Thomas Davis to Fold?

[dublinfella]

The jungle drums are beating that Thomas Davis have called an EGM for next week to discuss their precarious financial position. I understand that fees have not been passed on to the DCB and they are struggling very hard to cover the legal bills from the foolhardy trip to the High Court of a few years ago.

Anyone heard anything? Is folding actually on the EGM slate?

A question of reaping what they sow or were they shafted centrally over the Tallaght stadium issue?

[heffo]

I'm not going to make any comment on it but expect a piece in the Indo tomorrow on the issue.

[heffo]

http://www.independent.ie/sport/gaelic-football/top-dublin-club-in-financial-peril-2544477.html

[Shamrock Shore]

Am I correct in saying that all present members are joinly liable for the debts of the club.

Perhaps some of the top table have personal guarantees in place which could spell disaster for them. Hopefully a sensible solution is worked out - esp seeing LOI clubs fold, unfold, and then fold again without any (as far as I am aware) losses for individuals above what they put in.

[Declan]

Hope they can "restructure" that debt to use a common phrase these days. Fond memories of Davis's as I played my first ever game for them many moons ago

[dublinfella]

Am I correct in saying that all present members are joinly liable for the debts of the club.

No. In the same way all members don't get a cut if the club turns a profit. I forget the exact legal term, but ordinary members are not liable for the club debts.

Perhaps some of the top table have personal guarantees in place which could spell disaster for them. Hopefully a sensible solution is worked out - esp seeing LOI clubs fold, unfold, and then fold again without any (as far as I am aware) losses for individuals above what they put in.

I think this is where it could get messy. Individuals put up a bond when TD took legal action, including a priest. That bill (last I heard) was not paid and people are personally liable for that bill.

I have no idea how the rest of the debt is structured. It could be secured against land or individuals assets.

[dublinfella]

Heffo, can you confirm or deny that over €500,000 of the €2m debt is owed to the Council in legal fees?

Odd that there was no mention of that in the article if true

[heffo]

Heffo, can you confirm or deny that over €500,000 of the €2m debt is owed to the Council in legal fees?

Odd that there was no mention of that in the article if true

There are three creditors owed approx 500k from the legal action - the council is one of these.

[dublinfella]

There are three creditors owed approx 500k from the legal action - the council is one of these.

So the Council, the Department and the FAI?

In other words, the former are the two organisations you really need on your side now....

The case ended over three years ago. Why was the bill not settled? Were there not debentures put up by individuals around the club?

[heffo]

There are three creditors owed approx 500k from the legal action - the council is one of these.

So the Council, the Department and the FAI?

In other words, the former are the two organisations you really need on your side now....

The case ended over three years ago. Why was the bill not settled? Were there not debentures put up by individuals around the club?

I'm conscious that this is an emotive & controversial issue so I'm only going to post whats a matter of public record.

The three creditors are the council, their own legal team and Shamrock Rovers/FAI (however the mechanics of their legal bill works out)

As regards guarantors, I'm sure you're just as informed as I am on that issue and I'm not going to post on it.

[dublinfella]

As regards guarantors, I'm sure you're just as informed as I am on that issue and I'm not going to post on it.

I'm actually not informed on this one.

At the time I recall a half dozen or so individuals signed bonds to cover legal costs in case of a loss. To date this bill has not been settled, and anecdotally I hear you told the council to take a running jump when they pursued the money.

So what happens now? If the individuals are liable, TD owe 1.5m, not 2m. If TD are liable, then the bonds were not entered in good faith which is a legal landmine.

Were you shafted by someone or did TD never have any intention of honouring this bill?

For the record, I of course, hope you sort all this out. Would be an awful shame for a club to fold because of the folly of a couple of individuals pursuing a ridicilious court case.

[heffo]

As regards guarantors, I'm sure you're just as informed as I am on that issue and I'm not going to post on it.

I'm actually not informed on this one.

At the time I recall a half dozen or so individuals signed bonds to cover legal costs in case of a loss. To date this bill has not been settled, and anecdotally I hear you told the council to take a running jump when they pursued the money.

So what happens now? If the individuals are liable, TD owe 1.5m, not 2m. If TD are liable, then the bonds were not entered in good faith which is a legal landmine.

Were you shafted by someone or did TD never have any intention of honouring this bill?

For the record, I of course, hope you sort all this out. Would be an awful shame for a club to fold because of the folly of a couple of individuals pursuing a ridicilious court case.

I'm not a member of Thomas Davis, but I do have plenty of friends in the club and I feel sorry that the ordinary member is now going to suffer because a few individuals with deep pockets at the time and influential voices have put them in this situation.

I believe that a number of individuals gave assurances under which I'm told there is a grey area and the personal/financial circumstances of those people has changed since the agreement.

[muppet]

As regards guarantors, I'm sure you're just as informed as I am on that issue and I'm not going to post on it.

I'm actually not informed on this one.

At the time I recall a half dozen or so individuals signed bonds to cover legal costs in case of a loss. To date this bill has not been settled, and anecdotally I hear you told the council to take a running jump when they pursued the money.

So what happens now? If the individuals are liable, TD owe 1.5m, not 2m. If TD are liable, then the bonds were not entered in good faith which is a legal landmine.

Were you shafted by someone or did TD never have any intention of honouring this bill?

For the record, I of course, hope you sort all this out. Would be an awful shame for a club to fold because of the folly of a couple of individuals pursuing a ridicilious court case.

I'm not a member of Thomas Davis, but I do have plenty of friends in the club and I feel sorry that the ordinary member is now going to suffer because a few individuals with deep pockets at the time and influential voices have put them in this situation.

I believe that a number of individuals gave assurances under which I'm told there is a grey area and the personal/financial circumstances of those people has changed since the agreement.

Irish society will be hearing about this sort of thing for years yet. This is where the collapse of the National Finance starts getting down to grass roots.

[dublinfella]

I believe that a number of individuals gave assurances under which I'm told there is a grey area and the personal/financial circumstances of those people has changed since the agreement.

I'm still not sure how this is CLG TD's problem....

[heffo]

I believe that a number of individuals gave assurances under which I'm told there is a grey area and the personal/financial circumstances of those people has changed since the agreement.

I'm still not sure how this is CLG TD's problem....

Re-read the part about the grey area, bond & guarantee.