derry Posted 19 June, 2009 Posted 19 June, 2009 The league are on dodgy ground. despite three sets of lawyers reviewing the league rules Pinnacle employed their own lawyers to get an independent opinion. The three sets of lawyers representing the club, administrators and Pinnacle came to the same conclusion. Now the league have a big problem because SLH is going to be liquidated. SFC and the other assets have been sold and the club is no longer connected to the public company being delisted/liquidated and is still trading having never gone into administration. No voluntary creditors agreement is needed as the debts have been paid off and the club continues without administration. The leagues rules never covered this case and a broad interpretation was their solution. Any appeal would be carried out by a QC chaired tribunal and it is a pretty good bet the points deduction would be overturned. I suspect it has suddenly dawned on the league that SFC cannot be inextricably linked to a liquidated SLH if it is not in administration and still trading debt free after an injection of capital. The football club would have to be charged and found guilty of maladministration for points to be deducted. As for the club being stopped trading by the league without it going into administration just won't wash.
thornhill_saints Posted 19 June, 2009 Posted 19 June, 2009 Does anyone know exactly when that is? 17:00? 19:00? Midnight? On Wave 105 it said the deal has to be completed by midnight.
saintjay77 Posted 19 June, 2009 Posted 19 June, 2009 I think talks with Pinnacle can continue, but we will be able to talk to other groups as well (and the other groups can also pay for a period of exclusivity). Personally I don't think we HAVE another 21 days..... I am guessing that they would just carry on talking to Pinnacle but what if LLS pops up and wants his 21 days? Can the administrator tell him to get stuffed or are they oblidged to give it to him if he stumps up the cash? Just thinking that if we go over the deadline would Pinnacle still be able to complete? Bloody crap all this. I went to work thinking by the time i get there we will all have somit to party about. come home and cacking it incase it all falls through. Life as a saints fan eh?
1976_Child Posted 19 June, 2009 Posted 19 June, 2009 Newcastle fans on SSN at the mo and I cant understand a word half of them are saying but I dont think it relates to KK. Has there been anything official to say that deadlines have been moved or changed or anything? I thought that the 21 days ends at 5pm today which doesnt give the exclusivity thing very long. Once thats over where do we then stand? blue sq south, on the common.
derry Posted 19 June, 2009 Posted 19 June, 2009 If the administrator is happy that he is going to complete the deal in due course he can continue to work with Pinnacle until completion however long it takes. Effectively if the administrator wants to extend the period of exclusivity and negotiation it is his right to do so.
Nexstar Posted 19 June, 2009 Posted 19 June, 2009 Newcastle fans on SSN at the mo and I cant understand a word half of them are saying but I dont think it relates to KK. Has there been anything official to say that deadlines have been moved or changed or anything? I thought that the 21 days ends at 5pm today which doesnt give the exclusivity thing very long. Once thats over where do we then stand? Open to offers again. It doesn't, however, mean the immediate 'death' of SFC.
Ken Tone Posted 19 June, 2009 Posted 19 June, 2009 Newcastle fans on SSN at the mo and I cant understand a word half of them are saying but I dont think it relates to KK. Has there been anything official to say that deadlines have been moved or changed or anything? I thought that the 21 days ends at 5pm today which doesnt give the exclusivity thing very long. Once thats over where do we then stand? Surely the 21 day exclusivity is just a deal between Fry and Pinnacle. If/when it runs out all it means is he can accept offers from other interested parties, not that Pinnacle can't go ahead. Their deposit bought them these 21 days as preferred bidders on a fixed price ... nothing more or less If Pinnacle end up standing by Fry's door on Monday with £15 million in used fivers in a suitcase, he will not turn them away just because they missed today's deadline. K.
LostinAus Posted 19 June, 2009 Posted 19 June, 2009 In Australia, was at work at 6, gave up a night out, its now 1.30 and nothing has happened - the wife thinks I am mad. Can something please happen!!!!
hackedoff Posted 19 June, 2009 Posted 19 June, 2009 Be honest now, did anyone expect anything less than a farce ?
Spades Posted 19 June, 2009 Posted 19 June, 2009 My F5 button just went.... 'OUCH' F5 is over-rated... i use the lesser-preferred method of clicking the refresh button
Ya Barrrrrrr'd Posted 19 June, 2009 Posted 19 June, 2009 Surely someone must make an announcement if the deadline has been passed???? PLEASE.
Liquidshokk Posted 19 June, 2009 Posted 19 June, 2009 Be honest now, did anyone expect anything less than a farce ? I for one am a bottle of wine down because of this farce... althought to be honest the outcome would have been the same had things gone well today!
saints_is_the_south Posted 19 June, 2009 Author Posted 19 June, 2009 F5 is over-rated... i use the lesser-preferred method of clicking the refresh button +1.
Iowsaintsfan Posted 19 June, 2009 Posted 19 June, 2009 F5 is over-rated... i use the lesser-preferred method of clicking the refresh button Ah the good old ways are the best!
Nexstar Posted 19 June, 2009 Posted 19 June, 2009 SSN say no deal yet but they have until midnight tonight, when exclusivity ends. Wotte's contract runs out at the end of the month and they would expect le tiss to be here for 4 years.
The Godfather Posted 19 June, 2009 Posted 19 June, 2009 Interviewing jason Mcfeat vice-chairman of the saints trust and rehashing over the days non events. nothing new though.
SaintBobby Posted 19 June, 2009 Posted 19 June, 2009 SSN reporter "it's like buying or selling a house...it doesn't happen" !!!! :-( Also reports if deal goes through Pinnacle will launch legal action to try and expunge the 10 point penalty.
miss_biscuits Posted 19 June, 2009 Posted 19 June, 2009 I have some information from a source from inside the club. The players have already meet and spoken with KK. This doesn't mean to say that KK will be manager of the club, but that he definately has been in talks with the club. In addition Matt Le Tiss (as has already been said) is due to become chairman. The players were due to go to the stadium for a meeting this afternoon, in relation to the takeover. Also I have been told that there will be a press conference re. the takeover sometime on monday.
Liquidshokk Posted 19 June, 2009 Posted 19 June, 2009 F5 is over-rated... i use the lesser-preferred method of clicking the refresh button You'll be needing a new mouse soon! thats the more expensive route!
Iowsaintsfan Posted 19 June, 2009 Posted 19 June, 2009 the thing that makes me think it still might happen today is that sky still have their live reporter at SMS and he aint gone home yet!
beatlesaint Posted 19 June, 2009 Posted 19 June, 2009 SSN say no deal yet but they have until midnight tonight, when exclusivity ends. Wotte's contract runs out at the end of the month and they would expect le tiss to be here for 4 years. oh God......gonna be a long night then !!!
mUrph Posted 19 June, 2009 Posted 19 June, 2009 Lol sorry, just wanted to get people looking at it. As Nexstar said, no updates :/
Andyb1 Posted 19 June, 2009 Posted 19 June, 2009 im going home and im not logging on again tonight. What will be will be..
RedAndWhite91 Posted 19 June, 2009 Posted 19 June, 2009 F5 is over-rated... i use the lesser-preferred method of clicking the refresh button I thought I was the only one!
andymcrowe Posted 19 June, 2009 Posted 19 June, 2009 seen walking through Southampton airport this afternoon wearing (I think) a Saints tie
Gemmel Posted 19 June, 2009 Posted 19 June, 2009 No voluntary creditors agreement is needed as the debts have been paid off and the club continues without administration. Unless the debts were paid in full......over 30 million, (Which didn't happen) then we will still need a CVA or am i missing something
bridge too far Posted 19 June, 2009 Posted 19 June, 2009 I thought I was the only one! I always Refresh rather than F5.
SaintBobby Posted 19 June, 2009 Posted 19 June, 2009 Daily Echo scotch rumour of a 7pm press release. No such schedule exists.
Big_Bald_Si Posted 19 June, 2009 Posted 19 June, 2009 Daily Echo scotch rumour of a 7pm press release. No such schedule exists. Link?
1976_Child Posted 19 June, 2009 Posted 19 June, 2009 im going home and im not logging on again tonight. What will be will be.. ...we're going to Wembley...
Saint_clark Posted 19 June, 2009 Posted 19 June, 2009 im going home and im not logging on again tonight. What will be will be.. I'm going out and not logging in again tonight. Best of luck to all of you, try not to go too manic at 7 when this place melts down.
derry Posted 19 June, 2009 Posted 19 June, 2009 Unless the debts were paid in full......over 30 million, (Which didn't happen) then we will still need a CVA or am i missing something Yes! A company has to be in administration, SFC has never been in administration so doesn't qualify for CVA.
Tac-tics Posted 19 June, 2009 Posted 19 June, 2009 Been at work, so in a nutshell please I think I merit one for my coverage during the day
Spades Posted 19 June, 2009 Posted 19 June, 2009 Been at work, so in a nutshell please I think I merit one for my coverage during the day Lord mawigglewoggle wont give Matt Le Tiss a golden shower... i think thats the crux of it
VectisSaint Posted 19 June, 2009 Posted 19 June, 2009 Unless the debts were paid in full......over 30 million, (Which didn't happen) then we will still need a CVA or am i missing something Yes, you are misisng the fact that the debts that have to be paid are nothing like 30mil. It is not necessary to pay off the mortgage, only for it to be renegotiated, Aviya make more money by keeping the mortgage. The primary debt is the 4.5mill overdraft, there may be others but that is the bottom line. Of course if Pinnacle were to pay off the mortgage that would be grand, but I doubt that is an issue at this point in time.
dronskisaint Posted 19 June, 2009 Posted 19 June, 2009 From one of the staff at 5pm saying they had been told nothing - this is someone who would be told along with the players.
dubai_phil Posted 19 June, 2009 Posted 19 June, 2009 Pinnacle are taking one hell of a risk after all that work. After exclusivity ends, all it would need would be a cash deposit into Begbies account of a cash amount more than their total cash amount and they would be toast, UNLESS they have managed to sweet talk Fry. The trouble with THAT is if it is more money then he is duty bound to oh FFS this could go on for months
merrimd Posted 19 June, 2009 Posted 19 June, 2009 Unless the debts were paid in full......over 30 million, (Which didn't happen) then we will still need a CVA or am i missing something not sure 'In Full' is right. I may be wrong but is not just to the creditors satisfaction?
mUrph Posted 19 June, 2009 Posted 19 June, 2009 Another update on SSN... Consortium remains frustrated with the Football League being ****s. They're working hard to get it done. Asking admin guy who extension maybe. (Paraphrased )
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