MERGED: Board Issues Mega Thread

[byso]

RE: BOARD ISSUES - Our Right to Know

That's a very good point.

What are the issues that Penn's getting voted down on?
I agree that Penn shouldn't have full control but I hope all parties are being mature in all decision and aren't saying no to everything just to piss of the Penns.

 

[Darren]

RE: BOARD ISSUES - Our Right to Know

To be honest, I think the shared arrangement isn't working (obviously) bit like Crowe and Holmes a Court. Maybe the issue needs to come to a head like this and one sells, kicked out etc. Maybe URM will come in.

 

[lovefooty]

RE: BOARD ISSUES - Our Right to Know

That's a very good point.

What are the issues that Penn's getting voted down on?
I agree that Penn shouldn't have full control but I hope all parties are being mature in all decision and aren't saying no to everything just to piss of the Penns.

I said this in another thread. I was told that Penn had said he would rotate the chairman's role when the commission came in. That was 5 months ago. He has been asked to honor that promise for months.
When pushed he said I will , only if the football club give up one of its board spots to them. The members in 07 had 4 board spots now they have just 2 with Penn wanting them to have 1 and him 4.
As a member I would not like that.

 

[Ralphie]

RE: BOARD ISSUES - Our Right to Know

This simply won't work until one has control. In business you usually have either one dominant controlling party or many many small shareholders.

 

[Chip and Chase]

RE: BOARD ISSUES - Our Right to Know

What is the advantage of rotating the Chairman's role ?? It's not like he has the casting vote in the event of a hung board.

Is it just an ego thing, in that others on the board want to have a turn sitting in the big chair ?? Can't be that petty could it ??

 

[lovefooty]

RE: BOARD ISSUES - Our Right to Know

What is the advantage of rotating the Chairman's role ?? It's not like he has the casting vote in the event of a hung board.

Is it just an ego thing, in that others on the board want to have a turn sitting in the big chair ?? Can't be that petty could it ??

The football club want independent chair. Penn also said yesterday he will take his money out if he doesn't get his own way . Very Tinkler type of attitude. That's why more owners not less is needed to stop the club being at risk from rich men's egos.

 

[HappilyManly]

RE: BOARD ISSUES - Our Right to Know

http://www.smh.com.au/rugby-league/league-news/owners-ready-to-battle-for-brookie-20120609-20340.html

Interesting read.

The gist is, that Manly is here to stay - no matter what Shareholder decides to leave

 

[Cameron]

RE: BOARD ISSUES - Our Right to Know

Call me niave but maybe the simple soulition is increase the board to 9
4 penn reps (increased by 1)
2 surfside reps
2 fc reps
1 Indepentant Chairman

That way penn has closer to 50% of the vote while the other two aren't losing out.

 

[AshfieldBazza]

RE: BOARD ISSUES - Our Right to Know

I've heard a few people on here say that Quantum don't have any funds to buy out the Penns like mentioned in the article on SMH article?? If so why is that Sydney guy( sorry can't remember his first name) saying they are ready to step in to buy the Penns shares.

Also about the URM guy people are talking about, has he said that he wants to buy into Manly or is it just people thinking that cause he's a sponsor whose loaded that he will want to put up his own cash to buy out the Penns or buy everyone out. Has he said he wants to buy into MWSE?

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Good idea Cam but who would appoint the Chairman? It would be 4 against 4 i imagine in voting. I still can't understand how you own the majority of a business but don't control the board through votes?

Has the Quantum group put anymore cash in to MWSE since buying the shares into it? Or is it just the Penn's? If so I think they deserve the voting power

 

[Andrew..]

RE: Penn threatens to pull Manly funding

Shame no one talks footie any more !

 

[Chip and Chase]

Owners ready to battle for Brookie

QUANTUM boss Phil Sidney is prepared to buy out Scott Penn's stake in Manly should the besieged chairman make good on his threat to walk out on the premiers.


Read the full article

 

[simon64]

RE: BOARD ISSUES - Our Right to Know

Call me niave but maybe the simple soulition is increase the board to 9
4 penn reps (increased by 1)
2 surfside reps
2 fc reps
1 Indepentant Chairman

That way penn has closer to 50% of the vote while the other two aren't losing out.

Cameron, I've no doubt I'm naive.

All I can do is put myself in Penn's position. If I was tipping in the amount of folding he is, I would want control as well. Didn't I read on here that he owns just over 50% ? I think I'd be annoyed if I owned most of the club yet I could be outvoted 4-3 every time.

My only question is "What does he want control over ?" Does he want to choose who we try and sign ? Maybe he wants to be the coach. Forgive my obvious stupidity but what decisions do the board make ?

 

[Chip and Chase]

RE: BOARD ISSUES - Our Right to Know

"Figures produced late last year by the chief financial officer show that the Manly-Warringah Rugby League Football Club - often referred to as the district club - have pumped in $6.6 million to the organisation since the club was privatised in 2006. Penn's commitment is listed as being $2.6 million, although those figures would have changed slightly over the past six months.

''At the moment, one of the Penn directors is in the place of a leagues club director - and the leagues and district club have put in $6.6 million,'' Sidney said. ''They conveniently seem to forget this point. The problem with that is they don't want to consider the district club, which is made up of past players and fans."

Read more: http://www.smh.com.au/rugby-league/league-news/owners-ready-to-battle-for-brookie-20120609-20340.html#ixzz1xLffu5sQ

This is from another article that has been posted as News.

Seems there is some misinformation around about who is tipping in what. Who do you believe ?? I would have though Penns contribution would have been more than that, Max often spoke of the $12-$15mill he had chucked in to the pot (granted a lot of that may have been as sponsorship, but Penn Health is in a simialr boat there).How much of what the Leagues Club have been able to afford is due to Penn's financial rescue package of their ailing business.

 

[The Eagle]

RE: Owners ready to battle for Brookie

Thanks Penns, good luck and goodbye

 

[Napper]

RE: And on it goes....

I said as much on another thread SE007.

ManlyBacker - if you're reading this, I'll concede that I should have left the 'shameless knobs' part out. Didn't help my argument. But the gist of what I said re: Hasler/Penn is very true. My source is impeccable.

If they do pull the pin, I'm sure Quantum (or someone else) will step in to fill the breach anyway.

No, no, no...that's your standard, your ilk if you will. You made your statement. Stand by it.

You need to stop talking about the sympton's. That's most peoples problem. This finger pointing, and media garb is nothing but destructive. Here's a novel thought Phantar.

Consider some SOLUTIONS.

I know that's difficult, but going down your route does nothing but hurt the club, fan base and team.

There should be a thread created about what solutions fans could suggest to fix things, rather than debate about who should be hung drawn and quartered.

The problem there, is there is siege mentality on these boards (these days). People would cut off their noses despite their face. People don't focus on solutions....I'm sorry - I don't get it.

Stopped reading after 2 lines, so much hatred so little life

You're the type of fish an average man with a rod could catch, its pretty pathetic when you're the laughing stock of the site and you keep biting again and again!

Souths have your club playing NSW cup so until the central coast gets accepted you can be a toothless bunny,I for I've wouldn't vote for anyone who wasn't pure

I'm the laughing stock? You can't scratch two coherent sentences together without involving expletives and/or putting your bong down.

This made me Lol.

 

[Jethro]

RE: BOARD ISSUES - Our Right to Know

Call me niave but maybe the simple soulition is increase the board to 9
4 penn reps (increased by 1)
2 surfside reps
2 fc reps
1 Indepentant Chairman

That way penn has closer to 50% of the vote while the other two aren't losing out.

I'm with you on your suggestion Cam but with one exception and that is that the Independent Chairman would only vote when normal voting is tied.

 

[SeaEagleRock8]

RE: Owners ready to battle for Brookie

So what decisions do the Penns want to make that the 'other stakeholders' disagree with?

There must be some fairly major difference of strategy. Otherwise, why would it matter who was making the decisions...?

 

[Jethro]

RE: Owners ready to battle for Brookie

A couple of things that I would like answered is:

1. Do the Football Club representative members on the board actually speak for what the Football Club members want or do the just speak for what they think that the Football Club members want?

2. Do they actually ask the members what they want?

I know that I haven't been a Football Club member for long enough to vote so maybe for me that is why it is very rare to get any feedback from them.

The last e-mail that I received from the club was from Bob Reilly back in September last year and speaking on behalf of the Directors of Manly-Warringah District Rugby League Football Club (Football Club) and Manly-Warringah Rugby League Club (League Club) because they were deeply concerned at reports that were circulating about Des Hasler's coaching position and wanted to let the members know where the board stands in support. Other than that e-mail, has anybody else received any correspondence from them?

 

[ManlyBacker]

RE: BOARD ISSUES - Our Right to Know

I've heard a few people on here say that Quantum don't have any funds to buy out the Penns like mentioned in the article on SMH article?? If so why is that Sydney guy( sorry can't remember his first name) saying they are ready to step in to buy the Penns shares.

Also about the URM guy people are talking about, has he said that he wants to buy into Manly or is it just people thinking that cause he's a sponsor whose loaded that he will want to put up his own cash to buy out the Penns or buy everyone out. Has he said he wants to buy into MWSE?

Quantum Energy is a company that invested in Manly to take over Delmege's shares. The company's performance is a disaster for people who have invested in it. Quantum then promptly wrote off the $2.8 Million value of the Sea Eagles to zero on their books after telling shareholders previously that it was a good investment.

One other poster on here has said that Phil Sidney (Quantum boss) has a fortune in other entities and I can only presume it will could come from that source. I can't see Quantum the company doing it with their losses, but it is only money.

The boss of URM Anthony Johnston has clearly expressed an interest in buying into MWSE.
http://www.smh.com.au/rugby-league/league-news/another-twist-in-sea-eagles-tale--sponsor-wants-control-20111015-1lqg2.html

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"Figures produced late last year by the chief financial officer show that the Manly-Warringah Rugby League Football Club - often referred to as the district club - have pumped in $6.6 million to the organisation since the club was privatised in 2006. Penn's commitment is listed as being $2.6 million, although those figures would have changed slightly over the past six months.

''At the moment, one of the Penn directors is in the place of a leagues club director - and the leagues and district club have put in $6.6 million,'' Sidney said. ''They conveniently seem to forget this point. The problem with that is they don't want to consider the district club, which is made up of past players and fans."

This article is incorrect. MWRLDFC has put in a small amount. Without trawling all the past accounts I think it might be up to $1M but could be a lot less. The majority of the $6.6M will have come from the Leagues Club which had a constitution of promelgating RL and it was part of the LC charter. They quite fairly imo changed their grant to MWSE being conditional on receiving MWSE equity about 2 years ago. So for their contributions they received shares in MWSE. They have recently sold some of those shares back to the Penns to gain liquidity for improvements of the Leagues Club.

There has been a fall-out between the Penns and Phil Sidney. They were united about future plans for the club in Nov 2010.
http://www.heraldsun.com.au/sport/nrl/look-its-the-asian-eagles/story-e6frfgbo-1225955145411

---

Seems there is some misinformation around about who is tipping in what. Who do you believe ?? I would have though Penns contribution would have been more than that, Max often spoke of the $12-$15mill he had chucked in to the pot (granted a lot of that may have been as sponsorship, but Penn Health is in a simialr boat there).How much of what the Leagues Club have been able to afford is due to Penn's financial rescue package of their ailing business.

The Penns put up $7.5 million to buy/bail out the Leagues Club.
http://www.smh.com.au/rugby-league/league-news/crucial-vote-over-sale-for-manly-leagues-club-20091123-izxt.html

 

[Berkeley_Eagle]

RE: BOARD ISSUES - Our Right to Know

Max Delmege Facebook post

The sooner the Penn family leave THE sooner the bickering will cease ..Ever since they became involved they have caused nothing but problems by spreading fase rumours through their Brotherinlaw Peter Peters..Journalist mates..If i told you some of their antics you would be Shocked...Just ask ex manly players Fatty Vautin, Johnny Gibbs, Ian Thompson, Terry Randall and trust me there are plenty more