Thetownend.com

25% => The Boardroom => Topic started by: The Artist Formerly Known as Audrey on Friday, April 16, 2021, 15:21:59



Title: Is Admin an Option?
Post by: The Artist Formerly Known as Audrey on Friday, April 16, 2021, 15:21:59
Unpalatable, I know, but there is a very real possibility of starting next season with Power and Sheridan still hanging around. If thatís the case thereíll be very little, if any, playing budget which would guarantee relegation.

Admin gives the chance to take out the trash, get a competent manager, an enthusiastic new owner and, hopefully, a competitive budget. Take the 10 point hit and we should avoid the trapdoor.


Title: Re: Is Admin an Option?
Post by: RobertT on Friday, April 16, 2021, 15:28:16
You would need a considerable creditor to push that through the Courts - I doubt we owe any one individual enough for this to happen.


Title: Re: Is Admin an Option?
Post by: Bob's Orange on Friday, April 16, 2021, 15:29:22
You would need a considerable creditor to push that through the Courts - I doubt we owe any one individual enough for this to happen.

Isn't Standing owed 6 million?


Title: Re: Is Admin an Option?
Post by: The Artist Formerly Known as Audrey on Friday, April 16, 2021, 15:32:19
Isn't Standing owed 6 million?
Not sure heís owed actual money. I think he thought he had bought half of Powerís share of the club with that. I presume heíll only get that back with a club sale not in Admin.


Title: Re: Is Admin an Option?
Post by: Bob's Orange on Friday, April 16, 2021, 15:41:37
Not sure he’s owed actual money. I think he thought he had bought half of Power’s share of the club with that. I presume he’ll only get that back with a club sale not in Admin.

Yeah that's what I thought to.


Title: Re: Is Admin an Option?
Post by: Flashheart on Friday, April 16, 2021, 15:49:49
I hadn't thought of that.

In order for an application to be accepted, we'd have to demonstrate we can't pay our debts.

What debts? The only person the club owes money to, as far as I can tell, is the person who wants to put us into admin. (Although there's no knowing what else Power has been up to).

The other kerfuffles are about who owns the club.


Title: Re: Is Admin an Option?
Post by: The Artist Formerly Known as Audrey on Friday, April 16, 2021, 15:55:24
Power reckons that by putting the club in Admin and obviously getting a hugely reduced price for the club when the administrators sell it (maybe £2m), heíd still be better off than getting the full going rate and having to pay off Standing (and God knows who else).

Whatever it is, you can guarantee Power sees Admin as more beneficial to him.


Title: Re: Is Admin an Option?
Post by: Flashheart on Friday, April 16, 2021, 15:57:49
It's ultimately not up to him, though. Admin applications can be rejected.


Title: Re: Is Admin an Option?
Post by: The Artist Formerly Known as Audrey on Friday, April 16, 2021, 16:01:21
Agreed. But you can see why heís pushing for it.

As my original post, though. Would Admin also be more beneficial to the club going forward on the pitch in the short term.


Title: Re: Is Admin an Option?
Post by: Power to people on Friday, April 16, 2021, 16:01:38
I hadn't thought of that.

In order for an application to be accepted, we'd have to demonstrate we can't pay our debts.

What debts? The only person the club owes money to, as far as I can tell, is the person who wants to put us into admin. (Although there's no knowing what else Power has been up to).

The other kerfuffles are about who owns the club.

Would not put anything past power, I'm sure there is no more funding coming in from him for the club so the question is if this drags on how does the club pay its bills if the DJ money has been spent / donated for legal fees, and the coffers are empty

Also you wonder if the club is footing the bill for all the legal fees for the FA charges & court cases (now and previous)


Title: Re: Is Admin an Option?
Post by: The Artist Formerly Known as Audrey on Friday, April 16, 2021, 16:04:24
Donít think the club is liable for the court case as itís Power v Standing. Thatís not to say he hasnít  taken the money out of the club to pay for it.


Title: Re: Is Admin an Option?
Post by: Hunk on Friday, April 16, 2021, 16:07:09
I hadn't thought of that.

In order for an application to be accepted, we'd have to demonstrate we can't pay our debts.

What debts? The only person the club owes money to, as far as I can tell, is the person who wants to put us into admin. (Although there's no knowing what else Power has been up to).

The other kerfuffles are about who owns the club.

Donít we owe Andrew Black a considerable sum of money under certain circumstances?

Having said that, and even if Iím right, I have the feeling heíd in no way seek to be the person that caused us to be obliterated


Title: Re: Is Admin an Option?
Post by: The Artist Formerly Known as Audrey on Friday, April 16, 2021, 16:08:37
There are 4 debentures over the club. From Arbib and Black. Donít know what they refer to or the amounts.


Title: Re: Is Admin an Option?
Post by: The Grim Reaper on Friday, April 16, 2021, 16:24:01
Power would also need the approval from Clem to do so.


Title: Re: Is Admin an Option?
Post by: Flashheart on Friday, April 16, 2021, 16:25:11
Power would also need the approval from Clem to do so.

I don't think that's the case. There'd be no need for an injunction otherwise.


Title: Re: Is Admin an Option?
Post by: The Artist Formerly Known as Audrey on Friday, April 16, 2021, 16:25:41
Power would also need the approval from Clem to do so.
Not sure about that with Clem bring a minority shareholder. Itís why he had to get an injunction to prevent it.


Title: Re: Is Admin an Option?
Post by: Shrivvy Road on Friday, April 16, 2021, 16:29:33
Not sure about that with Clem bring a minority shareholder. Itís why he had to get an injunction to prevent it.
That was Standing wasn't it. I think one thing we can all agree on is no one has a fucking clue do we


Title: Re: Is Admin an Option?
Post by: The Artist Formerly Known as Audrey on Friday, April 16, 2021, 16:31:05
Standingís standing is yet to be determined by the court. He may turn out to be have been right royally shafted by Power.

Only Clem has a cast iron shareholding.


Title: Re: Is Admin an Option?
Post by: Flashheart on Friday, April 16, 2021, 16:32:04
That was Standing wasn't it. I think one thing we can all agree on is no one has a fucking clue do we

There's another injunction.

Fuck knows how many there are in total


Title: Re: Is Admin an Option?
Post by: JBZ on Friday, April 16, 2021, 16:50:09
 Standing may have the benefit of an interim injunction pending the trial of his claim preventing a sale of shares etc.

Posts this week suggested that CM has applied for separate injunctive relief effectively preventing one or more company entering administration (a company can enter administration by one of 2 routes).



Title: Re: Is Admin an Option?
Post by: Batch on Friday, April 16, 2021, 17:09:28
If a holding company goes into admin, does it take the subsidiary by default?


Title: Re: Is Admin an Option?
Post by: Frigby Daser on Friday, April 16, 2021, 17:50:46
Has anyone considered the possibility this is a pre pack administration, which ABLE (or another third party) wants as a term of acquiring the company?


Title: Re: Is Admin an Option?
Post by: The Artist Formerly Known as Audrey on Friday, April 16, 2021, 17:57:56
Strangely, the present government has tightened up the rules

Pre-pack administrations involving people connected to the insolvent company are set to come under greater scrutiny in a bid to make the process more transparent.

Pre-pack sales where connected parties, such as the insolvent companyís shareholders or directors, are involved in the process will be required by law to undergo independent scrutiny, the government announced today.


Title: Re: Is Admin an Option?
Post by: ron dodgers on Friday, April 16, 2021, 18:38:51
in the old days, wasn't it three admins and you're out?


Title: Re: Is Admin an Option?
Post by: pauld on Friday, April 16, 2021, 18:48:05
in the old days, wasn't it three admins and you're out?
No, that was a myth. But people still believe it :(

But if we get a hat-trick of insolvency events, we get to keep Andronikou


Title: Re: Is Admin an Option?
Post by: Batch on Friday, April 16, 2021, 18:51:17
oh dear god no