Read and be very afraid....

[Reg Smeeton]

From today's Guardian, by David Conn who specialises in diggig dirt on dodgy football goings on....could we get him interested in us.  Anyway its about Scarborough and trying to vary their CVA.


Reynolds invested heavily as he tried to steer Scarborough around, but the losses mounted and the Inland Revenue pursued a winding-up petition for £289,000 tax owed, and the club went into administration in January 2003 (second time). Last year, both Reynolds and Webster were disqualified from acting as directors of any company for five years after admitting the club had been insolvent when they joined the board, but that they continued to trade, "at an unreasonable risk to creditors." Both are still officially registered as directors at Companies House, but Webster is no longer involved, whereas Reynolds continues to work behind the scenes.

Scobbie says the debts awaiting repayment under the latest CVA are above £2m, which will be paid out of the ground sale. Last May the club came out of its CVA briefly to vary its terms, then approved another in June; the football authorities considered it a new insolvency procedure, imposing their relegation and points deduction as a result

[Batch]

So the implications are we could get a points deduction as a presedence is set.

So I look forward to hearing someone explain how this is different from what our club is trying to do.

Fuck.

[Reg Smeeton]

So the implications are we could get a points deduction as a presedence is set.

So I look forward to hearing someone explain how this is different from what our club is trying to do.

Fuck.

 There is of course a way of avoiding this prospect, pay the fucking CVA....

  You can' t pay the CVA no no.....you can't pay the CVA no no.

[RobertT]

Yep, seems they couldn't afford to appeal the decision at the time as they would have to foot all the costs of legal teams etc if the decision was upheld.

[mattboyslim]

Cue the conspiracy theorists and a fatbart comment regarding them wanting the ten point fine before the end of the season to avoid potential promotion.

Ah well, surely more reason for the consortium to roll on.

[Reg Smeeton]

Yep, seems they couldn't afford to appeal the decision at the time as they would have to foot all the costs of legal teams etc if the decision was upheld.

 Our Board would doubtless see points deduction or relegation as a small price to pay for keeping the club going in the hope of cashing in later on.

 What I find really scary is their directors were banned for continuing to trade , when the club was technically insolvent.....where the hell would this leave us if the authorities as is apparently happening are sniffing round Diamand Mike?

[sonic youth]

Don't panic, Mr Andronikou says everything is fine.

After all he wouldn't let another of his best mate's businesses go under, surely?

[Reg Smeeton]

Don't panic, Mr Andronikou says everything is fine.

After all he wouldn't let another of his best mate's businesses go under, surely?

  Therein lies the problem.....as far as they're concerned its a business, it wouldn't necessarily go under, just get a pesky relegation or points deduction...... not our fault folks blame the football authorities for being horrible to STFC again.

[Ardiles]

Do you think the current board have a sense that the net is closing in yet?

[horlock07]

What you all worring about, from what I have seen of him Andronikou seems to think he holds all answers to this.

From his statements to date he seems to think that he can tell everyone to get lost in relation to the CVA, dont believe it myself though!

[Ardiles]

Really?  The man openly contradicted himself at the fans' forum.  His basic qualification for being there appears to be that he is Diamandis' mate.  I have very little confidence at all.

Mr Ritson - please do us all a favour and start asking some searching questions in this area.

[Dazzza]

That's slightly disturbing, thanks Reg.

The question is do you necessarily have to come out of a CVA to re-negotiate terms?  Is it not possible to remain within the existing CVA and extend the existing agreement, with a justifiable (snigger) set of stipulations to meet the re-negotiated conditions?

Also did I not read elsewhere that someone has been in touch with Conn and he already has a rather large portfolio on Mike Diamandis and his cronies?

[Fred Elliot]

Has anyone fed this to Ed Hadwin ?

OR Andy Cryer ?

[Reg Smeeton]

That's slightly disturbing, thanks Reg.

The question is do you necessarily have to come out of a CVA to re-negotiate terms?  Is it not possible to remain within the existing CVA and extend the existing agreement, with a justifiable (snigger) set of stipulations to meet the re-negotiated conditions?

Also did I not read elsewhere that someone has been in touch with Conn and he already has a rather large portfolio on Mike Diamandis and his cronies?

   I don't think its the technicalities withinn the CVA that are the problem, rather the football authorities see effectively reneging on an existing CVA...is in their terms meaning you gain an unfair advantage over other clubs so must be sanctioned.

  I've never seen anything about Conn....but you'd have thought an in depth piece on STFC would be right down his street.

[lebowski]

Has anyone fed this to Ed Hadwin ?

OR Andy Cryer ?

my thoughts exactly. surely send it on to jon ritson too (or that bloke who fills in for ritson when he's not there)?