Takeover dead

[tans]

We need this fucker to go and sort the cunts out

http://i171.photobucket.com/albums/u294/tans2007/200px-Terminator.jpg

There seems to be a vigilante group forming on thisis: http://forum.thisisswindontownfc.co.uk/viewtopic.php?t=1974

looks like the mods have deleted it, what was it?

[OneAndrewFitton]

That thread you posted a link to from thisis has been removed  :evil:

[Jamiesfuturewife]

As for Swindon fans he said: "I'm sorry. It shouldn't be happening to you. It is as simple as that". He also reiterated the end of the statement thanking everyone involved at STFC - apart from the board.

God thats made me have a cold shiver  

[tans]

That thread you posted a link to from thisis has been removed  :evil:

Not me guvnor

[pvsmark]

We need this fucker to go and sort the cunts out

http://i171.photobucket.com/albums/u294/tans2007/200px-Terminator.jpg

There seems to be a vigilante group forming on thisis: http://forum.thisisswindontownfc.co.uk/viewtopic.php?t=1974

looks like the mods have deleted it, what was it?

The post was called "Hang the fuckers"

A few peopel were saying they were going to beat the shit out of the the cronies, i'm surprised it lasted that long

[Dazzza]

What happens next then anyone?

Halfwits half hour here…

http://www.howardm.net/hancock/images/tonybbc.jpg

Option 1: The board go to SSW's for more cash pay off those creditors chomping at the bit, string others along and we keep going for a few more months.  What is interesting is the directors could then be hit for wrongful trading and hit personally for the club's liabilities.  Perhaps this is where the rumours of them threatening to resign at Diamandis' antics came from.

Option 2. We hit the skids an EGM is called Town is declared insolvent.  We stop trading and appoint a liquidator who I would presume would keep the club ticking along while a notice hits the London Gazette.  I think this could allow for a ‘phoenix’ as Fitton mentioned in his BBC interview the liquidator could then attempt to sell the club's assets to a connected party and the club transfers to a new company.  No idea if the League would sanction this but I think it’s similar to Leeds transferring their share to a new company.  We would be hit with 15 points and away we go.

What’s interesting though is the development rights that have been transferred to another company could not be included in any liquidation sale.  Lord knows how enforceable they are though under a new company name.  Unless of course St Modwen or Shaw Park Developments are attempting to buy the company back and write off the debts.

Meh where is that Davis chap he knows about this sort of gubbins?

[OneAndrewFitton]

I reckon their plan is to get SSW to pay the CVA and other debts to HMRC and stay put, now that would be a fucking nightmare wouldn't it?

[Dazzza]

I reckon their plan is to get SSW to pay the CVA and other debts to HMRC and stay put, now that would be a fucking nightmare wouldn't it?

I think Fitton hinted in that interview that the CVA was not the main concern when it came to the crunch but other creditors baying for blood.  

Plus if the club continue to run at a loss and go tits up after a further period of time the directors could then be held liable for the debts.

Unless they have another offer up their sleeve.

[Batch]

SO, is there anything to stop them buying back the liquidated club?

Would we retain our league status if liquidated?

Could they be investigated for willingly putting the club into a liquidated status after scuppering 3 attempts at buying it.

[Mexicano Rojo]

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

[OneAndrewFitton]

Yes but if the CVA isn't paid soon then the original amount i believe to be around 5million becomes payable doesn't it? Also it will result in a point's deduction.

What i don't get is why hasn't Andrew Android failed the CVA? any other person doing his job would have done it along time ago.

[Batch]

Finger, toes, legs, arms, eyes crossed (check).
Prey to Buddah, Mohammed, God,  that funny other one (check)
Sell soul to Devil (already done),

Last chance saloon.

[OneAndrewFitton]

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

That's great if true and the board must be getting desperate!! Maybe they know from post's on here and other sites today that things are going to get pretty tough for them unless they sell.

[jimbob]

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

lets get down there

[Dazzza]

SO, is there anything to stop them buying back the liquidated club?

Would we retain our league status if liquidated?

Could they be investigated for willingly putting the club into a liquidated status after scuppering 3 attempts at buying it.

I think it's an option an appointed liquidator can make if he believes it’s in the interest of the creditors.

From what I can tell there are measures to stop directors buying back the club as a means to wipe the slate clean and a full investigation takes place as to why the club has hit the shit.  

I believe any liquidator would also look at why better offers to buy the club have failed and there's the risk of people ending up in the shit if it's found they have been trading while insolvent or pulling strings.

But it is possible it’s called a phoenix and it’s worth a Google.  The assets would be advertised for sale in the London gazette and sold of to the highest bidder.  If successful those assets would be transferred to a new company, none of the old directors could serve on the board and away you go.

On the league side we’d be hit with a points deduction and it would depend on transferring our league share/place to the club, which is a bit like Leeds have done.