On A Happy Note

[sonic youth]

great, so that even puts the rescue package into doubt.

[Ardiles]

This may be what Diamond Mike was referring to when he talked of taking the club down with him.

[sonic youth]

of course.

[edited before i get a phone call]

[redbullzeye]

Andronikou's most likely waiting to see if they can come up with the "investor" (and hence the cash) before Jun 30th before writing to creditors. But once that date passes he will be going out on a limb slightly (to say the least) if he doesn't then at least inform creditors as to what the situation is, how he intends to resolve it etc. It's not the case that come June 30th it all goes bang automatically, but once June 30th has passed if payment hasn't been made then we are wide open to any of the creditors collapsing the CVA as and when they choose. And then we go bang

Sorry if this is obvious to everyone else but I'm easily confused. Once 30th June goes by(presuming no variation with creditors has been agreed or miracle investor turns up), the CVA fails and there's nothing Andronikou can do about it.  At that point we then owe the full £5 million regardless of any rescue package?

[TalkTalk]

Sorry if this is obvious to everyone else but I'm easily confused. Once 30th June goes by(presuming no variation with creditors has been agreed or miracle investor turns up), the CVA fails and there's nothing Andronikou can do about it.  At that point we then owe the full £5 million regardless of any rescue package?

Yes. A CVA is an agreement between the company and its creditors.

As in "I would rather get x pence in the pound back rather than nothing".

If the agreement fails then the original amount is due.

Anyway, I don't think this applies to the Revenue, who I think had protected status at the time it was agreed. They get all of what was originally due, CVA or not.

Hence the timing of any third party intervention is crucial. It has to be before any winding up petition is converted into a winding up order by the court. At that point the full £5M kicks in, along with (presumably mega) current debts.

[Ardiles]

In which we case we need to be pushing for Andronikou to make alternative arrangements to meet the CVA deadline before the June 30th deadline, surely.

We need to apply pressure for this to happen now, both by contacting the club directly and through the press.

[flammableBen]

How is this happy? You trust lost seem to poison everything you touch into spiralling depression. You are the Radiohead listening, self-harmers of organisations. And I'm a member. Ace. You go girls.