Just to clear this up.

The debt was a paper debt, wood dollars if you will.

Company A sends company B an invoice for £14m. In theory company A is £14m in debt.
Then company A sends company B a credit note. Company B adds the credit to its ledger and the debt is gone - Cillit Bang style. Company A has to take the £14m off its assets but if its an offshore company then it doesn't really matter, its just a paper exercise.

Nobody really believed that £14 had been ploughed into Pools, it was made up of admin charges, journals and probably some cash too. IOR have had the tax benefits so they won't be that much out of bed. More importantly they needed the cash injection that the share sale gave them.

Either way, with a simple piece of paper and a signature, the debt disappeared and Pools balance sheet looks a shit load healthier.

A paper debt that the wind blew away into the north sea just offshore of Aberdeen.

Aye blew it away just before the sharks attacked.

funny that

Sharks, in the cozy North Sea? you're knowledge of mammals is almost of the same standard as your knowledge of company formations.

It does sound like Ken made it all very easy. He was crap at communicating but maybe he wasn't such a bad chap?

Knowledge of what?

Sharks....Mammals????

Oh aye. It's a fish innit. It's the other fatter one thats a mammal. Either way he knows now't. Mind you, neither do I quite clearly!

I bet you are fatter than me, gay boy.

Nope. I am neither fat like you nor do I emit that horrendous stench that follows you around.