SOTONS EAST SIDE Posted 21 May, 2009 Posted 21 May, 2009 (edited) According to the Echo! And Jackson and Greene must put in double their offer (from £7-£14million) for them to enter a period of exclusivity! Edited 21 May, 2009 by SOTONS EAST SIDE
Wade Garrett Posted 21 May, 2009 Posted 21 May, 2009 One or two people will be left with egg on their face with this latest news. I get the impression that Fry is trying to freeze out Jackson/Greene and Pinnacle.
notnowcato Posted 21 May, 2009 Posted 21 May, 2009 News?? Last time I looked news was based on fact. Are there any direct quotes from Fry in the article?
del boy Posted 21 May, 2009 Posted 21 May, 2009 Perhaps a deadline should be set.....oh tomorrows Friday, its all coming together
SOTONS EAST SIDE Posted 21 May, 2009 Author Posted 21 May, 2009 (edited) One or two people will be left with egg on their face with this latest news. I get the impression that Fry is trying to freeze out Jackson/Greene and Pinnacle. They also say that the Pinnacle bid has been put on the back burner, as they did not come up with the goods by the deadline and they're offer was also deemed a good long term prospect for the club!!! Edited 21 May, 2009 by SOTONS EAST SIDE
M271 Posted 21 May, 2009 Posted 21 May, 2009 If £14m is wanted no wonder the 34 expressions of interest have whittled down to virtually nothing. Even the potential investors will not see £14m as a 'good value' deal.
CHAPEL END CHARLIE Posted 21 May, 2009 Posted 21 May, 2009 I understand the legal duty on the Administrator to get the best price possible but this degree of brinkmanship may well backfire and scare any potential buyers off - sell the club Mr Fry , sell it soon .
Master Bates Posted 21 May, 2009 Posted 21 May, 2009 Marc Jackson HAS submitted a second offer which falls just short of the £14m.
Master Bates Posted 21 May, 2009 Posted 21 May, 2009 News?? Last time I looked news was based on fact. Are there any direct quotes from Fry in the article? No.
Pilchards Posted 21 May, 2009 Posted 21 May, 2009 What is there to sell? Why cant someone purchase the club and pay off the debts on a monthly basis owed to the banks etc. Once thats done then they can focus on sorting out the most important things like FOOTBALL.
SOTONS EAST SIDE Posted 21 May, 2009 Author Posted 21 May, 2009 The Echo understands groups wanting to bid must pay a £500,000 deposit to enter a exclusivity period!!
Master Bates Posted 21 May, 2009 Posted 21 May, 2009 The Echo understands groups wanting to bid must pay a £500,000 deposit to enter a exclusivity period!! Which Jackson says he's ready to hand over (no quote though).
Master Bates Posted 21 May, 2009 Posted 21 May, 2009 The group says it is ready to hand over £500,000 by way of advance to cover this month’s wage bill. http://www.dailyecho.co.uk/sport/saints/news/4384529.New_bid_to_save_Saints/
Pilchards Posted 21 May, 2009 Posted 21 May, 2009 Which Jackson says he's ready to hand over (no quote though). Give him a whisper in his ear and say 'Please don't!'
SOTONS EAST SIDE Posted 21 May, 2009 Author Posted 21 May, 2009 Which Jackson says he's ready to hand over (no quote though). Yeah but nobody have made a public quote as having payed it, which is a bit of a worry!
exit2 Posted 21 May, 2009 Posted 21 May, 2009 If £14m is wanted no wonder the 34 expressions of interest have whittled down to virtually nothing. Even the potential investors will not see £14m as a 'good value' deal. http://www.saintsweb.co.uk/forum/showpost.php?p=291803&postcount=1023
SaintRichmond Posted 21 May, 2009 Posted 21 May, 2009 One or two people will be left with egg on their face with this latest news. I get the impression that Fry is trying to freeze out Jackson/Greene and Pinnacle. .. For what purpose ??? Don't tell me he has yet another interested party ??
dubai_phil Posted 21 May, 2009 Posted 21 May, 2009 This is a strange figure though. Weren't our debts supposed to be about 30 mil Not many people would expect to pay almost 50p in the pound in an administration situation, especially in such an economic downturn. How did Fry get on with the Silverjet Admin? Oh
SOTONS EAST SIDE Posted 21 May, 2009 Author Posted 21 May, 2009 .. For what purpose ??? Don't tell me he has yet another interested party ??Yeah that so called overseas investors are wanting to put in their bid for Saints!
SaintRichmond Posted 21 May, 2009 Posted 21 May, 2009 Yeah that so called overseas investors are wanting to put in their bid for Saints! The Jersey Mob ???
SOTONS EAST SIDE Posted 21 May, 2009 Author Posted 21 May, 2009 This is a strange figure though. Weren't our debts supposed to be about 30 mil Not many people would expect to pay almost 50p in the pound in an administration situation, especially in such an economic downturn. How did Fry get on with the Silverjet Admin? OhI think its just the way these big businesses operate now. Buy trying to squeeze every penny out of they're customers, to try and recoup they're bad business investments!
dubai_phil Posted 21 May, 2009 Posted 21 May, 2009 Wish I could see the full article, but again, seems strange that Fry uses the Echo to tell the bidders what to do. Hope that doesn't mean he hung up the phone on them in a corporate alpha-male type temper tantrum. Still, it's Friday tomorrow again
Ponty Posted 21 May, 2009 Posted 21 May, 2009 This is all getting quite bizarre, isn't it? Even at £14m Barclays won't recover all of the overdraft debt, which begs the question - Why put us in admin in the first place, when the overdraft was being paid off? The truth is though that a £14m price tag will probably put us under and they'll get next to feck all.
exit2 Posted 21 May, 2009 Posted 21 May, 2009 This is all getting quite bizarre, isn't it? Even at £14m Barclays won't recover all of the overdraft debt, which begs the question - Why put us in admin in the first place, when the overdraft was being paid off? The truth is though that a £14m price tag will probably put us under and they'll get next to feck all. Ponty, this is what will most probably happen The bids I suspect will be around the £12m mark. This will buy you the club all the assets and no debt. Barclays and Aviva will settle for about 3m and 8m respectivley with the odd going to other creditors. No doubt Aviva will put in a clause that will mean we pay a figure back to them on contractual basis if we reach the top flight, as might Barclays. The difference between the 2 bids will be what thay can offer the club in the future and this is going to be the interesting bit. It is all ******** about Barclays not accepting as what will happen. We have no buyer, the whole place is wound up and then sold off. IN this climate you might get £6m tops for Jackson Farm, Staplewood and SMS, you then split that the same way and people start getting much less
thorpie the sinner Posted 21 May, 2009 Posted 21 May, 2009 I have finally arrived!! My wife no less texted me this morning, saying that radio solent had reported a pink bentley with arabic number plates entering Southampton this morning!!!!!!!!!!!! We are saved!!!
SaintRichmond Posted 21 May, 2009 Posted 21 May, 2009 I have finally arrived!! My wife no less texted me this morning, saying that radio solent had reported a pink bentley with arabic number plates entering Southampton this morning!!!!!!!!!!!! We are saved!!! Wow ... Bentley from Spurs ........ Now that IS ambition ....
SOTONS EAST SIDE Posted 21 May, 2009 Author Posted 21 May, 2009 I have finally arrived!! My wife no less texted me this morning, saying that radio solent had reported a pink bentley with arabic number plates entering Southampton this morning!!!!!!!!!!!! We are saved!!!The Echo quotes that the overseas consortium that have been circling Saints are pushing ahead with they're plans for the club, and have enough money to meet the creditors demands!!
exit2 Posted 21 May, 2009 Posted 21 May, 2009 My other concern is that Fry is trying to sell off SLH as whole and not split the assets. SLH pre share suspension was only worth £3m. Sell the club and stadium together and then let AViva and Barclays whistle for their money as their debt was with SLH (just a thought )
Capel Saint Posted 21 May, 2009 Posted 21 May, 2009 The Echo quotes that the overseas consortium that have been circling Saints are pushing ahead with they're plans for the club, and have enough money to meet the creditors demands!! Any link to go with this story from the Echo?
Teddy Nutkins Posted 21 May, 2009 Posted 21 May, 2009 Paris Hilton owns a pink Bentley, it matches her pink........blouse.:cool:
SOTONS EAST SIDE Posted 21 May, 2009 Author Posted 21 May, 2009 Any link to go with this story from the Echo?Its not on the web site only in the paper(page 53) that i have on me!
miserableoldgit Posted 21 May, 2009 Posted 21 May, 2009 Not this photocopier salesman again ! I know that LLS has become a figure of fun or hate on this forum, but he has no money. His involvement is as a catalyst getting those who may have money to make a bid. I do not care who puts a consortium together as long as it gives me a club to support for many years to come. Now I can sit here and say "MJ is a ****** and I don`t want him anywhere near the club" or I can let Mark Fry do his job and presume that he is no idiot and will accept the bid that is acceptable to the creditors and best for the club. IF that happens to involve MJ - so be it. Beggars can`t be choosers!
miserableoldgit Posted 21 May, 2009 Posted 21 May, 2009 I have finally arrived!! My wife no less texted me this morning, saying that radio solent had reported a pink bentley with arabic number plates entering Southampton this morning!!!!!!!!!!!! We are saved!!! I heard this and I am pretty certain that it was a Roller not a Bentley. Lady Penelope is buying us! Thunderbirds are go!!
doggface Posted 21 May, 2009 Posted 21 May, 2009 £14m is no shock, this was exactly the sum I was told was required this time last week and this was acceptable to fry. If you read the article it insinuates that the pinnacle deal satisfied the major creditors and was in the best long term interests in the club (this was certainly the case from what i was told, it left me salivating). The Echo reports the hold up is they are yet to exchange the final legal docs to trigger preferred bidder status. What the problem is here I have no idea unfortunatley. Arrghhhhhhhhhhhhhh!!!!!!!!!
Saints foreva Posted 21 May, 2009 Posted 21 May, 2009 Lol £14m for a sinking ship? Good luck with that Fry.
slickmick Posted 21 May, 2009 Posted 21 May, 2009 My other concern is that Fry is trying to sell off SLH as whole and not split the assets. SLH pre share suspension was only worth £3m. Sell the club and stadium together and then let AViva and Barclays whistle for their money as their debt was with SLH (just a thought ) The bit I don't understand is why isn't a deal being put in place to come to an agreement with all the creditors excluding Aviva. Then re-negotiate a mortgage term with them. This would reduce the money up front by approx £8m and make it more feasable for buyers who would be unwilling to part with £14m in one go.
bolo Posted 21 May, 2009 Posted 21 May, 2009 What does this £14 Mil cover? I thought Saints debts were mainly £4 mill to barclays and £25 Mil for SMS? Does this £14Mil include the mortgage? I wish somebody could give me actual FACTS!!!!
miserableoldgit Posted 21 May, 2009 Posted 21 May, 2009 What does this £14 Mil cover? I thought Saints debts were mainly £4 mill to barclays and £25 Mil for SMS? Does this £14Mil include the mortgage? I wish somebody could give me actual FACTS!!!! The only person that has the facts is Mark Fry. 99% of everything on this forum is mixture of conjecture, BS, and plain ignorance.
Wade Garrett Posted 21 May, 2009 Posted 21 May, 2009 .. For what purpose ??? Don't tell me he has yet another interested party ?? It seems strange that, reportedly, the £8m bid last week was £1m short of what Fry wanted, and now the £7m bid needs to be doubled. I get the impression that the goalposts have been moved at least a couple of time. For what reason I don't know. But unless he had a big joker up his sleeve you would think Fry wasn't too good at his job.
SOTONS EAST SIDE Posted 21 May, 2009 Author Posted 21 May, 2009 What does this £14 Mil cover? I thought Saints debts were mainly £4 mill to barclays and £25 Mil for SMS? Does this £14Mil include the mortgage? I wish somebody could give me actual FACTS!!!! Facts that might not be known till a deal is done, i'm afraid!
slickmick Posted 21 May, 2009 Posted 21 May, 2009 It seems strange that, reportedly, the £8m bid last week was £1m short of what Fry wanted, and now the £7m bid needs to be doubled. I get the impression that the goalposts have been moved at least a couple of time. For what reason I don't know. But unless he had a big joker up his sleeve you would think Fry wasn't too good at his job. They left weeks ago.
Morph Posted 21 May, 2009 Posted 21 May, 2009 £14m is no shock, this was exactly the sum I was told was required this time last week and this was acceptable to fry. If you read the article it insinuates that the pinnacle deal satisfied the major creditors and was in the best long term interests in the club (this was certainly the case from what i was told, it left me salivating). The Echo reports the hold up is they are yet to exchange the final legal docs to trigger preferred bidder status. What the problem is here I have no idea unfortunatley. Arrghhhhhhhhhhhhhh!!!!!!!!! As I said on another thread, this is all brinkmanship by Fry trying to get the best for the creditors. The creditors need to take a much bigger haircut than they want.There is no way they will allow the Club to disappear and they loose everything. I'm just hoping that the Jackson Consortium are not naive enough to give Fry what he wants, leaving nothing for the Club to invest in players and take things forward. Regards Morph
trousers Posted 21 May, 2009 Posted 21 May, 2009 I'm just hoping that the Jackson Consortium are not naive Good luck
SOTONS EAST SIDE Posted 21 May, 2009 Author Posted 21 May, 2009 As I said on another thread, this is all brinkmanship by Fry trying to get the best for the creditors. The creditors need to take a much bigger haircut than they want.There is no way they will allow the Club to disappear and they loose everything. I'm just hoping that the Jackson Consortium are not naive enough to give Fry what he wants, leaving nothing for the Club to invest in players and take things forward. Regards MorphYes Morph this is the crux of the matter! Do they get that desperate to get the club , they leave themselves with nothing to take the club forwards! This is a big worry with the MJ/SG bid!
Foxstone Posted 21 May, 2009 Posted 21 May, 2009 Not this photocopier salesman again ! Whats the difference between him and Leon Crouch ? Both may have many shortcomings but at least they are trying to make a difference, and in different ways they may have ensured the club has a future.
Red Stripe Posted 21 May, 2009 Posted 21 May, 2009 £14million for assets worth less than half, no real estate - just ain't gonna happen!
Rem Posted 21 May, 2009 Posted 21 May, 2009 I heard this and I am pretty certain that it was a Roller not a Bentley. Lady Penelope is buying us! Thunderbirds are go!! There you go. So it is an International Rescue... dum dah dah dum...
saint_stevo Posted 21 May, 2009 Posted 21 May, 2009 A boy doing a mans job. Fry is totally out his depth
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