Thetownend.com

http://boards.rivals.net/default.asp?sid=1019&p=16&forumid=3486&style=1

can you not just quote the important bits instead of making me click through stuff on that message board?

Also how's your day been? Do anything interesting? Out of the ordinary? Drink some nice beers? or something?

Thanks for the healthy interest in how my day was Ben. See pasted copy below:

Being a creditor of the club, the old man finally got a letter from Andronikou this morning. Better late than never eh?

The jist of it revolved around the club wanting an extra year to pay the cva off. I thought this new consortium had money?

Nicely worded letter though. Basically spelt out that the club had no assets and calling for a winding up order would mean nobody getting any money.

it says someone who is a creditor got a letter from andrew adronikou saying that they want to delay the payment for a further year, and that the club has no assets so winding up would result in creditors receiving nothing at all. which is nice.

and then someone wrote saying "i thought this new consortium had money?"

This 'take over' really has got alarm bells ringing in my head now, something really isn't right at all.

interesting. Sorry for being bitchy delta.

tbh though even if the new consortium has got money would it not be sensible to arrange a date of payment again? i think all the creditors have to agree to it first? i may be wrong. not sure you can just suddenly wave 900k in their faces (although that wouldn't hurt)

also, what if the deal with the new consortium falls through? better to be safe than sorry and delay payment by another year

I agree with you glos. The whole shebang fucking stinks. The board have been going on recently about how the takeover is going to be signed off soon, then Brevitt suddenly appears out of nowhere with a foreign geezer in his shadow wandering around the ground. Reading between the lines, Sturrock seems to know fuck all about what is going on even though they're saying that Brevitt will be the condiut between Sturrock and the new investors.

On top of all that, the cunt that is Andrew Andonikou now wants a fucking year longer to pay off the creditors!

This mess is getting beyond a joke now. SOMEONE do something, please?

No, it's bloody madness. For one thing the Revenue are gagging for scraps with dodgy football clubs defaulting on their bills, for another a good few of the creditors they're trying to stiff (not least the council) are businesses/organisations they need to do business with in the future. And the council's lead member for finance has made it very clear precisely where he's likely to tell Andronikou where to stick this kind of arrangement.

This was an ideal opportunity to demonstrate to fans, local taxpayers and those businesses/organisations they need to have a good working relationship with that this is indeed a fresh start and the club is an organisation you can trust to do business with. If they have the money of course.

BUT, let's not go too OTT about this - atm this is an unconfirmed posting on a message board. If it pans out, though, it sounds like extremely bad news from the "serious investment", "saving the club" point of view.

That's a big if, considering that they've burnt all their bridges with the other consortium.

Of course, all this rumour and speculation could be stopped immediately if they came out and said exactly who the new consortium are, how much they're planning to invest and what their plans are, but then the board wouldn't get to watch their paying customers suffer.

I'm with Glos Robin - this whole 'takeover' is suspicious. I hope I'm wrong, but until they give us more information I can't be anything but cynical, given their track record.

Stuff like this is why we need supporter input at boardroom level, this secrecy does nothing to improve the relationship between supporters and the club. I really don't know what to expect anymore when this saga concludes but I'm braced for it to be something that I really don't like.

a fan's rep in the boardroom would more than likely have to keep schtum anyway.

I wonder what the new investor's favourite cheese is.

oh well, at least we get to text the club about our opinions on the foreign trialists.

potentially, this opportunity is open to abuse.

No disrespect Rich, but that's a stupid fucking thing to say.

There is a good chance of the FL deducting 10 points in advance of next season if it's deemed that we have varied the terms of the cva by getting another year to pay. That fat bearded old wanker Bates has pissed off just about everyone at the FL and the IR again today with his questionable takeover, assisted by his mates in the business.

Don't think that we would be exempt from hefty sanctions by the FL or the IR off the back of the Leeds deal.

Not if it was me, even if I'd been made to sign something then I'd flout the law. I'd be a fan's rep for the fans!

[This broadcast was sponsored by flamableBen, for the possible future fans rep on the board elections]

I'm sitting here fuming over the actions of the boardroom, and some cunt is wondering what cheese the new investors might like??? :Ride On Fatbury's Lovestick:

Fair play, Si pie. Reality check complete. :Ride On Fatbury's Lovestick:

if it's not stilton i shall be disapointed

he's typed the letter up now...


"In my capacity as Join Supervisor of the above matter. I report to creditors and members that the Company has failed to pay the final annual ballon payment of £900,000 which fell due for payment no later than 30 June 2007.

I refer to amended clause 3.10 of the CVA which states:

"If the company fails to pay the annual contributions referred to in paragraph 3.4 the supervisors will,

(i) either call and convene a further meeting of creditors to discuss any possible amendments to the arrangement in light of the changes in circumstances; or

(ii) fail the CVA and seek to prevent a winding up petition or procure the voluntary liquidation of the company."

I shall therefore allow the creditors to decide themselves as to whether or not to convene meetings of creditors and members to discuss any possible ammendments to the CVA or to wind the Company up. To this end, I attach voting instructions which must be recieved at my offices by no later than 4.30pm on Monday 6 August 2007.

I shall act in accordance with the majority of the creditors having regard to the value of their claims.

You should be aware than if creditors decide to fail the CVA, then the Company will be wound up and there will be a shortfall to the preferential (Crown Departments) and no dividend whatsoever to the "Unconnected Unsecured Creditors". By comparison, if the creditors and members decide to hold meetings to discuss any possible ammendments, then I would reccomened that the ballon payment of £900,000 be deferred by a further period of up to one year so that it be paid by no later than May 2008. In such an event, I believe that there would be reasonable prospects of the CVA having a successful outcome.

I am currently in advanced negotiations with a third party which I am confident will bring to fruition an investment which will not only secure the Company's short term future but it's medium to long term requirements as well. I will provide creditors with a detailed account of my negotiations, and hopefully the said outcome at the proposed creditors meeting which will be held within 28 days of 6 August 2007.

I attach an estimated statement which compares the financial scenario for creditors as between liquidation and the CVA if varied. It can be seen that in liquidatiom there will be a substancial shortfall to the preferential creditors and no dividend to the unsecured creitors. By comparison, if the CVA were to be vaired then the preferential creditors should be paid in full and the unsecured creditors should recieve a dividend, to be calculated at the time of distribution.

I would urge all creditors to vote in favour of holidng meetings of creditors and members to discuss any possible variations to the CVA, as I believe that allowing the extra time for payment will be in the best interests of all creditors and should allow the continued survival of the football club."

Could you scan it please (obviously not to reveal the creditors identity) and PM me it please

stole it directly from the myonlyswindon forum:

http://boards.rivals.net/default.asp?sid=1019&p=16&style=1&forumId=3486&action=1&replytoid=528736947

Thanks Lebowski

However, until I see the full letter in its original form then I am sceptical.

This goes against everything that has been stated both publically and privately over the last 10 days.

I for one want more proof before I start throwing a wobbly

Sorry

I know we have had far too many false dawns in the past, but we have also had far to many knee jerk reactions to 1/2 truths etc.

Show me the scanned letter, then, and only then will I give it credence

Don't the trust have members which are creditors? can't you make a cheeky phone call?

Already have, but its darned late mate

You've missed off the end bit of the post lebowski which says:



Now unless he's got that wrong, this is over 100k short of what's in the CVA document which states


 which makes £1.3m and in fact there's a table two pages later setting out the schedule of payments which shows a total of £1.3m. So, if the figures quoted in the post are accurate, there appears to be over 100k "missing".

[edit] Actually those figures can't be correct as they refer to the Preferential creditors getting £1.19m whereas the CVA doc makes very clear the only Preferential creditors are HMRC who are owed 927k, the remainder (ie a little under 400k) being unsecured unconnected creditors. Either way this doesn't appear to add up - think we'd need to see the original.

Apart from some crazy spelling mistakes (ballons????) that I noticed I haven't really read it.

I'd also be interested in seeing a scanned copy of such a letter, even if the creditor was blacked out at the top.

Just out of general interest like. Is it on headed paper and stuff?

In all fairness to Lebowski Ben, he pasted the body text from another post on another forun.

Delta................can you provide this ?

So reading that it's not as bad as first thought. The payment might be made before May 2008. Or not?

Some accounts are given which basically state that liquidation would net Preferencial Creditors £293,236 while a Varied CVA would net them £1,193,236 (cash in bank plus the £900,000 ballon payment)

So it all boils down to what the creditors decide.

Sorry for any typos.



hmmmmmmmmmmmmm

Can I fuck Fred. I just posted a link off of MOS.

sorry mate

This is all getting silly. If we get nothing by Tuesday then I'm going to release my own press statement on Wednesday.

Agreed

Can we all just sit down for a day please

It's all about sitting back and waiting. I remember waiting a few weeks to find out it was Bill Power behind the fans consortium. Not that I'm saying it's Bill Power behind Consortium TNG, 'cos it's not. But I'm willing to chillax till the end of the week.

Jesus wept.

BANG A FUCKING WINDING UP PETITION IN SOMEONE.

Flush the bastards out one way or another NOW and potentially give the BP Consortium the opportunity to take the club.

Given their stance with Leeds United, I'm surprised that HMRC haven't already.

Given the scenario at Leeds where the Administrators invited people to make bids for the club is this something that could ever happen here? although they didn't get a happy ending and Bates still got hold of there club its just got my mind wandering and I wondered whether this would be a way of Bill still gatecrashing this all and still potentially getting to take over?

I think given the 'special relatiopnship' that Andronikoid seems to have with the Newbury lot even a sealed bidding process would end up like Leeds whereby the old lot had the 'best bid'.  Not that I'm even half sure that this could happen here, I would anticipate this kind of thing is a high court issue?

Leeds are in administration and obviously looking to sell the club to Bates that is how they could do it, we are under a CVA totally different.

P2P is spot on...Leeds are under administration...we are under a CVA.
Different ball game iirc.

millom red is totally on the spot when he says that P2P is spot on when he says that we are in a totally different game of balls.

Yes thought it was a different scenario but what with the Inland Revenue challenging it as they wouldn't get as much out of the new CVA at Leeds I felt perhaps similarities could be drawn from this.

More and likely some portugese or lithuanian cheese

nah probably french brie i'd say.

knob cheese i suspect

Yeah probably if you buy him enough Tia Maria. Whatever floats your boat.

 :Ride On Fatbury's Lovestick:  :shag:

Cunt.  :wink: