Often Partisan

Carson and his Mortgage

Having read this story on the Birmingham Mail website, I thought it would be prudent of me to publish a quick article of my own, to clarify a couple of things that the press have got wrong, specifically pertaining to Carson’s mortgage on his home on the Peak.

Documents obtained from the Hong Kong Land Registry by this website show that the loan in question was taken out in November 2010. There is no loan showing for the date of Carson’s purchase (via an offshore company) of the property in 2005, and as such it appears he paid cash. The house was put up as collateral for business loans made to Carson, and was due to be repaid in full within a short period of time. Unfortunately Carson has been unable to do that so the bank (Wing Hang) has taken Carson to the Hong Kong High Court to get him evicted from the property in order that the bank may repossess it. There is more on this in the Chinese press here and here.

As more breaks on this story I shall endeavour to get it online here.

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16 Responses to “Carson and his Mortgage”

  • Bluehobba says:

    I think when reading the translation its a bit like the whole affair……complicated and doesn’t always make sense.

  • bluenose11 says:

    and to make matters somewhat worse we have now had our 7 million overdraft withdrawn how long before hsbc want to sell the ground ???????
    kro

    • almajir says:

      Whilst the news of the overdraft being withdrawn has only recently broken, I think the big question you need to ask is when was the overdraft actually withdrawn?

      It’s another debt that the club now don’t have and it’s another hold on the club the bank doesn’t have.

      • hammy says:

        absolute rubbish….again……

        it means were heading for administration……as the bookies predicted in the summer…..

        • almajir says:

          What’s rubbish?

          The fact that the overdraft was withdrawn some time ago, or the fact that a lack of overdraft means it’s more money the club doesn’t owe?

          Pray tell

          • hammy says:

            without the overdraft, everything the club pays out will now have to be in hard cash…agreed???
            so, if theres no money there, and no 7m overdraft facility, we are in the quag…..

            once the overdraft was stopped, it was then just a matter of time…..

            and this why, obviously, we have to sell to survive…..as we needed the overdraft to tick over…..

            the overdraft was a much needed get out of jail card……

          • almajir says:

            It’s true, it knackers cash flow.

            But that doesn’t mean we don’t owe less now – because we don’t owe an overdraft… thus my post wasn’t lies, was it?

  • delblue says:

    how can Carson pay off his business loans to Wing Hang bank if his money has been frozen by the
    Hong Kong Courts it makes it a bit hard to do just thinking out loud

  • Blue Steve says:

    With the withdrawal of the overdraft cash flow now will be a real issue. It will either mean player sales in January or Administration. BIHL I would guess will do everything to protect their investment and will try everything to stop the club going into administration. This of course will mean players leaving in January. Going into administration may actually be better for the club long term. I think we should survive relegation regardless of the 10 point deduction. All very disappointing though. KRO Tough game today..

  • hammy says:

    it means we could end up owing more…..thats my whole point my friend…..

    the overdraft was sort of a get out of jail free card…..

    now its gone, it makes cash flow harder and therefore more costly….

    losing it really was not a good thing….hope u follow my thinkin’ on this….

    KRO….and please santa, can we have the same as man city…..

  • Bluehobba says:

    Positive thinking – I have an overdraft facility but never used it to its maximum so my bank reduced mine (lucky I know). All depends on what Blues have been using and paying back. Has all the overdraft facility been pulled or only some of it. We might never know!!

  • hammy says:

    blue steve is bang on the money….. or should i say in our case, lack of it ;)

    • almajir says:

      Except for one point Hammy – the overdraft was withdrawn MONTHS ago.

      • hammy says:

        it doesnt make any difference WHEN it was withdrawn, it just means that sooner or later it was gonna be needed (as thats why the club had it in place) and were gonna need to use hard cash instead, which we just havnt got…hence, a few more players are probably going to have to go….

        what concerns me is that sooner or later were gonna run out of players to sell, not be able to pay debts and bills ect and we will head into admin…..

        the overdraft really was a bad thing to have lost almajir, and i really just hope theres a new owner or owners out there watching all this and ready to bid….

        KRO

        • Bombay Blue says:

          I believe we never used the overdraft and did not / do not require it. Wages and costs are being paid and there are no UK creditors banging on the door (yet?). This could be lazy journalism full of innuendo with no real story! We will all know quickly if cash flow is an issue!! fingers crossed. KRO

  • NooBloo says:

    it will be highly unlikely that any potential investors would lay out any funds while court proceedings are ongoing.

    No one will invest when their funds could be totally eaten up in compensation should carsten yeung lose his cout case. if he does lose you will see even more debtors queuing up up at St Andrews main entrance.

    My question is, which company did the ‘Due Dilligance” searches when the original Carsten Yeung monies came into the club, or was everyone just so happy to grab the monies no matter where it came from.

    if it transpires that a firm of accountants or solicitors failed to undercover irregularities when the ‘Due Dilligence’ was being done, then why o why is no one looking to sue that firm of accountants or solicitors, who will no doubt have large ‘Professional Indemnity Insurance’

    Or could it be that the club knew all about the problems in advance. These are all questions that constantly cross my mind and to be honest I can never work out an answer


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