Andy Gilder wrote:
You'll excuse me - given his chronic mismanagement along with the rest of the Wakefield board - if I don't weep quietly into my pillow thinking about his plight.
I'm more likely to be concerned with the small businesses who could face having to lay off staff or close because they're going to get shafted along with other creditors, yet who magically see the business back up and running again with new investments and free of debt a few days later.
I'm sure they'll have a collection between them just to make sure Ted doesn't fall on hard times.
Come on Andy, you know me better than that... I won't be crying for Ted either but neither is he the villain he is being made out to be by some Wakey fans. It was just a comment that financially Ted is going to be hit hard, that is all. Also, to borrow a line from Starbug... have you tried running an RL club? I think they have sailed close to the wind for years yes, but people are making out that Ted has managed the club badly! I think he is a wheeler dealer and a chancer but clearly he has put more money in than he has ever got out... I think he has done the best he can given his own financial position and skill as Chairman BUT Wakefield did and do deserve better... no argument.
As for these small business you speak of, who are they exactly and why are their staff singularly more important than the 40+ staff who would lose their jobs if the administrator attempted to liquidate Wakefield to give them some money. They might still get some money from the sale and 40+ people get to keep their jobs, but according to you and others, the totally theoretical threat that it is possible that some creditor companies may, or more likely may not, have to lay some people off is more important. There is no logic to this argument whatsoever, this is not a Crusaders pre-pack deal here mate, when the exiting owner dump their debt and move over to a new company to avoid their commitments, this is new owners buying the business from the administrator and his job is to get as much money as possible and secure the future of the company... simple as that!
Finally, you question the financial mismanagement of the Wakey BOD but any small company that put themselves into a credit situation with Wakefield, so much so that it puts at risk the future employment of a member of staff or at the worst, the fall of the company, could equally be accused of exactly the same thing could they not?
The reality mate is that I doubt any independent business is owed money so substantial as to bring their business down and if they are, that is problem they have taken a risk and reward gamble on... just like every company!
