Thetownend.com

And there's also another spurious claim from a company called International Sports Management. Could this be the Portugeezers?

LONG-suffering Swindon Town creditors are fearing further financial misery amid warnings the CVA saga could drag on for the foreseeable future.

Town's claimants have been stunned by almost £1million of increased claims in a recent creditors' list, leaving them facing the prospect of heavier losses, but the club's administrators admit a current legal battle means the uncertainty could be around for some time.

Sports marketing company Dunwoody have increased their claim from £11,000 to £750,000 while a new £127,000 claim from International Sports Management has left creditors mystified.

It had been agreed the original CVA would see all unconnected creditors receive 24p to the pound but they now fear a substantially smaller return should the new claims be validated.

Club chairman Andrew Fitton, pictured, has revealed his frustration at the ongoing CVA issue, with HM Revenue still owed £1m - although administrators Hacker Young insist they will be paid in the next couple of weeks.

They warned the CVA would not be completed though until a legal battle was completed with former administrators Kroll over a dispute about a £60,000 bill for CCTV, and admitted it could drag on for some time yet.
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A unnamed Town creditor revealed his concerns over their situation and called for another creditors' meeting to help clear up the matter.

He said: "As a creditor we seem to have been kept very much in the dark, every time there seems to be an opportunity to rubber-stamp the CVA and put an end to this sorry saga another matter arises.

"As creditors we seem to be the last to know, it was only when pushed that some answers have been forthcoming.

"Hacker Young should realise they are undertaking the CVA on our behalf, there are several aspects of the CVA that we think need further investigating and our 24p in the pound seems to be diminishing daily.

"The latest increase from 11k to 750k for one creditor seems incredulous and we need to understand why this has just surfaced five years on.

"The creditors have asked for a meeting with Hacker Young but they seem very reluctant, this leaves us as creditors wanting to know why.

"If the CVA is nearing completion then why not hold a meeting to clear the air, that is unless there are more skeletons to arise from the ashes."

Swindon thought the Company Voluntary Arrangement, which had been hanging over their head since 2002, was finally consigned to history when they paid the £900,000 owed by the May 31 deadline.

It has now emerged a certificate of completion will not be issued by administrators Hacker Young just yet, leaving club chairman Andrew Fitton frustrated.

He said: "It is frustrating but we have been told there are some problems, although we do not know what they are. Until the CVA is formally completed though our credit rating still looks bad.

Robert Sage, of Hacker Young, sympathised with the creditors' plight but admitted nothing could be done until the legal case was sorted.

He said: "I don't know how long it will go on. Our solicitors are looking into it now but these things can take anything from days to years.

"Sometimes new claims can come to light late on in a CVA and maybe that is what has happened here. Also it is important to say these claims."

Oh for fucks sake... can someone who knows how CVAs work put all our minds at ease by informing us that this claim will fall flat on it's stupid greek face?

Just a friendly reminder this forum is now "open" for all to see so please don't get yourselves in liable trouble when posting in this thread.

Erm - sorry if that sounded like I was trying to be one of those nazi moderators. It's for your own good!

Fucking fat greek cunt.

Fucking fat greek cunt.

He can come to Bangkok looking for me if he wants.

Interestingly, the original CVA proposal makes reference to a contract with a "marketing agency" which was a five year contract worth £150,000 (so £750,000 in total), but the contract was terminated prior to the old board being appointed and it forms a contingent liability. In short, the CVA proposal says that this should only be payable if the CVA was to fail.

and it forms a contingent liability. In short, the CVA proposal says that this should only be payable if the CVA was to fail.

I'm no businessman, not by a long way - Just how likely is it that they will get the money they're wanting?

Assuming it is the same claim, and your reading is correct (don't mean that nastily, sounds a bit complicated to me).

I guess nobody but the administrator can answer that given there is no detail on what they are claiming for.

Fucking fat greek cunt.

He can come to Bangkok looking for me if he wants.

What, as fans can we do, to let AF and Co know that we appreciate their efforts and recognise it may be a while before we start to progress?

What is his email address?

Can you imagine getting into the office to find several hundred emails saying "there's only one Andrew Fitton"?

it wouldn't be you they'd try to prosecute.

My e-mail would be more like an appreciative beg to keep the faith.

Oooh you fancy show off!

And there's also another spurious claim from a company called International Sports Management. Could this be the Portugeezers?

  I supppose the bottom line is can the Board be bothered to sort it....or will they wash their hands and cut their losses.

The Unconnected Unsecured Creditors are estimated at £1.6million. Based on current projections the Unconnected Unsecured Creditors should receive an estimated dividend of 24p in the £. The dividend rate is estimated for illustration purposes and may vary depending on the amount of the agreed claims of the CVA creditors, the actual costs of the CVA and the payment of all of the annual Contributions. The dividend rate may also be affected by the receipt of bank deposit interest on funds held from time to time by the Supervisors.

The Supervisors may at their absolute discretion exclude from any distribution any claims (or any part thereof) in respect of which a Proof of Debt form has not been lodged with the Supervisors on or before the expiry of 30th September 2002 by the relevant Creditor.

So with all his businesses failing he's again trying to use STFC as his way of bailing himself is he, what a shock he just can't keep away. Lets face it Diamandis and Andronikou are mates, if Diamandis wants more money then I'm sure Andronikou will do all he can to get it for him.

What gets me is how can Ben Lambert show up to work with all this going on now, he should do the honourable thing and walk as like it or not he is related to the slimy Greek one and he should have no involvment or access to the club.............it is now a massive conflict of interests.

So with all his businesses failing he's again trying to use STFC as his way of bailing himself is he, what a shock he just can't keep away. Lets face it Diamandis and Andronikou are mates, if Diamandis wants more money then I'm sure Andronikou will do all he can to get it for him.

What gets me is how can Ben Lambert show up to work with all this going on now, he should do the honourable thing and walk as like it or not he is related to the slimy Greek one and he should have no involvment or access to the club.............it is now a massive conflict of interests.

It is also interesting that the quote from Hacker Young is not from Andonikou, has he disappeared or is he still handling it.

Actually little appears to have changed as the Administrator still doesnt seem to be working form the small creditors, and still seems to be trying to avoid any meeting or contact.

Isn't the tension between the Administrators and the creditors? The club has paid!

Isn't the tension between the Administrators and the creditors? The club has paid!

Its the sanctions bit that worries me, after the FL stuffed Luton, bet they would love to give it to us again!

Its the sanctions bit that worries me, after the FL stuffed Luton, bet they would love to give it to us again!

I haven't had a kebab in ages

every conversation ends up in the gutter

Nice story Reg.

I wonder what Ben Lambert's favourite kebab is?

Which leads to the biggest question of all really - why is Andronikou dragging this out? This should be sorted by now, with creditors simply awaiting their final payment in Aug/Sept.

My final question for those with a smidgen of CVA proficiency is it possible to be a creditor, supplier, unofficial board member and shareholder (albeit through a proxy) in the holding company?  It all sounds a bit like a conflict of interest.

how do we know this is all diamandis, and not just the dunwoody company as a whole deciding this? or am i being thick

Doesn't the CVA say somewhere that the supervisor has absolute discretion at rejecting later/late claims.  If this is correct surely all AA has to do is tell them where to get off. Mind you given the amount of work he has gotten from the financial genius, that would be a bit like asking turkeys to vote for Xmas.

OK, so this boils down to the difference between connected and unconnected creditors. The Wills family, for example, are listed in the original CVA as creditors (because they are) but they do not share in the final distribution pot as they are connected creditors (because they were major shareholders at the time). Having a proxied shareholding in the old Holding Co is a red herring as it was set up after the period the CVA deals with (ie prior to 2002) Being a creditor and a supplier isn't a conflict of interest as that's usually how you get to be a creditor (ie by being a supplier who didn't get paid).

Where there is a potential to raise eyebrows is on the "shadow director" malarkey - if it were proven that Diamandis was effectively acting as a (shadow) director at the time then he would most likely be counted as a connected, not unconnected creditor, and hence would not be allowed to share in the final distribution pot. But if that were proven, then he'd have bigger problems than not getting an inflated share of the CVA payout as that would be an illegal violation of his DTI ban and he'd be looking at a hefty fine and/or jail time. So I'm quite sure that that couldn't possibly have been the case.

I can't help but feel that this news about Dunwoody's increased claim, has come about as a result

of the delayed Bill Power court case.

In the Adver article, it states that there are calls for a new creditors meeting with Hacker Young,

who are reluctant to hold one.Is there a mechanism,that would force Hacker Young to do so?

You are a gentleman Paul D and I'll buy you a Kofte kebab for your trouble.

Could I opt for some form of houmous/pitta based alternative what with being a limp-wristed veggie and all? Or stuffed vine leaves maybe?

A bit of fluff in a tea cup.  Ahh well made the day more interesting.

Perhaps the Adver should create a few more fictional headlines to make pre-season a little more interesting.

Crisis? What crisis. Kebabs all round then.

I think today was important that people vented some stress.

Crisis? What crisis. Kebabs all round then.

I agree, I sent off my Trust membership renewal money back in April, and still haven't heard owt. Shambles.

Hacker Young apologise for error
By Andy Cryer

SWINDON Town's administrators Hacker Young have apologised for an administration error that left creditors fearing the worst.

A claimants' list was sent out revealing Dunwoody had increased their initial Company Voluntary Arrangement claim from £11,000 to £750,000, but now admit an error on their system caused the confusion.

They can confirm Dunwoody have not increased their initial claim and apologise for any upset caused to creditors.

http://www.thisisswindontownfc.co.uk/display.var.2412236.0.hacker_young_apologise_for_error.php

Well, there we go....  ::)

Can we please put this down to a long standing error and poor journalism (yeah I'll bring them into it)?

I don't think the Adver are at fault here.

Seems funny to me, that the "error" occurs with this particular creditor. What a bloody concidence that it is an error that is in favour of Mikey D out of the hundreds of creditors. What a coincidence that it is an "error" in favour of a guy who over the past has given said supervisor loads of work.

Its like Andronikunt turned around and said "oh your clubs going bust........ hahaha just kidding"

changed topic name as it turns out Dunwoody did nothing*

Its like Andronikunt turned around and said "oh your clubs going bust........ hahahah just kidding"

idiot.

Even though the conspiracies will still be there - I need someone official to say something!

thats the shortest crisis i can remember at swindon

International Sports Management:

http://www.ismfootball.com/en/company-profile

Appear to have quite a few players at  Brez’s old club FC Brno so there could well be a connection.  Lord I wonder if they’re after agents fees for the big fella!

Sometimes I read long threads backwards.I didnt this time though.

em llac ,laup ouy sevol natas

Errr that didn't quite work.