Statement Thursday

[ronnie21]

Will the Council ever express a preference for a takeover (if they believe that this would give the people of Swindon the best chance of recouping the £900k)?

personally, i would prefer someone running the club who could pay the cva, on going bills & for a new ground (on the current footprint &c).

cannot speak for sbc as would need to be leader of the council or get a motion to full council.

Michael, at the risk of going over old ground, you know that person is there, ready and waiting.  We just need to get this corrupt lot out!

[le god cuervo]

The only thing slight doubt in my mind is the question of this "mystery investor". What occurs to me is that in their position, faced with a club up to its eyes in debt, weeks, or even days away from a winding up order, I might keep my money in my pocket and wait for an opportunity to do a Ken Bates and swoop in with a take-over that allows me to slip out from under that debt.

The Ken Bates situation had crossed my mind as well. What if the current board are planning to let this run down to the wire, put the club into administration and then buy it back (as D460 or whatever) and wipe out all the debts in the process. Would Bill & the Consortium even get chance to put an offer in? There were supposed to be other investors waiting at Leeds but Bates still got away with it.

As for pissing off the council, I can't really see that bothering the board. I still think they have their hearts set on Chippenham if they remain in control. Diamandis has probably got some land lined up to build a stadium, housing, retail etc and stands to make a fat profit, why else would they still be hanging around? He could even do a Kassam and then sell the club but stay as owner of the land, making STFC rent the new ground from him (is that what Kassam did?). Its a worse case scenario but I wouldn't put it past him.

[OneAndrewFitton]

You cannot put this club into administration as we have been in it twice already, the rule is if you go into administration three times your kicked out of the league so that is not a possibility.

[Frigby Daser]

soryy, I meant going behind the clubs back, so people effectively pass their debt on to you.  I seem to recall from my educational days that a business can sell money owed to it to another company.  Or am I nuts?

it's called debt factoring.

factoring has to be instigated by the club - we couldn't elect to make the club indebted to the Consortium.

Arsenal factored the first 15 years worth of their ticket receipts in order to fund the Emirates...

[Frigby Daser]

The only thing slight doubt in my mind is the question of this "mystery investor". What occurs to me is that in their position, faced with a club up to its eyes in debt, weeks, or even days away from a winding up order, I might keep my money in my pocket and wait for an opportunity to do a Ken Bates and swoop in with a take-over that allows me to slip out from under that debt.

The Ken Bates situation had crossed my mind as well. What if the current board are planning to let this run down to the wire, put the club into administration and then buy it back (as D460 or whatever) and wipe out all the debts in the process. Would Bill & the Consortium even get chance to put an offer in? There were supposed to be other investors waiting at Leeds but Bates still got away with it.

As for pissing off the council, I can't really see that bothering the board. I still think they have their hearts set on Chippenham if they remain in control. Diamandis has probably got some land lined up to build a stadium, housing, retail etc and stands to make a fat profit, why else would they still be hanging around? He could even do a Kassam and then sell the club but stay as owner of the land, making STFC rent the new ground from him (is that what Kassam did?). Its a worse case scenario but I wouldn't put it past him.

The situation with Leeds was that KPMG, as auditors, recommended the Bates proposal, over the others on offer that offered 40 times as much repayment (i must have missed a point here) - therefore, the shareholders took Bates' offer.

In our case, a mirror scenario would see the auditor being a Mr A Andronikou. What do you think he'd advise Messrs Wills Snr and Jnr to do with the less than hard-earned cash?

[TalkTalk]

The club is already effectively in administration, so it's not like the Leeds situation (although I thought it was until corrected).

If the CVA fails then it's liquidation via an Official Receiver.

[Iffy's Onion Bhaji]

yup followed by (hopefully) a rescue package  

[dell boy]

soryy, I meant going behind the clubs back, so people effectively pass their debt on to you.  I seem to recall from my educational days that a business can sell money owed to it to another company.  Or am I nuts?

it's called debt factoring.

I will pay at the first home game £110 to cover your bet and Wheresallthereds into the Red Army Fund, guaranteed.

[lebowski]

on the same day that this statement went out, we signed a defender for £50k.

<danny dyer>

i just can't get me nut around it

</danny dyer>

[TalkTalk]

The club is already effectively in administration, so it's not like the Leeds situation (although I thought it was until corrected).

If the CVA fails then it's liquidation via an Official Receiver.

Just having a little browse through my company law books...

"Within 14 days of the Court making a winding up order, or appointing a provisional liquidator, the Company must deliver to the Official Receiver a statement  of its financial affairs. This gives particulars of the company's assets, debts and liabilities, its creditors, the securities held by them and the dates when such securities were given, and any further information which the Official Receiver may require. This statement must be verified by affidavit by one or more of the directors and the secretary of the company."

(Bear with me on this one)

"As soon as possible after receiving the statement of affairs, the Official Receiver submits a preliminary report to the Court on the company's affairs, the causes of failure and whether any further inquiry is desirable into the company's  promotion, formation, failure or the conduct of its business. The Official Receiver may make a further report and if he states that in his opinion fraud has been committed, the Court may order the public examination of the individual(s) referred to.

"The Court may also examine on oath, in private, any officer of the company or person known or suspected to have in his possession any property of the company or supposed to be indebted to the company, or any person thought by the Court to be capable of giving any information relating to the company's affairs or property."

I almost can't wait  

[Samdy Gray]

So they either pay the CVA, or face getting wound up and investigated for fraud. Brilliant.  

I'd say that's nearly a win-win situation.

[lebowski]

i wish i could be as optimistic as you guys that this is going to work out okay!

[sonic youth]

i can't be too positive about it either. i fear we're staring down the barrel of a loaded gun.

[Fred Elliot]

So they either pay the CVA, or face getting wound up and investigated for fraud. Brilliant.  

NUFF SAID

[yeo]

I hope we are if it brings an end to all this..one way or the other.