How much really?

[ooh it's a corner]

Ok, as I understand it, the administrator's sole function is to get as much cash as possible on the table for the creditors who are owed monies today, but if the best offer was 50p, then the administrator would take an alternative approach of liquidating the whole thing and giving the proceeds, to creditors in an appropriate manner.

 

So, we owe Aviva £24m+, we owe Barclays £4m+, plus we owe others.

 

If I were Aviva, and I cannot have my £24m+ that is owed, then I would want to renegotiate with the prospective new owners. If I cannot negotiate to my satisfaction, then I would possibly accept considerably less than £24m, but how much less?

 

Given that the club owes £30m and Aviva is owed 4/5ths of this, then I would be tempted to press the liquidation button. After all, sell Jacksons farm, Staplewood, St Marys, player contracts, fixtures and fittings and I would be pretty confident of getting my £24m back, or very close to it.

 

So, is the administrator caught between the reality of nobody wanting to buy it for an inflated £30m, and the creditors not wanting to settle for less than the market value of all the saleable assets?

 

Frankly, if I were Aviva, I would want was I was owed.

 

Or am I missing something?

[bridge too far]

Ok, as I understand it, the administrator's sole function is to get as much cash as possible on the table for the creditors who are owed monies today, but if the best offer was 50p, then the administrator would take an alternative approach of liquidating the whole thing and giving the proceeds, to creditors in an appropriate manner.

 

So, we owe Aviva £24m+, we owe Barclays £4m+, plus we owe others.

 

If I were Aviva, and I cannot have my £24m+ that is owed, then I would want to renegotiate with the prospective new owners. If I cannot negotiate to my satisfaction, then I would possibly accept considerably less than £24m, but how much less?

 

Given that the club owes £30m and Aviva is owed 4/5ths of this, then I would be tempted to press the liquidation button. After all, sell Jacksons farm, Staplewood, St Marys, player contracts, fixtures and fittings and I would be pretty confident of getting my £24m back, or very close to it.

 

So, is the administrator caught between the reality of nobody wanting to buy it for an inflated £30m, and the creditors not wanting to settle for less than the market value of all the saleable assets?

 

Frankly, if I were Aviva, I would want was I was owed.

 

Or am I missing something?

 

Do you honestly think that lot would realise £24m? I'd be surprised if it did.

[John B]

Do you honestly think that lot would realise £24m? I'd be surprised if it did.

 

I agree alledgedly Barclays already have Jackson's Farm

[Ken Tone]

What you may be missing is that Aviva will not expect to get all their money straight away. If someone comes in with proven funds/sensible business plan/acumen/credibility they could buy SLH for £1, so sharehoders get nothing, then do a deal (CVA) with those owed money. So actually they may only need to pay off some or all of the overdraft immediately, and convince Aviva they will be able to take over paying back the mortgage.

 

The credit crunch may have changed this a bit but even so i'd have thought Aviva would prefer the mortgage being paid (at a decent interest rate) to the prospect of closing down Saints and trying to recover their money by selling the ground etc.

 

 

 

K.

[bridge too far]

I agree alledgedly Barclays already have Jackson's Farm

 

Now it seems that's not the case:

 

http://www.saintsweb.co.uk/forum/showthread.php?p=282440#post282440

[Frank's cousin]

Its complicated - naturally if the assets were sold individually, then the administrator would divi up teh proceeds etc but its complicated by teh fact that Aviva probably have the first call on SMS - but sold without a football club is perhaps worth at best 4-5mil. If I wer Aviva, and someone came in and bought the club and staplewood say for 4mil that could then go all to Barclays, I would simply negotiate say a 40 year mortgage on SMS at a rate that is affordable to teh club on teh understanding that it gets teh full 24 mil + interest back - If thats possible then a consortium could come in and make a real difference with as little (realatively) as 8 mil, buy the club for 4 mil from the administrato and 4 mil capital to help towards building a realistic 1st div quality team...with a 3-4 year plan to get back to teh prem.. where teh additional funds come from is the gate - success should breed a greater average gate ..... in theory

[John B]

Now it seems that's not the case:

 

http://www.saintsweb.co.uk/forum/showthread.php?p=282440#post282440

 

Sorry I read another post from a moderator I think which contradicted that

[bridge too far]

Sorry I read another post from a moderator I think which contradicted that

 

I agree it's a bit confusing. But I think I'm right that 'On the March again' is related to Mary Corbett so I'm inclined to attach more credence to his version.

[buctootim]

IMHO Aviva as the mortgage holders would settle for £1 more than the highest price they could get for the site SMS stands on, after the cost of demolition. This isnt my area but I'd imagine that would be somewhere around £10m.

[Toadhall Saint]

IMHO Aviva as the mortgage holders would settle for £1 more than the highest price they could get for the site SMS stands on, after the cost of demolition. This isnt my area but I'd imagine that would be somewhere around £10m.

 

Thats my view Aviva will take what they can - what is there option?

[Window Cleaner]

I agree it's a bit confusing. But I think I'm right that 'On the March again' is related to Mary Corbett so I'm inclined to attach more credence to his version.

 

He is apparently one of her nephews, if what he says is to be believed and why shouldn't it be. She has 2 brothers and a sister I think.

[Danbert]

He is apparently one of her nephews, if what he says is to be believed and why shouldn't it be. She has 2 brothers and a sister I think.

 

Indeed, why shouldn't it be. This is after all an Internet forum.