Taking a wrecking ball to the club! (Recent Media Reports)

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diedpretty said:
Andrechios text was non committal fluff as well. He has a " fear" that they want to change the name. How about he actually produces some evidence or provides details of how they are going to do do it.
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💯correct diedpretty.
And this from a board member who was apparently once sympathetic to the Magpies.
From the very little bit I have heard in whispers, he is now actually 'anti Magpie' and is causing trouble.
Something many of the Balmain people don't get or at least don't want to admit to is, just because whoever is from the Magpies side of our JV, doesn't necessarily automatically make whoever anti Balmain.
 
BZN said:
💯correct diedpretty.
And this from a board member who was apparently once sympathetic to the Magpies.
From the very little bit I have heard in whispers, he is now actually 'anti Magpie' and is causing trouble.
Something many of the Balmain people don't get or at least don't want to admit to is, just because whoever is from the Magpies side of our JV, doesn't necessarily automatically make whoever anti Balmain.
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It doesn't matter where he is from, it just shows the dysfunction or the HBG.
 
farmduck said:
I've noticed references to the "18 debenture holders." Does anyone know who they are? Or why an outfit with the turnover of 3 licensed clubs would even need to issue debentures?
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I'm pretty sure the debentures came about when the club started in 1954 as a means to raising money. Nowadays the constitution allows for no more than 20 debenture positions at any time and debentures can be transferred but only with approval from the board
 
diedpretty said:
I'm pretty sure the debentures came about when the club started in 1954 as a means to raising money. Nowadays the constitution allows for no more than 20 debenture positions at any time and debentures can be transferred but only with approval from the board
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That is fairly close to my understanding as well.
 
hammertime said:
Yep. Wonder through if they typically come with a board seat?

There are some interesting rules in the clubs legislation that i think they are breaking. Particularly around personal gain and that the same opportunity is not offered to ordinary members (since its capped to 20).

Is anyone here a lawyer that can have a look at the clubs act? Maybe we could send it onto Lee as I'm sure he'd love a chat with them.
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No they don't automatically come with a board seat. However a certain number ( can't remember how many ) of board seats at HBG have to come from the current debenture holders and are only voted in by the pool of debenture holders.
 
diedpretty said:
No they don't automatically come with a board seat. However a certain number ( can't remember how many ) of board seats at HBG have to come from the current debenture holders and are only voted in by the pool of debenture holders.
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It is 5 seats on the 7 seat board are voted for by the debenture holders.
 
KevB said:
My understanding of debentures is simply unsecured loans to companies and businesses that are paid dividends annually. They have been used in the licensed club industry for many years as a way of raising capital.
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Yes but why are there, apparently, still debentures from 1996? There is also a clause in the HBG constitution that limits the number of debenture-holders to 20. Considering the orders of magnitude involved in running an NRL club, why would it be limited to 20? (or the 18 existing holders)
And whi wouldn't a club with turnover in the tens of millions not simply just pay them off?
 
diedpretty said:
I'm pretty sure the debentures came about when the club started in 1954 as a means to raising money. Nowadays the constitution allows for no more than 20 debenture positions at any time and debentures can be transferred but only with approval from the board
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But considering how much the original debentures would have been - maybe a couple of hundred pounds - why hasn't the club paid them off?
 
farmduck said:
Yes but why are there, apparently, still debentures from 1996? There is also a clause in the HBG constitution that limits the number of debenture-holders to 20. Considering the orders of magnitude involved in running an NRL club, why would it be limited to 20? (or the 18 existing holders)
And whi wouldn't a club with turnover in the tens of millions not simply just pay them off?
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They go back a lot further than 1996. Also as Cochise pointed out the HBG board of 7 consists of 5 debenture holders so they will always hold the power. Same old story - why would they vote to pay them out and lose the power they have. The only way the debentures will disappear is with a change to the HBG constitution.
 
KevB said:
My understanding of debentures is simply unsecured loans to companies and businesses that are paid dividends annually. They have been used in the licensed club industry for many years as a way of raising capital.
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I ain't the sharpest tool in the shed ,but that sounds like a legit slush fund of sort's to bounce money about between only those involved
 
weststigers said:
What on earth are you talking about?

Both Wests and Balmain fans had their hearts ripped out once before and 90% plus don't want that disaster to happen again.

The fans that refused to support the merger have already left. The others accepted it. In fact, I'd say most Balmain fans were pretty happy about being able to hold onto the Tigers name. It's the Magpies that were shafted in that regard.

Most realise there is an entire generation of Wests Tigers supporters that don't know anything about the foundation clubs.

There is no agenda by any fan to see a return to either club. I would say the biggest argument here is whether the home ground should be at Leichhardt or Campbelltown. There's a bit of nostalgia in that discussion, but the current crop of fans have their opinions on this too.

Most of us crave an organisation free from the old agendas so we can move on and move forward.
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With 💯 honesty weststigers, thank You for this very excellent, unbiased and no bs post.

Thank goodness you understand things from a Magpies pov, particularly when you may well have been a Balmain supporter prior to Wests Tigers.

The Magpies were indeed shafted and Imo any reasonable and fair thinking fan would realise this and accept it, please.

THIS POST weststigers, IS THE MOST MEANINGFUL POST I HAVE READ ON HERE, and I will be very disappointed if all this JV nonsense doesn't soon STOP.
Plus I 💯agree with everything else in your post.
Congratulations weststigers 👏👏👏👏👏👏👏, as I feel your post could well result in you winning the.......Nobel Peace Prize.......for stopping the WTF JV war for good 🙏🙏🙏.
 
cochise said:
Literally in the last couple of weeks, they were due to be signed last off season but an agreement couldn't be reached so they extended the old ones to this season.

There hasn't been an announcement but I saw it in an article in the last couple of days that the new agreements are in place.
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Thanks
 
If only the shenanigans going on could be fixed over a cuddle about the size of the magpie on the shoulder, some people will never be happy.Peace out
 
Jux said:
Mate, it’s harder than getting a glimpse at Donald Trumps tax returns !
I fed your questions into my AI (which can always come up with some sort of an answer) and it showed me a duck egg !
Honestly, it’s one of life’s great mysteries 😖
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How appropriate is that, because it was a post by @farmduck that I was replying to.
 
diedpretty said:
They go back a lot further than 1996. Also as Cochise pointed out the HBG board of 7 consists of 5 debenture holders so they will always hold the power. Same old story - why would they vote to pay them out and lose the power they have. The only way the debentures will disappear is with a change to the HBG constitution.
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Makes sense, I guess.
 
weststigers said:
Sooooo.....you're saying throughout all the problems since 2016 there's a common denominator?

You're right though. The details don't matter. It's the same people that have taken us from chaos to chaos. Ultimately, something with these people is creating issues and they just need to go.
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You can’t say that it’s the people apparently . Some how it’s an anti magpies thing …By the way it’s definitely the people!
 
diedpretty said:
I'm pretty sure the debentures came about when the club started in 1954 as a means to raising money. Nowadays the constitution allows for no more than 20 debenture positions at any time and debentures can be transferred but only with approval from the board
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Which Club?
 
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