Centaur & Joe

[BUBBALOUIS]

Now before all you Melbourne supporters shout me down this is a serious question and im not piss taking, in todays Melbourne papers in the finance section, it was reported Centaur (Joe Gutnicks company) was put in the hand of administrators. Do you think this will affect his role as leader of the Melbourne footy club? Does that have any implications to the financial backing Joe has previously given the MFC? Hopefully for Joe and his shareholders sake he can do a deal with his creditors, but surely with his business pressures he couldnt continue to devote to much time to the MFC. Does anyone else have an opinion?

 

[Darky]

Judging by Melbourne supporters' previous responses to other topics, I think you'll need your batting helmet for this one Bubba.

 

[BUBBALOUIS]

Thanks for the warning Darky, by the way did you see my application for a transfer to the Blues in Big Footy cricket? Was i successful?
Look forward to getting promoted with you to the Aussie test side LOL
PS I really would like to hear what Melbourne supporters truly think taking away the emotional side of things (hard to do in footy i know!) Hope i dont get banned like Joff

 

[Shinboners]

Bubbalouis

You're asking a bunch of schoolgirls what they think of Diamond Joe's corporate responsibilities? Heck, they barely know anything about football.....

Here's a box to go with the helmet....

 

[Darky]

'Twas just a throwaway line Bubba, but if you're serious I'm sure our esteemed administrator will consider it. I'm all for these aggressive recruiting campaigns, as long as I'm not dislodged as 'keeper .

As for Centaur and Joe Gutnick, my understanding is that if Centaur is a share-based company listed on the ASX, Gutnick himself is not liable for any debts or financial shortfalls, in which case his personal wealth (last I read it was somewhere between $280million-$500 million) will decrease due to the drop in share prices, but can't be legally seized to repay company shortfalls.

Um, any accountants/stockbrokers care to clarify this. I don't know diddly-squat, honestly .

[This message has been edited by Darky (edited 15 March 2001).]

 

[Shinboners]

Originally posted by Darky:
As for Centaur and Joe Gutnick, my understanding is that if Centaur is a share-based company listed on the ASX, Gutnick himself is not liable for any debts or financial shortfalls, in which case his personal wealth (last I read it was somewhere between $280million-$500 million) will decrease due to the drop in share prices, but can't be legally seized to repay company shortfalls.

If Centaur goes into liquidation and if Centaur's assets have been "fraudulently" transferred to Gutnick and his associates, then the liquidator may be able to launch legal action to reclaim these assets (the Skase/Bond scenario as it were). Also, if Gutnick had given a directors guarantee, then that would be another possible key to get at his assets.

Interestingly, for many years, the share prices of Gutnick's companies were below their sector valuations because the analysts hated the cross ownership...it muddied the financial waters. However, last year, he unwound the cross ownership between his listed companies, their prices remained undervalued compared to the rest of the market.



[This message has been edited by Shinboners (edited 15 March 2001).]

 

[Darky]

Maybe it helps if I attend my lectures once in a while

 

[BUBBALOUIS]

OK, so Demons fans have no opinions on this subject, so heres mine, Joseph Gutnick has done a wonderful job as president of the MFC, but he has a responsibility far greater to the many shareholders in his companies, i think it would be wise of him to step down as president until his predicament with his companies is sorted out. Heshould be using all his time and energy making sure his companies are back on track. Just my viewpoint. Cheers (Hope that doesnt get me banned )

 

[dees01]

You are certainly allowed to have your opinion and no, I am not a teenage schoolgirl that knows nothing. Anyway, its not to serious for Melbourne. He has already given $2.7 million of the $3 million he wants to give. Also, we should not forget he still has plenty of money. Yes he has done a good job as president and I admit before hand I was sceptical of him which was one of the reasons I was pro merger.