iSelect Gold Coast Titans granted new license

[_Johnsy]

Drove past The Centre for Excrement today & didn't see

 

[BunniesMan]

What needs to happen is Searle hands the whole lot back to the NRL and walks away. The NRL sells the club to a new consortium, retains the CoE and leases it out so they have an asset that will pay for itself in the future.

Win-win for everybody. Searle dodges personal bankruptcy, the Titans remain and the NRL eventually gets a very good asset.

"very good asset". An asset whose debt is 3 times it's value according to some sources.

It might be painful, but letting the merkin Searle go bankrupt,taking the license off him, letting him deal with his own mess and giving the license to someone else could be the best long term option.

All the local small businesses that have been screwed over by the Titans might appreciate the NRLs rebranding effort and commit to supporting the new club.

 

[docbrown]

Perhaps another reason is they are owed 1.3 million?? I don't know about you but if I was owed that I'd go for it as well.

Ok let me say it in no uncertain terms then.

Reed Constructions IS on the brink of collapse and that's exactly why they're pursuing this.

Rumour has it they haven't paid their own subcontractors in weeks.

http://www.abc.net.au/news/2012-03-23/reed-construction-nears-collapse/3909832
http://www.illawarramercury.com.au/...d-construction-close-to-collapse/2472902.aspx
http://www.theaustralian.com.au/new...s-nsw-opposition/story-e6frg6nf-1226284703445

Almost $100 million owing to Reed's subcontractors is "missing"

I highly recommend checking out that 7:30pm report. Some damn fine journalism there.

Labor Opposition Leader:
"This has all happened under Barry O'Farrell's watch"

7:30 report:
"Will you acknowledge that this mess has all started under Labor? Labor programs, government programs, government work awarded to Reed, under your watch"

Labor Opposition Leader:
"What we've got is a set of circumstance where we've got a bunch of contractors going out the backdoor-"

7:30 report:
"That's now. We need to talk about the origins though. The origins are very important here because we wouldn't be here in this trouble if it wasn't for the start."

Labor Opposition Leader:
"No one knows that yet"

Labor Shadow Treasurer:
"That's why we want to call an upper house enquiry"

7:30 report:
"Into yourselves?"

Labor Shadow Treasurer:
"Well no... ahh... uh... into the conduct of Reed... perhaps, to see what went wrong."

I will also specify that I have no bias to either party. I just respect the work.

Note to the mods - the source is in the links in this post

 

[jayc2016]

What';s the commission's position on this?

 

[Alex28]

"very good asset". An asset whose debt is 3 times it's value according to some sources.

The direct debt over the CoE is $15 Million to the CBA. The conservative value of the building is $12 Million. That isn't 3 times.

Do you go out of your way to sound stupid?

 

[docbrown]

Do you go out of your way to sound stupid?

Sounding stupid comes naturally to BunniesMan.

 

[some11]

What';s the commission's position on this?

Heard on the news there is an announcement tomorrow.

 

[BunniesMan]

The direct debt over the CoE is $15 Million to the CBA. The conservative value of the building is $12 Million. That isn't 3 times.

Do you go out of your way to sound stupid?

$35 million*

 

[El Diablo]

$35 million*

like you'd have any idea Bunniesderp

every media outlet has come out with different figures

 

[BunniesMan]

like you'd have any idea Bunniesderp

every media outlet has come out with different figures

I know someone who works at the CBA.

 

[legend]

So do I. Doesn't mean you are right.

 

[El Diablo]

I know someone who works at the CBA.

you wouldn't know if a dog was up you

 

[sputneek]

Bunniesturd knows a teller in his local commonwealth branch, so he must know all about the titans financial situation.

 

[docbrown]

you wouldn't know if a dog was up you

:lol::lol::lol::lol:

 

[Alex28]

Bunniesman - I work for the CBA. Your mate is in all sorts of shit if he/she is stupid enough to look up the Titans profile on the computer system - even dumber to tell you anything about it.

The public record states they owe the CBA $15 Million for the construction of the CoE. They owe Westpac $5 Million which is probably over the Bar they have. The rest is unsecured and over all the various companies - not just the property arm.

So stop talking shit.

Chances are I know the guys looking after them now at the CBA. A quick call can figure out who has been looking at the profile without permission. Might want to give your "source" a heads up that they have an arse kicking coming their way...

 

[docbrown]

Bunniesturd knows a teller in his local commonwealth branch, so he must know all about the titans financial situation.

Bunniesman still tries to withdraw money from the ATM with his school library card...

 

[BunniesMan]

Bunniesman still tries to withdraw money from the ATM with his school library card...

I was wondering why that didn't work...

A CONFIDENTIAL bank document proves the Titans NRL club and its majority owner Michael Searle are liable for at least $13.4 million in debt on the ill-fated Centre of Excellence project.
...
its potential collapse next month could see $16.4 million in debts passed on to the Titans NRL club.

http://www.dailytelegraph.com.au/sp...-new-debt-of-13m/story-e6frexnr-1226309130687

"Sometimes a couple of the boys would say: 'I haven't been paid today - have you been paid?' "
...
Searle always had a grand plan to bail the Titans out of the $35 million black hole, but his spending has ultimately crippled the club.
...
The Sunday Telegraph can reveal Searle tried to borrow money from high-profile sporting personalities, including surfing icon Joel Parkinson

http://www.dailytelegraph.com.au/sp...gged-club-friend/story-e6frexnr-1226309138956

More bad news...

 

[AlwaysGreen]

I thought the telegraph was bullshit Bunniesliar. Now you're using it as a source :lol:

 

[In-goal]

How on earth can they be kept afloat?

Even with a new television deal, the intrest on that kind of debt is untenable!!!

The NRL/ARLC will most likely have to declare the franchise insolvent, then reopen the doors as a new trader the next day.

Who were the boys claiming that Searle should take on Gallop's position?

 

[bobmar28]

What I could imagine happening is the Titans sign Cronk in their final days. Fall over. His contract gets guaranteed by the NRL, he then plays for the Broncos for next to nothing.

This has little to do with Cronk, I'm confident of getting him either way.

I just think the Tits have gotten into a ridiculous amount of trouble and f**ked around plenty of small businesses in the community which is horrible when you're trying to build a brand.

The best long term option might just be to take the license of Searle, give it to someone who isn't a f**kwit and rebrand. A rebranding done the right way could earn goodwill in that community that isn't there at the moment.

You have no idea how much you have in common with the worst posters on there.

Stop death riding the Titans and go back to AFL.