Woodstock Partners Ltd

[GodalmingYellow]

The debenture liability in the 2006 WPL accounts was from Lenagan to WPL, and nothing to do with OUFC other than as security against shares in OUFC held by WPL. The debenture liability was against the assets of WPL, which is the &quotinvestment&quot in OUFC, though that does not need to be shares of course. So there hasn't been a debenture against OUFC assets in favoure of WPL (in accounts produced to date).

There have only ever been one set of accounts for WPL and you have already stated that they don't mention the debenture. The debenture appears in The Company Record for WPL.

You're wrong to say that &quothasn't been a debenture against OUFC assets in favoure (sic)of WPL &quot because there has and is. Again this is in the Company Record for OUFC. It is down as Howper 365 Limited but this is the former name of Woodstock Partners Limited (an off the shelf company) and was registered in April 2006.

Interestingly there's also a debenture listed from HSBC Bank plc which was registered in July 2002.

So Ian Lenagan has a full debenture over the assets of WPL which in turn has a debenture over Oxford United.

In reply to your earlier point about the debenture having gone because it's not in the accounts, none of the debentures on Oxford United appear in the OUFC accounts but they are still there. Just because it's in the accounts doesn't mean it doesn't exist.

I give up!! I'll try to prevent this reply coming across as rude.

&quotJust because it's in the accounts doesn't mean it doesn't exist&quot

That makes no sense whatsoever.

Yes I should have referred to the CR rather than 2006 WPL accounts - it was written in a hurry. As it happens it was me who revealed the existence of the original debenture per the CR in the first place many months ago. I'm well aware of Howper 365, which operates as CoSec for WPL and is a company set up and run by Lenagans solicitors in Northamptonshire from memory. It is not an off the shelf company. Howper is short for Howes Percival LLP, Lenagans solicitors, which is also the HP in HP Secretarial Services Ltd, which you will find on WPL's Annual Return.

On the salient, rather than pedantic points, you believe what you want Mally, I don't care, but you are wrong on the accounting disclosures.

Just because something is in a report you can download, doesn't mean it is correct or up to date.

The accounting standards are obligatory for companies and accountants, and it is highly unlikely that the company accountants have not disclosed properly. Because accounting standards change sof requently, most accountants have software which tells them when they are not complicit with accounting standards. Even I have such software for my own private practice.

I haven't downloaded the OUFC CR and can't be arsed to do so. I'm happy to take what you say as correct at the date the debenture between WPL and OUFC, but that doesn't mean it still exists, even if it is still referred to in the CR.

There are only two possible scenarios here. Either the debentures still exist and the company accountants haven't disclosed properly, or the comapny accountants have disclosed properly and the debentures no longer exist.

[Snake]

Is it just me or does anyone else think that the excuse about email threats put forward by Nick Merry for not meeting OxVox are a sign of things to come?

Perhaps he’s been so busy avoiding making any kind of concrete statements (to any form of the OUFC media) about the club’s future he’s now forgotten how to tell the truth.

[boris]

There's no way of telling whether he was or wasn't telling the truth, but it doesn't really matter. Even if it is true, it's a piss-poor excuse to avoid meeting with the Trust.

[Snake]

As always you’re being very generous and diplomatic in your comments, Martin.

In my book Nick Merry is nothing but a lying, incompetent freeloader who makes Kassam’s leadership of our club look half-competent.

If Ian Lenagan had time to deal with OUFC then I’d hope that a change of Chairman would be top of his list of things to do.

It’s time things started to change.

[slappy]

back to the debenture point. I would say it is quite likely the people preparing the accounts for WPL forgot to disclose them - the fee is relatively low, only two shareholders and it is the first year of accounts which increases the risk of missing a few disclosures. Putting the numbers together is relatively easy. To disclose a debenture, you A) need to know it needs disclosing and B) know there is a creditor which is secured by that debenture.

As Snake says, more to the point is:-
Is it correct to interpret these accounts as meaning Merry had put in under £100K compared to Lenagan's £2M?
If so, has Merry put his 50% in after the accounts were drawn up?
Is Merry just a figurehead chairman who is presumably as fecked off with life in the conference as the rest of us and can see no way out of it?
How deep are Lenagan's pockets to keep the club going at any level?
I don't think Lenagan will have lost anything significant with Sports Caff, but I reckon he had a figure in mind for backing OUFC club of £2m (with NM £2m) and has agreed another £2m in principal which is presumably run out now.