Don't Bother to Read the Echo Today

[Johnny Shearer]

Feel free to make up stuff to support some form of preconception you have about the Pinnacle Group, but I happen to base my opinions on facts. Tony Lynam is a Director of three companies, all starting with the name Pinnacle. He has chosen the only one yet to file accounts, Pinnacle Property Consultants Limited, to apparently conduct business with the receiver. It was only set up, June 3rd, 2008 and given the asset base of Pinnacle Asset Management Limited, I'm not that confident it will have done a lot of business.

The last company that forms a part of his empire is Pinnacle Development Finance Limited and as of 31st October, 2007, this company owned one property which was purchased for £1.2M on the 20th November, 2006, with, it appears, a mortgage from the Bank of Scotland. The balance sheet of 31st October, 2007 shows assets of £1.4M with borrowings of ca. £1.37M. Still I bow to your superior knowledge and am sure that Pinnacle will be able use it's contacts at HBOS to secure funding.

 

Of course, since October, 2007, in the rampant property market, our Irish entrepreneur may have exceeded my expectations, but, I can't say I'm optimistic....a touch of the Blarney stone about this whole thing for me, but I hope I'm proved wrong.

 

Ha excellent.

 

I'm not making up anything as I have no preconceptions of the Pinnacle Group or any other person/persons/group that is interested in Saints.

 

I just pointed out the fact that you seem fixated on a company being worth only £4. All I did was point out that companies can and have been registered to keep names and have a minimal shareholding.

 

Just giving you some perspective mon ami.

[RinNY]

Someone explain why these "consortiums" are all using these ropey middle men rather than Deloitte and Touche or Seymour Pierce or NM Rothschilds or any of the other major banks/professional services firms who have specialists set up for these situations.

 

Instead they seem to use these insta-shell companies with brokers with no history in football or major finance.

 

I know nothing about this guy Lynam and have no preconceptions about him one way or the other. That said, in one of the articles about this deal in the Echo, it says he is a good friend of MLT, which could explain why he might be the middle man in a deal for the Saints. The other possibility is that whoever these "local property developers" are, who are said to be behind this deal (again in another Echo article I read), they may be in the habit of occasionally using Lynam's professional services. The thing is, we don't know, and with all due respect neither does Guided Missile, despite the facts he has dug up about Lynam's company.

 

Fry is a professional at this stuff: if he has seen enough to go ahead with negotiations with Lynam, then it seems most reasonable to suppose that there is real money behind Lynam, whatever the source. Fry doesn't get paid to waste his time with the penniless.

[INFLUENCED.COM]

Fry doesn't get paid to waste his time with the penniless.

 

He gets paid, irrespective of who he spends his time with