Statement Thursday

[The_Plagiarist]

My eyes are bleeding.

[STFC_Gazzza]

Well that's it, does someone want to give the club it's last rights?    

[Ardiles]

This is as good as an admission that the board does not have the funds to pay the CVA.

They now have a moral obligation to discuss terms with Bill Power to ensure the continued survival of the club.

If they fail to do this, it is heading for court.  And then I have no doubt they will be given a legal obligation to discuss terms with Bill Power.

For crying out loud, Diamandis.  When will you realise that the game is up?  It's over.  Everyone can see this except you.  Get out now and at least give STFC a fighting chance of survival.

[Fred Elliot]

THIS CLUB WILL NOT DIE

This has effectively forced the clubs hand.

Turn off the lights on the way out lads and leave the keys in an envelope marked

"FTAO BILL"

[janaage]

next week is gonna be hell!!

[Zurich Red]

Spot the contradiction...


As per the STFC statement:

"Under the terms of the CVA creditors are entitled to a distribution of around £98,000. The CVA document also scheduled a payment of £900,000 from the Club this summer. However, this assumed that a successful redevelopment of The County Ground during this time period would have generated sufficient funds to settle the final CVA instalment."

As per the CVA document:

"The dividend to the secured creditors in this matter may be further enhanced in the event that the Company is able to sucessfully develop the County Ground or carry out a similar property transaction. For the purposes of this proposal it must be noted that the survival of the Company and future funding of its business is not contingent upon such a transaction. Consequently a property transaction will be treated as a windfall event for the benefit of the Company and its shareholders generally and is not part of the CVA assets."

[STFC_Gazzza]

Fucking spastics thats all they are? How fucking stupid can they get?

[Bushey Boy]

if teh club cannot pay the CVA what money would it take to buy the club taking on the CVA?

[herthab]

What a bunch of cunts.

It just shows what they think of us supporters. With a statement like that, they must think we're all fucking idiots.

Alienate the fans, alienate the council, alienate anyone interested in saving the club.

It's bunker mentality.

Fall on your swords now you wankers, just fuck off, I've lost any vestige of respect I had for SSW, he's allowing this to happen! What is it about diamond Mike? Is he some kind of Rasputin figure?

cuntscuntscuntscuntscuntscuntscuntscuntscuntscuntscuntscuntscuntscuntscunts

[Fred Elliot]

if teh club cannot pay the CVA what money would it take to buy the club taking on the CVA?

The original offer from the Consortium was based on the assumption that the CVA would need to be paid Ash

[mattboyslim]

[shakes head]Un-be-liev-able.


That is all [/shakes head]

[janaage]

Sorry Fred, for confirmation purposes, do you mean

The orignial offer was made in the knowledge that post takeover BP and co would have to pay off CVA

or

The original offer was made on the proviso that the board would have already paid the CVA?

Just for clarity mate.

[Frigby Daser]

The Club is disappointed to read Councillor Martin's negative comments in the Swindon Advertiser recently.

Two fingers up at Martin - looking to go over his head and ivide the Council

Just two weeks ago representatives of the Club met with officials from the Council's Finance Department to discuss the position with the CVA. At that meeting the Club clearly outlined the CVA Supervisor's rights and obligations to vary the schedule of payments.

Well, they never explain anything clearly - the only thing that is clear is that on the CVA document that we have all seen there is NO mention of it being dependent on ground redevelopment - it is not part of the agreement - it's a fallacy.

It should be remembered that when the CVA was agreed 5 years ago, the Board of STFC and St Modwen committed £3.5m without which the Club would have ceased to exist.To assist the Club re-structure its debts, by supporting the CVA, the creditors generously voted away their rights to full payment. Swindon Borough Council was one of those creditors.

Board's interpretation: If it wasn't for us and St Modwen, you'd be getting bugger all. Instead, we agreed to give you 'x' in the £, which as a result of our aforementioned generosity,  we reserve the right to deprive you of too.

Under the terms of the CVA creditors are entitled to a distribution of around £98,000. The CVA document also scheduled a payment of £900,000 from the Club this summer. However, this assumed that a successful redevelopment of The County Ground during this time period would have generated sufficient funds to settle the final CVA instalment.

As mentioned before, a lie. i'm sure Paul Davis can provide us with another link to the CVA document - which ctaegorically fails to mention the condition of ground development. It also highlights once again that with this board tere is only ever a Plan 'A', and a shaky one a that.

Despite the strenuous efforts by the Club, the redevelopment of The County Ground has not progressed as hoped. Swindon Borough Council must realise that they have a major influence on this and must surely recognise the effect this has on the Club's finances and therefore its resultant ability to make the final payment as originally scheduled.

If it wasn't for SBC we'd have a new ground. On one hand, thats a very simplistic way of looking at it - and on the other, whats to be gained at making a statement like that? To me, it's a concession that legally they're in the wrong and trying to fall back on some form of warped moral high ground.

When the current Board assumed responsibility for the Club in 2002, finances were in a perilous state and for the last 5 years the Wills family and their management team have continued to support for the Club financially, without which it is unlikely the Club would have survived today

Irrelevant, repetitive and fails to add to the basic structrure of the 'argument'. Must try harder. Detention Martyn/Michael

Swindon Borough Council must have a degree of empathy with the Club's position having been, in the past, categorised as a 'Failing Authority' and for sometime were in 'Intensive Care'. Thankfully under the guidance of Rod Bluh and Gavin Jones are the Borough are now on the road to financial recovery.

Board interpretation: How the hell can you stand there and take money from us, you've been shite in the past. Rod, you're my best mate (remember me, Mike, we met at Membury Services Eastbound once, by the Costa coffee) - please Rod...pleeeaaaase.

Recently there have been several positive meetings with the Council and Club along with its development partners St Modwen. The objective of these meetings has been to establish a framework and a mutually beneficial way forward for the Club's future development. Given the cordial and constructive nature of those discussions the Club are confused by Councillor Martin comments.

We shared tea and biscuits, which in our eyes forbays Councillor Martin from seeking that money owed to his council.

Last year, members of Swindon Borough Council were invited to Reading FC to see first hand the impact the development of a football stadium had on both the town and the Club.

If you were as good as Reading, then we wouldn't be in this mess. Again, utterly irrelevant so far as the CVA goes - pinning hopes on moral reasoning not the agreement made between the two parties.

The Board of STFC recognise that co-operation with the Borough Council is paramount and that the Club and the Council must work together to integrate the development of a football stadium and other sports facilities with the Council'soverall regeneration vision for Swindon

Despite the fact we have just slagged you off a treat, questioned an individual, you're past financial record and you're treatment of the football club, we'd still like to be mates - or at least round the statement off nicely to make it look as though we're mates (Definitely Bowden's work)

Councillor Martin's comments are not helpful in this regard but the Club remains confident that under Rod Bluh's leadership, the Council will work with the Club to resolve any differences that may exist and produce a satisfactory solution to The County Ground redevelopment.

Do one please Mr Martin, Rod (alright mate) we're ok with you. Divide and conquer, ooo arrggh.

Repetitive, incoherent, desperate.

[Fred Elliot]

The original offer I believe was based on the assumption that the consortium would be responsible for paying the CVA

[sonic youth]

Proof that this board are completely out of touch with reality and are living in cloud cuckoo land.

my thoughts exactly. my thoughts have swung between thinking the board are simply clueless or rather malicious. turns out it's neither, they're just totally fucking deluded.