Note Holders Question.

[oak79]

View attachment 553309
As a result the notes were worth good coin - as i said - i think there will be a lawsuit over this.

Not saying there won't be a lawsuit (though I'd be surprised) - or that some compo wouldn't have been nice. But no one is willing to tell me what would be fair.

Have you looked at the original sale contract and conditions?
I'd be surprised if the Eagles lawyers haven't.

Funny how earlier in the thread they were $400 in 1986. Then $1000 in 2001 - yet now they are $1300 in 1985. The original price is going up all the time

 

[kranky al]

Not saying there won't be a lawsuit (though I'd be surprised) - or that some compo wouldn't have been nice. But no one is willing to tell me what would be fair.

Have you looked at the original sale contract and conditions?
I'd be surprised if the Eagles lawyers haven't.

Funny how earlier in the thread they were $400 in 1986. Then $1000 in 2001 - yet now they are $1300 in 1985. The original price is going up all the time

Mate - the legal system is cluttered with organisations who thought they could get away with something and got called on it.

 

[Imnotdeadyet]

Just doing a little research (thanks Wookie from Footy Industry with the annual report link)

Unsecured Notes had face value of $500.
There are 7,735 notes as at 31/10/17. Carried in Indian Pacific Ltd (parent company of West Coast Eagles) under non-current payables at just over $0.15 each, increasing every year by 15% until redemption date of 2075. Quote " Redemption is at the discretion of the directors prior to the years 2075".
They are listed at their $500 face value in the unsecured note redemption reserve at $3,866,333.
The 2017 WAFC report has them listed as non-current assets at $2,110,946 (at cost whatever that may be). Not sure how many notes that the WAFC own separately from the public, it would be a mess if they had to write that off.

15 cents each! The club could probably afford to pay that out, the WAFC may not be as happy and given they own the company a bit of a moot point.

Hard to fund the lawyers for that!

 

[johne80]

Not sure if noteholders are aware of this fact - i wasn't.
But if you sell your note, your lose your membership.
Essentially even if you wanted to sell your notes, you really cant while retaining a membership.

From what i can tell there really is no documentation on the terms and conditions of the notes and the narrative seems to have changed over the years.
West coast are sticking their heads in the sand and hoping the problem will just go away.

 

[Imnotdeadyet]

Not sure if noteholders are aware of this fact - i wasn't.
But if you sell your note, your lose your membership.
Essentially even if you wanted to sell your notes, you really cant while retaining a membership.

From what i can tell there really is no documentation on the terms and conditions of the notes and the narrative seems to have changed over the years.
West coast are sticking their heads in the sand and hoping the problem will just go away.

The notes always used to work like this, thats why they were worth extra dollars, they were a way to jump the queue and get membership, you got the seat attached to the note.

I agree they are hoping we just go away as no one seems to know what rights are attached. At no stage has the club written to the noteholders to let them know what the changes may or may not be.

There is a trust deed somewhere. Alluded to by Nisbett on 6PR early this year.

I'm tempted to go to the club offices and request a copy.

 

[kranky al]

My old boy didnt get finals tix with it - but did get gf tix first cab off the rank

 

[oak79]

My old boy didnt get finals tix with it - but did get gf tix first cab off the rank

That's not noteholder rights - that's based on his seat category (ie Cat A) - which noteholders did get first rights to choose.

 

[matt_bas]

The notes always used to work like this, thats why they were worth extra dollars, they were a way to jump the queue and get membership, you got the seat attached to the note.

I agree they are hoping we just go away as no one seems to know what rights are attached. At no stage has the club written to the noteholders to let them know what the changes may or may not be.

There is a trust deed somewhere. Alluded to by Nisbett on 6PR early this year.

I'm tempted to go to the club offices and request a copy.

If you do please post it

 

[kit_kath]

Not the deed but some useful information when I purchased my notes ...

 

[johne80]

The notes always used to work like this, thats why they were worth extra dollars, they were a way to jump the queue and get membership, you got the seat attached to the note.

I agree they are hoping we just go away as no one seems to know what rights are attached. At no stage has the club written to the noteholders to let them know what the changes may or may not be.

There is a trust deed somewhere. Alluded to by Nisbett on 6PR early this year.

I'm tempted to go to the club offices and request a copy.

But didn't the club issue more notes back in ~2006 ? I know of some members that purchased notes back then and then attached them to the seat. I know for a fact my family had 2 notes and one wasn't attached to any seat until a later date. To me this really implies that the seat and note are really 2 separate entities and the note should be able to be sold separately (not that anyone would buy one now).

I asked WC what the value of the note is, and was told that it guarantees you a seat. Then i asked if i cancel my membership will i be guaranteed a seat - the response was that only if there are seats available!!?? Where's the guarantee then?

To quote Seinfeld - They seem to be able to take the reservation, but not hold the reservation.

 

[kranky al]

That's not noteholder rights - that's based on his seat category (ie Cat A) - which noteholders did get first rights to choose.

He didnt take a cat a seat but.

 

[frenchconnection]

He didnt take a cat a seat but.

Therein lies the problem I think. Can remember something being advertised to this effect when we all moved to the new Stadium and were allocated our seats.

 

[The Falcon Strike]

Pretty sure the last privilege of noteholders was preferential seating at the new stadium

There’s a good summary above - but money was lent to WCs holding company to keep it solvent in the early days - when that company effectively collapsed and the WAFC took over - to place the creditors (noteholders).- preferential membership benefits were offered

I don’t believe any of that was actually anything other than a promise - rather than an ironclad contract. And for the initial investment members have had goodnreturn and some have cashed in at a decent value - way above face value

For those that bought later at a higher price - well that’s the risk of investing

Either way - to only find out at the time of finals tickets going on sale is horseshit

 

[Imnotdeadyet]

He didnt take a cat a seat but.

I’m a note holder, and cat A member, got granny tickets OK but 8 rows from the back, mates with same were 3 rows in front of me. On northern wing close to MCC but a long way away, when just noteholder in 2015 down in ground section with ex players - definite downgrade this time.
Bit happier afterwards this time though

 

[kranky al]

I’m a note holder, and cat A member, got granny tickets OK but 8 rows from the back, mates with same were 3 rows in front of me. On northern wing close to MCC but a long way away, when just noteholder in 2015 down in ground section with ex players - definite downgrade this time.
Bit happier afterwards this time though

Think its a luck of the draw thing

 

[flamingEMBERS]

I put my name down to buy a note about 2 years ago, finally got the email from Patersons in about April, but I declined after seeing they're value dip regarding finals and Grand finals.

Reading that statement, it clearly states access to Subiaco and the WACA with no promises about Perth Stadium. I guess it would have been nice for the club to notify noteholders about the loss of privilege post choosing Cat A seats.

 

[oak79]

He didnt take a cat a seat but.

What Cat seat did he get?

He may have just been lucky, and actually been Priority 2 in the ballet.

 

[oak79]

I put my name down to buy a note about 2 years ago, finally got the email from Patersons in about April, but I declined after seeing they're value dip regarding finals and Grand finals.

Reading that statement, it clearly states access to Subiaco and the WACA with no promises about Perth Stadium. I guess it would have been nice for the club to notify noteholders about the loss of privilege post choosing Cat A seats.

It was in the paperwork for the seat move that everyone got.

 

[matt_bas]

I put my name down to buy a note about 2 years ago, finally got the email from Patersons in about April, but I declined after seeing they're value dip regarding finals and Grand finals.

Reading that statement, it clearly states access to Subiaco and the WACA with no promises about Perth Stadium. I guess it would have been nice for the club to notify noteholders about the loss of privilege post choosing Cat A seats.

How much were they going for?

 

[The Falcon Strike]

How much were they going for?

$3k I believe