Alan Nixon Breaks Silence on American Billionaire Bid

[RoyMac5]

1 hour ago, I know nuffin said:

If they have made the progress they claim and there is a viable bid then there is a preferred bidder. If they have not made the progress they claim or there is not a viable bid then there is not. So either the administrators are telling porkies or there is not a bid, it's as simple as that with the pressure from Rooney for example to get the job done

How easy is the job they've taken on then? I'm surprised bidders haven't agreed to spend (sorry throw away) lots of money at a club currently close to liquidation. What would there be to come to agreement over!

[Mihangel]

6 minutes ago, RoyMac5 said:

How easy is the job they've taken on then? I'm surprised bidders haven't agreed to spend (sorry throw away) lots of money at a club currently close to liquidation. What would there be to come to agreement over!

They're obviously spending too much time drip feeding information to a pair of partially literate nut jobs on here to get the job done post haste.....

[Barrytheanon]

12 hours ago, sage said:

Who do you support Barry?

Derby 

[Barrytheanon]

The admin was panicking at the stage of Kirchner pulling out. This has become a 2 horse race allegedly with one of the parties allegedly offering a lot more money - so why the wait in preferred bidder status? The admins were happy to let kirchners bid remain on the table while Appleby finds the investors for his proposal.

[Barrytheanon]

12 hours ago, sage said:

He is a Forest Troll. Ignore him. 

I’m really not I’m also not the same Barry from Twitter but no worries mate 

[I know nuffin]

4 minutes ago, Barrytheanon said:

The admin was panicking at the stage of Kirchner pulling out. This has become a 2 horse race allegedly with one of the parties allegedly offering a lot more money - so why the wait in preferred bidder status? The admins were happy to let kirchners bid remain on the table while Appleby finds the investors for his proposal.

Did hear that Appleby was short

[i-Ram]

16 hours ago, kevinhectoring said:

Yes not clear what Nixon is saying but one thought:

A decision has to be made about how much sale proceeds is allocated to the club and how much to the stadium  MM may have reasons to want more allocated to the stadium, eg because he doesn’t want an insolvent liquidation of 202. He approved the purchase at 80m and with the benefit of hindsight it was an inflated value. A liquidator could go for him if 202 is left insolvent. CK’s structure may have been different

The other reason he might want more going to 202 is if he’s given PGs on that side of the structure. As mentioned in a recent post, I think that’s unlikely but who knows ??

your assumption is I think that some of the stadium proceeds go to MM     Impossible to say without seeing the 202 balance sheet but seems unlikely given the initial purchase price of the stadium   one question is whether 202 was to any extent debt funded by MM directly (eg when Gabay was refinanced) 

Oh Kevin, you are such a tease dragging me back in.

The principal point I was making was duck off Morris wanting £20m. He has had his go, he tried his best, he had some bad luck, but at the end of the day through his total mismanagement and largesse he has left the Club with the very real prospect of Tier 8 football. To want to still take some money from the administration process (as Nixon suggests) in my view is completely out of order. Suck it up Mel. I am pretty sure you remain the wealthiest individual viewing this forum.

To keep the Club going, i.e. to avoid liquidation, the Administrators have to get a deal that keeps HMRC happy (perhaps 50%), sees MSD and football creditors fully repaid, covers 25% of unsecured creditor claims, and also keeps the EFL happy in respect of business planning for the next 2 years under profit and sustainability rules. Oh, and to cover Quantuma’s admin. fees. That I imagine requires a new owner to stump up something in the order of £50m*, with a commitment to cover future running costs, but still having to lease a stadium!   Morris is apparently asking for £20m to make the stadium part of the deal. *l haven’t gone back to the creditors list in truth to do do the maths so £50m is a broad guess on my part.

Morris is in my view still risking the Club’s very future. He would appear (based on Nixon’s comments) to be making a potential owner pay an extra £20m to buy the Club and to obtain the stadium freehold, as frankly I can’t imagine anyone wanting to pay £50m at the moment for a football squad and two leasehold interests (stadium and training ground), when the club most likely will be in League 1 next season. Having the freehold to the stadium makes the deal more attractive obviously, but the extra £20m might be the straw that breaks the camel’s back.

At the moment there does appear some hope that someone might just pay what is required, but I would imagine negotiations are now at a crucial point. The Administrators are under pressure to confirm a preferred bidder who can keep everybody happy, and therefore to avoid a potential fire sale of player assets this month.  There must be an element of brinksmanship from Morris here. He is already seen by many as a Bamford, god knows how he will be seen if he then is seen to stymie any takeover deal to get his hands on £20m - particularly for something that was a Club asset when he bought the Club.

(Just as a by the way, I think If the Club does go into liquidation, because no one might want to pay the figures indicated above, then MSD will then enforce its third party security by appointing a receiver under the fixed charge given by Gellaw, and take possession of the Stadium. How much it will be worth at that point is beyond me, as I cant think the Club (by which I mean any future owner of Derby Newco) will need use of a 33k seater for a good few years. Obviously any sale of the stadium will only go to repay MSD’s debt, not any of the Club’s other creditors. Any surplus I would think would go back to Gellaw under modern day equity of redemption practice.)

 

 

 

[I know nuffin]

1 hour ago, Tamworthram said:

Or, things are quite as black and white as you suggest and they have made, what they consider to be good progress, but still not quite enough to announce a preferred bidder.

”Good progress” is subjective.

So is imminent

[Tamworthram]

6 minutes ago, I know nuffin said:

So is imminent

And your point being?

I, amongst others, suggested the use of the word imminent was perhaps careless but I didn’t accuse the administrators of lying.

Edited January 3, 2022 by Tamworthram

[EraniosSocks]

13 minutes ago, I know nuffin said:

Did hear that Appleby was short

[PistoldPete]

9 minutes ago, i-Ram said:

Oh Kevin, you are such a tease dragging me back in.

The principal point I was making was duck off Morris wanting £20m. He has had his go, he tried his best, he had some bad luck, but at the end of the day through his total mismanagement and largesse he has left the Club with the very real prospect of Tier 8 football. To want to still take some money from the administration process (as Nixon suggests) in my view is completely out of order. Suck it up Mel. I am pretty sure you remain the wealthiest individual viewing this forum.

To keep the Club going, i.e. to avoid liquidation, the Administrators have to get a deal that keeps HMRC happy (perhaps 50%), sees MSD and football creditors fully repaid, covers 25% of unsecured creditor claims, and also keeps the EFL happy in respect of business planning for the next 2 years under profit and sustainability rules. Oh, and to cover Quantuma’s admin. fees. That I imagine requires a new owner to stump up something in the order of £50m*, with a commitment to cover future running costs, but still having to lease a stadium!   Morris is apparently asking for £20m to make the stadium part of the deal. *l haven’t gone back to the creditors list in truth to do do the maths so £50m is a broad guess on my part.

Morris is in my view still risking the Club’s very future. He would appear (based on Nixon’s comments) to be making a potential owner pay an extra £20m to buy the Club and to obtain the stadium freehold, as frankly I can’t imagine anyone wanting to pay £50m at the moment for a football squad and two leasehold interests (stadium and training ground), when the club most likely will be in League 1 next season. Having the freehold to the stadium makes the deal more attractive obviously, but the extra £20m might be the straw that breaks the camel’s back.

At the moment there does appear some hope that someone might just pay what is required, but I would imagine negotiations are now at a crucial point. The Administrators are under pressure to confirm a preferred bidder who can keep everybody happy, and therefore to avoid a potential fire sale of player assets this month.  There must be an element of brinksmanship from Morris here. He is already seen by many as a Bamford, god knows how he will be seen if he then is seen to stymie any takeover deal to get his hands on £20m - particularly for something that was a Club asset when he bought the Club.

(Just as a by the way, I think If the Club does go into liquidation, because no one might want to pay the figures indicated above, then MSD will then enforce its third party security by appointing a receiver under the fixed charge given by Gellaw, and take possession of the Stadium. How much it will be worth at that point is beyond me, as I cant think the Club (by which I mean any future owner of Derby Newco) will need use of a 33k seater for a good few years. Obviously any sale of the stadium will only go to repay MSD’s debt, not any of the Club’s other creditors. Any surplus I would think would go back to Gellaw under modern day equity of redemption practice.)

 

 

 

Well you continue to see things with "Everything is Mel Morris fault" spectacles. If you take those special spectacles off you will see a lot more clearly.

1) Nixon's claim is .. well Nixon for a start.Also contradicted by Kirchner himself who says that MM has lost control of PPS.
2) Even taking Nixon's claim at face value the stadium is being offered at £20 million which is quite some discount to the independently assessed value of £81 million from 3 years ago.
3) There are legal charges against PPS charged  against The Rams in admin (for the long lease) and against Gellaw (the freehold). So whoever buys either may have to discharge the amounts due to MSD under these loan agreements, or take on the debt themselves. Either way the amounts due to MSD will add to the cost of buying the Rams or PPS or both.
4) Even so Qunatuma has said all the credible buyers including Kirchner wanted to buy PPS as well as the Rams. 
5) But  it may well be that MM whether by accident or design is now offering PPS to the buyers at no gain to himself, effectively offering his interest in it (if it still exists) for free. 
6) Quantuma has said Kirchner's bid was too low, and he has been out bid. Agreement in principle has been reached with MM and with MSD. So neither of them are holding things up. And who says any buyer has to buy PPS anyway?
7) Agreement has not been reached (last time we had update from Quantuma) with Gibson or Couhig..  and Nixon appears to confirm that is still the case.  Can I suggest you direct your bile at these two parasites? 

 

[Oldben]

American financiers MSD are due £20m but that will be repaid by Morris out of the sale of the stadium to a new buyer.

Could any new owner transfer this debt to themselves, because would that mean they would own a significant portion of the stadium and hold mm accountable.

I know its possible to buy debt and then, its possible to take legal action action to recover that debt.

[i-Ram]

24 minutes ago, PistoldPete said:

Well you continue to see things with "Everything is Mel Morris fault" spectacles. If you take those special spectacles off you will see a lot more clearly.

1) Nixon's claim is .. well Nixon for a start.Also contradicted by Kirchner himself who says that MM has lost control of PPS.
2) Even taking Nixon's claim at face value the stadium is being offered at £20 million which is quite some discount to the independently assessed value of £81 million from 3 years ago.
3) There are legal charges against PPS charged  against The Rams in admin (for the long lease) and against Gellaw (the freehold). So whoever buys either may have to discharge the amounts due to MSD under these loan agreements, or take on the debt themselves. Either way the amounts due to MSD will add to the cost of buying the Rams or PPS or both.
4) Even so Qunatuma has said all the credible buyers including Kirchner wanted to buy PPS as well as the Rams. 
5) But  it may well be that MM whether by accident or design is now offering PPS to the buyers at no gain to himself, effectively offering his interest in it (if it still exists) for free. 
6) Quantuma has said Kirchner's bid was too low, and he has been out bid. Agreement in principle has been reached with MM and with MSD. So neither of them are holding things up. And who says any buyer has to buy PPS anyway?
7) Agreement has not been reached (last time we had update from Quantuma) with Gibson or Couhig..  and Nixon appears to confirm that is still the case.  Can I suggest you direct your bile at these two parasites? 

I will not revert on many factual inaccuracies in the post above, as to be frank I really can’t be arsed to correspond with someone who actually thinks Morris was doing creditors a favour by putting the Club into Administration.  You have your opinion. I am entitled to mine thank you, in whatever spectacles I chose to wear.

 

[Gritstone Ram]

Having read through the pages on this my conclusion is everyone has an opinion but no one really knows what is going on. So far Nixon hasn’t been far off what has happened.

[Oldben]

Taking the view that mm doesn't fully own pps because the 30 million loan is against the stadium, as what else with value could mm have placed for collateral.

If that's the case, what % of the club does Msd own.

If any new buyer pays off the msd loan that would mean they own % of pps.

If the msd loan is say 51% of pps, then the new owner owns pps.

Now assuming that's the case what monies could mm expect to sell a proportion of the club for since the new owner would own the majority of the club.

Speculative yes, but what if that's true.

Mm valued his own stadium at 81 million to the best of my knowledge, that's not what the grounds worth, who would pay 81 million for pps.

[PistoldPete]

42 minutes ago, i-Ram said:

I will not revert on many factual inaccuracies in the post above, as to be frank I really can’t be arsed to correspond with someone who actually thinks Morris was doing creditors a favour by putting the Club into Administration.  You have your opinion. I am entitled to mine thank you, in whatever spectacles I chose to wear.

 

"Many " factual inaccuracies? I think you will find  there are no factual inaccuracies at all.

[PistoldPete]

8 minutes ago, Oldben said:

Taking the view that mm doesn't fully own pps because the 30 million loan is against the stadium, as what else with value could mm have placed for collateral.

If that's the case, what % of the club does Msd own.

If any new buyer pays off the msd loan that would mean they own % of pps.

If the msd loan is say 51% of pps, then the new owner owns pps.

Now assuming that's the case what monies could mm expect to sell a proportion of the club for since the new owner would own the majority of the club.

Speculative yes, but what if that's true.

Mm valued his own stadium at 81 million to the best of my knowledge, that's not what the grounds worth, who would pay 81 million for pps.

Read my post above. I think you may have completely misinterpreted how this works.  But bottom line is that MSD are calling the shots, they are the only secured creditor.

Morris didnt value his own stadium it was valued by an independent valuer.

Even so after COVID and with a distressed tenant I agree it would not be worth £81 million now. It would be worth a lot more than £20 milion even without Derby as a tenant, and even without any significant redevelopment. You could use all the units for a start, the shops , the cafes and function rooms. Plus refit the concourse. Even without the 33k seating inside and the actual stadium itself it would be worth over multiple millions , including the associated land.

Edited January 3, 2022 by PistoldPete

[I am Ram]

For all the people, who have not caught up with this thread - 222 pages in, this is where we are -Mel is still a ###t, Kirching pulled out, Appleby is rumoured to be fronting a consortium, Curly sue and Wycombe are still trying to liquidate us. Nothing is imminent and sod all will happen in the next 48hrs. 

[RoyMac5]

51 minutes ago, Gritstone Ram said:

Having read through the pages on this my conclusion is everyone has an opinion but no one really knows what is going on. So far Nixon hasn’t been far off what has happened.

I do, Morris put the Club into administration and there's a possibility we'll see DCFC liquidated.

What more there is is just froo froo and Morris poo.

[Jimbo Ram]

??????? So no news then ?????????