The Administration Thread

[strawhillram]

1 hour ago, YouRams said:

It was reported a few weeks ago im sure that the EFL were making contingency plans for us to be in League 2 cant remember where i read it though.

Omit the word contingency and you may be correct

[PistoldPete]

50 minutes ago, RoyMac5 said:

Think the top line is "the administrators (something) that the uncertainty on the legal claim..."

Don't know if there's a line above that probably not.

The paragraph that made me so angry was this one:

“There was also agreement that the administrator is not yet in a position to name a ‘preferred bidder.’ It is the view of the EFL that until they are able to commence discussions with a specific identified preferred bidder it will be difficult to address the issues that remain that prevent exit from administration.”

How very dare the ducking EFL appear to accuse the Administrator of delaying naming a PB by just blithely suggesting the two claims aren't much really!!!

Exactly. Efl still spinning it , like Parry did last week on sky , that they are waiting for admin to announce a Pb. 
 

I think the missing line from the minutes sets out the admin position. Which is they were ready to announce a Pb once Efl acknowledge that Boro and Wycombe are not football creditors.

pure disingenuous spin from the efl. Actually that’s being polite.

 

and what makes it worse is that there would be no Boro or Wycombe claims at all if the Efl had done their job properly. Which both parry (in athletic interview ) and Gibson ( in his claim against the Efl) themselves have said Efl didn’t do their job properly. 
 

so not surprising that Efl now trying to pretend that Boro and Wycombe claims are not the dealbreakers.

Edited January 29, 2022 by PistoldPete

[falconram]

EFL have bottled the  decision and are letting someone else make it, if it goes against us they will say it wasn't our fault DCDC we're liquidated by an independent panel decision.

This week could be the beginning of the end or a new beginning. 

After reading Toby Perkins article I'm fearing the worst but hoping for the best. 

Had a ST since 1986 can't get tomorrow with fixture being changed hope the TV coverage will show what it means to all but I don't think the EFL give a ****.. 

This team can do the impossible should we survive. Enjoy the day I will be watching or listening whenever I can. 

COYR

 

[alexxxxx]

Just now, PistoldPete said:

Exactly. Efl still spinning it , like Parry did last week on sky , that they are waiting for admin to announce a Pb. 
 

I think the missing line from the minutes sets out the admin position. Which is they were ready to announce a Pb once Efl acknowledge that Boro and Wycombe are not football creditors.

pure disingenuous spin from the efl. Actually that’s being polite.

Its always been like from the efl. People seem to think Derby never submitted accounts to the efl. I find this quite unlikely, I find it more likely that we never sent in accounts that the efl find acceptable.

[B4ev6is]

20 minutes ago, BuckoBeast said:

Does it matter who and how many people want to buy us? The Boro and Wycombe issue etc are preventing a preferred bidder being identified. The funds for us fulfilling the season will eventually run out and we’ll be liquidation. The MP update is awfully bleak and there is no way out. We are at the end, the debts we are in are the worse seen 

Things are not over yet

And besides I think we shall be saved and of course it matter every single penny counts difference having a team to support hell yes it matters.

[Yani P]

Back to back defeats for Wycombe Parasites

 

Karma..

 

[G STAR RAM]

Said it before and I will say it again, there is nothing stopping the administrators naming the preferred bidder. These minutes seem to confirm that they don't have one. 

It may be that they have to remove the clause for a £5m non refundable deposit first.

[OoooMarkWright]

9 minutes ago, G STAR RAM said:

Said it before and I will say it again, there is nothing stopping the administrators naming the preferred bidder. These minutes seem to confirm that they don't have one. 

It may be that they have to remove the clause for a £5m non refundable deposit first.

Correct. But the bidders are biding their time to see what the result of the Boro/Wycombe claims are. Understandably they don’t want to commit as they may have to pay millions more if these stupid claims become football creditors. I’m yet to be convinced we’ve had any bids apart from the Binnies.

[G STAR RAM]

3 minutes ago, enachops said:

Correct. But the bidders are biding their time to see what the result of the Boro/Wycombe claims are. Understandably they don’t want to commit as they may have to pay millions more if these stupid claims become football creditors. I’m yet to be convinced we’ve had any bids apart from the Binnies.

In which case they are not bidders.

Time for the administrators to put SOME cards on the table, have we had any bids based upon their exit plan or not?

If so, they should go ahead and name them. These are our preffered bidders based upon our exit plan. We have taken legal advice and Boro or WW are not considered to be creditors as part of our plan. If they are to be considered as creditors show us your evidence. Put the ball firmly back in the EFLs court.

[RadioactiveWaste]

2 minutes ago, enachops said:

Correct. But the bidders are biding their time to see what the result of the Boro/Wycombe claims are. Understandably they don’t want to commit as they may have to pay millions more if these stupid claims become football creditors. I’m yet to be convinced we’ve had any bids apart from the Binnies.

It's this.

Once things are clarified, bidders can say yup here's my offer or nope I withdraw my bid.

There's nothing actually stopping a bidder buying us out of administration right now if creditors agree, however, not knowing what the EFL would do to us or how much extra they might have to pay boro or wycombe are understandable reasons for cold feet.

[Rambalin]

15 minutes ago, G STAR RAM said:

Said it before and I will say it again, there is nothing stopping the administrators naming the preferred bidder. These minutes seem to confirm that they don't have one. 

It may be that they have to remove the clause for a £5m non refundable deposit first.

Has BAWT said last night all the current or perspective bids come with various conditions attached regarding decisions being made by EFL the main one in all is the wycombe/boro situation. 

[DavesaRam]

1 hour ago, RoyMac5 said:

Think the top line is "the administrators (something) that the uncertainty on the legal claim..."

Don't know if there's a line above that probably not.

The paragraph that made me so angry was this one:

“There was also agreement that the administrator is not yet in a position to name a ‘preferred bidder.’ It is the view of the EFL that until they are able to commence discussions with a specific identified preferred bidder it will be difficult to address the issues that remain that prevent exit from administration.”

How very dare the ducking EFL appear to accuse the Administrator of delaying naming a PB by just blithely suggesting the two claims aren't much really!!!

Perhaps the main reason the administrators aren't in a position to name the PB is because the EFL won't let us. Remember 2 weeks ago we were bearing in on goal with the name of the PB in our hand when we suddenly found that the EFL had moved to goalposts. Does that statement mean the EFL are doing a Boris?

[RadioactiveWaste]

Just now, G STAR RAM said:

In which case they are not bidders.

Time for the administrators to put SOME cards on the table, have we had any bids based upon their exit plan or not?

If so, they should go ahead and name them. These are our preffered bidders based upon our exit plan. We have taken legal advice and Boro or WW are not considered to be creditors as part of our plan. If they are to be considered as creditors show us your evidence. Put the ball firmly back in the EFLs court.

My guess is they are bidders in so far as they have placed bids with the administrators, BUT, all of the bids have conditions on them which are not yet met by what the administrators have agreed.

I think there's a fair bit of game playing going on both in terms of what's said publiclly and in terms of just what everyone has said they've agreed to.

 

[G STAR RAM]

15 minutes ago, Rambalin said:

Has BAWT said last night all the current or perspective bids come with various conditions attached regarding decisions being made by EFL the main one in all is the wycombe/boro situation. 

Thank you, had not read that.

In which case the administrators need to weigh up the bids and decide which offers the best deal for the creditors, that is their job.

Edited January 29, 2022 by G STAR RAM

[CornwallRam]

1 hour ago, BuckoBeast said:

Does it matter who and how many people want to buy us? The Boro and Wycombe issue etc are preventing a preferred bidder being identified. The funds for us fulfilling the season will eventually run out and we’ll be liquidation. The MP update is awfully bleak and there is no way out. We are at the end, the debts we are in are the worse seen 

I could be wrong, but I think that Bolton had a bigger debt.

I think our issue is the complexity of our debt.

We owe about £8m to genuine football creditors - normally  clubs in financial difficulty don't buy expensive Polish internationals just before going pop, so that figure is high.

Then there's the c£29m to HMRC. In the past, that would have meant finding £7m. Now it means fighting a test case with a body who have spent a decade trying to get the right to claim 100%. Even if the admins or bidders negotiate a deal, it's time consuming and likely to be closer to £29m than £7m.

Next is the stadium. There's at least £20m (and I suspect another £5m post admin) secured against it which needs to paid or the loan taken over. The kicker there though, is that £20m (or £25m) wouldn't even necessarily buy you the stadium. Mel would effectively have to give it back for free - which he might, but it's another complication. Without the stadium sale and the MSD loan, Pride Park would be a club asset, so the whole deal would be pretty easy.

The final complication is the opportunistic sharks from Middlesbrough and Wycombe and they aren't even quantifiable liabilities.

I have some sympathy with Mel for the FFP stuff. It's a ridiculous situation that forces ambitious clubs to look for loopholes to compete with the parachute clubs. Yet, for him to walk away, having made everything complicated and unsustainable is unforgivable. 

 

 

 

 

[Ram-Alf]

Moved post to Relegation Watch

Edited January 29, 2022 by Unlucky Alf

[Rambalin]

6 minutes ago, G STAR RAM said:

Thank you, had not read that.

In which case the administrators need to weigh up the bids and decide which offers the best deal for the creditors, that is their job.

The best deal is governed by the EFL decisions it seems though they had a preffered bidder ready to announce until the EFL shifted the posts. The feeling is they are still the preffered bidder at this point if the judgment goes for us. 

[G STAR RAM]

Just now, Rambalin said:

The best deal is governed by the EFL decisions it seems though they had a preffered bidder ready to announce until the EFL shifted the posts. The feeling is they are still the preffered bidder at this point if the judgment goes for us. 

Well either the claims are successful, in which case I imagine we are out of business anyway, or they are not successful and away we go.

Surely the administrators should be proceeding with the second scenario in mind.

[G STAR RAM]

27 minutes ago, DavesaRam said:

Perhaps the main reason the administrators aren't in a position to name the PB is because the EFL won't let us. Remember 2 weeks ago we were bearing in on goal with the name of the PB in our hand when we suddenly found that the EFL had moved to goalposts. Does that statement mean the EFL are doing a Boris?

What goalposts have the EFL moved?

[StaffsRam]

It’ll be the Appleby bid that Q prefer won’t it? The Binnie bid low-balls it and avoids the stadium/MSD problem, and Ashley wants to pay Q less.