The Administration Thread

[atherstoneram]

2 minutes ago, hintonsboots said:

Quantuma HR department will be offering you a job.

No thank you, i couldn't deal with entitled fans who believe they have a right to know

[BramcoteRam84]

Surely now the panic about preferred bidders etc can be shelved at least for the time being. We’ve basically got until the end of season to get this sorted now and hopefully be on our way to exiting administration. The key is now to have enough clarity at least by the end of the season to enable Wayne to plan next season’s promotion to the premier league….

 

[Gritstone Tup]

10 minutes ago, atherstoneram said:

I don't see how the administrators could have thrown MM under the bus,as soon as he put the club in administration he relinquished all responsibility.

They could have said to the EFL “Mel Morris is in the past we will run the club differently and we want your help to move forward,” instead we’ve just carried on pissing everybody off as if Mel is still at the wheel.

[IslandExile]

3 minutes ago, BramcoteRam84 said:

Surely now the panic about preferred bidders etc can be shelved at least for the time being. We’ve basically got until the end of season to get this sorted now and hopefully be on our way to exiting administration. The key is now to have enough clarity at least by the end of the season to enable Wayne to plan next season’s promotion to the premier league….

 

It has not been said that we have the money to see the season out only that the Administrators forecast that they will have.

From the EFL statement:

"including their forecast which showed the Club has sufficient cash to trade until the end of the season."

[kevinhectoring]

27 minutes ago, Gritstone Tup said:

 

I’m in the dark on that as well Pete. My guess would be the admin gets paid in the way they’ve negotiated in their contract but it certainly looks like they’re being paid on the drip dosent it!?

They’ll be ok don’t you worry about that!

Q told us a couple of months ago that their fees were rolling up. They’ve been quiet on that recently so I’d think they have had some payment. Their fees will be based on hours engaged and agreed rates but certainly creditors can challenge the fees in court - and on exit I’d think the club can as well but not certain  

[Tamworthram]

31 minutes ago, Tyler Durden said:

Not if the offers aren't enough to satisfy the creditors?

I guess it’s a case of who blinks first, how much the bidders want the deal and what’s the maximum they’re prepared to go to.

As far as the creditors are concerned, they either reach an agreement and get some of their money back or allow the club to go into liquidation. If that happened, surely the unsecured creditors would end up with nothing. Is remaining in administration longer and trying to find a new bidder an option?

[Gaspode]

4 minutes ago, Gritstone Tup said:

They could have said to the EFL “Mel Morris is in the past we will run the club differently and we want your help to move forward,” instead we’ve just carried on pissing everybody off as if Mel is still at the wheel.

Or as is more likely, they’ve said something similar to what your suggest and then over time have found the EFL to be a bunch of intransigent, petty-minded shysters who say one thing and then do the opposite; who agree a way forward only to go back on their word; who leak like a sieve and are almost impossible to work with…..

[BramcoteRam84]

1 minute ago, IslandExile said:

It has not been said that we have the money to see the season out only that the Administrators forecast that they will have.

From the EFL statement:

"including their forecast which showed the Club has sufficient cash to trade until the end of the season."

I was obviously being tongue in cheek about planning for a premier league push, point is they are not kicking us out the league, the forecast will not be based on sand and therefore should give them the breathing space needed. We are not talking about a cliff edge now (although I’m not sure we were anyway) 

I fully expect we will have new owners before the start of next season hopefully sooner. 

[Ellafella]

Not being funny but Quantuma have this on <repeat loop> during office hours.

They want the Team to run out to this on Satdee before the Barnsley game. ?

Edited March 3, 2022 by Ellafella

[atherstoneram]

8 minutes ago, Tamworthram said:

I guess it’s a case of who blinks first, how much the bidders want the deal and what’s the maximum they’re prepared to go to.

As far as the creditors are concerned, they either reach an agreement and get some of their money back or allow the club to go into liquidation. If that happened, surely the unsecured creditors would end up with nothing. Is remaining in administration longer and trying to find a new bidder an option?

I think that could be the stalling point now,the administrators will know how much the creditors are willing to accept. The unsecured creditors are only going to get a few pence in the pound anyway.

[duncanjwitham]

If anyone’s got any queries about how the administrators are paid, there’s quite a detailed write-up here:

https://www.icaew.com/-/media/corporate/files/technical/insolvency/creditors-guides/2010/creditors-guide-to-administrators-fees-england-and-wales-apr-2010.ashx

there are a lot of checks and balances, and opportunities for creditors to dispute how much the admins are being paid, if they are unhappy about it.

[Tamworthram]

2 minutes ago, atherstoneram said:

I think that could be the stalling point now,the administrators will know how much the creditors are willing to accept. The unsecured creditors are only going to get a few pence in the pound anyway.

But my point was, if the offer is below what the creditors are “willing to accept” and we end up in liquidation, they’ll end up with next to zero. In liquidation, the assets available to unsecured creditors, add up to diddly squat don’t they? The creditors will not be happy but I’m sure they’ll realise that an offer of say 20p in the pound is better than they’ll get in liquidation.

As I say, I don’t know if staying in administration longer and trying to find another buyer is an option.

[atherstoneram]

1 minute ago, Tamworthram said:

But my point was, if the offer is below what the creditors are “willing to accept” and we end up in liquidation, they’ll end up with next to zero. In liquidation, the assets available to unsecured creditors, add up to diddly squat don’t they? The creditors will not be happy but I’m sure they’ll realise that an offer of say 20p in the pound is better than they’ll get in liquidation.

As I say, I don’t know if staying in administration longer and trying to find another buyer is an option.

There is no way HMRC will accept 20%. The unsecured creditors are going to end up with next to nothing anyway.

[The Scarlet Pimpernel]

Surely we have to be at a point where the administrators are able to say the minimum price required is £x and if no bid meets that figure by x date its liquidation. 

Edited March 3, 2022 by The Scarlet Pimpernel

[europia]

8 minutes ago, Tamworthram said:

But my point was, if the offer is below what the creditors are “willing to accept” and we end up in liquidation, they’ll end up with next to zero. In liquidation, the assets available to unsecured creditors, add up to diddly squat don’t they? The creditors will not be happy but I’m sure they’ll realise that an offer of say 20p in the pound is better than they’ll get in liquidation.

As I say, I don’t know if staying in administration longer and trying to find another buyer is an option.

Assuming none of the current (three ?)  interested parties are offering enough, and Quantuma can run the club on a shoestring till the end of the season.... then yes they should be actively looking to alternative investors. Someone with a bit of vision, and a lot of cash. 

[ThePrisoner]

1 hour ago, Kinder said:

Putin’s is definitely Kill ‘Em All.

Gibson’s is Master of Puppets

[Tamworthram]

4 minutes ago, europia said:

Assuming none of the current (three ?)  interested parties are offering enough, and Quantuma can run the club on a shoestring till the end of the season.... then yes they should be actively looking to alternative investors. Someone with a bit of vision, and a lot of cash. 

You have to wonder though if such a person, with possibly more money than sense that hasn’t come forward already, exists. 

[Hanny]

18 minutes ago, atherstoneram said:

There is no way HMRC will accept 20%. The unsecured creditors are going to end up with next to nothing anyway.

So you are saying HMRC will not accept 20% on principle. But they will accept 0% if the team gets liquidated? I’ve seen others say similar…I don’t get that thinking. 
 

Mels got the stadium. If Derby get liquidated…there’s nothing to sell to make close to the 20% you say they would refuse. ?‍♂️

[europia]

Just now, Tamworthram said:

You have to wonder though if such a person, with possibly more money than sense that hasn’t come forward already, exists. 

Probably not, but Quantuma are going to be paid a lot of money between now and the end of the season, so they might as well make some effort toward justifying their fees. 

[i-Ram]

28 minutes ago, duncanjwitham said:

If anyone’s got any queries about how the administrators are paid, there’s quite a detailed write-up here:

https://www.icaew.com/-/media/corporate/files/technical/insolvency/creditors-guides/2010/creditors-guide-to-administrators-fees-england-and-wales-apr-2010.ashx

there are a lot of checks and balances, and opportunities for creditors to dispute how much the admins are being paid, if they are unhappy about it.

Don’t go wasting your time giving them the opportunity to look at facts. Jesus man. They want access to pitchforks, megaphones, and banners! What do we want? Quantuma staff hanging from a lamppost! When do we want it? Now!!!