18M Debts.... The end is near, gutted....

[magic8ball]

Well somebody give HMRC a ring and tell them we're fucked unless they force this bunch of absolute half wits out of our club.

[WorcesterRed]

Damn, I really wish I renewed my season ticket now.

 :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:  :wanker:

[Samdy Gray]

yes  The breakdown is...

-£2.8 Owed to St Modwen
-Purchases of stocks/shares £3M
-Loan from new investors to cover debts of £3M
-Provision for Bill Powers investment 1.2M depending on court judgement
-CVA £900,000- £8M to cover Wills Family Loans
-Inland Revenue £1.8M
-Day Creditors £1.5 additional funding

And if the CVA fails the whole thing becomes payable, so if you believe Andronikou that's anywhere between £5 million - £9 million.

[Nemo]

Ah well, to sum up:

Fuck.  

[pauld]

It's not 18m of debt; it's a deal that would cost the buyers £18m, including an £8m payoff to the Wills family. No wonder the talks have stalled.

How the fuck does a company with a turnover of less than £4m manage to accumulate a debt to HMRC of £1.8m? They can't have paid tax VAT NI PAYE or anything for years!

And on what planet does Diamandis think he and the Wills family are going to get £11m (£3m to holding co for shares plus 5 year pay off of £8m to Wills)? For a company that it's own directors admit is insolvent? That they have wrecked? Jesus wept!

If that's the deal they're after, quite apart from being completely insane, they are not going to find anyone to pay that price. Leaving us staring down a deep black hole of extinction.

I'm sorry, not normally given to the doom and gloom view of things, but this is seriously bad.

[Colin Todd]

for fucks sake

why did i start supporting this club?

[Luci]

After watching the 5 goals on the highlights last night, I felt upbeat and happy.  Now I don't.

Surely not even BP and fans consortium can save us now.

[Samdy Gray]

I sincerely hope Mr Diamandis is present at tonight's game so that I can give him a piece of my mind.

[WorcesterRed]

It's not 18m of debt; it's a deal that would cost the buyers £18m, including an £8m payoff to the Wills family. No wonder the talks have stalled.

How the fuck does a company with a turnover of less than £4m manage to accumulate a debt to HMRC of £1.8m? They can't have paid tax VAT NI PAYE or anything for years!

And on what planet does Diamandis think he and the Wills family are going to get £11m (£3m to holding co for shares plus 5 year pay off of £8m to Wills)? For a company that it's own directors admit is insolvent? That they have wrecked? Jesus wept!

If that's the deal they're after, quite apart from being completely insane, they are not going to find anyone to pay that price. Leaving us staring down a deep black hole of extinction.

I'm sorry, not normally given to the doom and gloom view of things, but this is seriously bad.

Paul - Is it a case that if they don't find a buyer, we go bust therefore the Wills debts don't get paid and someone else can pick up the pieces and only pay the 'normal' debts i.e. CVA, BP etc.

SSW - not sure what to make of this - he has helped in the past - granted, but hasn't he had a 12%+ return on his loans, far more than you would get in the High Street? And now he wants all the capital back as well? How exactly has this formula helped the club apart from delaying the inevitable for a few years?

[Fred Elliot]

Surely not even BP and fans consortium can save us now.

Luc

Nobody in their right mind are going to pay that for STFC.

They will let in fall into virtual liquidation before buying it from the administrator for a pound.

It just makes me so fucking angry that this could have been avoided over a year ago.

IT IS NOW TIME TO CALL AN OPEN FANS MEETING AGAIN AND DRIVE THESE FUCKWITS OUT OF TOWN.

NOW IT IS TIME TO PROTEST AND PROTEST HARD

[magic8ball]

I sincerely hope Mr Diamandis is present at tonight's game so that I can give him a piece of my mind.

A piece of your fist/forehead might be more appropriate.

[Batch]

That has to be a mere headline grabber from the Adver rather than a true cost of purchasing the club.

I mean, how the fuck can a company that has so much debt expect to recoup £3m in share capital. It's fucking insolvant for fucks sake. And I sympathise with the Wills financially for putting in so much over the years. But wanting £8m back. Fuck off. It's partly your own fault anyway.

Surely the adver made these figures up?

[Luci]

I sincerely hope Mr Diamandis is present at tonight's game so that I can give him a piece of my mind.

It seems the only way to get the attention of the powers that be is to wholeheartedly abuse them on this forum - we know it works due to the phonecalls James and Whits have received.

Its only because their necks are on the line when it comes to this forum that I haven't started a thread with extreme abuse to each and every person involved in fucking up our club.

CROOKS. We all know they are whether someone posts it or not. so fuck it.

[McLovin]

Seton Wills is a fucking joke. Saviour my left nut. Utter utter chimp.

[random_five]

That has to be a mere headline grabber from the Adver rather than a true cost of purchasing the club.

I mean, how the fuck can a company that has so much debt expect to recoup £3m in share capital. It's fucking insolvant for fucks sake. And I sympathise with the Wills financially for putting in so much over the years. But wanting £8m back. Fuck off. It's partly your own fault anyway.

Surely the adver made these figures up?

Good post - I'm inclined to agree.

Nothing is confirmed yet...