The Administration Thread

[i-Ram]

40 minutes ago, Nuwtfly said:

Wow 

 

 

[TooFarInToTurnRed]

1 minute ago, Maharan said:

One interesting point from the administration update which seems to have been overtaken by the shitstorm of updates;

‘The uncertainty around the possibility of further sanctions from the EFL in the event the chosen bid does not deliver the financial compensation to pass the EFL rules around payment to both football creditors and other creditors.’ 
 

I wonder if that’s a general statement because none of the bids meet the minimum thresholds to comply with EFL rules?

Think that means if we have to treat Boro and Wycombe as football creditors we will need to dilute all the creditors down including football ones

[Gee SCREAMER !!]

2 minutes ago, Maharan said:

One interesting point from the administration update which seems to have been overtaken by the shitstorm of updates;

‘The uncertainty around the possibility of further sanctions from the EFL in the event the chosen bid does not deliver the financial compensation to pass the EFL rules around payment to both football creditors and other creditors.’ 
 

I wonder if that’s a general statement because none of the bids meet the minimum thresholds to comply with EFL rules?

I would interpret that more to do with.  This is the offer, if you give these twits any, we can't cover football creditors or other creditors as agreed at the moment and thats your fault. 

[Plusi_Ram]

Can't believe Boro fans are actually lapping up that word soup.

[Animal is a Ram]

What I'm struggling to reconcile is - surely, until arbitration/courts discuss the merits and rule that we owe MFC/WWFC, how can they be classed as creditors?

Anyone help me on this?

[Ramos]

It’s clear what Gibson wants to happen based on q1 of that letter. 
 

Mel to basically put the stadium back in the clubs hands - pay MSD the 20M and then money from a bidder which would have bought the stadium will settle for Gibson. Sound about right? Or am I way off? 

[DCFC27]

1 minute ago, Ramarena said:

They won’t be able comment on the status of the stadium to Gibson, nor should they!

Personally I feel they should answer each and every point. I have had a feeling that MM is still pulling the strings ever since we entered admin. 
 

Answer the question Admins. 
 

Fans more that Gibson welcome the transparency of the situation. 

let’s step back a moment, is it possible that it’s not their spurious claims that are holding the process up, or is it the main villain MM wanting too much for the stadium. 

[JuanFloEvraTheCocu'sNesta]

At this point I think I'd genuinely rather see us liquidated than give Gibson and Coughig a penny. Might not be a popular approach, but if it brings about the demise of the EFL and precipitates a massive bubble bursting from underneath them then good. Let it all burn.

[duncanjwitham]

8 minutes ago, DCFC27 said:

Gibson’s statement is interesting… especially as it’s so openly calling out the admin… Gibson has said previously that he believes there are “People” still involved at Derby that he wants gone due to his belief we cheated.
I think his point here is he still thinks Mel is pulling the strings, and he wants Mel out of the picture completely before he drops his vendetta. 
IMO - It’s reported that Mel Morris wants 20million for the stadium. Why aren’t we making more of a fuss about this, I’d be quite happy to give Gibson £20m if it meant Mel got none. 
My view on this is now Gibson might not necessarily want money out of this, more that he’s using this as leverage to get MM out of the picture completely. 

 

I’m not supporting him but I do want the admin to respond to this. 

If you believe what Alan Nixon was saying this morning, and what I’ve long suspected anyway, the £20m for the stadium clears the MSD loan against it. We’re not just paying Mel the money for his own gain.

[Norman]

My conclusion for what its worth. 

Steve Gibson still hates MM. 

Steve Gibson has been given so much perceived power by the EFL not telling him to pipe down through fear of being sued that he thinks he has the right to get answers to those questions. 

The administrators have no choice but to be ballsy and take this down to the wire. 

The statement form Middlesbrough is about as unprofessional as I've ever seen, especially since they have tried to write it professionally. It makes me despair we have to deal with someone who has the ego to put that out in the public and think it looks good.

Its been 3 days since MPs, media and all of our fans found out just how incompetent the EFL are, confirming many of our suspicions. We have 11 more days. That's plenty of time for many more twists and turns. 

We just need to realise, that for us to come out of this, the administrators will take us all the way to the deadline. 

Edited January 20, 2022 by Norman

[nottingram]

5 minutes ago, Maharan said:

Cos the administration team have been working this message for days? 

And he is insinuating that MSD and HMRC are not sorted? How would he know?

[TooFarInToTurnRed]

Just now, Animal is a Ram said:

What I'm struggling to reconcile is - surely, until arbitration/courts discuss the merits and rule that we owe MFC/WWFC, how can they be classed as creditors?

Anyone help me on this?

The problem as I see it is that they COULD become creditors somewhere down the line after the administration process and the club would be in a whole load of debt again.

[DJFern94]

I've seen a few comment about the payment to HMRC being the real reason we can't announce a PB, now this is only speculation but dare I say all bidders are perfectly happy to buy with club with paying the HMRC bill but you can't really say for certain if you are up for buying with an undisclosed payment to two other clubs. 

Would be like buying a car, knowing you have to pay the road tax, that isn't a problem but the salesmen has told you it may need a new engine soon, which could cost the same as the car itself. You would probably want that issue to be resolved before you put any cash down.

[SBW]

1 minute ago, Animal is a Ram said:

What I'm struggling to reconcile is - surely, until arbitration/courts discuss the merits and rule that we owe MFC/WWFC, how can they be classed as creditors?

Anyone help me on this?

I'd have to open it back up to be sure, but didn't an EFL statement say they aren't currently creditors, but they may well be, but ultimately the process to decide whether they even get anything needs to be followed first.  However, if the Admin do a deal with them, then they WOULD be football creditors.   It seems like it depends on what options is chosen and the outcome of it.  

[Curtains]

I’ve read all 3 statements.

I’m not sure what i can say anymore other than it’s deadlocked.

I’m hoping  the 3QCs will advise the administrators what to do  

I think it’s right that the Administrators are being careful what they say until their next move before Feb 1st .

We are all struggling as Derby fans to cope but I really don’t think the EFL care enough about Derby County or their fans etc 

 

[Mihangel]

I suspect that right now Steve Gibson is feeling just like I do the morning after I've replied to some work emails on the train home from some post work beers......

[Dean (hick) Saunders]

1 minute ago, TooFarInToTurnRed said:

Think that means if we have to treat Boro and Wycombe as football creditors we will need to dilute all the creditors down including football ones

Except we do not yet know how much the Vampire claims are and hence the hair cut the other creditors would have..

[RadioactiveWaste]

2 minutes ago, Maharan said:

One interesting point from the administration update which seems to have been overtaken by the shitstorm of updates;

‘The uncertainty around the possibility of further sanctions from the EFL in the event the chosen bid does not deliver the financial compensation to pass the EFL rules around payment to both football creditors and other creditors.’ 
 

I wonder if that’s a general statement because none of the bids meet the minimum thresholds to comply with EFL rules?

Yes, I thought that, along with the talk earlier in the week of restructuring (the cross-class-cram-down) it's a very real possibility that none of the bids meet all the obligations for an EFL approved CVA exit from administration.

It might be AA and Ashley bids meet absolutely minimum for a CVA with their proposals to MSD and HMRC, but 100% will not entertain ww&boro payoffs.

 

[Maharan]

1 minute ago, nottingram said:

And he is insinuating that MSD and HMRC are not sorted? How would he know?

I have no idea. 

[SBW]

3 minutes ago, Ramos said:

It’s clear what Gibson wants to happen based on q1 of that letter. 
 

Mel to basically put the stadium back in the clubs hands - pay MSD the 20M and then money from a bidder which would have bought the stadium will settle for Gibson. Sound about right? Or am I way off? 

It does read very anti-MM.

Makes you wonder how much what Kirchner said was actually accurate.  Does Mel still have his dirty little fingers in the pie?