The £14 Million

Mr Irrelevant · **Joined:** Thu Aug 17, 2006 8:25 pm **Posts:** 22681

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.

kevin pooles gloves · **Joined:** Tue Oct 07, 2014 2:28 pm **Posts:** 9878

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

Andy Dibbles Gloves · **Joined:** Tue Dec 11, 2012 3:32 pm **Posts:** 6817

Aye blew it away just before the sharks attacked.

funny that

Mr Irrelevant · **Joined:** Thu Aug 17, 2006 8:25 pm **Posts:** 22681

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

Seagull, Seagull, Seagull. · **Joined:** Tue Dec 02, 2014 11:44 pm **Posts:** 477

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

Montpoolier · **Posted:** Wed Dec 17, 2014 9:21 pm

Mr Irrelevant wrote:

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

Knowledge of what?

MutleyRules · **Posted:** Thu Dec 18, 2014 12:19 pm

Sharks....Mammals????

Mr Irrelevant · **Joined:** Thu Aug 17, 2006 8:25 pm **Posts:** 22681

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!

Andy Dibbles Gloves · **Joined:** Tue Dec 11, 2012 3:32 pm **Posts:** 6817

I bet you are fatter than me, gay boy.

Mr Irrelevant · **Joined:** Thu Aug 17, 2006 8:25 pm **Posts:** 22681

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

Andy Dibbles Gloves · **Joined:** Tue Dec 11, 2012 3:32 pm **Posts:** 6817

The £14 Million

Gadgies online