I have very few firm dates in my calendar, but the first week in November belongs to the Web Summit, which means Lisboa.
Twelve months ago, it had to be a virtual event because of the Covid19 pandemic, but it was possible to be there again this year.
Here are two of mine from 2012 and 2017 to indicate my grá for the place and the importance of the event itself.
The significance of the featured image can be found in the first piece above.
These are strange times, dear reader.
It was the first time I had been on an aeroplane since I evacuated from Madrid in February 2020.
When I returned to Iberia, I witnessed these folks in the Non-EU queue.
By their accents, it was clear that many of them hailed from the sunlit uplands of Brexitland.
I had a much easier passage through Humberto Delgado Airport, just one of the many benefits of being Irish.
While I was in Lisboa, it was clear that the Brits were shaping up to start a trade war with the European Union.
The good news is that the ex-imperial superpower will undoubtedly lose.
This island is the battlespace for this conflict and our gallant allies in Europe will not let us down.
We are 27 they are one.
Moreover, this is their leader.
Eton, Balliol, just think of all the hurdles that were not placed in the path of Alexander Boris de Pfeffel Johnson.
Some people have had a harder journey and yet their main motivation is to give rather than take.
At the Web Summit, it was an honour to be in the same room as this person.
The word “inspirational” is overused.
However, in this case, it is entirely merited.
In 2019 this guy could not be there in person on the opening night for reasons that should be obvious.
This year it was another brave whistleblower who opened the Web Summit.
We all owe Frances Haugen a massive debt of gratitude.
Although I had the laptop with me, I decided that I would only open it if something utterly unforeseen happened on Planet Fitba.
For the avoidance of doubt, Sevco issuing accounts on Friday showing eye-watering losses with a Going Concern Warning was not unforeseen.
I messaged Rugger Guy from Portugal, and he has promised to drill down into the detail of them this week.
He reminded me that the term “trading while insolvent” has an exact meaning in accountancy, and I shouldn’t use it blithely.
So I won’t.
The local reportage was predictably Pavlovian.
Everything coming out of Ibrox HAS to be a good news story, which is why the events of 2012 were such a surprise to the poor dears in the Fitba Fourth Estate.
That is, even though your humble correspondent had been laying out the likely sequences of events since the start of 2010.
As regular readers will know since the Off Licence Putsch, I consistently reported that the only questions for the current chaps in the Blue Room are the extent of their personal wealth and whether or not they are willing to continue funding that loss-making operation.
The good news narrative that they stop making losses next year is to soothe the Ibrox klanbase, who are the lenders of last resort.
As I had previously reported here, Dave wanted his money, with interest.
Still, that’s for another day, and Rugger Guy will carry out his usual forensic analysis this week, so I’ll leave that to him.
So, back in my corner doing this stuff again.
Lisboa was wonderful.
However, it just reminded me of one immutable truth:
Níl aon tinteán mar do thinteán féin.
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Glad your trip went well Phil , i’ve been fortunate in my life to travel around the world a couple of times. Lisbon is one of my favourite cities (putting aside 67) the city itself has a brilliant vibe, and the people are absolutely excellent.I never miss an opportunity to go back there.I find it a city at ease with itself.
Snowden is a genuine hero. The Facebook “whistleblower” is at best a useful idiot and at worst a corporate or state plant.
FB would be quite happy with more onerous govt. oversight and expensive fact checkers etc., as long as they avoid being split up, because it makes the barrier of entry for potential competitors almost insurmountable.
I don’t know much about Facebook other than “avoid it like the plague” but its striking that those praising this whistleblower ie MSM are the same ones that offer only hostility to the likes of Snowden and Assange,
Found this, The Awesome Hypocrisy of the “Facebook Papers” Moral Panic, but not sure if link will work, that sums it up:
https://taibbi.substack.com/p/the-awesome-hypocrisy-of-the-facebook?token=eyJ1c2VyX2lkIjo0MDA5NzM1LCJwb3N0X2lkIjo0MzI0MTYzNCwiXyI6Ik0zOXZoIiwiaWF0IjoxNjM2NDg1MTEzLCJleHAiOjE2MzY0ODg3MTMsImlzcyI6InB1Yi0xMDQyIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.GzUHME1TQbS7cVlkR8KAT-5fet6oJitBpLgWoyqEPfM
Good to have you back again Phil, and sure you know fine well, that home is were the ‘hearth’ is.🌱
Hope you had a nice trip, it’s good to get out and about again.
Just one thought , could you ask the EU to share their new found miraculous way to get 2 or 3 hundred people off a plane at the same time without causing a queue, no other country or airport in the world can manage this.
Even the EU , pre brexit, were as bad as the rest of the world , I have stood in many a queue in the EU lane, but since brexit there are no queues at all in the EU lanes , everyone just walks straight through .
I think it’s pretty damn selfish off the EU to keep this to it’s self, please share.
Looking forward to your article on yesterday’s “behaviour” by the GB at Dens Park.
An “oh dear” moment for sure.
However, the expected appointment of Higgins is needlessly provocative.
Was he the ONLY suitable candidate?
Unimpressive from the Celtic board.
Phil I recognise the monument but can you remind of who it represents?
Sebastião José de Carvalho e Melo, 1st Marquis of Pombal.
In the opinion of many the father of modern Portugal.
He stepped up after the earthquake in 1755 destroyed Lisbon.
Quite the Enlightenment moderniser.
There is a campaign under way to blacken the name of the cold shouldered glib and shameless liar , so what’s new? Well this time it emanates from within the walls of Ibrox . Mark Dingwall has been banging his Lambeg over on follow follow to discredit their former saviour by informing his klanantelle that King didn’t need to charge any interest whatsoever despite his claims that the Sth African authorities forced him to do so. Dingwall doesn’t act without orders and it seems clear that there is a battle underway for the funds in club* 1872’s piggy bank that have been set aside to buy his shares.
A new loan from other board members has been agreed , 5m at 6% pa over 7 years . One maybe should ask why they feel the need to charge interest and why Dingwall isn’t taking aim at them , has the confetti dried up ?
I look forward to the forensic account but a few details that interested me that “Westcoaster” on sfm pointed out were
In the Strategic Report under cash:
The Group has worked to maintain its cash despite disruption to its activities by:-
• changing of our merchant providers, to improve the terms on our season ticket cash flows, supplying cash up front instead of across the season.
• utilisation of government schemes and assistance, including payment deferrals for VAT and employment taxes and the job retention scheme for non-playing staff.
• the deferral of wage payments for high earning staff.’
So a large amount of taxes and wages have accrued that need paid and the ST money that was released on a game by game basis in the past was released at the start of the season and is likely already spent .
Of course I think you already mentioned a spat between Board and King a few weeks ago ………..
Safe journey home.
Phil, I wish people would stop quoting the 16% interest rate without knowing the exact terms of the King loan. Maybe there’s enough detail in the accounts for your Rugger Guy to work it out–although I very much doubt there will be that degree of transparency. Here’s the thing: he lent them 5m over two years and reportedly got 800K (approx) in total interest. That would have been 400k per year, which is actually only 8% interest–if you assume the principal was paid in a “bullet” (onetime) payment at the end of the two years. Without knowing the terms of principal repayment and the compounding of interest (monthly, quarterly, annual) we can’t say what the actual interest rate was. The 16% number suggests an element of financial illiteracy on the part of the Stenography Corps. Quelle surprise!
I think it widly known and stated by DK that the figure was 8% per annum compunded which a quick calc shows as ad a fee of 832K after two year loan of 5M.
I would have lent money to Sevco at that rate!!
James
Not sure the actual words the Stenography Corps are using because I don’t buy a paper or read one. However, the language used in the extract Phil has used is accurate. Sevco were charged 16% of the loan in interest. You’re correct in that the rate is not 16% but that is not what is said in that text. If I can get a 16% return over 2 years I’ll have some of that. It’s very far from what some would have us believe that loans are interest free.
JS
Not sure that’s correct either unless rate is synonymous with yearly rate.
16%pa would be wrong but a rate of 16% over 2 years looks correct to me.
Surely, innumeracy. 😉
its nice to have you back phil, you have been missed
there is no place like home.