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Carson: Full Mortgage Case Update
Fuller details have emerged now on Carson’s defeat in the Hong Kong High Court with regards to the repossession of his house.
Oriental Daily reports that Carson had to beg the court for some time to sort out leaving the property as he, his wife and two young children had to find somewhere else to live.
Carson had told the court that he had been allowed to delay the repayments of the loan by a bank manager at Wing Hang Bank, according to the HK Standard.
Carson’s 80 year old mother turned up at the hearing as a last minute litigant asking for an adjournment on the case as she too had a financial interest in the property but the argument was thrown out by the sitting judge as there wasn’t enough evidence.
Carson has been given eight weeks to vacate the property or to pay off the HK$50million principal debt (circa £4.2mil), as well as the interest which has now accrued to an astonishing HK$38million (circa £3.2mil).
For those of you who are interested, the full judgement for his previous case where he lost his appeal against the asset freeze is now available online here. If and when this case becomes available I will also link it.
Tags: Carson Yeung, China, HK
50 Responses to “Carson: Full Mortgage Case Update”
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Almajir – so this pushes CY into more of a corner? Surely, SURELY, Blues will have new owners by the end of the month? I can’t see how this can go on for much longer, it’s an impossible situation.
You’d think it does, but we just don’t know.
To me, it’s fairly simple. The guy’s near enough homeless, so how can he afford to own a football club. I think he should get his priorities in order: 1. getting a home 2. staying out of jail.
It’s not quite as simple as that, unfortunately.
Carson only owns around 1/4 of the company that owns the club – to sell it, he needs the agreement of at least a third of the rest… and someone has to put up a price that they are willing to accept.
Yes, I understand that. But Colin Tattum suggested that the rest of the BIHL board are ready to sell-up, and that they’re also realistic on the price that the club should/needs to be sold for? For me, they won’t get anymore than £20 mill. Probably as low as 10-15 mill, in my honest opinion.
Why don’t the other shareholders who own like 70 % combined just sell their stake ?
Who to? Shares are suspended, they can’t be traded on the open market. It requires the board to sort out a sale.
Gary raises some interesting figures, I’m sure by now we’re all aware and honest enough to accept that Carson seriously overpaid for the Blues in the 1st place but just out of curiosity AJ what do you now think we’d be worth as a club and what do you think BIHL would see as an acceptable bid?? As always we appreciate your updates AJ
I am sure its on this site but who are the board ? I suspect its Mr Yeung under various company names that each own a portion of shares and he owns the majority of shares in these companies.
Mcmanaman and the guy who supposedly leant the club money both left today, somethings going on, What do you really believe Almajir ?
The current board of directors of BIH comprises of:
Exec Directors – Carson Yeung, Vico Hui, Lee Yiu Tung, Chan Shun Wah, Pauline Wong
Non-Exec Director – Chan Wei Keung
Independent Non-Exec Directors – Raymond Yau, Zhou Han Ping
As per http://www.hkexnews.hk/listedco/listconews/sehk/2012/0604/LTN201206041483.pdf
Well it looks like what happened to Portsmouth will happen, BIH will probably go Into administration but I don’t think we’ll go into administration because I doubt the club are in over £50 million debt and I’m sure someone would take blues over. Nobody wanted to buy Portsmouth because they’ve been in admin before
Just read through the judgement and things don’t look too good for Mt Yueng. It’d be nice to think he will now sell the club but a buyer has to be found.
In his final match programme notes Mr Pannu suggested a potential investor had been identified, we can only hope that this has been suitably progressed and a deal may be reached sooner rather than later. Mr Y needs the funds to save his house so he may have to cut his losses at BCFC and sell at a considerable loss.
Carson needing money is the worst thing for blues, he’ll just sell more players like he did before, after the money he paid for us and what he gave to that clown to invest in the squad I doubt he’ll just cut his losses, he’s too arrogant
CY simply cannot use BCFC money from player sales by withdrawing cash from BCFC or by transferring it to BIH. That is called fraud.
who’s he going to sell. he sold everybody he could last season theres only 17 players left in the squad now including ben foster. if he sells him he’s only got butland left to go in goal and they probably would struggle to put out a team without making up the numbers with academy players as they can’t sign anybody while the embargo is in place. Thats the whole point of the embargo, before you sell someone you have to have somone coming in to replace them. blues aren’t a chelsea,man u or man city with a surplus of quality players they can sell off!! blues can’t resign doyle or carr until the embargo is lifted as they are both technically bosmans, even though they’ve been offered deals.
Did i read one of the links right?
In the ‘Oriental Daily’ link, the loose translation suggests that Yang Yeuzhou & Steve ‘Mcmahan’ (as he was called) have left the board, is this true or something that was lost in translation?
Adam – did you miss this post on the site?
Yes i did, I feel so unpatriotic right now!!! I seem to be on this site every day and I miss a story like that, my bad!
Thanks for the updates Almajir, keep the good work up. KRO!
£8m in 56 days whilst assets are frozen…. To save a property worth £30m???
If I was confident of winning the court battle then I would get my holding company to pay the money owed and buy the property as an asset for the holding company then RENT it back out.
The holding company having a cash flow crisis has one particular asset they could sell in 56 days no sweat they might only get £20m for it but needs must……
I smell a sale!!!
Nice try but that would mean BIH making a payment of consideration to CY. They could just not pay the bank direct and as soon as CY ‘sells’ is this just another frozen asset too so he couldn’t transfer it to BIH so they’d want their money back.
That’s my understanding anyway
If you read the other judgement relating to the frozen assets, it is clear that the house at Barker Street is actually the main frozen asset.
As a result, CY can not sell that property or get BIHL to do anything with the property. If the bank do repossess, they are obligated to sell the property with the proceeds (after repayment of the loan) going to CY and then frozen again.
So there is nothing CY can do with the house.
As for a sale, we shall have to wait and see. KRO
I am still of the belief that CY bought BCFC with the best of intentions and continued that way until his assets were frozen. I feel for the guy: at best he is a poor businessman; at worst a crook who could lose everything. However if this latest problem forces through the sale of BCFC then it is for the best
If there are potential new owners out there I hope they have found a way to make themselves known to CH so that he can see there is a light at the end of the tunnel.
If I were a potential new owner I would be starting to make some noises about being so in order guage reaction and support, however apart from the very few how many football clubs are now attractive business propositions? Even an established premier club like Everton have not been sold despite Bill Kenwrights efforts to do so. BCFC may be a very complicated purchase given the different people involved and their locations ( not withstanding I imagine they will be unrealistic over the price ), as fans needing a ray of hope it would be nice to hear from someone out there that they are waiting in the wings but my fear is that they are simply not there. Of course any interested party may well be waiting for admin – much cheaper to pick the club up then than paying £20 million now??
Has anyone any idea of what the value of the clubs assets/liabilities are, do they own Wast Hills?
No Wasthills is rented from Birmingham University.
Long term lease to be accurate – 99 years or something like that
The tensions getting too much! Will Phil make it till the end of the Jubilee celebrations or not. Who slipped a mickey into his G&T? Tune in to next week’s gripping…
Selling assets is one thing, giving them away is another. It’s pointless bullishly defending Lt. Hoots with a £2m compensation clause while letting the Red Menace sneak aboard the good ship St Andrews in the night and steal pearls from the treasure chest… Make sure all your assetts are safely stored, Cap’n Pan!
Liverpool have also won the race to sign Birmingham starlet Foday Nabay, who has been playing above his age group in Blues’ Under-18s side and England Under-16s last summer. Liverpool will only have to pay Birmingham only £70,000 in compensation, due to a loophole in Nabay’s contract at St Andrew’s.
There’s nothing anyone can do about Carson’s personal woes, but there’s so much to be done day to day at St Andrews to stop a freefall into league one next season… Wakey Wakey, shipmates, thar be more pirates off the port bow… I do bellieve that be the Saucy Delia ‘n’ all…!!
the kids obviously a foll and likes playing resersve football. he’s more chance of getting into the first team at blues than liverpool where he’ll stagnate!
let this be a lesson to all of our junior supporters that crime does not pay and stay away from drugs
…and never let your mother / mother-in-law visit your house for more more than 4 hours at a time (6 hours at Xmas), with a gap of at least 28 days in between visits (two months at Xmas). Otherwise she will think she owns the place, just like Carson’s.
I hope all this debacle will hit all those supporters who slated Sullivan and Gold during their reign at Blues. They took Blues out of the doldrums and put the club on a sound financial footing. I often wonder what they think of the mess surrounding Carson and BIH. This is a learning curve to supporters to show more respect and gratitude to people who own and run the club on a sound financial footing.
The Golds and Sullivan trousered 10’s of million profit from the sale of Blues. A deal which plunged the club into a process which they knew would end in failures as these astute businessmen dooped an over eager and ignorant buyer into paying an extortionate fee for the club. This brilliant piece of conniving not only led to the ruin of the new owners but potentially to the club itself. We should be grateful for that??
Who would buy a club or even put a bid in when there are no visible accounts to look at??
Didn’t seem to bother Mike Ashley at Newcastle… He thought Due Diligence was a fictional wild west comic book hero. In retrospect he had a point.
The current board comprises……. or The current board consists OF…….. Sorry to be a pedant, but thanks for the good/bad news.
Reading the linked articles, it would appear that CY’s assets freeze did not take into account his mortgage repayments as this was argued by the defence. Perhaps that is why he applied to have it overturned recently in order to stave off this judgment. Losing his home is probably the death-knell for CY’s ambitions as a football club owner and high-flying businessman. To get an eighty-year-old lady to come and offer an argument for adjourning a case, is the act of a desperate man. The other substantial shareholders should really put him out of his misery.
Let him recoup some of his money from BIH and then try and concentrate on his forthcoming court case. What he envisaged for himself, BIH and BCFC has simply not come to fruition.
Any prospective buyer will wish to see those forsaken overdue accounts in order to get an idea of the club’s liabilities before offering a price. I believe that the largest creditor is one Mr Ka-Sing to the tune of about £17m.
I know it is irrelevant now but why oh why did CY take a loan out for a few million GBPs, when he is allegedly supposed to have tens of millions in his bank accounts. It was /is a massive rate of interest he is having to pay and even with the freeze on is assets, he would not have been in danger of losing his home, had he not taken the loan out.
Blues not being promoted finished any chance he had of calling on an associate or colleague to provide a bridging loan just to buy him some time. None of the high-flyers in BIH would risk another penny in the present circumstances.
I hope he gets to make a graceful exit as possible under the situation he and the club finds itself in.
This was not a home, it was an investment funded by borrowings which he’s failed to keep up the payments on. He can rent, like many another poor sod.
Dirty One
It was his home as that is where he lived. It can also be classed as an investment much the same as we would all class our homes, it being the largest purchase most of us make during our lifetimes.
One point to take to question is, how many of us would take a gamble with the security and future of our families in order to fund the club we love??
Somehow even with all the shenanigans taking place, I can’t see CY checking the classifieds……
:(
Normal folk gamble on keeping a job and become homeless if they don’t. Rich bods asset allocate and can downsize as necessary. Anyway, it’s still possible the state will house CY free of charge. Grandma will have a problem tho’. 8~{ (not so good now are they?)
To stop anyone becoming homeless should they lose their job – get insured which will protect you in case you find yourself in that position – well just until you can find new employment. Again, I somehow find it difficult to imagine he will be relying on the state for assistance…
You’re right your high standards seem to be slipping.
. .
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Its all coming to a head, I fear the end is near for CY, backed into a corner facing failure and destruction,
I just hope that the car crash BCFC is about to endure will provide survivors, ie CH and the very little assets we have in players.
Ive got to say, I’m worried….Very Worried, is that a light at the end of the tunnel…., or an explosion?
Seat belts on guys, its going to be a head on collision….
KRO….
…Unless new owners come in. And there’s a few people saying that the club will be sold in the next month or two and they’re linked with the motor industry.
But Gary, the people saying this are merely speculating. Please don’t pin your hopes on anything, that way you can’t be disappointed.
Liam – I agree to an extent that it’s speculation, but when Colin Tattum is also saying there’s a group ready to take on Blues, then you start to think. Tatts is usually quite dry/pessemistic when it comes to things like this, and even he says that BIH are ready to sell up. People are forgetting that CY has NO CHOICE. He has to sell, he has no alternative.
I agree Gary in some ways, I am just very worried at the moment and seem, as a Blues fan, to naturally fear the worse.
You are right about Tatts, he never commits to anything unless he is sure, so there’s certainly interest.
Interest doesn’t mean a sale though and has Almajir has pointed out, there are many reasons why any sale would be a long, drawn out process.
For what it’s worth, I think we will end up with new owners before 2012/13 season is finished, but I don’t think it will happen before season’s start and I also think we’ll lose our manager.
However good or bad the news is, BCFC have to make a statement soon. I really don’t think they realise how many season ticket holders are not renewing due to all of this.
The only solution to this is that CY needs to dress up like a woman and whore himself out a few times this month – a) he gets his house back b) we have a £50 million war chest. There , sorted. Don’t mention it guys!
So where does this leave Seymour Pierce as the ‘advisers’ to CY?
If CY paid substantially over the odds for Blues based on their advice, then presumably they have some responsibility for their supportive role in the transaction don’t they?
SP were hired by CY and co during their first aborted attempt to purchase Blues.
They sued BIH when they finally succeeded during their second attempt. I believe it was for about £2.2m. I think BIH were after some guidance and advice and then thought they could make a better fist of things on their own. SP still sued and won.
Almajir – what’s this all about?
http://202.66.146.82/listco/hk/birminghamint/announcement/a120604a.pdf
Why is Raymond Yau Yan MIng, who is “an independent non-executive director”, chairman of the audit, nomination and reunmeration committees? Is that normal for a non-exec to have those roles? And why is the only other member of those committees another non-exec? Or am I missing something?
Doctor D,
That is standard practice for companies. You want independent non-exec Directors to be the constituents of these boards as in effect they are making rulings on what the exec board members do. Remuneration (how much they get paid), nominations to the board and audit committee (in theory making sure the audit of the accounts is done properly). Not sure how well they have done on the last one but never mind.