The Administration Thread

[Maharan]

Just now, RadioactiveWaste said:

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.

 

Yeah, I kind of feel like that. Restructuring might be the only way forward 

[Yani P]

The EFL statement still reflects their stubborn insistence that it isn't their problem..gobsmacked..

Also read between the lines they are saying if Derby go bust so be it..they look out for all 72..also the comment about the Boro claim..even in that December podcast Parry admitted they deflected the target of Boro from themselves to Derby?

[R@M]

7 minutes 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?

Legally they can’t. That’s the problem. 

[TooFarInToTurnRed]

1 minute ago, Norman said:

My conclusion for why 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. 

Could not agree more the later they leave it with more and more pressure being applied then the deal the club/new owner gets is better.

My belief is that there will be nominal settlements with Boro and Wycombe agreed at the 11th hour.

[TuffLuff]

Can’t believe we are being liquidated for finishing 6th

 

6th!

[Hanny]

8 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?

Interesting take.

I suppose I read that statement as reference to the two claims. As EFL is (rightly) stating any one can bid/buy Derby right now. Of course that means accepting the two claims (which are not clear what they are). That would be bad business to buy without clarity. Which is Where I believe the stalemate stems from. It's like walking up to a house for sale, and having the sellers say: I'm not stopping you from buying our house...but you can't go inside and look at it, you cant inspect it/etc. Just finish the paperwork/pay us, and we will hand you the keys...nobody is buying that house. ?‍♂️

[SBW]

Just now, Yani P said:

The EFL statement still reflects their stubborn insistence that it isn't their problem..gobsmacked..

Also read between the lines they are saying if Derby go bust so be it..they look out for all 72..also the comment about the Boro claim..even in that December podcast Parry admitted they deflected the target of Boro from themselves to Derby?

The EFL are like the courts.

They have a process, it follows a, b and c.. etc.  There is no scope for subjectivity when they've decided that there is a process and this is how it goes.  Doesn't make it morally right, but they're not going to budge.  

[Gee SCREAMER !!]

7 minutes ago, Plusi_Ram said:

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

 

[DCFC27]

7 minutes ago, duncanjwitham said:

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.

He took the loan, and personally guaranteed it. 
We as fans didn’t want him to sell the stadium, that has never sat right with any Derby fan. 

This is clearly the main stumbling block to exiting admin, whilst other creditors are maybe getting 25p on the pound, MM is not taking the hit. 

He took out the loan to carry on cheating the EFL, continue funding for players well beyond our means and ultimately decided he didn’t want to fund us any more. 
 

Fine, but take a hit Mel, even if he dropped to £15m at least either the admin could pay off Boro and Wycombe or the new owners may take on the legal battle. 
 

The stadium in my view is the key to deal, and MM/Admin are leading us a merry dance in blaming Boro and Wycombe 

 

Edited January 20, 2022 by DCFC27

[RadioactiveWaste]

3 minutes ago, Maharan said:

I have no idea. 

And given its highly confidential between the administrators and hmcr/MSD...why would we?

Are Couhig and Gibson less sure of themselves without a pliant EFL telling them things.......?

Do they just want to know what everyone else is getting so they can demand the same?

 

[Duracell]

I think this is about as bleak as it can get, because everyone has now dug their heels in. It's a stalemate. And that is the last thing you need with the clock ticking...

[Ghost of Clough]

8 minutes ago, DCFC27 said:

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. 

If the stadium fee was an issue, the PB could opt out of buying it and continue paying the £1.1m annual rent

[Maharan]

1 minute ago, Hanny said:

Interesting take.

I suppose I read that statement as reference to the two claims. As EFL is (rightly) stating any one can bid/buy Derby right now. Of course that means accepting the two claims (which are not clear what they are). That would be bad business to buy without clarity. Which is Where I believe the stalemate stems from. It's like walking up to a house for sale, and having the sellers say: I'm not stopping you from buying our house...but you can't go inside and look at it, you cant inspect it/etc. Just finish the paperwork/pay us, and we will hand you the keys...nobody is buying that house. ?‍♂️

Yeah, I get what you’re saying, but to me it reads like coming out of admin might have to be via a restructuring rather than a CVA. That might incur another points deduction 

[Barney1991]

Everyone needs to wake up to the fact you can blame middlesborough Wycombe efl as much as you want. Mel Morris is 70 percent to blame for this mess. Kitchener deal fell apart because Morris refused to sell for less than he wanted. He’s getting ripped to shreds in statements and won’t show face to save the club from the mess he caused. Everyone is to fixed on efl and orher clubs and he’s setting off in the sunset Scott clear.

[DCFC27]

Would you go into business with MM? 

Just now, Ghost of Clough said:

If the stadium fee was an issue, the PB could opt out of buying it and continue paying the £1.1m annual rent

 

[Steve How Hard?]

18 minutes ago, nottingram said:

How would he know whether the Boro and Wycombe claims are the final stumbling block if he has not spoken to the administrators since November?

The EFL told him when they were in bed together. 

[Jase116]

Before all this kicked off, I had been told by someone that works in the game, that MM and Gibson had a massive slanging match in an efl meeting with all other clubs representives there, and that they both threatened to sue each ,apparently no one had seen anything like it before. obviously Gibson and Morris have never let this grudge go, hence I’m afraid the way it seems we will have no DCFC left to support.

Edited January 20, 2022 by Jase116

[SBW]

Nixon saying that the reason Kirchner pulled out is cos he wanted to pay less for the stadium and Morris kiboshed it.  it's at the point it does really feel like he's still got his dirty mitts all over what is happening right now.  

 

Edited January 20, 2022 by SBW

[jono]

51 minutes ago, jono said:

This is the bit that is totally hilarious.
It is precisely circumstances like this when a governing body should be able make a determination. It’s their job.

Do it wrongly, mind you, and their whole edifice collapses. 
what an enormously verbose backside covering pile of drivel that is. ? 

The more I think about this, the worse it gets. It is a leader or governing body’s sole purpose. To make those unilateral decisions. It’s called leadership or if you like, Governance. 
By “destabilise the competition” they mean “ooops we are up poo street if we decide anything.” 

 

[OUFCfan]

Neutral fan in peace here!

This whole mess (which I am sorry you are all suffering btw) seems to be getting very mixed up with all the information and misinformation flying around.

I seem to have read the Gibson letter differently than most here thought (possibly less emotionally?) in that to me all it was saying is that this is a complex issue and not just a simple WW/MFC are to blame, lets get together to discuss it - and from his point of view likely agree a settlement I guess.

 

Genuinely don't understand where the deadline has come from either, seems to be entirely arbitrary to me, but again as external I don't know the complexities of it. Seems to be a lot of incompetent people from EFL to administrators involved though