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Market value is the price someone is willing to pay for the shares - How much would they be worth if small amounts were made available for fans to purchase?

Of course it is a balance sheet movement!!! It isn't losses per se that makes a company insolvent - it is the difference between assets and liabilities.

Yes - and as the annual shortfall has risen then the level of that assurance given to the auditors has increased, alongside the amount of equity invested in the club. Converting loans to equity, equal to or greater than the trading shortfall, is the easiest way of covering the trading loss...

The "danger", if there is any, of a majority shareholder is that at sometime in the future some rich individual could come along and offer an amount that couldn't be refused for the club. I don't see this happening in the near future, I don't think we are an attractive enough proposition, but...

What it will do though is markedly dilute the equity of the other shareholders.

Before the latest conversion of debt to equity I believe TB's holding was somewhat less than you state however that is not the main point. The assurances he gave to the auditors, and quoted in the latest financial report, did not relate to the loan he had made to the club but rather the ongoing...

Not really as his share of the equity in the club has increased in fact what it has done is dilute the holdings of the other shareholders. Converting some of the "cash" in the Directors Loan Account into equity has also backed up his assurance to the auditors that he was able and willing to...