Firepower creditors left in the cold

[joblot]

Only time will tell. Players are now realising they have only a certain time in the game and you can't blame them for chasing the dollars. Club loyalty doesn't exist anymore, it's all about the cash.

I suspect that there is enough corporate money here in the West to keep Gits. I certainly hope so.

[welshrugbyfan]

Agree, fingers crossed. If I was a multi milionaire we wouldn't have this problem or the issue of a rectangular stadium. I would build it and they would come.

[Thequeerone]

The whole business with Firepower is going to drag on for years

1: there are 2 accountancy firms trying to get the job of the insolvency wind up legal bit.
2 and this could be the real sting - if fire power gave monies in sponsorship while trading insolvent then the sponsored peps may have to give the monies back to the creditors.

The magic pill has more or less been proved to be a dud however there is evidence that the liquid fuel addictive works. Having said there are a million recipes out there for it so nobody is likely to buy stocks of it from the liquidators !

Synopsis - Stooke was right why sue them for unpaid bills when there is unlikely to be anything left.

Gitts and the others got of lightly compared to many - unless they were daft enough to become shareholders. Greg Harris first real challenge is to get sponsorship sorted - then he may have time to address the stadium issue.

[laura]

Latest update on Johnston
Tim Johnston builds new Firepower after going bust | PerthNow
There was also an article about the 1200 shareholders having a meeting with liquidators and how a website is being made that will post a transcript of the metting and will be used to update shareholders. Its on page 19 of today's paper if anyone is remotely interested.

[fulvio sammut]

Quick get Geoff Stooke to secure sponsorship from Green Power Corporation while it's still on the ground floor. This is gonna be HUUUUGE!

Tell all your mates and family to invest. They'll be millionaires overnight.

I'm going to use my profits to buy all the Wanneroo players!

[brokendown gunfighter]

Quick get Geoff Stooke to secure sponsorship from Green Power Corporation while it's still on the ground floor. This is gonna be HUUUUGE!

Tell all your mates and family to invest. They'll be millionaires overnight.

I'm going to use my profits to buy all the Wanneroo players!

I think their price just sank

[fulvio sammut]

BDG, didn't your grandmother ever tell you two universal truths, always fold on seven king, and always buy at the bottom of the market?

[brokendown gunfighter]

i thought you brought at 3:30pm today,not at 5:30

[jono]

those rules were overshadowed when oil and gold prices skyrocketed... hindsight is a bitch!

[Jehna]

TQ1 is right. This will go on for years, but from what I know of it, to little avail. The problem with the civil legal system is that at the end of the day, if you win and a judgment is made in your favour, all you get is an order...if that order isn't followed, the only legitimate option you have is to go through the court system again to force payment. If there's no money, there's not point. You end up paying more in legal fees. I think in the end, for many of the unluckly creditors and employees of Firepower, the best action is to suck it up as life can be a b*tch, and accept that in today's corporate world, investment is a risk, as is any contractual arrangement. You can only protect yourself so far.

Like Joblot said, I am confident that there is enough corporate investment in WA with or without the mining boom to continue to enourage sponsorship and contractual dealings. Firepower is not the entire source of WA's economy.


I also reiterate Laura's earlier comments about Git's loyalty. If he was going to bail on the basis of money he would have done it before renewing his ARU contract. Furthermore, no other state has any more financial incentives than WA can offer right now.