It is not just the morality of it, though I do find the morality of it abhorrent.
The question is, is the long term debt going down? The below doesn't look like it.
The pro-Glazers posters argument is basically this: long term debt doesn't matter because we can keep refinancing it... potentially forever(!) By refinancing we keep the short term interest payments manageable in ratio to turnover, there is still money for player transfers and to invest in the team and infrastructure. This however makes the assumption that Man Utd's brand power and ability to generate revenue stays the same or improves over time, which will affect the rates at which the club is able to borrow. At the moment the brand power is underpinned by a few factors like:
1) Past success, particularly under SAF era
2) The commercial marketability of the Premier League worldwide and sale of broadcasting rights.
3) A growing fanbase in the US
Some posters here, seem to think that you can continue creating or refinancing debt forever and it doesn't matter, because as long as you can comfortably meet your obligations and operating costs, its sustainable, and because "that's the way the system works". But it doesn't work like that. The market isn't infinite, it has a ceiling. The revenues underpin everything. If you can't guarantee the same - or improved - revenues anymore because something happens to your market, you won't get the same attractive terms when you refinance this long term debt.
So what happens in the future if something does happen to the market like:
1) Other European leagues start to creep in on the premier league's market share reducing revenues for all PL clubs
2) The Glazer's and Woody's bad management of the club from a sporting standpoint continues and we face continual finishes outside of the champions league places, leading to less exposure, less popularity and then noodle sponsorship deals in Asia
3) Other clubs start to take some of our market share because they have more successful and marketable teams, like say Liverpool, who are well on their way to doing exactly that
In this situation, servicing the long term debt gradually becomes a noose which gets a little bit tighter round the club's neck with every passing season. Transfer budget will be squeezed, ticket prices will rise, more resources will be sold off and leased back to the club.
Pro Glazer posters have repeatedly told us "hey, you just don't understand finance. Don't worry, debt is really a GOOD thing, all large companies carry debt". But was this "good" debt, held by other companies, acquired as the result of an LBO to finance the takeover in the first place? Or was it debt that was taken out as an investment in the business, maybe to fund R+D costs, or to launch a new product. Something that is going to generate further revenue in the long term.
There aren't rewards for the debt Man Utd accrued in the Glazer takeover. I don't doubt some of it was for operating costs, but arguing the vast mass of it wasn't incurred by the LBO is at best, inaccurate, at worst, an outright lie.
So no it's not just morality or an "angry, fuming, stupid mob mentality" behind the anti glazer movement, but rather an interest in the long term future and sustainability of the club.
I'm sure I heard it somewhere before that "leverage and debt is not a problem and it's just the way the world works". Ah that's right, it was just before that financial meltdown in 2008 that brought the world economy to its knees.
Despite all this though, the Glazers management would possibly be tolerable if they had any clue how to deliver a successful sports team, which they have failed to do, despite having one of the most profitable clubs in the world. They have also historically failed to do during their ownership of the Tampa Bay Buccaneers and I think it was one of the Pro Glazers posters who pointed out that "history doesn't lie".
I'm no financial expert, I've said as much. But I'm also not a geophysicist and don't think I need to be to point out that the world isn't flat.
I know i'm preaching to the choir to virtually everyone in this thread, but thought i'd make an effort to help some of the few who are still struggling with these concepts.