CONFRIMED: Latest rumours Confrimed as Unconfrimed

[WestYorksRoyal]

This may be naive, but does anyone know what this means for ReadingFC?

Is it somehow a good thing as it may expedite certain processes, or is it bad because he's further restricted and it could hamper any deals?

Relaying what I read regarding that thread - both the academic guy & the debt restructuring guy seem to think that it may be a blessing in disguise having this Haitong institution now involved - given their interests and needs vs. DY

It's a good piece.
It does appear to be slightly more positive as it takes the emotion out of the sale (i.e. Dai doing whatever he thinks is best for him)
At least with the bank making decisions, it would be more transactional. I would suggest they would see that some money back is better than getting nothing.
Under the cover of EFL new owners could surely not be any worse, could they?
I quite like the idea of the loathsome toad being locked up too.

Do we know if the bank have a charge over the shares in the club too? If it's just the SCL by itself, I don't see how that improves anything. The power to make things complicated and veto, but not the power to take things out of Dai's hands.

[Brogue]

The US-Saudi consortium renew interest if the current deal falls through according to James at the chronic

[Crusader Royal]

Relaying what I read regarding that thread - both the academic guy & the debt restructuring guy seem to think that it may be a blessing in disguise having this Haitong institution now involved - given their interests and needs vs. DY

It's a good piece.
It does appear to be slightly more positive as it takes the emotion out of the sale (i.e. Dai doing whatever he thinks is best for him)
At least with the bank making decisions, it would be more transactional. I would suggest they would see that some money back is better than getting nothing.
Under the cover of EFL new owners could surely not be any worse, could they?
I quite like the idea of the loathsome toad being locked up too.

Do we know if the bank have a charge over the shares in the club too? If it's just the SCL by itself, I don't see how that improves anything. The power to make things complicated and veto, but not the power to take things out of Dai's hands.

Not sure how they can have when Redwood had a charge over the club shares and Bearwood (allegedly). You can’t use the same asset as collateral repeatedly surely ?

[Royal Rother]

I wonder if it would get more or less complicated if / when Dai dies.

If the shite he is in back home is as deep as suggested, this seems like a very possible outcome.

[Lower West]

They could publish the overdue accounts for a start.

Far more complex than it sounds. The club is teetering on the edge currently.

[Lower West]

It's a good piece.
It does appear to be slightly more positive as it takes the emotion out of the sale (i.e. Dai doing whatever he thinks is best for him)
At least with the bank making decisions, it would be more transactional. I would suggest they would see that some money back is better than getting nothing.
Under the cover of EFL new owners could surely not be any worse, could they?
I quite like the idea of the loathsome toad being locked up too.

Do we know if the bank have a charge over the shares in the club too? If it's just the SCL by itself, I don't see how that improves anything. The power to make things complicated and veto, but not the power to take things out of Dai's hands.

Not sure how they can have when Redwood had a charge over the club shares and Bearwood (allegedly). You can’t use the same asset as collateral repeatedly surely ?

Bearwood is owned by a separate company to the one that owns the stadium.

[Lower West]

No I'm sure someone at the club, currently employed by Dai, is going to publish a detailed breakdown of the club's commerically sensitive financial information and Dai's personal financial records and legal travails any moment now, so a few Reading fans can have the satisfaction of knowing what's going behind the scenes at a private commercial entity.

The club itself is clean and above board. What lies behind in Dai's web is where the issues lie. In particular the company in the Virgin Islands. Which has no obligation to publish anything at all. Hidden behind a solid wall of secrecy.

[Hound]

I wonder if it would get more or less complicated if / when Dai dies.

If the shite he is in back home is as deep as suggested, this seems like a very possible outcome.

It’s no wonder he’s difficult to get hold of

[Snowflake Royal]

I wonder if it would get more or less complicated if / when Dai dies.

If the shite he is in back home is as deep as suggested, this seems like a very possible outcome.

How about this. Dai is convicted of fraud and treason in China and the Chinese state seizes all his assets - we become owned by a foreign state, which I believe the FL doesn’t permit.

[Extended-Phenotype]

I wonder if it would get more or less complicated if / when Dai dies.

If the shite he is in back home is as deep as suggested, this seems like a very possible outcome.

How about this. Dai is convicted of fraud and treason in China and the Chinese state seizes all his assets - we become owned by a foreign state, which I believe the FL doesn’t permit.

Pretty sure it’s allowed as people were (rightly) moaning about it not too long ago.

[Royals and Racers]

No I'm sure someone at the club, currently employed by Dai, is going to publish a detailed breakdown of the club's commerically sensitive financial information and Dai's personal financial records and legal travails any moment now, so a few Reading fans can have the satisfaction of knowing what's going behind the scenes at a private commercial entity.

The club itself is clean and above board. What lies behind in Dai's web is where the issues lie. In particular the company in the Virgin Islands. Which has no obligation to publish anything at all. Hidden behind a solid wall of secrecy.

If the club is clean and above board, then why haven’t the auditors and the club presented the accounts to the city ?

[Brogue]

No I'm sure someone at the club, currently employed by Dai, is going to publish a detailed breakdown of the club's commerically sensitive financial information and Dai's personal financial records and legal travails any moment now, so a few Reading fans can have the satisfaction of knowing what's going behind the scenes at a private commercial entity.

The club itself is clean and above board. What lies behind in Dai's web is where the issues lie. In particular the company in the Virgin Islands. Which has no obligation to publish anything at all. Hidden behind a solid wall of secrecy.

If the club is clean and above board, then why haven’t the auditors and the club presented the accounts to the city ?

In the middle of a takeover? For every chancer to come in and low ball. I can definitely see why they haven’t published them.

[Snowflake Royal]

I wonder if it would get more or less complicated if / when Dai dies.

If the shite he is in back home is as deep as suggested, this seems like a very possible outcome.

How about this. Dai is convicted of fraud and treason in China and the Chinese state seizes all his assets - we become owned by a foreign state, which I believe the FL doesn’t permit.

Pretty sure it’s allowed as people were (rightly) moaning about it not too long ago.

Pretty sure the Newcastle takeover had to try to show they weren’t state owned even though they blatantly are in reality

[Armadillo Roadkill]

Being owned by a state-owned bank is only as dodgy as being owned by a state's sovereign fund, as is the case with Newcastle.

And EFL couldn't do anything anyway - their ability to affect things may not stretch to the recovery of debt through the courts in the PRC. It's not like they can apply any "fit and proper" test as part of the proceedings of a Chinese bank against a Chinese citizen who has defaulted on their loans.

Although, judging from past miscomprehension of the EFL's role, there will be some on here who suggest the EFL will be to blame, and will probably insist they invade Manchuria as a result.

[Snowflake Royal]

Being owned by a state-owned bank is only as dodgy as being owned by a state's sovereign fund, as is the case with Newcastle.

And EFL couldn't do anything anyway - their ability to affect things may not stretch to the recovery of debt through the courts in the PRC. It's not like they can apply any "fit and proper" test as part of the proceedings of a Chinese bank against a Chinese citizen who has defaulted on their loans.

Although, judging from past miscomprehension of the EFL's role, there will be some on here who suggest the EFL will be to blame, and will probably insist they invade Manchuria as a result.

They could issue a sell order and kick us out the league. But that's it.

[Armadillo Roadkill]

Being owned by a state-owned bank is only as dodgy as being owned by a state's sovereign fund, as is the case with Newcastle.

And EFL couldn't do anything anyway - their ability to affect things may not stretch to the recovery of debt through the courts in the PRC. It's not like they can apply any "fit and proper" test as part of the proceedings of a Chinese bank against a Chinese citizen who has defaulted on their loans.

Although, judging from past miscomprehension of the EFL's role, there will be some on here who suggest the EFL will be to blame, and will probably insist they invade Manchuria as a result.

They could issue a sell order and kick us out the league. But that's it.

Agreed, and they wouldn't do that.

[Royals and Racers]

The club itself is clean and above board. What lies behind in Dai's web is where the issues lie. In particular the company in the Virgin Islands. Which has no obligation to publish anything at all. Hidden behind a solid wall of secrecy.

If the club is clean and above board, then why haven’t the auditors and the club presented the accounts to the city ?

In the middle of a takeover? For every chancer to come in and low ball. I can definitely see why they haven’t published them.

But these accounts are up to 30th June 2023 - 16 months ago so i would suggest hardly relevant to a takeover today.

[Lower West]

No I'm sure someone at the club, currently employed by Dai, is going to publish a detailed breakdown of the club's commerically sensitive financial information and Dai's personal financial records and legal travails any moment now, so a few Reading fans can have the satisfaction of knowing what's going behind the scenes at a private commercial entity.

The club itself is clean and above board. What lies behind in Dai's web is where the issues lie. In particular the company in the Virgin Islands. Which has no obligation to publish anything at all. Hidden behind a solid wall of secrecy.

If the club is clean and above board, then why haven’t the auditors and the club presented the accounts to the city ?

For the auditors to sign off the accounts as a going concern. They need reassurance that the club has adequate finance (i.e. is solvent) for 12 months following the date the balance sheet is signed by the directors. That reassurance cannot be given. Meanwhile what money there is drips away. Cannot be much else that can be cut from the overall operating budget.

[JR]

The club itself is clean and above board. What lies behind in Dai's web is where the issues lie. In particular the company in the Virgin Islands. Which has no obligation to publish anything at all. Hidden behind a solid wall of secrecy.

If the club is clean and above board, then why haven’t the auditors and the club presented the accounts to the city ?

For the auditors to sign off the accounts as a going concern. They need reassurance that the club has adequate finance (i.e. is solvent) for 12 months following the date the balance sheet is signed by the directors. That reassurance cannot be given. Meanwhile what money there is drips away. Cannot be much else that can be cut from the overall operating budget.

Cannot delay it forever. The accounts could still be signed off as a going concern but with a material uncertainty, which to be fair feels sensible!

[Snowflake Royal]

Apart from the fact everyone knows we aren't a going concern whilst Dai is here.