debaser wrote:
Why the f**k did the club stop fundraising after the initial £500k? They could have raised the same again by now.
Was it because we were told it was all sorted? Bl00dy stupid.
I suspect it was because Caisley intervened at the absolute critical time, saying his cabal were going to sack the board.
Whatever outside investors the old board may have been lining up (and we will never know now if and to what extent they might have succeeded or whether it was all the bollox some argue and the old board really WAS as hopeless as they assert) will obviously have got cold feet over that, so how could the old board carry on in such circumstances?
As I keep saying, only Caisley (and maybe some others of his cabal) will know whether his intervention, and at the time when it suddenly looked like the pledge target might be met, was a deliberate attempt to sabotage the pledge and undermine the old board, or was just a very unfortunate coincidence. Doubtless Caisley's Beard will appear now to deride any suggestion it might have been the former. But the result was that the old board had no incentive to carry on fundraising and every legal liability reason to stop, IMO. It seems increasingly clear to me now that administration was inevitable once Caisley intervened.
One day, someone will explain to me why Caisley insisted on removing Hood And Bennett. Why did he not just convene an EGM to have several of his cabal appointed as directors, so they could outvote Hood and Bennett? And then they would all be in it together trying to sort the mess out, with collective responsibility. And that could all have been sold, to investors especially, as a deliberate strengthening of the board to collectively resolve the situation.
Instead, the Caisley camp - regardless of whether they felt justified by the situation - succeeded admirably in telegraphing to all the world that it was a house divided and at war with itself. Who would invest, or continue fundraising, in such a business?
If the intent of the intervention was not to stymie the previous board's plans, utterly and completely and at a stroke, then it nevertheless seems to have resulted in just that IMO. Which to me is a pretty powerful possible explanation for why the fundraising stopped?
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