New beginnings - 25% Truth, 80% Bollocks

[theakston2k]

This is the sort of thing that worries me, we are all desperate for a sale, and it is clear that there are buyers out there, but it appears they are all getting put off at the first hurdle. It is a concern.

I was told a little while back that Power is still hovering and getting something out the club, no idea what or how true that is but certainly wouldn't be shocked if true

Unfortunately I feel this is why administration, which seems a certainty under this regime anyway is likely to be our own hope. The decisions will be that of the administrator rather than the current rabble, that’s assuming the administrator is truly impartial and not another Andronikou.

[4D]

What is there left to get out of the club, especially as crowds have dropped and relegation looms? This is what puzzles me.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

Still people buying season tickets though isn't there. Still potential to be used as a giant washing machine as well.

[4D]

Be interesting to see when the planned development begins 

[DV]

Unfortunately I feel this is why administration, which seems a certainty under this regime anyway is likely to be our own hope. The decisions will be that of the administrator rather than the current rabble, that’s assuming the administrator is truly impartial and not another Andronikou.

….but I thought (and it’s entirely possible I am wrong on this) it’s the people (or persons) owed money that have to petition for us to go into administration - then the administrator basically gets the debt down by either getting people or persons or companies to either write off the debt or agree to receive Xp in every £ owed. So for examples sake someone owed £100 might agree to 50p per £ owed, so would get £50. Club gains by writing off £50 of money owed & the owee (not a word righty?) gets £50 which isn’t his £100 but it’s £50 more than if the club went bust.

If (and it’s a big if) the only person we are in debt to is Clem. So Clem would have to put his into administration & then agree to a Xp per £ owed and effectively do himself out of money.

[DV]

What is there left to get out of the club, especially as crowds have dropped and relegation looms? This is what puzzles me.

Same as before I guess.

‘Admin expenses’ out.
Clem plugs losses with ‘his own money’ [and definitely not admin expenses that have been taken out]
STFC owe Clem.

He’s effectively turning club money into money owed to himself.

Allegedly possibly maybe

[tans]

Having gone through the same process. I’m sorry, but this will be a common conclusion from anyone looking deeper into the current regimes affairs.

You cant put a post like this up and then not share any details!

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

….but I thought (and it’s entirely possible I am wrong on this) it’s the people (or persons) owed money that have to petition for us to go into administration - then the administrator basically gets the debt down by either getting people or persons or companies to either write off the debt or agree to receive Xp in every £ owed. So for examples sake someone owed £100 might agree to 50p per £ owed, so would get £50. Club gains by writing off £50 of money owed & the owee (not a word righty?) gets £50 which isn’t his £100 but it’s £50 more than if the club went bust.

If (and it’s a big if) the only person we are in debt to is Clem. So Clem would have to put his into administration & then agree to a Xp per £ owed and effectively do himself out of money.

Pretty much my understanding too, but the administrator will field any offers for the club and potentially force a sale as well.

If we only owed money to Clem and a few suppliers and ended up in admin, he'd probably be forced to sell for £1 if the new buyer agreed to pay most of the debt off.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

You cant put a post like this up and then not share any details!

I think he just did and probably will again in a few months.

[horlock07]

….but I thought (and it’s entirely possible I am wrong on this) it’s the people (or persons) owed money that have to petition for us to go into administration - then the administrator basically gets the debt down by either getting people or persons or companies to either write off the debt or agree to receive Xp in every £ owed. So for examples sake someone owed £100 might agree to 50p per £ owed, so would get £50. Club gains by writing off £50 of money owed & the owee (not a word righty?) gets £50 which isn’t his £100 but it’s £50 more than if the club went bust.

If (and it’s a big if) the only person we are in debt to is Clem. So Clem would have to put his into administration & then agree to a Xp per £ owed and effectively do himself out of money.

Nah you can apply to place your own company into Admin, companies do it all the time (my then  employer did it about 10 years back), rather than my typing loads of stuff its explained here...
https://www.realbusinessrescue.co.uk/pre-pack-administration

Its broadly what Power was trying to do with the Americans I think.

Edit - I suspect that why it no comes with a side order of a hefty points reduction as too many clubs (including us historically possibly when we kept choosing Andronikou) were using it as a tool to sack of their debts.

[theakston2k]

Nah you can apply to place your own company into Admin, companies do it all the time (my then  employer did it about 10 years back), rather than my typing loads of stuff its explained here...
https://www.realbusinessrescue.co.uk/pre-pack-administration

Its broadly what Power was trying to do with the Americans I think.

Edit - I suspect that why it no comes with a side order of a hefty points reduction as too many clubs (including us historically possibly when we kept choosing Andronikou) were using it as a tool to sack of their debts.

Pretty much this, when I say administration I don’t mean prepack like what Diamandis used and Power tried to use. I mean court ordered via external creditors, the fact we are already setting up payment plans with creditors makes it seem like it’s only a matter of time before a creditor petitions the court.

In this case the administrators overriding responsibility is delivering maximum value to creditors whilst trying to maintain survival of the company. If they don’t feel they can do this they may seek to sell part or all of the company and as a result can try and force through a sale. It just feels like a forced sale is the only way to rid ourselves of these leaches.

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

I know the common belief is that admin would come with expulsion from the league and/or a hefty points deduction but is this a written rule of more of just an expectation?

[Pookemon]

I know the common belief is that admin would come with expulsion from the league and/or a hefty points deduction but is this a written rule of more of just an expectation?

I dont think they will need to kick us out if the league because a points deduction will have the same effect.   Every club that has gone into admin has had one, I believe 12 points is automatic, but timing is TBD.

[horlock07]

Pretty much this, when I say administration I don’t mean prepack like what Diamandis used and Power tried to use. I mean court ordered via external creditors, the fact we are already setting up payment plans with creditors makes it seem like it’s only a matter of time before a creditor petitions the court.

In this case the administrators overriding responsibility is delivering maximum value to creditors whilst trying to maintain survival of the company. If they don’t feel they can do this they may seek to sell part or all of the company and as a result can try and force through a sale. It just feels like a forced sale is the only way to rid ourselves of these leaches.

If they are agreeing payment plans one assumes this is acceptable to the creditors as the cash is being paid in one form or the other, I suspect if they ever get a hint of someone looking to whack them through the courts (think its a winding up order rather than administration that a 3rd party can seek initially) they will go down the pre-pack route sharpish as administration immediately prevents creditors pursuing them plus on their terms it allows them to choose a friendly administrator and the first the creditors will know is when the company is sold to a new co....

[Formerly Drummer Boy]

Was the Golf Course land ever included in any sale to Clem anyway? Not sure it has any value (bar as a golf course) anyway its ages since the Council was minded to grant the PP so suspect it would almost be a back to scratch process to get any consents with all the associated costs.

From what I was told, the land was purchased under Swindon Town’s name so when it gets settled in or out of court what assets are owned by who, the golf course should end up as a club asset but likely to disappear in a magician’s puff of smoke.

Land like that will always have value and if it gets housing planning permission, that would more than repay Standing’s financial input over the years.

I wonder if he knows some folks in the Construction game?