I see what you're saying. But that still screams to me that he wants out. Otherwise why do this now? Pure speculation, but that reads to me like "I'm about to sell the club but want to make sure I get my money back from the lease when I do". Again, pure speculation (trying to make sure this doesn't get removed....)

If he's recently (eg 11 July when the charge was created, which importantly is before the failure at the Fev game) managed to acquire the lease from the RFL, he wouldn't have been able to register a charge until now because there would have been no event to register it for. A mortgage company wouldn't be able to register a charge on a property until they've actually loaned the money to buy.



In the Mortgage example, Odsal would be the house, BBN Limited would be the buyer and MG would be the mortgage company/lender, if that clears up what I mean.

So either he's trying to get his money back and do a runner, or he may have finally made some headway on buying the lease? If I'm not right this time, I'm tapping out as I clearly don't get it.

I know nothing about these things but if I was Mr Tinfoil-hat, I'd misread all this into something conspiratorial such as Green's put money in (Like re-furbing the Coral Stand and launcing the 'South Bank'), the RFL have come up with a wizardly wheeze for the Venerable Old Dump and MG is making sure he doesn't lose out? Even protecting the clubs prospective revenue streams...



Good lord I am optimistic....

That one's the way it reads to me. It would suggest to me that it's done an dusted.

I can see what you mean, but the fact that the description specifies the "lease title" persuaded me otherwise.

I don't understand them either, but from what sombrebull has put, Green wouldn't get his money back from the charge, unless the lease is sold??

Correct. Or the Company pay him back in the meantime, at which point he would notify CH that the charge was settled.

Wasn't it mentioned in the T&A a few weeks ago,that the Council were remaining tight lipped as negotiations were at a delicate stage between all parties.

My head hurts

Sorry!

I saw this conversation on twitter t'other day with Rod Stud. Does this tie in with what's been said here?



@Rod_Studd Looks like Marc & Jane Green have taken a charge over the stadium, in exchange for a loan to the holding company



@AndyGilder thanks Andy. I'm a bit naive!! - what does that mean in layman's terms bearing in mind RFL still actually own Odsal?



@Rod_Studd It means if the company defaults on the loan (say because it goes bust), the lease from the RFL moves into the Greens' name.



@Rod_Studd Green can then sublet to any new tenant he can get into the stadium, e.g. a reformed Bulls club.



I dont really understand whats happening here but it sounds like Green may now be holding a couple of aces in regards to getting the lease back from the RFL. Does that sound right or have I got the wrong end of the stick?



Who is the holding company? Is that Bradford council? Is it a underhanded way of doing it or fair game? I can't see the RFL being happy about it.

'The holding company' being Bradford Bulls Northern Ltd? Or whichever vehicle is set up to own the lease? If the former, I don't understand where the charge comes in. If the latter, I get it even less. This is getting pretty Byzantine now. Looking forward to knowing what the craic is!

I mean, technically he's correct. But if Marc Green actually has the balls to go through with such a stunt just to get the lease back from the rfl.....



I think it's more likely that Marc is finally doing what he's said all along he was trying to do. The club have got the leasehold back and Marc has lent the club the money to be able to do it.

I don't know all the ins and outs, but if the Bulls went bust, hasn't he just ensured that he's first in the queue when the administrators move in?

I don't believe for one second that the rfl would agree to sell him/the club the leasehold - after all this time - without doing some due diligence first. Even they aren't that dumb.

It is a fixed (mortgage) and floating (debenture) charge on the company's assets, in favour of the Greens I think. Which includes the "leasehold property" (i.e. anything like the Coral Stand erected on a leased site or any value in the lease itself. In other words, the Greens have lent money to the company (no poop, Sherlock...) and have put in place a charge - i.e. taken security - to ensure they get first dibs in the event of insolvency or anyone trying to sell any club assets. There is reference to a "negative pledge" which usually means an undertaking that the Greens' charge will not rank ahead of anyone else's charge/security. However you really need to see the charging documents for more details.



The thing is, at present no-one else has lent anything to the Bulls secured on the assets (who in their right mind would, apart from maybe the RFL...?) and it is clear that Green must have lent money to the club - from his own statement, even if it was not otherwise obvious. So he is making sure he gets first bite (after main employee claims, regarding some of the assets) at getting his money back. This is understandable, but may well REALLY have vexed off HMRC and other unsecured creditors, and might have been a factor in triggering the winding-up petition? We'll never know. Although the Negative Pledge MIGHT be about ensuring he does not rank ahead of HMRC? Again, need to see the actual charging documents.



So your guess is as good as mine.

Could be yes, could be no. Depends what the actual documents say. However, we can all speculate.

I agree.

.

Mick has just stated quite clearly that he has asked for advice on this and says it now means Green and his wife are the first in line as the main creditors if the company folds. He gets his money! this was done just a few weeks ago when we were starting to face a financial black hole due to our league position.

It comes down to two views - he is trying to buy the lease which I just can't see as it would take over a £1m which I don't believe he has if he can't pay players on time. Or, he is setting himself up with a safety net for when it all goes wrong.

I have had a lot of time for Marc after he saved us and steadied the ship but he is a canny business man who will do whatever is needed to secure his own future when mounting evidence shows that he is under pressure from various business areas. What would we all do? Most would bail and not risk the family's future.

I have a very bad feeling about our situation - yet again. How many times can we escape the executioners sword by dodging it before a fatal blow is landed.

Been a long time lurker but recent developments have seen me sign up.

One thing that appears on this is that the date of the charge is 11th July 2016 and The date of the winding up petition is the 11th July 2016.

Is that a coincidence or is this winding up petition so serious in the way Mr Green sees fit to protect his investment.



I don't like the way some have reacted on this and seen the scaremongering snowball such are people posting things on twitter with questing directly to companies house and HMRC under the guise of journalism when they could have done this via phone or e-mail not as the attention seeking and scaremongering it's likely to been seen as.

The fact it's now been confirmed the players and staff haven't been paid suggests which direction is the correct one I think. Looks to me like someone is sinking the ship and jumping in the lifeboat all the valuables.

Glad you enjoyed and thanks for listening.



Tomorrow we have the HMRC on and Bradford Council on just exactly who owns what at Odsal.

When is the next auction?