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Bury-ied


spygirl
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I did wonder whether to post i the Gavin Woodhouse thread.

Same sort of fuckwittery by the same sort of fuckwit.

https://www.ft.com/content/5f185398-c9a6-11e9-a1f4-3669401ba76f

Two years after Stewart Day became owner and chairman of Bury FC, the English football club became involved in an unusual financial arrangement with a property company the businessman also ran.

In 2015 Mederco Ltd, of which Mr Day was the sole director, entered into leases on the car park that the Greater Manchester club owned outside its Gigg Lane stadium. The spaces were then subleased to retail investors for £9,995 each, with the company offering the buyers returns of 9 per cent a year for five years.

Property. Buy a room to rent/carpark to rent whatever. Bending sense backwards to avoid security laws.

 

 

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I prefer the article in FTAlphaville -- it is similar but with nuance differences:

https://ftalphaville.ft.com/2019/08/28/1566988112000/The-financialisation-of-Bury-FC-s-car-park/

I quite like:

Quote

As you might have guessed, this didn’t go well for those who bought in. Mederco is now in administration, and people who bought the car park spaces should be getting £232,000 a year, of which £190,000 is in arrears. 

What about the underlying collateral - the spaces themselves? Well, here’s the administrator’s report:

The parking spaces themselves generate no income, and the Company must have therefore utilised other income streams to pay the sub under-lease rents.

So, the spaces have been sold (yes), but they're not actually entitled (in contract) to any actual return.  Sounds mad (and par for the course).  I like the 'must have therefore utilised other income streams' -- ie, it is all made up nonsense.

I have a feeling that many 'invest in a room' schemes are exactly like this -- ie, the asset is sort-of yours, but the income stream isn't necessarily.

 

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16 minutes ago, dgul said:

I prefer the article in FTAlphaville -- it is similar but with nuance differences:

https://ftalphaville.ft.com/2019/08/28/1566988112000/The-financialisation-of-Bury-FC-s-car-park/

I quite like:

So, the spaces have been sold (yes), but they're not actually entitled (in contract) to any actual return.  Sounds mad (and par for the course).  I like the 'must have therefore utilised other income streams' -- ie, it is all made up nonsense.

I have a feeling that many 'invest in a room' schemes are exactly like this -- ie, the asset is sort-of yours, but the income stream isn't necessarily.

 

The parking spaces themselves generate no income, and the Company must have therefore utilised other income streams to pay the sub under-lease rents.

Cough, Ponzi. Cough.

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  • 1 year later...

There is a new Bury AFC started by the supporters and playing in the NW Counties League (level 10 of the pyramid).

https://en.wikipedia.org/wiki/Bury_A.F.C.

The status of Bury FC itself is neatly summarised on their wiki page:

Quote

"Bury FC still exists, though, if only on paper. With no players, no league to play in, and no employees to speak of, it is little more than a hollow shell of the club fans knew and loved."[94]

 

Steve Dale's hilarious response published today is below. 

We're laughing at you Steve btw and not with you.  My favourite bit is where he spells the brand both Calvin Cline and Calvin Kline in the same line.

 

 

Quote

 

September Update

8 Hours ago

They say imitation is the sincerest form of flattery, in my book it’s not, it’s being a fake to fool others.

Let’s be clear here for the avoidance of doubt as it would seem there are people trying to pass off fakes as the real thing, and spreading ill truths as these Trolls do:

  1. BURY FOOTBALL CLUB FOUNDED 1885, HOW CAN YOU COPY THAT
  2. “THE SHAKERS” ARE BURY FOOTBALL CLUB
  3. GIGG LANE WILL ALWAYS BE BURY FOOTBALL CLUBS GROUND
  4. THE CREST ABOVE IS TRADEMARKED TO BURY FOOTBALL CLUB

If you go on Bury market, buy a Suit off a stall, go home and sew an ARMANI label in it, does it make it an Armani suit?

 

Or you buy a pair of CALVIN CLINE boxers off another stall, but then there is always the bloke who has a pair of Calvin Klein on when your changing at the gym

WELL THEIRS YOUR ANSWER, A FAKE IS A FAKE HOWEVER YOU PACKAGE IT

There are alleged fans, then you have pure loyal till I die, BURY FOOTBALL CLUB FANS, who have stood by their Club and its ups and downs but are still steadfast knowing good things come to those who are Loyal

Solidarity is the most valuable commodity to a Football Club it gives it the pride to forge on (the Proms) keep the faith and remember….

“THERE IS ONLY ONE BURY FOOTBALL CLUB”

 

 

https://www.buryfc.co.uk/news/latest-statement-07-08-2020/september/september-update/

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17 hours ago, Frank Hovis said:

We're laughing at you Steve btw and not with you.  My favourite bit is where he spells the brand both Calvin Cline and Calvin Kline in the same line.

Isn't that deliberate to show that one is a fake?

  • Agree 2
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20 minutes ago, Wight Flight said:

Isn't that deliberate to show that one is a fake?

Oh yeah.....

Though it was hard to pick it out as being deliberate given the state of the rest of it.

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There comes a point where you need a pair of boxers and while you want to buy Calvin Kline and the shop says they've got Calvin Kline when you open the box you find only a few threads of cotton and a handwritten note scrawled in crayon saying We make the best underwear, honest.

At that point you go out and get some Calvin Cline boxers, which actually exist and do the job well enough.

  • Lol 1
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