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Statement from Mark Fry

saints_is_the_south

By saints_is_the_south
in The Saints

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OldNick

OldNick

Posted
Posted

of course they can pay the staff they have just sold a few players and got a big lump in.Im pleased that the wages have been paid but Fry has been done up like a kipper and for what end I wonder???

sussexsaint

sussexsaint

Posted
Posted

'Still hopeful' is encouraging since there have been 2 withdrawls in the last 24 hours so there must be at least someone left at the table. It would be nice to have something a little more concrete to base any of this on

 

I am 'still hopeful' that I will win the lottery on Saturday , but ther is F*** all chance of it actually happening

 

Interesting thathe stated that Pinnacles withdrawl was no unexpected - I feel for Matty I really do, I hope whoever buys the club will still have a role for the great man

kelkel31

kelkel31

Posted
Posted

he needs to be removed from his position, complete and utter **** up!

 

surely all details with the holding company's creditors have already been agreed and therefore are still in place for any other buyer. he keeps spouting out absolute rubbish with his none information statements, making matters worse.

 

he is the person in charge of SLH, he should be the one resolving any issues with the FL, including legal action against them which in my(yes i hear you say warped) mind should include some kind of action that prevents the FL from conducting any form of competition until this matter is resolved!

OldNick

OldNick

Posted
Posted

it was not rocket science that Pinnacle may not go forward as they didnt pay up the next 500k. If they had Fry would have given them exclusivity again, as soon as it evident they were not he had to go and look elsewhere. Covering his a###, he shopuld be in government as he really can move and make it look as though he is doing a good job Lol

Navysaint

Navysaint

Posted
Posted

I am pleased the staff are getting paid and are still standing by the club, well some of them at least.

 

Staff loyalty the best you can get. COYS

 

Isn't it risky though selling assets to pay wages rather than paying creditors? especially the major ones.

saintoli

saintoli

Posted
Posted
it was not rocket science that Pinnacle may not go forward as they didnt pay up the next 500k. If they had Fry would have given them exclusivity again, as soon as it evident they were not he had to go and look elsewhere. Covering his a###, he shopuld be in government as he really can move and make it look as though he is doing a good job Lol

 

 

Im sure i read somewhere that Fry wouldnt allow another exclusivity period as it was too late in the day? Or was it just a bluff because they knew the pinnacle deal was dead in the water?

 

Come on Mr Fry give us some real info rather than watered down, fact-less ********!

shurlock

shurlock

Posted
Posted

"We appreciate that the sale may appear to have been protracted but it is a complex transaction which involves numerous stakeholders and a satisfactory solution for all parties is not simple to achieve".

 

Simple enough to complete by Friday then!!!!

Assuming that negotiations reopened on the 19th and Fry has needed to deal with more than one party, that's not alot of time. He's implicitly admitting he's shot himself in the foot.....

Berkers

Berkers

Posted
Posted

I get the impression that Mark Fry began to doubt Pinnacle some time ago with emphasis leaning towards other parties.

Hope to God I'm right!

Scummer

Scummer

Posted
Posted

Simple enough to complete by Friday then!!!!

 

I think we'll go on past Friday now. The sale of McGoldrick enables the wages to be paid and buys some more time.

gordonToo

gordonToo

Posted
Posted
Not convinced about Fry's competence at all any more...

 

Me too and it wouldn't surprise me if he was replaced if he can't tie up a deal sharpish.

gordonToo

gordonToo

Posted
Posted
I get the impression that Mark Fry began to doubt Pinnacle some time ago with emphasis leaning towards other parties.

Hope to God I'm right!

 

I certainly hope so as gullibility is not a desirable characteristic if he wants to pursue a career as an administrator.

Ian the Red

Ian the Red

Posted
Posted

We cannot and should not blame anyone, in particualr Matt Le Tiss. We do not know the true facts. In Lynam's statement he hints that the Pinnacle group may come back.

In any case Fry seems to think he will succeed in selling the club.

 

There is hope once more!!

SW11_Saint

SW11_Saint

Posted
Posted
We cannot and should not blame anyone, in particualr Matt Le Tiss. We do not know the true facts. In Lynam's statement he hints that the Pinnacle group may come back.

In any case Fry seems to think he will succeed in selling the club.

 

There is hope once more!!

I think we're done with the Pinnacle group. Time is running out fast - time to tie up a deal with the Suisse and just get on with it...

INFLUENCED.COM

INFLUENCED.COM

Posted
Posted

It has been stated, very early in the proceedings how Fry believed, based on legal assistance, that the FA were wrong in respect of a point deduction, any buyer would have been encouraged by this and continued with that belief, no doubt after seeking further legal advice, they then go on to value the club based on an ability to appeal which the FA now want them to sign away along with exposure to further penalty.

Why has Fry not come out and reiterated his earlier beliefs ? has he and his advisors made a mistake in under estimating the FA and their own power ? it is now out there for any potential bidder to be aware that the FA will not allow appeal against -10(at the very least) so his ability to sell the club has reduced even further by Pinnacles failure and subsequent as yet revelations about the FA's conduct

Professor

Professor

Posted
Posted
Not convinced about Fry's competence at all any more...

As someone who seemed to be promoting Administration months ago as the way to save the club, maybe Mr AS believes that the Administrators should be working for the benefit of the football club. They are not. Their only responsibility is to the creditors, and therefore to raise the greatest sum that they can from the assets.

 

A going concern may raise the most money and its clear that Fry and Provan (there are two of them) have been working on that basis but its up to the bidders to show the colour of their money. It seems that there are still two horses in the race - the Swiss Group and the Overseas Consortium - and that F/P have been talking to one or both since last week, with a proposed deadline of this Friday to complete. There nothing we fans can do, so its hope and hold your nerve, but things are no worse now than they were a week ago, maybe better with the fog of Pinnacle cleared away.

Merovingian

Merovingian

Posted
Posted

sounds to me from an outsider looking in that in MLT statement he is aluding to the fact that if you do not satisfy certain requirements by the football league when you come out of admin you will be losing even more points from the start, Rotherham and Bournemouth lost a further 7 and Leeds a further 15 ?

aintforever

aintforever

Posted
Posted
sounds to me from an outsider looking in that in MLT statement he is aluding to the fact that if you do not satisfy certain requirements by the football league when you come out of admin you will be losing even more points from the start, Rotherham and Bournemouth lost a further 7 and Leeds a further 15 ?

 

Rotherham and Bournemouth got a further -17 on top of the -10.

 

I expect we would be looking at a further -15 because we havn't previously been in admin, I think it was Bournmouth and Rotherhams second time hence the addition -2.

Merovingian

Merovingian

Posted
Posted

posted by a saints fan on POL I think

 

Received a message saying that Football League wanted to:

 

a) Add another 10pt penalty to the 10pts already deducted;

b) Add an additional 7pts to that penalty...

 

Giving us a starting point of -27 - hence the pull-outs today.

 

Don't shoot me, just passing on what I've been told. I guess the precedent was set with Luton.

Mr Nice

Mr Nice

Posted
Posted

One of the conditions following administration and coming out of it is that you need to prove to the FL that you have sufficient funds. They are guarding against the same thing happening in a years time obviously

70's Mike

70's Mike

Posted
Posted

did not mention that this gives him and his business an extra weeks fees, hopefully no other football club will suffer their incompetence in the future,

the 27 offers he did not look at must have been really bad

teamsaint

teamsaint

Posted
Posted
posted by a saints fan on POL I think

 

Received a message saying that Football League wanted to:

 

a) Add another 10pt penalty to the 10pts already deducted;

b) Add an additional 7pts to that penalty...

 

Giving us a starting point of -27 - hence the pull-outs today.

 

Don't shoot me, just passing on what I've been told. I guess the precedent was set with Luton.

 

All the other clubs that have had extra deductions have actually done something wrong.(financial irregularities , no CVA etc).

 

if we come out of admin (!!) having satisfied the creditors, but get more than 10 points deducted, it will be blatant victimisation by the FL. Not they are that bothered, I guess.

Barry the Badger

Barry the Badger

Posted
Posted

They are not going to replace Fry, selling a loss making business is not an easy job. He has to balance a good deal for the creditors with the needs of the buyer, and to make things worse he's got the FL putting obstacles in the way of prospective purchasers.

 

This was never going to be easy or simple.

 

A group came forward and paid half a million to gain exclusivity, what would you have liked him to do? No thanks you can keep your half a million quid even though we have no other firm offers and can't pay the wages without it.

 

What a load of sh*te you lot talk at times.

OldNick

OldNick

Posted
Posted
They are not going to replace Fry, selling a loss making business is not an easy job. He has to balance a good deal for the creditors with the needs of the buyer, and to make things worse he's got the FL putting obstacles in the way of prospective purchasers.

 

This was never going to be easy or simple.

 

A group came forward and paid half a million to gain exclusivity, what would you have liked him to do? No thanks you can keep your half a million quid even though we have no other firm offers and can't pay the wages without it.

 

What a load of sh*te you lot talk at times.

Hold on, if he was not suspitious of LC paying the deposit and Pinnacle's money man could not come up with a cheque he is not doing his job right. With money laundering laws he must know where the money is coming from, to me that was a misjudgement
Weston Saint

Weston Saint

Posted
Posted
posted by a saints fan on POL I think

 

Received a message saying that Football League wanted to:

 

a) Add another 10pt penalty to the 10pts already deducted;

b) Add an additional 7pts to that penalty...

 

Giving us a starting point of -27 - hence the pull-outs today.

 

Don't shoot me, just passing on what I've been told. I guess the precedent was set with Luton.

Some of Luton's was due to financial irregularities
Barry the Badger

Barry the Badger

Posted
Posted (edited)
Hold on, if he was not suspitious of LC paying the deposit and Pinnacle's money man could not come up with a cheque he is not doing his job right. With money laundering laws he must know where the money is coming from, to me that was a misjudgement

 

Show me some evidence that LC paid the £500'000 and I will agree that he should have seen that as a bit dodgy. I've only seen that written on this site.

 

Even then the fact remains, we needed half a million to keep the club going, his hands were tied and if it was being offered he had to take it.

Edited by Barry the Badger
OldNick

OldNick

Posted
Posted
Show me some evidence that LC paid the £500'000 and I will agree that he should have seen that as a bit dodgy. I've only seen that written on this site.
The BBC called it the Crouch Pinnacle group and also LC has not said it was rubbish. I havent seen the cheque oof course though.
alpine_saint

alpine_saint

Posted
Posted
As someone who seemed to be promoting Administration months ago as the way to save the club, maybe Mr AS believes that the Administrators should be working for the benefit of the football club. They are not. Their only responsibility is to the creditors, and therefore to raise the greatest sum that they can from the assets.

 

 

Why must the two be mutually exclusive ??

 

Yes, I still feel that administration was the way forward. EVEN NOW.

 

However, I couldnt legislate or have anticipated the CRETINOUS timing of the administration decision. 6 days after the deadline. Absolutely f**king ridiculous, and I said back then the club would pay dearly for that.

 

If we take Pinnacle/Lynam at face-value for the moment (yes, I know its dubious...), if we had gone into admin 6 days earlier, all the issues that prevented their deal from going through WOULD NOT HAVE EXISTED.

Barry the Badger

Barry the Badger

Posted
Posted
The BBC called it the Crouch Pinnacle group and also LC has not said it was rubbish. I havent seen the cheque oof course though.

 

Ok, so say we call that 'evidence' that LC paid it. What would you have done?

 

"No thanks we don't want the £500k even though we desperately need it to stay afloat and you are the only ones prepared to pay it, lets just let the club go under."

 

I'm sure we would have all loved that.

The9

The9

Posted
Posted
he needs to be removed from his position, complete and utter **** up!

surely all details with the holding company's creditors have already been agreed and therefore are still in place for any other buyer. he keeps spouting out absolute rubbish with his none information statements, making matters worse.

 

he is the person in charge of SLH, he should be the one resolving any issues with the FL, including legal action against them which in my(yes i hear you say warped) mind should include some kind of action that prevents the FL from conducting any form of competition until this matter is resolved!

 

With the exception of the bit in bold, another classic rant of utter nonsense, this site's getting well known for them.

 

Yes, warped. Let's get the administrator to do all of the dealings with the FL, rather than, say, the people interested in taking over the club.

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