Often Partisan

Day of Reckoning

The board of Birmingham International Holdings meets today at 3pm at the BIH head office in Central, Hong Kong to discuss and hopefully approve three sets of overdue accounts.

Of course, the big question is when we will actually see the accounts. Whilst the board meeting is at 3pm HK time (7am UK time) there is no confirmation when the accounts will be available to the public. There is a school of thought that the accounts will come out the same day, just before the HK stock exchange shuts for the weekend at 11pm (3pm UK time) but I personally wouldn’t take that as gospel.

There seems to be a belief in some quarters that the publication of the accounts will be swiftly followed by a takeover bid for the club; a belief that has been reinforced by the publication yesterday morning of a brief snippet of news in the Mirror saying that the takeover was close. I don’t want to be a party-pooper but from my understanding of the situation and the sources I have spoken to this just isn’t the case; there has been and continues to be some interest in the club but an imminent bid is wide of the mark.

As reported on this blog yesterday, Carson Yeung has made a late bid to have his court case heard in the High Court rather than the District Court. This would have the effect of ensuring his case is heard in front of judge and jury rather than a judge alone; although it would also potentially mean a longer sentence if Carson is indeed found guilty. The South China Morning Post has reported that this follows an attempt by a lady called Lily Chiang Lai-lei who tried to get her company fraud case heard in the High Court and managed to delay her trial date by a year before the final appeal was thrown out. I can well imagine how well that thought will go down with Blues fans – it would appear that there may yet be another twist in that story.

What does this mean for Blues? Well… it’s not good. Whilst I don’t think the trial itself affects the sale of the club it does affect Carson’s cashflow situation which in turn has slowly cripped the club and the holding company. Without an investor or takeover by the summer things could get very painful for both – it will be interesting to see BIH’s predictions on cashflow and what debts are due imminently to try and get an idea of just how painful it could be. I hate to be the bearer of bad tidings, but I don’t think we’re out of the woods yet by a long chalk.

 

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42 Responses to “Day of Reckoning”

  • alexjhurley says:

    I can’t help thinking these accounts won’t tell us anything we haven’t already summised. We will remain in limbo ad infinitum until either a. Carson gets off or b. Somebody buys carson out. Neither of which are imminent. Mind you, zigic must have a few quid by now, he could buy the club, surely?

  • starwars says:

    Just going to bed and i read this!! I’ll never get to sleep now! Delay!Delay!Delay! Well at least the postcards from the Blues trust are having an affect.rofl

    • almajir says:

      And what have you done for the team lately Mr Starwars?

      Boycotting the games clearly ain’t doing the team favours…

    • starwars says:

      i apologise profously OP,you have done more than me,them postcards must have been a right pain to write,and the money you spent on stamps aswell.you keep up the pressure son.

      • almajir says:

        Well..

        If you want to believe all the trust has done is send a few postcards, knock yourself out pal.

        • starwars says:

          very dignified OP.Ok i was wrong again,sorry,i forgot about all those letters you sent too shareholders aswell.touched a nerve have i PAL??

          • Atahualpa is a BlueNose says:

            Look SW,

            If you’ve got nothing constructive or worthwhile to add, then please keep your childish, moronic, imbecilic shite to yourself.

            Who you think you are or what you think you are playing at, I do not wish to hazard a guess. But as you are trying to provoke negativity to those that try to do something positive on behalf of all Bluenoses, you are coming across as a contemptious individual.

            Run along chappy.

          • mark says:

            the only nerve you touched is your own, do yourself a favour and kick yourself back into space where you belong……………

      • Paul Carter want's shooting he says:

        You need to get back to Jedi school SW and muse on this as you go:

        You may never know what results come of your action, but if you do nothing there will be no result

  • Chris Smith says:

    Next up; BIHL Trains unveiled as new bidder for East Coast Main Line.

  • Carson Yeung says:

    This man from Star Wars, he speak less sense than R2D2 and don’t go games anyway!

    I really love all the Blues Trust postcards arriving from people on holiday in sunny Birmingham.

    When he finished looking after Wendy, I instruct Peter Pannu to phone all back from Hong Kong to say big thank you from me.

    But, I get him to reverse charge on cheeky bleeders to get my own back!

    Big news come soon my family x

    • desertbootboy says:

      carson….have not seen you at many games either!
      sell many a hair-cut….save our club.

  • BhamCityJulian says:

    The account do advance the likelihood of a sale because they are the last hurdle in getting their share relisted and it tells the buyer with if their are any skeletons in the cupboard that could visit BCFC. Also with a bit of skill a buyer will be able to deduce what BIH is worth san BCFC and whether it is has any assets left to sue for

    • almajir says:

      because they are the last hurdle in getting their share relisted

      Incorrect.

      Firstly, there is actually still one set of accounts that will be overdue (interim to Dec 2012) which should be released within a week or so. Secondly, there are four conditions that BIH have to meet to get shares relisted and they have not met the other three – Pannu himself stated to the stock exchange last month that BIH were appointing independent consultants to conduct a review of management control in April as per HKSE demands; they also need to show that Carson’s current legal woes aren’t affecting them.

  • Mark says:

    The move of trial is probably designed to get yet another extension to the trial.

    You can imagine that it’s not feasible to just move to another court without a further delay.

  • sutton apex says:

    sometimes think we would be better to get relegated – club cheaper to buy and surely zig would leave. Then do a southampton and win back to back promotions !!

  • Blackie says:

    Has Peter Pannu told his poodle Nursey to write something again in an atttempt to scare interested parties into acting? Yeung, Pannu don’t care what happens to our club, just their pockets. Nursey doesn’t care about Blues either for that matter just writes a load of negative stories and player transfers that never happen after bumming their agents

  • Evesham blue says:

    Think we are all used to delays now and it doesn’t have the same effect anymore. We will go on next year regardless most likely with a team of loanees, Bosmans and youth players.

    Then in 2014 Big Zig will finally be gone

  • Marky mark says:

    Let’s hope.your wrong then Dan (for once)

    And a takeover is imminent, otherwise what your saying is we are DOOMED

  • Dorsetblue says:

    If anyone is interested in buying anything these days you need other investors too. They then need to see the accounts before they can agree a fee. The accounts will not be good hence the delay. It may show bad account running and payments going out to all sorts of people who are not players!
    But it will move us to a stage where at least the price for blues can be discussed.

    • BhamCityJulian says:

      You need the management accounts to get level of detail which invariably means showing a formal interest and paying a fee. The versions seen by previous IP’s no doubt put them off. Lets hope those behind these accounts withstand scrutiny.

  • Art Watson says:

    It’s a big day in the history of BCFC and hopefully some good news will be published!

    One thing is for certain if we don’t find a new owner before the start of the new season the future looks bleak.

    The first financial impact will be the lack of season tickets sales and the departure of out of contract players.

    It’s a compete mess but fingers crossed for god news!

    • Marky mark says:

      I don’t think God is going to intervene somehow Art

      Lol

    • Bluenosesol says:

      My biggest concern is that the prevailing situation continues into the new season. There are those of us who will renew come what may, but I can sense that a lot of people will not renew if there is no prospect of any change, the information blackout continues and the CY/PP saga rolls on and on.

  • Bluemat says:

    I can make one prediction that will come out of the accounts, somehow the club will be worth 40mill minimum to BIHL. Just call it instinct. KRO!

  • Blueboy 88 says:

    I will put my last Yuan on Shanghai Media and Entertainment Group (SMEG) buying the club once these accounts are agreed & accepted with the HK Stock Exchange.

    Probabley for £40m…with Messers Pannu & Yeung still involved in some capacity..

  • Andrew Whalley's hat says:

    More importantly will we see white smoke or black smoke coming out of the chimney once the meeting has finished?

  • James says:

    Carson is trying to delay his trial again. The accounts are “due” to be released….

    One thing I can be sure of is more BS from our wonderful owners and Peter ” doing a wonderful job ” Pannu.

    It’s getting to the point where I fear we will become the next Portsmouth; stay up this year, release more players in the Summer and we are left with a young squad and zero money

    I’m tired/bored/frustrated of the likes of Nursey making up stories on the takeover. Surely if these so called “interested” parties were genuine, someone somewhere would have a vague idea as to who they were? Can’t recall much of the Villa takeover but I’m guessing RL was linked to buying the club in some capacity beforehand?

    I to have a horrible feeling that CY will be in the alleged new takeover, but trust OP knows more than most that this won’t happen ;)

    Apologies in advance for the rant as the updates on here are a million miles ahead of the local and national media

    Keep Right On

  • Paulo says:

    Accounts, accounts, accounts …! Pretty used to them being overdue and the circus in HK forever stalling and not letting go. Appreciate the continuing news by the way, but in the meantime, it’s business as usual on the pitch and support is needed in the stands.

  • […] Kong Round-Up With various news from Hong Kong due today as posted on this blog this morning, I thought it would be a good thing to round up on what has happened and will happen […]


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