New accounts signed off

[Samdy Gray]

The holding company can't sell the club because they don't own it, they only have shares in it.

SSW is the major shareholder in the club.

[Simon Pieman]

let me see if i have this right:

does this then mean that the holding company is actually worth less than the club, although both of them are actually worth less than 0 ?  so in any potential takeover, would the buyer buy the club off the holding company (enabling the holding company to perhaps carry on trading), or buy the holding company (which has more liabilities and is a bigger risk, so should cost less up front) ?  or something.

I suppose as well that this is the clubs status at end of 2005 if i'm correct, so presumably the situation now could be completely different and probably lots worse..

If you break down the figures the club is still worth the least, purely because it has the most debt.

The loans given to the club (STFC) and Shaw Park Developments, by the holding company are unlikely to be repaid. So they should be written off as such. It's like if I leant someone £100 and they went bankrupt - I couldn't expect that back and would give up on it.

[red macca]

I read last week that some people who want to buy leeds are approaching the adminastrators and will show them that they can make full payments and that the adminastrators will basically force bates to sell the club.Im probably way off the mark but why cant that happen in this situation?

[Samdy Gray]

Because Diamandis has Andronikou in his back pocket.

[RobertT]

Si Pie, am i right, looking through the particulars, that we've managed to mortgage off the following:

Everything!

To Shaw Park Developments and St Modwen

i.e - St Modwen have a legal charge over the property on the leasehold site, Shaw Park have legal charges over our fixed assets and debenture over the lease of the CG site itself?

Not much left really.

I like the way the club constantly whine about the rent but we actually paid £300k in interest charges during the 2004/05 period.

[Power to people]

So the only thing they haven't done then is sell of their Granny's for a few quid

What a way to run a FC...shocking, god help us if they don't leave

[Simon Pieman]

Si Pie, am i right, looking through the particulars, that we've managed to mortgage off the following:

Everything!

To Shaw Park Developments and St Modwen

i.e - St Modwen have a legal charge over the property on the leasehold site, Shaw Park have legal charges over our fixed assets and debenture over the lease of the CG site itself?

Not much left really.

I like the way the club constantly whine about the rent but we actually paid £300k in interest charges during the 2004/05 period.

There's nothing left to mortgage as far as I can see, save maybe creating some loan notes dependent on a development perhaps.

[pauld]

I read last week that some people who want to buy leeds are approaching the adminastrators and will show them that they can make full payments and that the adminastrators will basically force bates to sell the club.Im probably way off the mark but why cant that happen in this situation?

Because Leeds are in administration, we are in a CVA. They're different. In administration, the administrator(s) have the power to run the company, including to buy or sell it, whereas you go into a CVA as a way of exiting adminstration. A CVA is overseen by a supervisor who (theoretically) acts on behalf of the creditors to ensure the terms of the CVA are adhered to - ie that money is paid in on time and then distributed to creditors according to the terms of the CVA. The supervisor has very little actual power compared to an administrator, other than to call meetings of creditors, declare the CVA failed etc.

[lebowski]

well that's the end of the promotion euphoria.

so, does the fact that the NDA remains unsigned suggest that there are even bigger skeletons in the cupboard?

[Simon Pieman]

Who knows?

[TalkTalk]

These skeletons must be the remains of the BFG and his family.

[Phil_S]

Si Pie, am i right, looking through the particulars, that we've managed to mortgage off the following:

Everything!

To Shaw Park Developments and St Modwen

i.e - St Modwen have a legal charge over the property on the leasehold site, Shaw Park have legal charges over our fixed assets and debenture over the lease of the CG site itself?

Not much left really.

I like the way the club constantly whine about the rent but we actually paid £300k in interest charges during the 2004/05 period.

Interest of £300k would indicate an approx borrowing of £6,000,000 @ 5%.  Is this maybe the interest on the loans secured on SSW property ?

[Simon Pieman]

Don't forget directors loans will earn interest. Off out soon so can't really go into detail...

[Simon Pieman]

which I add, is probably why they want to view Power's investment as shares and not a loan

[pauld]

which I add, is probably why they want to view Power's investment as shares and not a loan

I think that's more to do with the fact that they have to pay it back if they're not prepared to talk to the Fans' Consortium. And, let's face it, they haven't got £1.2 much less £1.2m.