Lest We Forget Day Three

Continuing our look back at the events last December which led to the winding up of Hereford United, it's now Monday 15th when the club was back in the High Court.

However before chairman Andy Lonsdale reached the court an article on BN had blown away any chance Lonsdale had of convincing the court that a bond he allegedly had was worth millions.

The $9m JPMorgan Chase bond presented as collateral for a £5m credit line by European Finance Guarantee is virtually worthless, well placed sources have told Bulls News.

The bond is a Commercial Mortgage Backed Security - effectively a part of a bundle of mortgages on commercial properties largely in the US - that were sold as investments. These were one of the root causes of the global financial collapse as they were over-rated by the ratings houses and subsequently lost huge value.

The High Court case was number one on the day's list so at 10.30am.

'The number seven courtroom was packed with both legal beavers and the public. Neither Hereford United chairman Andy Lonsdale nor several supporters were able to get into the room,' reported Matthew Bone for BBC Hereford and Worcester.

After a few QC's had spoken the Mr Registrar Baister adjourned the hearing until the last working date of the Court before Christmas, with the case now to be heard at 4.30pm at the end of the week.

Supporters Made Sure Lonsdale Got The Message

Outside the court Lonsdale spoke to H & W.

'They say they're boycotting cause the debts aren't paid,' said Lonsdale.

'Let's see what happens when the debts are paid. They'll probably still boycott for some other reason.'

Andy Lonsdale Told Supporters 'See You Friday'

Bone then asked Lonsdale about the letter of guarantee that appeared on Bulls News:

"I don't know how it got on there. I've got nothing to say about that. It is legal, as it will be proved by Friday." 

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