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returnofthereds
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« on: Thursday, June 28, 2007, 06:52:03 » |
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I'm starting to get the feeling that we are not going to get any real investment,any take over or any good news at all. My worry is that this 'new' investor will be St Modwen giving us another £1m to cover the cva.The current board will stay in charge and nothing will ever change ( except maybe a move up the M4). Or there will be no investor, somehow the cva DOES get extended and we get docked 10 points and we still have the same board in charge. Bill Power will not be coming.I really do think we need to realise this now. Its very sad but very true.Then somehow we will need to pay him back his money, then cover the legal costs after we wins in court. I really did think that this week would see the end of this board but they just will not let go.  |
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STFC_Gazzza
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« Reply #1 on: Thursday, June 28, 2007, 07:27:29 » |
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To be honest, I've given up. It seems now like the Titanic we have hit the iceberg and will slowly plummet over the next few days into the abyss.
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Tails
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Posts: 10191
Git facked
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« Reply #2 on: Thursday, June 28, 2007, 10:20:01 » |
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Become disillusioned with the whole thing now, and to be honest I don't really care anymore. Even if we don't go bust now, in a few years we'll be in the same position. I've kinda resigned myself to the fact we won't have a club for much longer.
I can't see the fairytale ending coming at all. I will be really surprised if Power takes charge now tbh.
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Iffy's Onion Bhaji
petulant
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« Reply #3 on: Thursday, June 28, 2007, 12:42:08 » |
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well even if the CVA isn't payed by Saturday (which it wont be) then Adronikou has 2 weeks to write to creditors and call a creditors meeting where it can be renegotiated (or somewhere along those lines) i'm guessing that this will happen and the board will get away with it. i can't say ill be happy if they stay in charge! i might even consider going to some Supermarine games instead next season
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Tails
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Git facked
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« Reply #4 on: Thursday, June 28, 2007, 12:49:44 » |
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And if they do not allow re-negotiation.... I take it we're fucked?
Grrr sometimes I wish there was a way of forcing them out.
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fatbury
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« Reply #5 on: Thursday, June 28, 2007, 13:02:30 » |
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Can someone confirm ...
If we face a winding up order can Bill Power still attempt to take over the club .. pay off the debts .. and keep the club going?
OR
If the current board refuse to sell even if they are going to be wound down that is it .. no more STFC?? (Asset stripping comes to mind here!)
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fatbury
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« Reply #6 on: Thursday, June 28, 2007, 13:33:29 » |
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Fred can you answer this one?
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STFC_Gazzza
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« Reply #7 on: Thursday, June 28, 2007, 13:33:44 » |
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to be fair all these points have been covered about 100 times in previous threads
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red macca
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« Reply #8 on: Thursday, June 28, 2007, 14:12:48 » |
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to be fair all these points have been covered about 100 times in previous threads to be fair there is also a different 100 versions of events |
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fatbury
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« Reply #9 on: Thursday, June 28, 2007, 14:16:31 » |
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thats why im confused .. just want to know if we are petitioned to be wound up can Bill take over still?
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Fred Elliot
I REST MY FUCKING CASE
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« Reply #10 on: Thursday, June 28, 2007, 14:17:24 » |
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Fred can you answer this one? A high Court Judge will not liquidate a business whilst there is a viable rescue package on the table that will satisfy creditors and return the business back to solvency |
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fatbury
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« Reply #11 on: Thursday, June 28, 2007, 14:23:54 » |
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thank you Fred .... well lets hope the council squeezes the board out!
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Fred Elliot
I REST MY FUCKING CASE
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« Reply #12 on: Thursday, June 28, 2007, 14:29:51 » |
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Only a court order will get these people out Im afraid
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Iffy's Onion Bhaji
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« Reply #13 on: Thursday, June 28, 2007, 15:03:33 » |
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And if they do not allow re-negotiation.... I take it we're fucked?
Grrr sometimes I wish there was a way of forcing them out. if a deal cannot be agreed at any meeting then any one of the creditors can issue a winding up order. they do have the right to do so before hand but i would assume they will at least listen to Adronikou's response by the deadline (assuming there is one) if he misses the deadline then i cannot see another other cause of action than HMRC or SBC presenting winding up orders. in short, basically we are fucked unless a renegotiation is struck or a rescue package is seen as a viable option |
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Arnold.J.Rimmer
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« Reply #14 on: Thursday, June 28, 2007, 22:00:25 » |
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Scarborough Football Club has gone out of business with debts of £2.5m.
The former Football League club was wound up at Leeds High Court at a hearing on Wednesday morning.
Boro hoped the local council would lift a covenant on their McCain Stadium so it could be sold for residential use to cover debts and finance a new ground.
But the judge hearing the case felt a rescue package was unlikely in the face of mounting debts which include a sum of £820,000 owed to the Inland Revenue.
Like Fred says, the judge has the power to save the club if there is a viable rescue package. Scarborough didnt have one, but we do. |
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