Administration and recovery

[Worthy4England]

Initial observations:

1.) KA much lower than expected £1.5m v £5m
2.) BW slightly higher £3m v £2.5m
3.) PBP secured debt not quantified presumably due to MJ being involved in the takeover,but that was reported to be £6.5m. Interesting that PBP also have £248k unsecured debt as well.
4.) Football creditors (£2.75m) are supposed to get paid in full so total unsecured based on 35p in the pound for the rest would be around £5.5m. Then whatever the individual secured creditors would be prepared to accept.
5.) Given the split between club and hotel it looks a hugely complex deal.

PBP as far as I could tell were secured against the hotel (not the Club) - so that wouldn't necessarily show in this view - different Admins...

[Harry Genshaw]

^ is there more debt to be revealed yet? Will the hotel have a list of creditors? Presumably Ken would be in there too? I suppose the hotel doesn't have the secured football creditors that the club has to satisfy on full

[Worthy4England]

^ is there more debt to be revealed yet? Will the hotel have a list of creditors? Presumably Ken would be in there too? I suppose the hotel doesn't have the secured football creditors that the club has to satisfy on full

More than likely more debt - given that the hotel shut down and stopped operating, I'd expect the Admin's for the hotel to have their own "list". I'd be surprised if any football creds were related to the hotel business.

[Lost Leopard Spot]

^ is there more debt to be revealed yet? Will the hotel have a list of creditors? Presumably Ken would be in there too? I suppose the hotel doesn't have the secured football creditors that the club has to satisfy on full

More than likely more debt - given that the hotel shut down and stopped operating, I'd expect the Admin's for the hotel to have their own "list". I'd be surprised if any football creds were related to the hotel business.

I'd be beyond surprised. I'd be staggered.

[bristol_Wanderer3]

^ is there more debt to be revealed yet? Will the hotel have a list of creditors? Presumably Ken would be in there too? I suppose the hotel doesn't have the secured football creditors that the club has to satisfy on full

More than likely more debt - given that the hotel shut down and stopped operating, I'd expect the Admin's for the hotel to have their own "list". I'd be surprised if any football creds were related to the hotel business.

Right, I saw the words "Joint administrators report" and thought that it was both club and hotel, but on closer inspection those debts do seem club/football related rather than hotel. Unless the higher debts are all club and all the hotel creditors were owed debts of lower value than those listed, then this is probably just the football club administrators list. Possibly KA had some of his debt secured against the hotel also, hence the lower figure than previously reported?

[malcd1]

Just been tweeted by Mr Marmite. I personally think he gets more right than wrong where we are concerned.

[Bruce Rioja]

^ Will the hotel have a list of creditors?

Headed by The Corby Trouser Press Company Ltd.

[dave the minion]

Right, I saw the words "Joint administrators report" and thought that it was both club and hotel, but on closer inspection those debts do seem club/football related rather than hotel.

All administrators reports are titled "joint administrators report" - I think its more about more than one administrator being appointed to save/sell/close a business (ie 2 individuals), but of only one company, rather than 2 seaprate administrations being rolled up into one for a shared report (if you know what I mean....)

[Lost Leopard Spot]

^ Will the hotel have a list of creditors?

Headed by The Corby Trouser Press Company Ltd.

Followed by the Gideon Bible Distributors ltd co.

[Harry Genshaw]

Have I misunderstood something here?

Unsecured creditors are being offered 35p in the pound. In the list of unsecured creditors in Iles article is 'Football creditors', which I assumed included outstanding wages to the players, no?

I thought the rules were all football debts had to be paid in full, while the local pie shop goes to the wall. Have I got this arse about face?

[BWFC_Insane]

Have I misunderstood something here?

Unsecured creditors are being offered 35p in the pound. In the list of unsecured creditors in Iles article is 'Football creditors', which I assumed included outstanding wages to the players, no?

I thought the rules were all football debts had to be paid in full, while the local pie shop goes to the wall. Have I got this arse about face?

By law - football creditors are unsecured and given no protection over and above the other unsecured creditors.

However, in order to secure EFL approval for a change of control to exit admin you are required to pay all football related debts in full. It stinks - but they are the rules.

[Lost Leopard Spot]

Have I misunderstood something here?

Unsecured creditors are being offered 35p in the pound. In the list of unsecured creditors in Iles article is 'Football creditors', which I assumed included outstanding wages to the players, no?

I thought the rules were all football debts had to be paid in full, while the local pie shop goes to the wall. Have I got this arse about face?

By law - football creditors are unsecured and given no protection over and above the other unsecured creditors.

However, in order to secure EFL approval for a change of control to exit admin you are required to pay all football related debts in full. It stinks - but they are the rules.

In what possible way does that 'stink'?

[BWFC_Insane]

It stinks because it is football protectionism. It is the football authorities saying "its ok to pay local businesses 25p in the pound as part of an administration but footballers - they have to get everything owed to them". So local businesses that might have supplied a club with services for decades can (and do) end up going out of business but footballers always get what they are owed.

[Worthy4England]

Just been tweeted by Mr Marmite. I personally think he gets more right than wrong where we are concerned.

Interesting "combo" of things. I wonder what "football man" is set to do, approximately...

We've just had a Chairman who was an Agent, it didn't go swimmingly well.

[Harry Genshaw]

Have I misunderstood something here?

Unsecured creditors are being offered 35p in the pound. In the list of unsecured creditors in Iles article is 'Football creditors', which I assumed included outstanding wages to the players, no?

I thought the rules were all football debts had to be paid in full, while the local pie shop goes to the wall. Have I got this arse about face?

By law - football creditors are unsecured and given no protection over and above the other unsecured creditors.

However, in order to secure EFL approval for a change of control to exit admin you are required to pay all football related debts in full. It stinks - but they are the rules.

Ah right. Cheers. So FV have to pay all secured debtors in full, and one of the larger unsecured ones in full too. Everyone else gets (potentially) 35%

It feckin stinks alright

[Enoch]

There is something odious around.

[Worthy4England]

There is something odious around.

Nixon reporting that there's a slight whiff.

[BWFC_Insane]

Have I misunderstood something here?

Unsecured creditors are being offered 35p in the pound. In the list of unsecured creditors in Iles article is 'Football creditors', which I assumed included outstanding wages to the players, no?

I thought the rules were all football debts had to be paid in full, while the local pie shop goes to the wall. Have I got this arse about face?

By law - football creditors are unsecured and given no protection over and above the other unsecured creditors.

However, in order to secure EFL approval for a change of control to exit admin you are required to pay all football related debts in full. It stinks - but they are the rules.

Ah right. Cheers. So FV have to pay all secured debtors in full, and one of the larger unsecured ones in full too. Everyone else gets (potentially) 35%

It feckin stinks alright

They have to pay off secured debts or reach an alternative agreement. They aren't paying James off, but converting to equity.

Also I rather suspect the 35% is calculated as the average payment unsecured creditors will receive. And given football creditors will receive all their money I rather fear that everyone else will get the 25p in the pound minimum.

[malcd1]

Just been tweeted by Mr Marmite. I personally think he gets more right than wrong where we are concerned.

Interesting "combo" of things. I wonder what "football man" is set to do, approximately...

We've just had a Chairman who was an Agent, it didn't go swimmingly well.

Presumably the day to day running of the club. Hopefully on a fulltime basis rather than a couple of days every two weeks.

[LeverEnd]

^ Will the hotel have a list of creditors?

Headed by The Corby Trouser Press Company Ltd.

Massive bill after Lee kept dismantling them when he was bored.