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STFC_Gazzza
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« on: Tuesday, October 9, 2007, 07:20:50 » |
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Well that’s is pretty much…. We are bust. £18M in debt according to the adver…. I would get out to watch the team tonight, could very well be our last game. I am absolutely gutted and distraught right now. Words cannot explain when you see headlines like “The club is on the brink” and “rapidly heading towards insolvency” AGAIN but this time the threat is very real. Good bye STFC 1879 (or 1881) - 2007 
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Samdy Gray
Dirty sneaky traitor weasel
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Posts: 27180
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« Reply #1 on: Tuesday, October 9, 2007, 07:23:48 » |
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:shock: Fuck me, £18 million?!?!
Jesus fucking wept.
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herthab
TEF Travel
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Posts: 12020
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« Reply #2 on: Tuesday, October 9, 2007, 07:28:54 » |
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Where did you get the figure from Gazza?
If £18 million really is the amount of debt we have then no one's gonna ride in to save us until a winding up order is in place............which mean a 15 point deduction.
I can't see anything else happening now.
How the fuck can a 3rd division football club rack up that level of debt?
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It's All Good..............
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Sippo
Living in the 80s
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Posts: 15614
I ain't gettin on no plane fool
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« Reply #3 on: Tuesday, October 9, 2007, 07:30:33 » |
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£18 million seems like a lot! Hell of a lot.... :shock:
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If my calculations are correct, when this baby hits 88 miles per hour, you're gonna see some serious shit...
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STFC_Gazzza
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« Reply #4 on: Tuesday, October 9, 2007, 07:32:46 » |
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£18M its on the front of the adver today. No shitting... HONEST.
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ghanimah
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Posts: 3639
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« Reply #5 on: Tuesday, October 9, 2007, 07:35:08 » |
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Does the Adver say how it got this figure Gazza?
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"We perform the duties of freemen; we must have the privileges of freemen ..."
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STFC_Gazzza
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« Reply #6 on: Tuesday, October 9, 2007, 07:40:01 » |
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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
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magic8ball
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« Reply #7 on: Tuesday, October 9, 2007, 07:40:52 » |
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18 Million? I can't even imagine how a club of our size could get anywhere near that sort of debt? Surely the debt would have to build slowly, and I wouldn't have thought we could operate for the last few years with a debt anywhere near that.
Holt says that there are other people in the background who want to takeover. I can't imagine who'd be interested if this is true.
Talking about BP maybe? The ultimate last resort?
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Sippo
Living in the 80s
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Posts: 15614
I ain't gettin on no plane fool
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« Reply #8 on: Tuesday, October 9, 2007, 07:42:50 » |
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Is it me or does that add up to 22.5?? :? :shock:
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If my calculations are correct, when this baby hits 88 miles per hour, you're gonna see some serious shit...
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Nemo
Shit Bacon
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« Reply #9 on: Tuesday, October 9, 2007, 07:43:11 » |
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I think the Club will go into recievership befofe they'd sell to Power, sadly. Just stupidly stubborn.
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Ardiles
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Posts: 11588
Stirlingshire Reds
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« Reply #10 on: Tuesday, October 9, 2007, 07:44:28 » |
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Of the £18 million a deal would cost, £8 million is to be paid to SSW in installments over 5 years. For what?!! As majority shareholder, he has presided over the period during which these losses have racked up! Why the **** should he be reimbursed for the losses that arose on his watch?!
When you own a company, you are entitled enjoy the benefits of profits when they arise by taking a dividend. When you make a loss, you take it on the chin. You don't ask the next set of owners to bail you out.
I am almost speechless.
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STFC_Gazzza
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« Reply #11 on: Tuesday, October 9, 2007, 07:44:42 » |
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I think some of that debt is deferred and is needed to be paid for the takeover etc...
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magic8ball
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« Reply #12 on: Tuesday, October 9, 2007, 07:44:48 » |
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I think the Club will go into recievership befofe they'd sell to Power, sadly. Just stupidly stubborn. I was under the impression that they'd be ordered to deal with anybody who wanted to purchase the club and pay off any immediate debts? |
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Nemo
Shit Bacon
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« Reply #13 on: Tuesday, October 9, 2007, 07:48:34 » |
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I think the Club will go into recievership befofe they'd sell to Power, sadly. Just stupidly stubborn. I was under the impression that they'd be ordered to deal with anybody who wanted to purchase the club and pay off any immediate debts? Yes, the Administrator has the power to do that. And our adminstrator is...Oh, shit. |
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Samdy Gray
Dirty sneaky traitor weasel
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Posts: 27180
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« Reply #14 on: Tuesday, October 9, 2007, 07:52:15 » |
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I was under the impression that they'd be ordered to deal with anybody who wanted to purchase the club and pay off any immediate debts?  If someone like HMRC issues a WUP and there is a viable rescue package then the courts would have to look at it. |
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