Not literally of course, but the signs don't look too good:

 

http://news.bbc.co.uk/1/hi/scotland/8019073.stm

 

Stewart Milne, chairman of Aberdeen FC and founder of the Stewart Milne property group, saw his wealth drop from £400m to £90m.

 

 

How/have/you/annoyed/Andrew/?

 

I_don't_know?

I_don't_know?

 

Are you asking me or telling me, sunshine?

Are you asking me or telling me, sunshine?

 

I'm telling you that I just don't know sir.

My message is gone

This was in four four two's football rich list a while ago. It said then that he had lost 310 million british pounds taking him down to 90 million british pounds. I would tend to trust 442 and the bbc more than I would the NOTW with its joke standard of journalism.

Due to his wealth being tied up in the Stewart Milne Group it is not hard to believe that he will be severley hit by the credit crunch. No one is buying property therefore the value of the stock he owns in said group will plummet. Add to this fact that he will have houses built that he cannot sell making his profit margins slimmer which will also affect the stocks in his group. Of course I'm sure he'll struggle by and come out the other end.

Confirmed in the Times he lost £310 million / 78% of his wealth in one year! 

 

http://business.timesonline.co.uk/tol/business/specials/rich_list/rich_list_2009/article6132868.ece

Ouch, that is fucking insane, could this mean that he will be looking to sell off some of his "assets"?

Ouch, that is fucking insane, could this mean that he will be looking to sell off some of his "assets"?

 

If anything he should do the opposite, keep hold of all his assets until they go back up in price, sell them then.

 

Does seem odd though, most of his property is in NE Scotland, and house prices are still going up here.

I'd presume it's his shares in Stewart Milne Group that have plummeted in value... hence how he was "worth" £400 million but it wasn't real money. He'll want to hold onto his shares until the market recovers and then he'll be back up to his old wealth levels. If he actually sells his shares, then he'll lose wealth. He may even have an overdraft with the bank just now to maintain cashflow, while he waits for his stocks to recover. I also don't think he will have to change his spending habits and will not be that worried... yet.

 

Maybe now this will bring an end to the ignorant rants that "Milne has hunners of millions but puts fuck all into the club, the tight...", but probably not.

Boo you've just copied what I said about five posts up. Copycat.

You'd see if you'd been posting here a while that I've regularly been stating this for a few months now. copycat.

We'll just say that great minds think alike then.