Takeover dead

[Dazzza]

I think Fitton mentions it in his interview as well and that there would be plenty of buyers interested when the club goes into liquidation but he isn't interested in having a deal involving a 15 points deduction.

Fucking everything crossed.

[flammableBen]

After the Leeds fiasco the league might be a bit more resistant to that idea. I could see a fairly high chance that they'd tell us to fuck off, in which case the conference would probably follow along and do the same.

[genf_stfc]

since every other cunt in the league is getting a points deduction too, its not quite such a problem anymore (could make the FA look pretty stupid actually, and they aren't in the best of moods at the moment what with fucking england up). but well, i think the chance would be a fine thing.

[Batch]

Cheers Dazzzza.

So assume that Fitton bought us as a Pheonix, and we got whacked -15 but carried on in this league (relagated or not). There must be some drawbacks as a club? Surely.

I saw your point on the development rights not forming part of the pheonix. Is there any way that could be enforced through the results of the enquiry into the clubs collapse. Because if there isn't all I can see a situation where nobody else would take us on as an ongoing concern.

Do the Wills/Diamandis get more protection (financially) from liquidating the club? It may explain their actions if they do.

[OneAndrewFitton]

I trust you and your source Mex, it's just a shame no-one else can confirm Fitton is there, I thought the deal was totally dead, maybe the board are so desperate that they are going to sell? it seems there has been some kind of fall out today and they know how angry the fans are and there has been alot of threats today so perhaps they want to avoid all that.

[Bushey Boy]

Put it this way if a car is parked outside teh club entrance, with a number plate P15 (I think) and FTN on a sports car with lights on in a club then yes he was

I was err walking my cat in the park

[Dazzza]

I'm really not sure there Batch in theory I think Fitton could buy the club -15 points and we could carry on in the league.  

Under normal circumstances in liquidation Bloggs plumbing could transfer over to Acme Plumbing inc and continue trading under the new name having wiped all of it’s debts off.  

The problem is the FA would have to allow the transfer of the share to the new company and although Leeds pulled that off they were not already under a CVA.  I think the reason the League granted them “exceptional circumstances” was because they agreed to pay all footballing creditors in full and set up a CVA to repay remaining creditors 11p in the pound.

The main problem is they pulled that off post season they had time to negotiate getting their golden share back.  Mid-season could be another matter and HMRC are looking for a test case at the moment to challenge the FA and clubs working the system like this.

I’ve no idea on the development rights situation and I think it would all tie in with how it’s structured if at all.  Pissing into the abyss with this but if it’s tied into the club’s name then transferring everything into a new company may be a way of making the hole development rights situation null and void.

[will power]

i believe fitton is at the county ground at this very moment trying to salvage deal.

Fuck me - would like to be a fly on the wall  - with electrodes fitted to certain individuals gonads.....

[OneAndrewFitton]

Wills/Diamandis are going to have to back right down to get this deal done, Fitton won't mess around.

[Dazzza]

FA rules are here...

Transfer of Membership
The Council will use the following criteria and any other conditions at The Council’s absolute discretion in deciding whether to approve the transfer of membership by a Full Member Club or Associate Member Club;

(i) The shareholders or members of the existing Full Member Club or Associate Member Club have voted to agree the transfer of the membership to the proposed future member
(ii) All ‘Football Creditors’ of the existing Full Member Club or Associate Member Club must be fully satisfied
(iii) All other creditors of the existing Full Member Club or Associate Member Club must be satisfied and evidenced as such
(iv) The proposed future Full Member Club or Associate Member Club must provide financial forecasts showing their ability to fund the Full Member Club or Associate Member Club for the next 12 months or to the end of the season following transfer (whichever is the longer)
(v) Evidence of funding sources will be required

I presume that would take us back to square one and have to propose a new CVA under a new company to pay back non-football creditors.  

I wonder if the holding company or others connected would class as creditors allowing the existing regieme under a new guise to push through a new CVA by having the majority of  the vote.

[STFCere]

i can confirm that fitton is still in talks with the club

[flammableBen]

I can confirm that it's really really windy outside and that I'm worried that my windows might blow through because they're a bit sketchy anyway.

[STFC4LIFE]

I can confirm that it's really really windy outside and that I'm worried that my windows might blow through because they're a bit sketchy anyway.

Can anyone comfirm the comfirmed?

[wheretherealredsare]

fb ... I can do you a deal on windows, and if you appear in our magazine and let us put the board outside your house you could get all your money back. But you have to sign tonight ...

[Chubbs]

i for one can confirm that i cannot confirm what is being confirmed.