The Takeover Thread - Recon Group - NOW WITH NEW POLL

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One of the first things TSI (Samuelson) did when they took over at Reading was to take out a "payday loan" with a BVI registered (in other words you'll never find out who you owe the money to) company called Vibrac. Security was in the form on future parachute payments. The loan was for £10m and £1.5m was added on top for fees

Vibrac demanded that they put a company in place  called BTG to handle the sale. Guess what happened next?

According to Wiki:

"Vibrac pushed through the sale of Adam Le Fondre to Cardiff and seemingly made things difficult for the chairman, Sir John Madejski, by changing terms of sale on several occasions. This led to many potential investors disengaging with the club, whilst Vibrac sought to push through sale to the mystery Phoenix consortium, which involves former Director, and person for bringing Vibrac into Reading, Chris Samuelson. This called the Football League to look into the inappropriate role that Vibrac have given themselves, of running the club without having undertaken the Fit and Proper Persons Test.Reading were subsequently fined £30,000 by The Football League in March 2015.

Is £30000 enough to put anyone off doing the same thing again?

I note with interest that when then Samuelson/TSI buggered off from Reading and the Thais took over, Reading were £60m in debt.

Happy days.

This history of Reading is all very nice, but Xia/Recon are the funding parties here. If he turns out to be a charlatan, then it matters not whether Samuelson was involved or not.

There's no evidence as of yet that I've seen to suggest Xia, and people posting things continually about Reading every three or four pages is not evidence as to his credentials and finance, is anything but what he says he is.

[old man villa fan]

I'm getting increasingly worried that you are not worried about the worrying aspects of this takeover worry

I'm sitting here patiently waiting.

The days of clubs being overly concerned with the community i.e. fans, are long gone.  It is big business and the running of that business is the only thing that counts.  This is a business deal and they will release the minimum of information.

[paul_e]

I'm with Ads, everyone who has met with Xia and asked these questions has come away thinking he's the real deal so I'm ok with that.  I don't know what involvement Samuelson has and that is a concern because he is a shady character but I don't think speculation of him loading us with debts is fair right now.

[chrisf]

So how is fining the club that is being abused by unfit owners any form of detterant?

My guess (but I'm way too bored with reading stuff about Reading to check) is that the fine fell on Reading because no takeover happened. There's no mention that I've seen of any abuse by anyone. Read the wiki page here if you can be arsed.

From what I can tell Samuelson was involved with finding finance for Madejski at Reading and it didn't go as planned therefore he's deeply shady and it's all very worrying.

[Salsa Party Animal]

What Dr Tony Xia will do to prevent Samuelson turning to dark side ?

[damon loves JT]

What Dr Tony Xia will do to prevent Samuelson turning to dark side ?

The Force he will use.

[chrisf]

What Dr Tony Xia will do to prevent Samuelson turning to dark side ?

The Force he will use.

That's true.  He does sound a bit like Yoda (carefully checks whether this is considered racist yet...  Think we're OK for now but check back in six months).

[Rudy Can't Fail]

There's no evidence as of yet that I've seen to suggest Xia, and people posting things continually about Reading every three or four pages is not evidence as to his credentials and finance, is anything but what he says he is.

I haven't seen anybody mention Reading to discredit Xia's credentials and finance other than question the company he keeps which is fully understandable given Samuelson's history.

[paul_e]

There's no evidence as of yet that I've seen to suggest Xia, and people posting things continually about Reading every three or four pages is not evidence as to his credentials and finance, is anything but what he says he is.

I haven't seen anybody mention Reading to discredit Xia's credentials and finance other than question the company he keeps which is fully understandable given Samuelson's history.

Then you've missed the insinuation that Samuelson is involved because he's provided all the funds and Xia is his front man, it's been hinted at a few times in the last few days.

[Rudy Can't Fail]

There's no evidence as of yet that I've seen to suggest Xia, and people posting things continually about Reading every three or four pages is not evidence as to his credentials and finance, is anything but what he says he is.

I haven't seen anybody mention Reading to discredit Xia's credentials and finance other than question the company he keeps which is fully understandable given Samuelson's history.

Then you've missed the insinuation that Samuelson is involved because he's provided all the funds and Xia is his front man, it's been hinted at a few times in the last few days.

Yup, missed that one.

Saying that, I can't see any reason why Samuelson would be on the new board and I hope the Mail are just speculating that he's 'vice chairman in-waiting'. What does he bring to the table other than his questionable reputation.

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Whether I was a top business man or not, if I were break new ground into a new industry in China, I'd still want my hand to be held by an intermediary who knows the situation on the deck. That could be his role here.

I've not seen any future role mentioned elsewhere other than the Birmingham Mail.

[FrankyH]

Mr McWorry of McWorry

https://en.wiktionary.org/wiki/nervous_Nellie

[Rudy Can't Fail]

Whether I was a top business man or not, if I were break new ground into a new industry in China, I'd still want my hand to be held by an intermediary who knows the situation on the deck. That could be his role here.

Oh I agree providing they were trustworthy.

[john e]

There's no evidence as of yet that I've seen to suggest Xia, and people posting things continually about Reading every three or four pages is not evidence as to his credentials and finance, is anything but what he says he is.

I haven't seen anybody mention Reading to discredit Xia's credentials and finance other than question the company he keeps which is fully understandable given Samuelson's history.

Then you've missed the insinuation that Samuelson is involved because he's provided all the funds and Xia is his front man, it's been hinted at a few times in the last few days.

I'm probably one who's hinted at it, it's my biggest fear to be honest

[oswald funkletrumpet]

There's no evidence as of yet that I've seen to suggest Xia, and people posting things continually about Reading every three or four pages is not evidence as to his credentials and finance, is anything but what he says he is.

I haven't seen anybody mention Reading to discredit Xia's credentials and finance other than question the company he keeps which is fully understandable given Samuelson's history.

Then you've missed the insinuation that Samuelson is involved because he's provided all the funds and Xia is his front man, it's been hinted at a few times in the last few days.

I'm probably one who's hinted at it, it's my biggest fear to be honest

my biggest fear apart from the obvious is his suit jacket thats two sizes too big