Letter to Shareholders

[QPR1976]

Received through the post, seems to relate to £2m owed to Antonio Caliendo. But I'm guessing.

Can anyone explain in Laymans terms (or simpler) what's it's all about please ?

[maccatwo]

As I am not a share holder no.

[IsleworthRanger]

Received through the post, seems to relate to £2m owed to Antonio Caliendo. But I'm guessing.

Can anyone explain in Laymans terms (or simpler) what's it's all about please ?

I could not make head or tail of my letter and dont know if we are paying Caliendo back his £2m or telling him to swival

[Kirill]

It means that we will be deducted 8 points for failure to settle with major shareholder.

[MKPaul]

Was the £2 million not owed by Flabio as part of his purchase of the club, not the club owing the money for being brought out?

[QPR1976]

Not sure, which is why I'm asking.
Possibly Bernie bourght out that debt when he took on most of FB's shares ?

Full letter is on QPR Reports excellent site, sorry, I can't c&p it or be @rsed to type it out here.

[weston]

How I read it is ; Caliendo "loaned" QPR £2m which is now due, However "The owners" also said that the agreement also said Caliendo give back the amount of cash that the club if worth if it was less than £4mat the time of purchase. Ie. If Value of club was £3.5m, he would have to give back £0.5m
The owners are saying that the value of the club was actually less than £1m and therefore Caliendo owes £4m minus £1m and is due to pay back £3m, but that the amount that he has to pay back is capped at £2m. Therofore the owners are saying, we owe you £2m, and you owe us £2m so well offset one against the other and call it quits..

Hope thats clear !!

[QPR1976]

Thanks Weston - I think I follow that.
Not sure Caliendo will though.