Administration and recovery
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- Worthy4England
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Re: Administration and recovery
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...bristol_Wanderer3 wrote: ↑Wed Jul 10, 2019 11:35 amInitial 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.
- Harry Genshaw
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Re: Administration and recovery
^ 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
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Re: Administration and recovery
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.Harry Genshaw wrote: ↑Wed Jul 10, 2019 11:40 am^ 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
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Re: Administration and recovery
I'd be beyond surprised. I'd be staggered.Worthy4England wrote: ↑Wed Jul 10, 2019 12:26 pmMore 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.Harry Genshaw wrote: ↑Wed Jul 10, 2019 11:40 am^ 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
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Re: Administration and recovery
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?Worthy4England wrote: ↑Wed Jul 10, 2019 12:26 pmMore 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.Harry Genshaw wrote: ↑Wed Jul 10, 2019 11:40 am^ 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
Re: Administration and recovery
Just been tweeted by Mr Marmite. I personally think he gets more right than wrong where we are concerned.
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Re: Administration and recovery
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- dave the minion
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Re: Administration and recovery
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....)bristol_Wanderer3 wrote: ↑Wed Jul 10, 2019 12:50 pmRight, 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.
- Lost Leopard Spot
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Re: Administration and recovery
Followed by the Gideon Bible Distributors ltd co.
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- Harry Genshaw
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Re: Administration and recovery
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?
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?
"Get your feet off the furniture you Oxbridge tw*t. You're not on a feckin punt now you know"
- BWFC_Insane
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Re: Administration and recovery
By law - football creditors are unsecured and given no protection over and above the other unsecured creditors.Harry Genshaw wrote: ↑Wed Jul 10, 2019 2:16 pmHave 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?
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.
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Re: Administration and recovery
In what possible way does that 'stink'?BWFC_Insane wrote: ↑Wed Jul 10, 2019 2:20 pmBy law - football creditors are unsecured and given no protection over and above the other unsecured creditors.Harry Genshaw wrote: ↑Wed Jul 10, 2019 2:16 pmHave 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?
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.
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Re: Administration and recovery
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
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Re: Administration and recovery
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.
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Re: Administration and recovery
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%BWFC_Insane wrote: ↑Wed Jul 10, 2019 2:20 pmBy law - football creditors are unsecured and given no protection over and above the other unsecured creditors.Harry Genshaw wrote: ↑Wed Jul 10, 2019 2:16 pmHave 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?
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.
It feckin stinks alright
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Re: Administration and recovery
There is something odious around.
- Worthy4England
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Re: Administration and recovery
They have to pay off secured debts or reach an alternative agreement. They aren't paying James off, but converting to equity.Harry Genshaw wrote: ↑Wed Jul 10, 2019 2:33 pmAh 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%BWFC_Insane wrote: ↑Wed Jul 10, 2019 2:20 pmBy law - football creditors are unsecured and given no protection over and above the other unsecured creditors.Harry Genshaw wrote: ↑Wed Jul 10, 2019 2:16 pmHave 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?
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.
It feckin stinks alright
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.
Re: Administration and recovery
Worthy4England wrote: ↑Wed Jul 10, 2019 2:32 pmInteresting "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.
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Re: Administration and recovery
Massive bill after Lee kept dismantling them when he was bored.
...
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