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The Administration Thread


Boycie

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46 minutes ago, SaffyRam said:

To be fair, I work with two Florist fans and one was pleased for us, whilst the other was happy their rivals won’t disappear. So there’s at least two decent ones. 
They’re both deluded though and order the open top bus in August every year ?

Sounds about right. Most I speak to are football fans at the end of the day and they don’t wish us any serious harm. Maybe they didn’t really think it was possible we would be liquidated so it’s banter city, our situation is beyond banter though.

I think we’re justified to feel a bit sensitive this week.

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Trying to figure out how the £28m works as it might show what HMRC have accepted, if a deal has been done with them in principle?

 

20m to MSD, but that doesn't HAVE to be included in the sale to come out of Admin as the company that owns the stadium is not DCFC.

36m to unsecured creditors - so 9m with the 25% rule

Approx 12m to Football creditors, so 12m owed there with 100% rule

So 21m there.  7m left.

Does that mean with Taxman being owned about 27-29m, they're taking 25%, circa 7m?  Be amazed if so with them fighting for preferred status, but those maths add up to me?

What about the 5-7m needed to see the season out? 

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20 minutes ago, IslandExile said:

Why @RoyMac5?

Just wondering....

ALso, when I first heard the name, I was wondering if it was those that were mooted earlier who had the connection with Glasgow Rangers - it's not is it?

If it's the Binnies rather than Capital do dah then they've not that much money? Dunno they just 'sound' a bit like another SISU. As for the Rangers bit, that rings a bell, but dunno.

I suppose more I prefer Appleby and/or Ashley. #COYR

Edited by RoyMac5
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14 minutes ago, i-Ram said:

Thanks buddy, but c£20m of MSD debt is on the club, and covered by Mel and the stadium. That will make moving forward problematic, but not impossible. Mel and MSD aren’t in my opinion going to much like a “buy Club only” offer ?

My understanding is that the £20m is against the stadium, which is owned by Mel, not DCFC. DCFC are, at current, only tenants - this was the whole point of the sale, no? The Stadium company is not, to my knowledge, in administration.

MSD might not like it, but that's not DCFCs problem, that's Mel's.

This is the only way a £28m offer can work. 

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6 minutes ago, SBW said:

Trying to figure out how the £28m works as it might show what HMRC have accepted, if a deal has been done with them in principle?

 

20m to MSD, but that doesn't HAVE to be included in the sale to come out of Admin as the company that owns the stadium is not DCFC.

36m to unsecured creditors - so 9m with the 25% rule

Approx 12m to Football creditors, so 12m owed there with 100% rule

So 21m there.  7m left.

Does that mean with Taxman being owned about 27-29m, they're taking 25%, circa 7m?  Be amazed if so with them fighting for preferred status, but those maths add up to me?

What about the 5-7m needed to see the season out? 

The running costs don’t have have to come from the purchase price - that’s funding on top of purchase.

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8 minutes ago, davenportram said:

The running costs don’t have have to come from the purchase price - that’s funding on top of purchase.

Yeah, sorry that's kinda what I meant.  So they've got to pay 28m (if the maths was right and HMRC are taking 25%) and then between 5-7m on top - or well at least prove it.  

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17 minutes ago, SBW said:

Trying to figure out how the £28m works as it might show what HMRC have accepted, if a deal has been done with them in principle?

 

20m to MSD, but that doesn't HAVE to be included in the sale to come out of Admin as the company that owns the stadium is not DCFC.

36m to unsecured creditors - so 9m with the 25% rule

Approx 12m to Football creditors, so 12m owed there with 100% rule

So 21m there.  7m left.

Does that mean with Taxman being owned about 27-29m, they're taking 25%, circa 7m?  Be amazed if so with them fighting for preferred status, but those maths add up to me?

What about the 5-7m needed to see the season out? 

I wouldn't worry about it, it's a meaningless headline number. We just need a deal that can get over the line and, hopefully, lead to a brighter future.

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