Administration and recovery

[Worthy4England]

Without raising my overall panic-fanny-ometer above it's current 1.5, they need to get a fcking move on, now and complete preferably last week, but today will still do.

[Lost Leopard Spot]

Without raising my overall panic-fanny-ometer above it's current 1.5, they need to get a fcking move on, now and complete preferably last week, but today will still do.

I predict we'll still be waiting to hear next Monday...
I'm also expecting a new update this Thursday or Friday that will update us that progress is being made and that another update will be along shortly...

[Gravdigger]

Wash on Monday,
Iron on Tuesday,
Bake on Wednesday,
Brew on Thursday,
Admin Update on Friday,
Mend on Saturday,
Go to meeting on Sunday.

[Worthy4England]

Without raising my overall panic-fanny-ometer above it's current 1.5, they need to get a fcking move on, now and complete preferably last week, but today will still do.

I predict we'll still be waiting to hear next Monday...
I'm also expecting a new update this Thursday or Friday that will update us that progress is being made and that another update will be along shortly...

The things they have to do between now and a week Friday, don't change much whether announced today or Monday, but they dragged this out long enough now! The Quantuma lot (unless I've missed it) still haven't announced "preferred bidder" - you know the party they're going to then negotiate with.....(even though we "think" there's talk going on with FV).

[BWFC_Insane]

Without raising my overall panic-fanny-ometer above it's current 1.5, they need to get a fcking move on, now and complete preferably last week, but today will still do.

I predict we'll still be waiting to hear next Monday...
I'm also expecting a new update this Thursday or Friday that will update us that progress is being made and that another update will be along shortly...

The things they have to do between now and a week Friday, don't change much whether announced today or Monday, but they dragged this out long enough now! The Quantuma lot (unless I've missed it) still haven't announced "preferred bidder" - you know the party they're going to then negotiate with.....(even though we "think" there's talk going on with FV).

I assume the exit for the hotel (assuming it is going to happen any time soon) is via a CVA rather than via a full marketing and sale operation and identification of preferred bidder.

I note in the hotel administrators report they identified a quick CVA exit as "desirable".

[Worthy4England]

Without raising my overall panic-fanny-ometer above it's current 1.5, they need to get a fcking move on, now and complete preferably last week, but today will still do.

I predict we'll still be waiting to hear next Monday...
I'm also expecting a new update this Thursday or Friday that will update us that progress is being made and that another update will be along shortly...

The things they have to do between now and a week Friday, don't change much whether announced today or Monday, but they dragged this out long enough now! The Quantuma lot (unless I've missed it) still haven't announced "preferred bidder" - you know the party they're going to then negotiate with.....(even though we "think" there's talk going on with FV).

I assume the exit for the hotel (assuming it is going to happen any time soon) is via a CVA rather than via a full marketing and sale operation and identification of preferred bidder.

I note in the hotel administrators report they identified a quick CVA exit as "desirable".

Well yes but...At some point in the process they need to agree who they're flogging it to, regardless of what process is for getting there. It's not going CVA to come back out into current ownership. Which I would have thought would involve identifying who the party is, that they're going to sell it to - or are you suggesting that decision has already been made regardless of the fact there were as we understand it more offers than just FV's?

[Lost Leopard Spot]

Without raising my overall panic-fanny-ometer above it's current 1.5, they need to get a fcking move on, now and complete preferably last week, but today will still do.

I predict we'll still be waiting to hear next Monday...
I'm also expecting a new update this Thursday or Friday that will update us that progress is being made and that another update will be along shortly...

The things they have to do between now and a week Friday, don't change much whether announced today or Monday, but they dragged this out long enough now! The Quantuma lot (unless I've missed it) still haven't announced "preferred bidder" - you know the party they're going to then negotiate with.....(even though we "think" there's talk going on with FV).

I said still waiting to hear next Monday, which is a bit of a difference to being announced next Monday. When I say a bit, I actually mean a lot.
It's not been four to six weeks yet! Wasn't that Quantuma's prediction for announcing preferred bidders. Or was that for wrapping up a sale?
Whichever, I can't see the EFL being happy with a football club in administration starting a season. And at this rate I can't see a Sales and Purchase Agreement being signed before kick off on opening day.

[BWFC_Insane]

Without raising my overall panic-fanny-ometer above it's current 1.5, they need to get a fcking move on, now and complete preferably last week, but today will still do.

I predict we'll still be waiting to hear next Monday...
I'm also expecting a new update this Thursday or Friday that will update us that progress is being made and that another update will be along shortly...

The things they have to do between now and a week Friday, don't change much whether announced today or Monday, but they dragged this out long enough now! The Quantuma lot (unless I've missed it) still haven't announced "preferred bidder" - you know the party they're going to then negotiate with.....(even though we "think" there's talk going on with FV).

I assume the exit for the hotel (assuming it is going to happen any time soon) is via a CVA rather than via a full marketing and sale operation and identification of preferred bidder.

I note in the hotel administrators report they identified a quick CVA exit as "desirable".

Well yes but...At some point in the process they need to agree who they're flogging it to, regardless of what process is for getting there. It's not going CVA to come back out into current ownership. Which I would have thought would involve identifying who the party is, that they're going to sell it to - or are you suggesting that decision has already been made regardless of the fact there were as we understand it more offers than just FV's?

I'm not sure they'd announce it. But any process whether it be traditional transfer of shares following administration or a CVA exit needs a certain amount of time. I guess there is a question as to where things stand - that is an unknown. And also a second question - at what point do FV need to be in the process to be able to sign off on the club. Whether it be CVA or sale and market - both (unless secretly progressed which is possible) require time to complete (arranging a vote for creditors if CVA).

But I wonder whether a Heads of Terms agreement being signed is enough? Or a CVA proposal enough at this stage?

[Worthy4England]

Without raising my overall panic-fanny-ometer above it's current 1.5, they need to get a fcking move on, now and complete preferably last week, but today will still do.

I predict we'll still be waiting to hear next Monday...
I'm also expecting a new update this Thursday or Friday that will update us that progress is being made and that another update will be along shortly...

The things they have to do between now and a week Friday, don't change much whether announced today or Monday, but they dragged this out long enough now! The Quantuma lot (unless I've missed it) still haven't announced "preferred bidder" - you know the party they're going to then negotiate with.....(even though we "think" there's talk going on with FV).

I said still waiting to hear next Monday, which is a bit of a difference to being announced next Monday. When I say a bit, I actually mean a lot.
It's not been four to six weeks yet! Wasn't that Quantuma's prediction for announcing preferred bidders. Or was that for wrapping up a sale?
Whichever, I can't see the EFL being happy with a football club in administration starting a season. And at this rate I can't see a Sales and Purchase Agreement being signed before kick off on opening day.

I think we're making a similar point in different words. Whichever way we look at it, they've still not announced who they're flogging it to. My initial point stands (as it did about this time last week) - they need to get a fcking move on.

[BWFC_Insane]

Without raising my overall panic-fanny-ometer above it's current 1.5, they need to get a fcking move on, now and complete preferably last week, but today will still do.

I predict we'll still be waiting to hear next Monday...
I'm also expecting a new update this Thursday or Friday that will update us that progress is being made and that another update will be along shortly...

The things they have to do between now and a week Friday, don't change much whether announced today or Monday, but they dragged this out long enough now! The Quantuma lot (unless I've missed it) still haven't announced "preferred bidder" - you know the party they're going to then negotiate with.....(even though we "think" there's talk going on with FV).

I said still waiting to hear next Monday, which is a bit of a difference to being announced next Monday. When I say a bit, I actually mean a lot.
It's not been four to six weeks yet! Wasn't that Quantuma's prediction for announcing preferred bidders. Or was that for wrapping up a sale?
Whichever, I can't see the EFL being happy with a football club in administration starting a season. And at this rate I can't see a Sales and Purchase Agreement being signed before kick off on opening day.

I have a feeling the SPA might have been signed for the club - but that document means nothing anyway because it relies on the EFL's change of control process for FV to take charge. Given the issue is EFL approving a business plan based on ownership of both businesses this feels somewhat of a log jam, circular issue.

Quantuma's statement was vague but the timescale (6-8 weeks I think was what they said officially) clearly would be hugely problematic. I believe since that things have happened which change that deal somewhat. But still - given Quantuma have only released one statement full stop on where things are at - we do not know where that deal specifically is up to.

[Worthy4England]

I'm not sure they'd announce it. But any process whether it be traditional transfer of shares following administration or a CVA exit needs a certain amount of time. I guess there is a question as to where things stand - that is an unknown. And also a second question - at what point do FV need to be in the process to be able to sign off on the club. Whether it be CVA or sale and market - both (unless secretly progressed which is possible) require time to complete (arranging a vote for creditors if CVA).

But I wonder whether a Heads of Terms agreement being signed is enough? Or a CVA proposal enough at this stage?

Legitimately, Quantuma could sell the hotel to anyone who had the best bid. That might not be FV. It's not the sale of the hotel per se holding the takeover of the Club up, it's the fact that FV's business plan requires them both to make that plan work (or at least appear to). FV won't therefore complete on Club (I would have thought) unless they have line of sight that the hotel isn't going to go to a different party?

[BWFC_Insane]

I'm not sure they'd announce it. But any process whether it be traditional transfer of shares following administration or a CVA exit needs a certain amount of time. I guess there is a question as to where things stand - that is an unknown. And also a second question - at what point do FV need to be in the process to be able to sign off on the club. Whether it be CVA or sale and market - both (unless secretly progressed which is possible) require time to complete (arranging a vote for creditors if CVA).

But I wonder whether a Heads of Terms agreement being signed is enough? Or a CVA proposal enough at this stage?

Legitimately, Quantuma could sell the hotel to anyone who had the best bid. That might not be FV. It's not the sale of the hotel per se holding the takeover of the Club up, it's the fact that FV's business plan requires them both to make that plan work (or at least appear to). FV won't therefore complete on Club (I would have thought) unless they have line of sight that the hotel isn't going to go to a different party?

I think that's it but its also pretty clear that the game is not about Quantuma being able to sell to anyone - its about getting the secured creditors sorted (and we know about the disputed amount) - and keeping the business going. We know that it is almost certain the only way to do that is to sell to FV. We know other interest in there is probably making this more difficult - though I suspect strongly is orchestrated by a particular party....

But within that there is the formal process that Q must follow. And any haggling in the background no doubt driven by interest elsewhere.

Formal change of control seemingly is reliant on the hotel - but I guess it depends at what point that is deemed to be "safe enough".

[Lost Leopard Spot]

Without raising my overall panic-fanny-ometer above it's current 1.5, they need to get a fcking move on, now and complete preferably last week, but today will still do.

I predict we'll still be waiting to hear next Monday...
I'm also expecting a new update this Thursday or Friday that will update us that progress is being made and that another update will be along shortly...

The things they have to do between now and a week Friday, don't change much whether announced today or Monday, but they dragged this out long enough now! The Quantuma lot (unless I've missed it) still haven't announced "preferred bidder" - you know the party they're going to then negotiate with.....(even though we "think" there's talk going on with FV).

I said still waiting to hear next Monday, which is a bit of a difference to being announced next Monday. When I say a bit, I actually mean a lot.
It's not been four to six weeks yet! Wasn't that Quantuma's prediction for announcing preferred bidders. Or was that for wrapping up a sale?
Whichever, I can't see the EFL being happy with a football club in administration starting a season. And at this rate I can't see a Sales and Purchase Agreement being signed before kick off on opening day.

I think we're making a similar point in different words. Whichever way we look at it, they've still not announced who they're flogging it to. My initial point stands (as it did about this time last week) - they need to get a fcking move on.

Very much agreed. They fxcking need to get a fxcking move on.

[Dave Sutton's barnet]

I can't see the EFL being happy with a football club in administration starting a season.

I think they'd rather they weren't, and in a way I'm glad they're leaning on people to Get Shit Done, but if we did start the season in admin we'd hardly be the first. In fact, for most of the first decade and a half of this century it was a rare season which *didn't* start with someone or other in administration.
• Palace 99/00
• QPR 2001/02
• Barnsley 2003/04
• Leicester 2003/04
• Bradford 2004/05
• Wrexham 2005/06
• Boston 2007/08
• Stockport 2009/10
• Portsmouth 2010/11
• Plymouth 2011/12
• Portsmouth (again) 2012/13
• Port Vale 2012/13
• Coventry 2013/14
It usually takes much longer than this to get out, unless your white knight is tethering his horse outside the court.

[Worthy4England]

I'm not sure they'd announce it. But any process whether it be traditional transfer of shares following administration or a CVA exit needs a certain amount of time. I guess there is a question as to where things stand - that is an unknown. And also a second question - at what point do FV need to be in the process to be able to sign off on the club. Whether it be CVA or sale and market - both (unless secretly progressed which is possible) require time to complete (arranging a vote for creditors if CVA).

But I wonder whether a Heads of Terms agreement being signed is enough? Or a CVA proposal enough at this stage?

Legitimately, Quantuma could sell the hotel to anyone who had the best bid. That might not be FV. It's not the sale of the hotel per se holding the takeover of the Club up, it's the fact that FV's business plan requires them both to make that plan work (or at least appear to). FV won't therefore complete on Club (I would have thought) unless they have line of sight that the hotel isn't going to go to a different party?

I think that's it but its also pretty clear that the game is not about Quantuma being able to sell to anyone - its about getting the secured creditors sorted (and we know about the disputed amount) - and keeping the business going. We know that it is almost certain the only way to do that is to sell to FV. We know other interest in there is probably making this more difficult - though I suspect strongly is orchestrated by a particular party....

But within that there is the formal process that Q must follow. And any haggling in the background no doubt driven by interest elsewhere.

Formal change of control seemingly is reliant on the hotel - but I guess it depends at what point that is deemed to be "safe enough".

^^ Sorry I should have made clear Quantuma could sell to anyone who had the best offer for the creditors (which might not be FV). Keeping the hotel going as a business is different than keeping the Club going as a business - they're two different entities under two separate Admin processes - only FV are trying to bring them together, making one contingent to the other. Quantuma's job is to get best deal for the Hotel creditors and try and bring it back as a working business. They should care not one whit about the Club - they're not selling the Club.

[Worthy4England]

I can't see the EFL being happy with a football club in administration starting a season.

I think they'd rather they weren't, and in a way I'm glad they're leaning on people to Get Shit Done, but if we did start the season in admin we'd hardly be the first. In fact, for most of the first decade and a half of this century it was a rare season which *didn't* start with someone or other in administration.
• Palace 99/00
• QPR 2001/02
• Barnsley 2003/04
• Leicester 2003/04
• Bradford 2004/05
• Wrexham 2005/06
• Boston 2007/08
• Stockport 2009/10
• Portsmouth 2010/11
• Plymouth 2011/12
• Portsmouth (again) 2012/13
• Port Vale 2012/13
• Coventry 2013/14
It usually takes much longer than this to get out, unless your white knight is tethering his horse outside the court.

Don't think the issue is starting a season in Admin - as you say, plenty of history for that. It's whether the funding for that Admin will exist long enough and be sufficient to keep trading in Admin. I suspect when they pulled the Admin trigger, they were thinking it would've been done and dusted by now, but any shortfalls in funding once the season starts will need to be met somehow...if Club isn't self sufficient, then the folks who called Admin either need to fund or liquidate (I think)...

[BWFC_Insane]

I'm not sure they'd announce it. But any process whether it be traditional transfer of shares following administration or a CVA exit needs a certain amount of time. I guess there is a question as to where things stand - that is an unknown. And also a second question - at what point do FV need to be in the process to be able to sign off on the club. Whether it be CVA or sale and market - both (unless secretly progressed which is possible) require time to complete (arranging a vote for creditors if CVA).

But I wonder whether a Heads of Terms agreement being signed is enough? Or a CVA proposal enough at this stage?

Legitimately, Quantuma could sell the hotel to anyone who had the best bid. That might not be FV. It's not the sale of the hotel per se holding the takeover of the Club up, it's the fact that FV's business plan requires them both to make that plan work (or at least appear to). FV won't therefore complete on Club (I would have thought) unless they have line of sight that the hotel isn't going to go to a different party?

I think that's it but its also pretty clear that the game is not about Quantuma being able to sell to anyone - its about getting the secured creditors sorted (and we know about the disputed amount) - and keeping the business going. We know that it is almost certain the only way to do that is to sell to FV. We know other interest in there is probably making this more difficult - though I suspect strongly is orchestrated by a particular party....

But within that there is the formal process that Q must follow. And any haggling in the background no doubt driven by interest elsewhere.

Formal change of control seemingly is reliant on the hotel - but I guess it depends at what point that is deemed to be "safe enough".

^^ Sorry I should have made clear Quantuma could sell to anyone who had the best offer for the creditors (which might not be FV). Keeping the hotel going as a business is different than keeping the Club going as a business - they're two different entities under two separate Admin processes - only FV are trying to bring them together, making one contingent to the other. Quantuma's job is to get best deal for the Hotel creditors and try and bring it back as a working business. They should care not one whit about the Club - they're not selling the Club.

In theory. But we know that isn't the case. The talk of interest for the hotel is arguably a game to drive up the settlement for creditors. But even should genuine interest from say a large chain be there (given De Vere's failure I'm unsure why it is but reportedly so) - there are barriers (significant ones) to them being able to operate a successful hotel. I know that ultimately Quantuma's top priority is to rescue the business and their second is to maximise creditor return. But at present there is only one way to do that. We do not know how many formal bids have been received (if any) we know of interest. But how far would that interest go - if said buyers learned that the football club would no longer exist, for example?

[LeverEnd]

True Worthy, it's the Portsmouth (again) precedent that worries me about Football Ventures.

[Bruce Rioja]

Wash on Monday,
Iron on Tuesday,
Bake on Wednesday,
Brew on Thursday,
Admin Update on Friday,
Mend on Saturday,
Go to meeting on Sunday.

Nae Craig David, are we?!

[Lost Leopard Spot]

I can't see the EFL being happy with a football club in administration starting a season.

I think they'd rather they weren't, and in a way I'm glad they're leaning on people to Get Shit Done, but if we did start the season in admin we'd hardly be the first. In fact, for most of the first decade and a half of this century it was a rare season which *didn't* start with someone or other in administration.
• Palace 99/00
• QPR 2001/02
• Barnsley 2003/04
• Leicester 2003/04
• Bradford 2004/05
• Wrexham 2005/06
• Boston 2007/08
• Stockport 2009/10
• Portsmouth 2010/11
• Plymouth 2011/12
• Portsmouth (again) 2012/13
• Port Vale 2012/13
• Coventry 2013/14
It usually takes much longer than this to get out, unless your white knight is tethering his horse outside the court.

I was particularly thinking about what punishment beating they are going to give us regarding Brentford, with the additional insight into the internal Bolton clamour to down tools so recently shown.
I was thinking, if new owners were in charge by kick off time, they'd be kind. With Administrators in charge I reckon they'll be as harsh as gravel chippings on a fallen cyclist trying to negotiate a ninety degree bend at the bottom of a hill when doing top speed.

With the follow caveat that that pushes us close to Liquidation.