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Author Topic: Is Admin an Option?  (Read 1839 times)
The Artist Formerly Known as Audrey

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« on: Friday, April 16, 2021, 15:21:59 »

Unpalatable, I know, but there is a very real possibility of starting next season with Power and Sheridan still hanging around. If thatís the case thereíll be very little, if any, playing budget which would guarantee relegation.

Admin gives the chance to take out the trash, get a competent manager, an enthusiastic new owner and, hopefully, a competitive budget. Take the 10 point hit and we should avoid the trapdoor.
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RobertT

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« Reply #1 on: Friday, April 16, 2021, 15:28:16 »

You would need a considerable creditor to push that through the Courts - I doubt we owe any one individual enough for this to happen.
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Bob's Orange

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« Reply #2 on: Friday, April 16, 2021, 15:29:22 »

You would need a considerable creditor to push that through the Courts - I doubt we owe any one individual enough for this to happen.

Isn't Standing owed 6 million?
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The Artist Formerly Known as Audrey

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« Reply #3 on: Friday, April 16, 2021, 15:32:19 »

Isn't Standing owed 6 million?
Not sure heís owed actual money. I think he thought he had bought half of Powerís share of the club with that. I presume heíll only get that back with a club sale not in Admin.
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Bob's Orange

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« Reply #4 on: Friday, April 16, 2021, 15:41:37 »

Not sure he’s owed actual money. I think he thought he had bought half of Power’s share of the club with that. I presume he’ll only get that back with a club sale not in Admin.

Yeah that's what I thought to.
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« Reply #5 on: Friday, April 16, 2021, 15:49:49 »

I hadn't thought of that.

In order for an application to be accepted, we'd have to demonstrate we can't pay our debts.

What debts? The only person the club owes money to, as far as I can tell, is the person who wants to put us into admin. (Although there's no knowing what else Power has been up to).

The other kerfuffles are about who owns the club.
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The Artist Formerly Known as Audrey

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« Reply #6 on: Friday, April 16, 2021, 15:55:24 »

Power reckons that by putting the club in Admin and obviously getting a hugely reduced price for the club when the administrators sell it (maybe £2m), heíd still be better off than getting the full going rate and having to pay off Standing (and God knows who else).

Whatever it is, you can guarantee Power sees Admin as more beneficial to him.
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« Reply #7 on: Friday, April 16, 2021, 15:57:49 »

It's ultimately not up to him, though. Admin applications can be rejected.
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The Artist Formerly Known as Audrey

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« Reply #8 on: Friday, April 16, 2021, 16:01:21 »

Agreed. But you can see why heís pushing for it.

As my original post, though. Would Admin also be more beneficial to the club going forward on the pitch in the short term.
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Power to people

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« Reply #9 on: Friday, April 16, 2021, 16:01:38 »

I hadn't thought of that.

In order for an application to be accepted, we'd have to demonstrate we can't pay our debts.

What debts? The only person the club owes money to, as far as I can tell, is the person who wants to put us into admin. (Although there's no knowing what else Power has been up to).

The other kerfuffles are about who owns the club.

Would not put anything past power, I'm sure there is no more funding coming in from him for the club so the question is if this drags on how does the club pay its bills if the DJ money has been spent / donated for legal fees, and the coffers are empty

Also you wonder if the club is footing the bill for all the legal fees for the FA charges & court cases (now and previous)
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The Artist Formerly Known as Audrey

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« Reply #10 on: Friday, April 16, 2021, 16:04:24 »

Donít think the club is liable for the court case as itís Power v Standing. Thatís not to say he hasnít  taken the money out of the club to pay for it.
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Hunk

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« Reply #11 on: Friday, April 16, 2021, 16:07:09 »

I hadn't thought of that.

In order for an application to be accepted, we'd have to demonstrate we can't pay our debts.

What debts? The only person the club owes money to, as far as I can tell, is the person who wants to put us into admin. (Although there's no knowing what else Power has been up to).

The other kerfuffles are about who owns the club.

Donít we owe Andrew Black a considerable sum of money under certain circumstances?

Having said that, and even if Iím right, I have the feeling heíd in no way seek to be the person that caused us to be obliterated
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The Artist Formerly Known as Audrey

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« Reply #12 on: Friday, April 16, 2021, 16:08:37 »

There are 4 debentures over the club. From Arbib and Black. Donít know what they refer to or the amounts.
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The Grim Reaper

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« Reply #13 on: Friday, April 16, 2021, 16:24:01 »

Power would also need the approval from Clem to do so.
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« Reply #14 on: Friday, April 16, 2021, 16:25:11 »

Power would also need the approval from Clem to do so.

I don't think that's the case. There'd be no need for an injunction otherwise.
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