egreog Posted 1 May, 2009 Share Posted 1 May, 2009 So... past 11am on friday of a bank holiday weekend........obviously very little happening and no murmerings of hope.....how long do the administrators have to conclude some sort of deal before they actually call it a day and wind up the whole thing and every thing ceases to exist?. After Saturday at Forest I assume players are on holiday and the club will go into close season mode..........worrying that there is no strong likely buyer at this stage I would think Link to comment Share on other sites More sharing options...
thorpie the sinner Posted 1 May, 2009 Share Posted 1 May, 2009 LOL!!! Now thats more like it!!!!! Link to comment Share on other sites More sharing options...
bristolsaint29 Posted 1 May, 2009 Share Posted 1 May, 2009 In fact he looks like DC Brandon Kane from the Bill (6th down) http://thisisthebill.blogspot.com/2008_04_01_archive.html Link to comment Share on other sites More sharing options...
The9 Posted 1 May, 2009 Share Posted 1 May, 2009 In case anyone needs any ITKing about this Eastleigh market bloke I'm just around the corner at work ? HTH. Link to comment Share on other sites More sharing options...
slickmick Posted 1 May, 2009 Share Posted 1 May, 2009 .... Link to comment Share on other sites More sharing options...
Toadhall Saint Posted 1 May, 2009 Share Posted 1 May, 2009 Not happenig today is it? Link to comment Share on other sites More sharing options...
Window Cleaner Posted 1 May, 2009 Share Posted 1 May, 2009 Not happenig today is it? Prospective purchasers obviously not offering enough money I expect. Link to comment Share on other sites More sharing options...
thorpie the sinner Posted 1 May, 2009 Share Posted 1 May, 2009 no, no it isn't!!!!!! What we don't know is what is going on behind the scenes!! Link to comment Share on other sites More sharing options...
Toadhall Saint Posted 1 May, 2009 Share Posted 1 May, 2009 no, no it isn't!!!!!! What we don't know is what is going on behind the scenes!! Frustrating to say the least tho'. Link to comment Share on other sites More sharing options...
Window Cleaner Posted 1 May, 2009 Share Posted 1 May, 2009 Frustrating to say the least tho'. not surprising when the concensus of opinion yesterday was that Aviva would cave in for a handful of coppers.They won't I know they won't. Link to comment Share on other sites More sharing options...
Ken Tone Posted 1 May, 2009 Share Posted 1 May, 2009 Not happenig today is it? Surely even if one consortium put in a bid today, we'd hear nothing. Fry will not just accept the first bid if he expects more to come. He will want to see all of them, to see which pays the creditors the most. The best we can hope for in the very near future is for Fry to say that one or more of the interested parties have made a bid and he hopes to progress with a preferred bidder to a firm sale over the next x days or weeks. K. Link to comment Share on other sites More sharing options...
Toadhall Saint Posted 1 May, 2009 Share Posted 1 May, 2009 Surely even if one consortium put in a bid today, we'd hear nothing. Fry will not just accept the first bid if he expects more to come. He will want to see all of them, to see which pays the creditors the most. The best we can hope for in the very near future is for Fry to say that one or more of the interested parties have made a bid and he hopes to progress with a preferred bidder to a firm sale over the next x days or weeks. K. That would be reasonable. Off to Forest on Sunday and would like to go with a least a smile on my face! Link to comment Share on other sites More sharing options...
Saints foreva Posted 1 May, 2009 Share Posted 1 May, 2009 Can't bear the thought that Nottm Forest could be the last time I get to support Saints. I doubt anything will happen between now and next week because we are Southampton and good news is always doubtful. Link to comment Share on other sites More sharing options...
Window Cleaner Posted 1 May, 2009 Share Posted 1 May, 2009 Can't bear the thought that Nottm Forest could be the last time I get to support Saints. That won't happen either, all that needs to be settled is the amount. There are obviously good buyers but they have their ceiling price which isn't anywhere near the creditors floor price for the time being;Just a question of patience and time I expect. Link to comment Share on other sites More sharing options...
teamsaint Posted 1 May, 2009 Share Posted 1 May, 2009 That won't happen either, all that needs to be settled is the amount. There are obviously good buyers but they have their ceiling price which isn't anywhere near the creditors floor price for the time being;Just a question of patience and time I expect. I may br wrong, but surely the decision whether to Liquidate or settle with thecreditors lies with Fry. If he thinks he can get more than the best offer by liquidating then that is what he has to do. If one of the offers is better, then the creitors will have to get the best deal they can from that offer. Aviva can ask what they like- they will only get a proprtion of any offer or the liquidation receipts. Or have I got it wrong? Link to comment Share on other sites More sharing options...
Window Cleaner Posted 1 May, 2009 Share Posted 1 May, 2009 I may br wrong, but surely the decision whether to Liquidate or settle with thecreditors lies with Fry. If he thinks he can get more than the best offer by liquidating then that is what he has to do. If one of the offers is better, then the creitors will have to get the best deal they can from that offer. Aviva can ask what they like- they will only get a proprtion of any offer or the liquidation receipts. Or have I got it wrong? The nature of Aviva's guarantees has never been established. Sometimes they ask for preferential creditor status in that kind of transaction. It could be that they have a clause saying they will get paid before anyone else, happens in Europe, in the UK I haven't a clue whether that would be a legal possibility. Link to comment Share on other sites More sharing options...
DT Posted 1 May, 2009 Share Posted 1 May, 2009 Did we ever find out who's the Asian guy ? Aditya Mittal ? Dunno, but could someone tell me why Jack Nicholson is there? Suppose he has the Right Stuff... Link to comment Share on other sites More sharing options...
Winchester Exile Posted 1 May, 2009 Share Posted 1 May, 2009 Yes - it's not only possible it's a cert. Think about it, they're not going to say here's £30 million odd and if it all goes t**s up just pay us back what you can. Aviva will be first in line and will have a major say in who's offer is accepted, if any. Link to comment Share on other sites More sharing options...
OldNick Posted 1 May, 2009 Share Posted 1 May, 2009 Surely even if one consortium put in a bid today, we'd hear nothing. Fry will not just accept the first bid if he expects more to come. He will want to see all of them, to see which pays the creditors the most. The best we can hope for in the very near future is for Fry to say that one or more of the interested parties have made a bid and he hopes to progress with a preferred bidder to a firm sale over the next x days or weeks. K.What if we only have £100 in the coffers and a bill arrives in for £101. He then has to liquidate doesnt he? or accept any offer that can move immediately Link to comment Share on other sites More sharing options...
northam soul Posted 1 May, 2009 Share Posted 1 May, 2009 But surely the new owners will only have to get aviva to agree to give them the mortgage they will not have to pay it off so the only debt as such is the overdraft plus any smaller creditors. Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 1 May, 2009 Share Posted 1 May, 2009 But surely the new owners will only have to get aviva to agree to give them the mortgage they will not have to pay it off so the only debt as such is the overdraft plus any smaller creditors. Exactly! All this talk of £25m or £30m is a nonsense. Link to comment Share on other sites More sharing options...
Victor Posted 1 May, 2009 Share Posted 1 May, 2009 I reckon it's the bloke on the right disguising himself with a strap around his double chin and golf balls in his cheeks. Or was that Rupert in disguise? Link to comment Share on other sites More sharing options...
Winchester Exile Posted 1 May, 2009 Share Posted 1 May, 2009 Exactly! All this talk of £25m or £30m is a nonsense. True about the £25 or £30 million but the point is that Aviva will have to agree to whatever offer is on the table because they are the major creditor and are first in line with a first charge, at least on the stadium and possibly other assets as well. The stadium will have some value, with or without a football club, so any bidder will have to negotiate with them. "Only have to get Aviva to agree to give them the mortgage" is a bit like saying "only have to get your bank to forgive your overdraft"! Link to comment Share on other sites More sharing options...
trousers Posted 1 May, 2009 Share Posted 1 May, 2009 True about the £25 or £30 million but the point is that Aviva will have to agree to whatever offer is on the table because they are the major creditor and are first in line with a first charge, at least on the stadium and possibly other assets as well. The stadium will have some value, with or without a football club, so any bidder will have to negotiate with them. "Only have to get Aviva to agree to give them the mortgage" is a bit like saying "only have to get your bank to forgive your overdraft"! Isn't the stadium owned by a separate subsidiary of the PLC though? As such, why would someone buying just the 'Football Club' subsidiary need to discuss an asset of one of the other subsidiaries with Aviva? Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 1 May, 2009 Share Posted 1 May, 2009 Isn't the stadium owned by a separate subsidiary of the PLC though? As such, why would someone buying just the 'Football Club' subsidiary need to discuss an asset of one of the other subsidiaries with Aviva? I think the answer is 'yes' but it's not quite that simple. Nobody would want to buy the football club without having the stadium to play in. Of couse, the new owners of the club would have to pay something to the new owners of the stadium who would, presumably, have arranged a new 'mortgage' with Aviva on terms agreeable to both parties. I would assume. Link to comment Share on other sites More sharing options...
Ken Tone Posted 1 May, 2009 Share Posted 1 May, 2009 What if we only have £100 in the coffers and a bill arrives in for £101. He then has to liquidate doesnt he? or accept any offer that can move immediately No. Just means there is another creditor in the queue. No doubt Aviva and barclays would make sure this new creditor got a fair share what is more. The little guy always gets a fair deal in business ;-) K. Link to comment Share on other sites More sharing options...
the saint in winchester Posted 1 May, 2009 Share Posted 1 May, 2009 Surely even if one consortium put in a bid today, we'd hear nothing. Fry will not just accept the first bid if he expects more to come. He will want to see all of them, to see which pays the creditors the most. The best we can hope for in the very near future is for Fry to say that one or more of the interested parties have made a bid and he hopes to progress with a preferred bidder to a firm sale over the next x days or weeks. K. Surely, he should set this up just like an Ebay auction. Set a buy-it-now price, and a starting bid value and definitely an end time to the auction. We can't wait forever. Set the deadline, Marky. Link to comment Share on other sites More sharing options...
Ken Tone Posted 1 May, 2009 Share Posted 1 May, 2009 He could set a deadline, but he doesn't have to. It is for him to judge what is best. He has a considerable amount of freedom and discretion, as long as he can justify that he is doing the best he can for the creditors. If the rumours are correct and he knows of 4 -ish interested parties, he will probably wait until all 4 have made clear if and what they will bid, as long as it doesn't drag on too long. It would not be in the best interests of the creditors to lose out on the potentially best bid just because it was not received by an arbitrary deadline K. Link to comment Share on other sites More sharing options...
Frank's cousin Posted 1 May, 2009 Share Posted 1 May, 2009 He could set a deadline, but he doesn't have to. It is for him to judge what is best. He has a considerable amount of freedom and discretion, as long as he can justify that he is doing the best he can for the creditors. If the rumours are correct and he knows of 4 -ish interested parties, he will probably wait until all 4 have made clear if and what they will bid, as long as it doesn't drag on too long. It would not be in the best interests of the creditors to lose out on the potentially best bid just because it was not received by an arbitrary deadline K. I would suggest the deadline will be dictated by when the next wages need to be paid - with no summer income... Its time for fans to stop donating money - afterall ae you ahppy that your hardearned is oing straight in to playesr pockets? If I was a Plyer I would not have the brass balls to accept money from folk giving tehir last few quid...it would be embarrassing. NO we need to force teh issue , and seta dealine not keep proping things up with buckets of cash... Link to comment Share on other sites More sharing options...
John D Posted 1 May, 2009 Share Posted 1 May, 2009 I think there is a regulation along the lines that the administrator is personally liable for any additional debts that are incurred after the club has entered administration. Therefore this will drive any deadlines because as soon as this happens he will liquidate the club to avoid any costs to himself John Link to comment Share on other sites More sharing options...
bridge too far Posted 1 May, 2009 Share Posted 1 May, 2009 With regard to timelines I found this on the Companies House website: No later than 8 weeks after the company enters administration, the administrator must make a statement setting out proposals for achieving the purpose of the administration or explaining why they cannot be achieved. The proposals may include a voluntary arrangement or a compromise or arrangement with creditors or members http://www.companieshouse.gov.uk/about/gbhtml/gbw1.shtml Link to comment Share on other sites More sharing options...
eurosaint Posted 1 May, 2009 Share Posted 1 May, 2009 That would be reasonable. Off to Forest on Sunday and would like to go with a least a smile on my face! When the sniper's bullet penetrates Rupert's forehead as he smugly sits in the director's box , I think you'll manage a wry little smile after all !!! Link to comment Share on other sites More sharing options...
Window Cleaner Posted 1 May, 2009 Share Posted 1 May, 2009 I would suggest the deadline will be dictated by when the next wages need to be paid - with no summer income... Its time for fans to stop donating money - afterall ae you ahppy that your hardearned is oing straight in to playesr pockets? If I was a Plyer I would not have the brass balls to accept money from folk giving tehir last few quid...it would be embarrassing. NO we need to force teh issue ' date=' and seta dealine not keep proping things up with buckets of cash...[/quote'] We will start selling players the day after it becomes possible. Anyway what happened to the "fans pledge last gasp option" is that still a starter? Link to comment Share on other sites More sharing options...
Frank's cousin Posted 1 May, 2009 Share Posted 1 May, 2009 We will start selling players the day after it becomes possible. Anyway what happened to the "fans pledge last gasp option" is that still a starter? Dont think so, there was no support for this which is ironic.... Link to comment Share on other sites More sharing options...
Window Cleaner Posted 1 May, 2009 Share Posted 1 May, 2009 Dont think so' date=' there was no support for this which is ironic....[/quote'] Just a bit of ritualistic tub thumping was it,Strange fan ownership has always been such a desirable option.I suppose those that desired it so ardently didn't have the wherewithal to achieve it. Link to comment Share on other sites More sharing options...
Frank's cousin Posted 1 May, 2009 Share Posted 1 May, 2009 Just a bit of ritualistic tub thumping was it,Strange fan ownership has always been such a desirable option.I suppose those that desired it so ardently didn't have the wherewithal to achieve it. Not quite, I think the upshot was that because there were certain groups and names involved, loads of fans gave them a load of sh!te... sad in a way, but almost symbolic. There we al wer saying how we would be unified once LOwe had gne, yet when he had fans were still having a go at others for desiring to do something positive.... cest la vie Link to comment Share on other sites More sharing options...
supaimpy_returns Posted 1 May, 2009 Share Posted 1 May, 2009 well regarding the stadium, surely its the stadium company that has a mortgage? , no one has said that the loan has been defaulted on have they? If SLH sells the company, the company still has the mortgage so why does it need to be renegoiated? Its SLH thats in admin and for sale, the club, the stadium etc are assets and can be sold off individually to satisfy SLH creditors. Why would anyone buy SLH ? its only the assets they want, the money from the assets pays the creditors and SLH closes, or is that too simple? If that happens we can all watch the FL try and decide how SFC get into the fixture list without a CVA , which won't be required as SFC was never in Admin. That I believe is what the Administrators are working on, raising 6 million to pay Barclays and then anyone elses accounts which should be invoices probably on about 60 days of trading .The stadium debt isn't due. Link to comment Share on other sites More sharing options...
Toadhall Saint Posted 1 May, 2009 Share Posted 1 May, 2009 When the sniper's bullet penetrates Rupert's forehead as he smugly sits in the director's box , I think you'll manage a wry little smile after all !!! Smile - i'll be over the moon after all one good turn deserves another! Link to comment Share on other sites More sharing options...
Saint Fan CaM Posted 1 May, 2009 Share Posted 1 May, 2009 well regarding the stadium, surely its the stadium company that has a mortgage? , no one has said that the loan has been defaulted on have they? If SLH sells the company, the company still has the mortgage so why does it need to be renegoiated? Its SLH thats in admin and for sale, the club, the stadium etc are assets and can be sold off individually to satisfy SLH creditors. Why would anyone buy SLH ? its only the assets they want, the money from the assets pays the creditors and SLH closes, or is that too simple? If that happens we can all watch the FL try and decide how SFC get into the fixture list without a CVA , which won't be required as SFC was never in Admin. That I believe is what the Administrators are working on, raising 6 million to pay Barclays and then anyone elses accounts which should be invoices probably on about 60 days of trading .The stadium debt isn't due. Yes, that's how I see it too. Which means surely that if its THAT simple there must be some doubt over the process resolving itself anywhen soon. I don't think £4-6m in the scheme of things should be a massive hurdle IF the money is there. Something else is holding things up - not sure what - but to let it go to the wire like this does not sound too good. Link to comment Share on other sites More sharing options...
hypochondriac Posted 1 May, 2009 Share Posted 1 May, 2009 Smile - i'll be over the moon after all one good turn deserves another! If I had my way the Forest caterers would serve duck with a bomb in it. Once he stuck a fork in BOOM. That would be my preference. Link to comment Share on other sites More sharing options...
Ivan Katalinic's 'tache Posted 1 May, 2009 Share Posted 1 May, 2009 If I had my way the Forest caterers would serve duck with a bomb in it. Once he stuck a fork in BOOM. That would be my preference. Yootube please. I can't make the game on Sunday. Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 1 May, 2009 Share Posted 1 May, 2009 People keep on about their money going to pay the players, well don't forget the normal staff who work there they need wages as well.I also think that staff wages are the very first that have to be paid before other creditors if a company is closed down. Link to comment Share on other sites More sharing options...
Saint Billy Posted 1 May, 2009 Share Posted 1 May, 2009 Perhaps (including myself btw) we are all understandably panicking and perhaps things are all under control and progressing. Throughout all of this ****, Fry for some reason gives me some sort of confidence that our club will be saved and emerge out of the ashes. That is all I have to cling onto at this moment in time. Link to comment Share on other sites More sharing options...
Morph Posted 1 May, 2009 Share Posted 1 May, 2009 JJB Surprised you chose JJB (maybe you guessed?) But very very warm in regards the Salz consortium. I'm beginning to think that all the others may blow themselves out and the Salz consortium will be the best we can hope for, although Salz can certainly save the club there is a concern about financing going forward with his consortium, unless he has managed to join up with another consortium with more money. But there again the other consortia may all be tyre kickers and not exist. We shall see. Regards Morph Link to comment Share on other sites More sharing options...
Mole Posted 1 May, 2009 Share Posted 1 May, 2009 Surprised you chose JJB (maybe you guessed?) Doesn't Dave Whelan have links with Lowe. I'm sure i read something somewhere when researching my W H Ireland thread.:confused: Link to comment Share on other sites More sharing options...
Morph Posted 1 May, 2009 Share Posted 1 May, 2009 Doesn't Dave Whelan have links with Lowe. I'm sure i read something somewhere when researching my W H Ireland thread.:confused: Stanley, Don't worry about that. A Lowe supporter is the last person Salz would allow through the door. Believe me. Regards Morph Link to comment Share on other sites More sharing options...
charliemiller Posted 1 May, 2009 Share Posted 1 May, 2009 Dubai phil is in a 747 doing small circles around heathrow waiting for the big announcement and checking that all his team are in all weekend and training hard. Message from phil relayed . regards CM Link to comment Share on other sites More sharing options...
NickG Posted 1 May, 2009 Share Posted 1 May, 2009 Stanley, Don't worry about that. A Lowe supporter is the last person Salz would allow through the door. Believe me. Regards Morph What about Fry tho! Link to comment Share on other sites More sharing options...
Morph Posted 1 May, 2009 Share Posted 1 May, 2009 Dubai phil is in a 747 doing small circles around heathrow waiting for the big announcement and checking that all his team are in all weekend and training hard. Message from phil relayed . regards CM May I just say that I suspect that Dubai Phil may put some of our previous managers to shame. Please for no chants of "Dubai Phil out" Kindest Regards (and last posting for 24 hours) Morph Link to comment Share on other sites More sharing options...
Horley CTFC Saint Posted 1 May, 2009 Share Posted 1 May, 2009 No. Just means there is another creditor in the queue. No doubt Aviva and barclays would make sure this new creditor got a fair share what is more. The little guy always gets a fair deal in business ;-) K. Most likely to put club into a CVA situation and try and agree a deal with the creditors to come out the otherside with the current club intact - gives him more time and also means that the club doesn't have to be reformed following a liquidation. If the latter we get relegated two divisions and as we are already down to Div 1 that means the BSP Link to comment Share on other sites More sharing options...
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