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14 Jan 2019
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TOPIC: AGM

AGM 1 month 5 days ago #161333

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I understand the AGM was held last night. If anybody was in attendance can you please give me a link for the Financial Report?

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AGM 1 month 5 days ago #161356

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Financial report - hahahahahaha, that is classic stuff D.

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AGM 1 month 4 days ago #161482

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MMM seems that since KM took over the skeletons in the closet have grown some flesh, another $80K debt found and the 4 cents in the dollar look a bit dodgy. Bit sad really!

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AGM 1 month 4 days ago #161490

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I just read that in The West Grump....FMD, it's gotta be almost time for the WAFC to look at imposing penalties on WP and potential criminal charges for those responsible if there's evidence of fraud. Surely previously unreported losses of this magnitude must have an element of illegality about it.....and the other thing is that we still don't know where the money went. If one of the jerker faithful has an idea of what it was spent on then feel free to give us all an update....Falcon? Loopy...sorry Leedy?

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Last edit: by BC.

AGM 1 month 3 days ago #161491

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BC to me this is all BS, once an administrator is appointed the first thing they do is ask all creditors to lay their claims, if you fail to do this during that procedure you obviously miss out and don't get included in the 4 cents in the dollar outcome.
Again who was to blame? I have my theories and thankfully they are no longer there.
Criminal charges? the laws in this country allow you to go broke and walk away, then the very next day start another business, only way you can get criminal charges if you get caught red handed with fingers in the jar.

BTW $307K loss is not good mate for $ubi, they better cut down on their spending or eating into those assets could be on the cards unfortunately.

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AGM 1 month 3 days ago #161493

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It does seem a bit odd that KM didn't identify it earlier and include it in your total debt but it's serious enough to delay the tabling of your financial accounts at the AGM. As for criminal charges, there's laws against continuing to trade whilst knowing that the entity is insolvent...whether that applies to not-for-profit organisations like footy clubs I'm not sure but you'd think it would as buying goods and services knowing full well you're unlikely to be able to pay for them is unlawful.

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AGM 1 month 3 days ago #161495

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Couple of things - are Football clubs or generally speaking sporting clubs not for profit entities, I did not think so as they have to pay tax or is that just super.

The next thing it maybe that the new found debt is from within and then becomes an issue of reporting which seems to the the root cause of the issues at Joondalup/

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AGM 1 month 3 days ago #161496

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West Perth just an ongoing joke.

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AGM 1 month 3 days ago #161501

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We may as well accept that nothing is going to happen to WP. The decision was obviously made that they should be bailed out, and the 4c in the dollar was a nominal figure to throw a bone to creditors. 4c is so low as to be meaningless, so if WP pay less or nothing at all, it makes no difference. The debt has been effectively extinguished. I only hope WP acknowledge the largesse of the taxpayer by prominently displaying 'ATO" on their jumpers. In the meantime, they have lost only Meadows of any note, done some recruiting and are likely to finish well in the top 5 again.

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AGM 1 month 3 days ago #161545

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First of all I would like to say that the Townsend's article in the West this morning paper is hyped and to some members on this forum, please lay off the wank talk, we don’t need it. At the end of the 2016 season, contracts with four major sponsors ended, the dollar value was around three hundred and ninety thousand dollars per year. In 2016 there was a new committee, they were committed folk dedicated to the club. Between 2016 and 2018, the new committee were not able to sign one new sponsor; hence there was a shortfall of nearly seven hundred thousand dollars. Nobody knocked off any doe, but the club should have screamed help in 2016 when there was debt of around two hundred thousand dollars and Venues West still wanted their ninety grand per year rent. Townsend did not mention that the new clubs premises had two hundred and sixty defects that prevented the club from allowing functions that the club had planned. So in essence, the club needs sponsors, the club needs support and it doesn’t need people like Townsend reporting half truths and half the story and the club does not need members on this site criticizing the West Perth Football Club when they don’t know the true situation of the club.
The following user(s) said Thank You: Grump, BC, Bond

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