Administration and recovery

[Lost Leopard Spot]

You really are hard work...
The EFL and Rubin's got sucked into the less than grandiose plan that FV had. Apart from Bassini, there were no other players. Once Rubin's realised just what a house of cards they'd approved as a plan going forward, which they had done by getting the agreement of the non-secured creditors, they had to watch as the so-called business plan unravelled. Forgetting the circularity that was almost criminal in its endeavour, it became apparent they (FV) needed the hotel, and they'd banked on no other fxcker being interested and had therefore not only pitched low, but had failed to have any contingency fees in place to buy the bleeding thing...
The rest is history, and due process grinding out it's very sorry arse...
Paul Appleton is just along for the ride on the plan he formulated...

What have "non-secured creditors" agreed to exactly?

The pence in the pound they will be getting.

What are you basing this "agreement" on? They don't get to agree or otherwise. They receive whatever settlement the administrator can achieve on their behalf.

They get to have a decisions meeting or in this case a vote on proposals - and if that is what you refer to...... the proposals voted on are detailed in paragraph 17 of the administrators report on companies house. It mentions nothing of any settlement merely states that administrators can continue to collect fees and do what they think is in the best interests of the creditor group. Earlier in the document there is a reference to "35p" in the pound as an indicative amount BUT with the huge caveat in front of it being "its too early to say". And regardless they aren't voting on that or any specific proposal at all.

The bit they ask for "approval on" is merely they continue the process and should they need to liquidation of the business.

The summary of the "decisions" approved is on CH too. And merely refers to continuation of administrator fees and acceptance of paragraph 17.

The 35p in the £ is not just an indicative amount, it is a pledge to try to achieve that. If the buyer turns out to give only 5p in the £ then the unsecured creditors can claim, with justification, in court they've been done over. If 5p in the £ is all that FV can muster, then questions would be asked, in court, as to why the liquidation path wasn't followed. Administrators have quite wide ranging powers. They are not however God. When the report stated 35p in the £, any major deviation from that will be in disregard to what the unsecured creditors have 'agreed to'. Administrators are duty bound to get the best outcome for all creditors - secured and unsecured. Selling us to FV with secured creditors getting full whack and the administrators still being paid £1.5 million and the unsecured creditors receiving significantly less than the 35p in the £ is not even close to being the best outcome for unsecured creditors.

[Lost Leopard Spot]

.and try answering the fxcking question as to what it is you claim to know about the mysterious legal shenanigans...

[Athertonian]

It makes me wonder if Bassini is attempting to jump on board with FV? Bassini constantly tells us he's ready to buy or finance the signing of players, I also believe this court case hopefully will be the end of Laurence.
Now this court case will then only leave one day to find a few players or bring in 5 players on loan. Who in their right mind would want to play for the club knowing the EFL are going to make an example of the club.
Were not out the woodwork yet.

[BWFC_Insane]

You really are hard work...
The EFL and Rubin's got sucked into the less than grandiose plan that FV had. Apart from Bassini, there were no other players. Once Rubin's realised just what a house of cards they'd approved as a plan going forward, which they had done by getting the agreement of the non-secured creditors, they had to watch as the so-called business plan unravelled. Forgetting the circularity that was almost criminal in its endeavour, it became apparent they (FV) needed the hotel, and they'd banked on no other fxcker being interested and had therefore not only pitched low, but had failed to have any contingency fees in place to buy the bleeding thing...
The rest is history, and due process grinding out it's very sorry arse...
Paul Appleton is just along for the ride on the plan he formulated...

What have "non-secured creditors" agreed to exactly?

The pence in the pound they will be getting.

What are you basing this "agreement" on? They don't get to agree or otherwise. They receive whatever settlement the administrator can achieve on their behalf.

They get to have a decisions meeting or in this case a vote on proposals - and if that is what you refer to...... the proposals voted on are detailed in paragraph 17 of the administrators report on companies house. It mentions nothing of any settlement merely states that administrators can continue to collect fees and do what they think is in the best interests of the creditor group. Earlier in the document there is a reference to "35p" in the pound as an indicative amount BUT with the huge caveat in front of it being "its too early to say". And regardless they aren't voting on that or any specific proposal at all.

The bit they ask for "approval on" is merely they continue the process and should they need to liquidation of the business.

The summary of the "decisions" approved is on CH too. And merely refers to continuation of administrator fees and acceptance of paragraph 17.

The 35p in the £ is not just an indicative amount, it is a pledge to try to achieve that. If the buyer turns out to give only 5p in the £ then the unsecured creditors can claim, with justification, in court they've been done over. If 5p in the £ is all that FV can muster, then questions would be asked, in court, as to why the liquidation path wasn't followed. Administrators have quite wide ranging powers. They are not however God. When the report stated 35p in the £, any major deviation from that will be in disregard to what the unsecured creditors have 'agreed to'. Administrators are duty bound to get the best outcome for all creditors - secured and unsecured. Selling us to FV with secured creditors getting full whack and the administrators still being paid £1.5 million and the unsecured creditors receiving significantly less than the 35p in the £ is not even close to being the best outcome for unsecured creditors.

They are duty bound to first try and save the business. Second secure the best deal creditors.

They outlined their proposal in broad terms and asked for and obtained specific acceptance for their overall proposal. Nothing to do with the specific sale of assets.

If the settlement ends up being lower as is often the case then good luck pursuing that. They won’t get very far. Unless they can prove a better result was deliberately ignored by admins - and that is hard to do.

[Lost Leopard Spot]

I'll reiterate my points.

Agree with LLS that FV have not actually got the proverbial pot, any takeover is more concerned about assets little to do with football after all spilling some of the beans in this respect would have done FV no harm at all but appeased the fans.
I do differ on the subject of past money, clearly there was money coming in from various sources but what seems on the face of it, is none or little of that was paying any bills or creditors.

The EFL will soon lose their patience with the club and that is the scenario none of us want. The fact we have been playing games will upset the league further down the line if we get taken over and put out a stronger team, those that have already beaten us will be accused of being in possession of 'tainted points'.

I think maybe, Hobes, you are referring to the dosh pocketed by Anderson. That was his 'wages', for running a business. And before you blow a gasket, ten percent of FTSE companies operate at a loss, with some paying their top boss more than the loss, and the top boss still gets a multimillion pound bonus, for running a company at a loss. A few years back there was a charity that ran at a loss (how the fxck can a charity make a loss?) with the boss being paid twice her salary to leave. It's called Capitalism, slightly better than Communism in the long run - but whichever system, the turds at the top make a killing.

[Lost Leopard Spot]

It makes me wonder if Bassini is attempting to jump on board with FV? Bassini constantly tells us he's ready to buy or finance the signing of players, I also believe this court case hopefully will be the end of Laurence.
Now this court case will then only leave one day to find a few players or bring in 5 players on loan. Who in their right mind would want to play for the club knowing the EFL are going to make an example of the club.
Were not out the woodwork yet.

Out of the woods. Crawl out of the woodwork is another idiom.
But yeah, basically we are not yet on the comeback trail, we haven't hit the road to recovery.

[Lost Leopard Spot]

https://twitter.com/KatiegBBC/status/11 ... 66592?s=20

Do you think she's still there?

[Joggers Nipple]

Do you think Insane will ever answer Spots question?

It’s better then Question Time this..

[Hoboh]

I'll reiterate my points.

Agree with LLS that FV have not actually got the proverbial pot, any takeover is more concerned about assets little to do with football after all spilling some of the beans in this respect would have done FV no harm at all but appeased the fans.
I do differ on the subject of past money, clearly there was money coming in from various sources but what seems on the face of it, is none or little of that was paying any bills or creditors.

The EFL will soon lose their patience with the club and that is the scenario none of us want. The fact we have been playing games will upset the league further down the line if we get taken over and put out a stronger team, those that have already beaten us will be accused of being in possession of 'tainted points'.

I think maybe, Hobes, you are referring to the dosh pocketed by Anderson. That was his 'wages', for running a business. And before you blow a gasket, ten percent of FTSE companies operate at a loss, with some paying their top boss more than the loss, and the top boss still gets a multimillion pound bonus, for running a company at a loss. A few years back there was a charity that ran at a loss (how the fxck can a charity make a loss?) with the boss being paid twice her salary to leave. It's called Capitalism, slightly better than Communism in the long run - but whichever system, the turds at the top make a killing.

No gasket blowing there Spots, just being a bit careful How I phrase things given I reckon there are certain people reading a lot of social media at the moment

[Athertonian]

Makes me wonder if FV have pulled out of the deal.
Now is the time to support this club more than any other time. Should the Ipswich game be on I beg those fans to get to the Stadium and show as much support as possible.

[Enoch]

I know exactly what the issue is that's holding up completion, with genuine first hand information but I'm not going to tell.

[Lost Leopard Spot]

I know exactly what the issue is that's holding up completion, with genuine first hand information but I'm not going to tell.

*Fume*

[TKIZ!]

I know exactly what the issue is that's holding up completion, with genuine first hand information but I'm not going to tell.

Is it circularity?

[Worthy4England]

Do you think Insane will ever answer Spots question?

It’s better then Question Time this..

No, but I'm sure Spots will mention it more than once

[officer_dibble]

I’d love to know what steps David Rubin and Partners actually took to engage with my respective buyers (other than setting a £25k to put everyone off viewing the books).

Also, in selling the club how have they engaged with the separate hotel sale?

Smelling of shit this lot. Coventry fans did warn us.

[LeverEnd]

Do you think Insane will ever answer Spots question?

It’s better then Question Time this..

No, but I'm sure Spots will mention it more than once

Paxman Howard moment coming up....

[Lost Leopard Spot]

I’d love to know what steps David Rubin and Partners actually took to engage with my respective buyers (other than setting a £25k to put everyone off viewing the books).

Also, in selling the club how have they engaged with the separate hotel sale?

Smelling of shit this lot. Coventry fans did warn us.

Indeed they did.

[Lost Leopard Spot]

Do you think Insane will ever answer Spots question?

It’s better then Question Time this..

No, but I'm sure Spots will mention it more than once

Paxman Howard moment coming up....

Not another word about it shall pass my lips...

[Lost Leopard Spot]

.and try answering the fxcking question as to what it is you claim to know about the mysterious legal shenanigans...

[Gary the Enfield]

Do you think Insane will ever answer Spots question?

It’s better then Question Time this..

No, but I'm sure Spots will mention it more than once

Paxman Howard moment coming up....

Not another word about it shall pass my lips...

As every communication you have is written here I believe you. However.......