Parra Future / 3P - Move on

[Suitman]

Oh once again the standard Suity ploy, start arguing about your argument and not the one at hand.

I wasn't laughing at the loss, indeed as I said, I was concerned, but as I said I was laughing at Ram's ignorance with his statement that the club is at the brink.

Oh and, once again, a standard MITS reply - ignore the real issue which is the loss, as opposed to someones grading of said loss.
Suity

 

[TheRam]

MITS, Sorry would love to sit, chat and tear you apart, but the footy's on. Ciao. Maybe later.

 

[MarkInTheStands]

I'm not sure what you want me to prove????

That very little seems to be being done about it besides pinning our hopes on a lost cause???????
Well clearly I can't prove it, just as you can't prove i'm wrong, however you will not I used the word "seems". It appears from the outside that the club is hoping that the Pokie Tax will be either reduced or overturned. Clearly not going to happen.

What else are they doing???
Well it SEEMS not a great deal at all to me.

So your telling me you have seen nothing else from the club in terms of reducing costs? Nothing at all except the pokie tax statements?

 

[Suitman]

MITS, Sorry would love to sit, chat and tear you apart, but the footy's on. Ciao. Maybe later.

It's a shame Ram. I'd love to sit here and watch someone try and defend the current administration, but alas, I've got a meeting to go to.

Suity

 

[MarkInTheStands]

Oh and, once again, a standard MITS reply - ignore the real issue which is the loss, as opposed to someones grading of said loss.
Suity

Once again trying to spin the argument your way?

I didn't start talking or indeed laughing about the loss, more the complete over reaction to it. I personally think Ram is a laugh a minute.

 

[junior009]

So your telling me you have seen nothing else from the club in terms of reducing costs? Nothing at all except the pokie tax statements?

Sure they have tried to reduce some costs nut these have been merely comsmetic public relations exercises. They have to appear to be doing these sorts of things. None of these cost cutting measures, repeat, none of these cost cutting measures is more than a drop in a $7.8 million ocean.

So as far as I'm concerned Mark, to answer your question, no I haven't really seen anything else from the club.

 

[fish eel]

I dont think anyone can really make a true informed opinion on how were are travelling financially until they see the annual report, and see if we are going backwards or not.

I think saying we are in dire is a bit of a stretch - but I do think things are concerning.

 

[dazeely]

Is it any of our business why Col decided to do what he did?

Seriously people, move on....

Whether he was pushed or whatever, WHO CARES!!!!!!!

Thanks Col and Best of Luck

spot on.

Take care Col.

 

[Hollywood Jesus]

(nice sweetener MITS - I swear the Leagues club announced a $7.8 mill loss)

Surely you can't blame the Club for a $4.5m asset devaluation? Neither side - incumbents nor 3P - will be able to do anything about that, will they?

 

[MarkInTheStands]

Surely you can't blame the Club for a $4.5m asset devaluation? Neither side - incumbents nor 3P - will be able to do anything about that, will they?

I'm quite sure they will find a way.

 

[mickdo]

Surely you can't blame the Club for a $4.5m asset devaluation? Neither side - incumbents nor 3P - will be able to do anything about that, will they?

Nobody's to blame eh? :lol:

 

[Suitman]

I'm quite sure they will find a way.

And no matter how much debt we get into, you'll still find a way to defend them.

Suity

 

[Gronk]

And no matter how much debt we get into, you'll still find a way to defend them.

Suity

Writedowns in property valuations are not debts. ;-)

 

[fish eel]

Writedowns in property valuations are not debts. ;-)

I think Suity is referring to reports which havent been refuted that the club is $20 million in debt.

 

[forward pass]

Writedowns in property valuations are not debts. ;-)

No - but they are very poor investments for which the club needs to be held accountable.

 

[Gronk]

I think Suity is referring to reports which havent been refuted that the club is $20 million in debt.

Yep, but I think HJ was saying that the club could not be blamed for asset write-downs because of the downturn in the commercial property market.

I don't know about the $20M in debt, sounds bad. But if they are supported by income from those assets which adequately service the debt, then the actual amount of debt is irrelevant. You have to look at the big picture rather than just speak of the debt.

Having the Mews joint 3 parts vacant wouldn't help the bottom line however.

 

[Gronk]

No - but they are very poor investments for which the club needs to be held accountable.

Every commercial property in Oz is a very poor investment then by your definition. Crashing values and high vacancy rates are across the board and it seems that there will be intervention by Kev07 very soon.

 

[mickdo]

 

[Delboy]

Just be careful how we describe debt, obviously there are assets and liabilities.

Debt is taken on to improve and grow an asset position generally, and I would imagine the Mews and the balconies at the club would have had to be financed , and hence there is a liability for their construction cost.

However, falls in revenue are not helpful and we need to look at revenue streams for the NRL club to take the cost of funding them from the bottom line of the Leagues Club.

All in all, you can be in debt, and still have a healthy asset position, I am not saying that this is necessarily the case but we should look at this in a more balanced way.

What we need at the moment is some transparency if you like, from the factions on both side seeking election. to help us understand how they reduce the $5-$6 million per annum that funds the football side of the club. Strange how that amount is almost exactly what the hopeless NSW Govt sucks out of our club, anyway that aside, debt financing if used correctly should help you grow going forward.

The balance sheet in a sense will tell us all more

 

[Sangreal 86]

Thanks for the update 7's.

Not a problem Gronk...I will get to you guys as I find the time, as it is getting hectic, but dont worry I will get to you on a dayly basis, I just dont know what time that will be. Thanks guys.

Sevens