18M Debts.... The end is near, gutted....

[Dazzza]

If I were a Portuguese hand pump right now I’d realise I have Sir Seton firmly over a wooden barrel with breeches around ones ankles.  He can forget the 8 million over five years and accept a nominal (undisclosed) amount and be grateful that he doesn’t lose the land that he’s secured the St Modwen loans against.

To be honest I can only see it getting worse and going down right to the wire to force the Wills to accept a rational amount or face losing everything.

Fucking absolute travesty mind.  The debts were known but looking at it in black and white does hit home just how much debt the current regime have accumulated over their tenure.  Effectively the books give the impression is that all they’ve done is borrow up to their eye balls and taken hefty chunks of ‘administrative fees’ out of the company in the process.  Ironically pretty much what the previous regime said they would do!

[returnofthereds]

As far as I'm concerned SSW doesn't deserve his money back. He invested as majority shareholder to bail us out from mistakes that his crew keep making.I dont understand everything about this but if we were wound up then surely that debt would dissappear wouldn't it ?. Only monies owed to other companies would needed to be paid.

[flammableBen]

Don't worry lads I've got an idea...

If everyone on the townend who's got at least 1 post chips in £29,000 then I reckon we could cover it.

[axs]

can you lend me £28,900? if not then we revert to plan A.

[flammableBen]

Actually £28,900 would do, I rounded it up so we could get some beers in.

[pumbaa]

It's not 18m of debt; it's a deal that would cost the buyers £18m, including an £8m payoff to the Wills family. No wonder the talks have stalled.

How the fuck does a company with a turnover of less than £4m manage to accumulate a debt to HMRC of £1.8m? They can't have paid tax VAT NI PAYE or anything for years!

And on what planet does Diamandis think he and the Wills family are going to get £11m (£3m to holding co for shares plus 5 year pay off of £8m to Wills)? For a company that it's own directors admit is insolvent? That they have wrecked? Jesus wept!

If that's the deal they're after, quite apart from being completely insane, they are not going to find anyone to pay that price. Leaving us staring down a deep black hole of extinction.

I'm sorry, not normally given to the doom and gloom view of things, but this is seriously bad.

I know the horse has long bolted from the stable, but I'm trying to get my head around all the figures quoted here.

So SSW/Diamandis are asking BEST Holdings to pay 18M for a 75% stake in STFC, of which 11M is effectively a 'golden handshake' to the pair of them for the fine financial mismanagement they have overseen during their reign? Basically, the return of all the capital SSW has invested, and then some?

If I were BEST Holdings, I'd tell them to fuck right off immediately.

Good god, they really do take the fucking piss.

[otanswell]

Im not a Swindon fan but I go occasionally with my bro and old man.

Youre fucked by the looks of things.
Good luck, Im sure someone will bail out at the last minute...they always do.

Swindon needs a football club IMO

[Nemo]

Sturrocks just said the board should sue the adver as it's rubbish. Unless I'm mistaken, shouldnt they be sueing dear Bob as the majority of it is quoted from him?

[Dazzza]

Sturrocks just said the board should sue the adver as it's rubbish. Unless I'm mistaken, shouldnt they be sueing dear Bob as the majority of it is quoted from him?

I'd have thought had that been the case that Bob would have been rolled out this afternoon with an outright denial.  Most of it was substantiated by previous sets of accounts and CVA documents and is all in the public domain anyway.

I think like Paul D mentioned today in the Trust letter seeing those figures quoted even those that we were aware of galvanizes to the supporters exactly what trouble we are in.

[tans]

Bob Holts a cunt - end of.

[Ralphy]

I'm gonna win the Euro millions next week and buy the club.