurate picture of the situation? Have I understood you correctly?
Stop being so obtuse. Someone makes an effort to do a bit of research and you try and shoot him down for it. Grow up.
Deary me, shop online a lot do you? Aldi was obviously the only store that was busy, despite other rental lots being taken.
Well, that's all I wanted to establish. I wanted a picture in my head, you see.
The Glazers don't actually run the individual shops within the malls. They just rent them the space. That's job done as far as the Glazers are concerned, really.
What doesn't add up now is the assertion that the FAC mall was virtually dead but the ones nearby were busy.
Have we got a bunch of conscientious anti-Glazer shoppers in the USA now?
"Oh, don't go into THAT mall. It's owned by the Glazers. They put ST prices up at Manchester United and have priced out the hardcore support, you know!"
Could be more likely that it's fellow gridiron fans not liking the way they are treating Bucs fans. If Aldi's your busiest store, you're in Jeremykyleville.
No you thick feck the other malls have better stores ergo more people shop there. If you know the area you see the main strip malls have the big ticket retailers. As its clear you know feck all about this either continue to spout off shit and get shown up for it or shut up.
As to jobs done they let the stores well looking at the ma and pa stores they let them out to they wont be getting big rents.
Ok. So you come on here and say something rather basic, I ask some questions about it in order to fill the picture with a little more detail in order to improve my knowledge of the situation and when I do, I'm in the wrong for talking about something I know nothing about?
I live in Manchester. Not Manassas. It is certainly true that I was not in that neck of the woods over the last couple of days. Does that mean I should just shut up and not seek to understand the situation a bit more for myself and just nod dolefully in acceptance of your reporting of the situation?
If Aldi's your busiest store, you're in Jeremykyleville.
For the record, let it be known that YOU said that, not me. I merely thought it and made a mental note to tell Uncle Malc to stop building businesses in places where people have no money to spend.
He never learns...
As somebody in the profession I can tell you that the bargain stores are cleaning up in this country at the moment. I'd be surprised of the US wasn't experiencing something similar. The rents being taken per sq ft are not a guide to profitability because you don't know what costs are. If the mall location isn't prime the property value will be less anyway. If it's anchored by aldi I'd suggest it probably isn't prime.
Hate to break this to you, but quite a few people did.
Kinell, who, and why didn't they tell us!?
Right, you're well over my head here now RedRichio so I'll bow to your superior knowledge on the subject.
I do remember reading somewhere in the last couple of years that the likes of Aldi were doing a roaring trade when compared to some of the more "upmarket" supermarkets here in the UK precisely because people realised that an apple from Aldi's is just as good as an apple from M&S for a quarter of the price!
I believe the specific mall we're talking about here is this one:-
Portsmouth Station
I'm prepared to admit that that graphic might not be completely up to date but it does appear to show just one lot which is vacant.
I'd imagine they'd have to be seriously undercharging to NOT be turning a profit on that scenario but Commadus would have us believe that it's on its arse based on his drive-by research.
and how the feck has this thread become a discussion about bloody Aldi?
I blame Andersred
Yes but as you admitted above, that is just your guess on the Zapata money. The fact is that the Glazers got $75m cash from selling their holding in that company last year, I dont remember you ever mentioning that in your blog - I wish I was that 'cash poor' !
You can doubt all you want - the point being that you don't know. I think it is pretty niave to suggest that whatever HNW individuals reveal as their business interests in public documents is going to be the end of the story.
You can spend all the time you want looking at the individual mortgages on malls in USA, but I really dont know why you would bother as it doesnt prove a thing as far as I am concerned.
Don't worry TMRD, Portsmouth Station is fine. Fixed rate mortgage to 2022, interest only honeymoon doesn't finish for another two years. One of the most valuable properties in the portfolio but not much equity as they refinanced it right at the top (July 2007).
Well, thanks Anders but I think you need to be telling Commadus the good news, not me.
I did write about the Zapata sale in my blog on 9th March, but I'll forgive you.
Just to sum up the "what evidence do we have that they are short of cash?" debate....
For the prosecution:
1. No declared business interests except the Bucs and First Allied.
2. No PIKs repaid so far.
3. No significant investment in the Bucs.
4. Baffled Florida commentators as far back as 2004 wondering where the money was coming from.
5. Zapata and properties sold in recent years.
6. Suggestion they borrowed to buy the Bucs.
7. All personal properties bought on mortgages, none for cash.
8. Personal loans taken out from United (for feck's sake).
9. First Allied generating virtually no cash ($9m before any support of centres with DSCRs below 1x and before the costs of running the business including three offices and 30+ staff).
10. The Bucs generating around £20m last year before a collapse in ticket income.
For the defence:
In other words, "they must be hiding some stuff, cos they're rich....."
If you're right and they've got hidden riches, why not pay off £95m of PIKs (say a year ago) and then take the £95m now for themselves, saving £13.5m in the process?
That's (obviously) a 14.25% return guaranteed. Hard to see them beating that elsewhere.
Because the banks had first lien?
Who are these people who own us? That info of Anders makes them look a real dodgy outfit, it is very worrying
This is why some of us take him up on it. We think he might just be doing most of it for theatrical effect in an attempt to worry the gullible.
Don't you worry yourself Crerand, we'll get to the bottom of it for you.
It might take seven years but we'll do it and then you'll be able to sleep at night again.
No I meant from their personal (hidden?) cash pile.
Pay off £95m from the PIKs. Do the bond, take the £95m in dividends, stick it back on top of the cash pile.
14.25% return......
Beats BP shares (or US real estate).
Dont worry TMRD I had them figured out for a while now. I know you have wasted countless hours on here trying to defend them to no avail but look at all the typing practise you got. The Glazer empire looks a bit like the Titanic after it hit the iceberg and we all know the outcome of that. Good to hear from you by the way
Surely if the banks have first lien then any money available would have had to go to the banks first? Surely they'd be pissed off if they saw that the Glazers had paid off £95million of their PIK debts and totally ignored them?
That was kind of the whole point of the Bond Issue wasn't it?
This would appear to make the Bond Issue pointless, the Bond Issue only seems to have made it more difficult for them to withdraw money from United's coffers because of the EBITDA hoops they have to jump through in order to withdraw specific amounts.
Before it was a piece of piss for them to take whatever they wanted from United (they took £437million in the previous five years, I believe
).Surely another £90million this year would have just been par for the course?
I am actually not interested in this debate in the slightest (I could pick apart several bits of your 'evidence' but I cant really be arsed) - my only point was that your 'revelations' that a few malls are failing is meaningless because you dont have the full picture about the Glazer's business empire or more importantly, their personal wealth.
As I have told you before, I am only interested in what is happening at Manchester United - I do find it interesting when you spend time analysing our accounts and commenting on our finances but Im bored shitless with all this talk about First Allied and fecking shopping malls in the USA.
As far as I am concerned our club generates enough money to service all its debts on an annual basis and still have enough money left over to make sure our squad can compete on all fronts - at the end of the day that is all that is of interest to me on the financial side of things.
We generate enough money? Where would be at if we hadn't sold Ronaldo?
Seriously CL - you must be on a WUM - no one can be as thick as you.
Seriously CL - you must be on a WUM - no one can be as thick as you.
Oh lets see how thick that you aint then by answering the question instead of avoiding it with your usual charming insults. I firmly believe we had to sell Ronaldo and withdraw from the Tevez/ Serbian lad deals as it would have jeopardized the selling of the Bonds, hence the Accounts took preference over team performance
CL - I'm going to ignore you from now on, I (and others) have answered all your questions countless times and you just turn up with the same shit over and over again.
When you have anything new to report let me know.
When you have anything new to report let me know.
The problem is Crerand, this has been answered over and over again (even Anders will tell you that even without the sale of Ronaldo, we would not have made a loss that year - I can't explain it because my accountancy knowledge is too poor) but you appear to have wiped it from your memory banks and you keep trotting out the same, tired line.
I don't believe you are a WUM, I believe you have been taken in by some of the headlines.
It is on behalf of those people who have been taken in by those headlines that some of us make complete gits of ourselves by "defending the indefencible".
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