The Administration Thread

[CornwallRam]

7 hours ago, Sparkle said:

The EFL policy isn’t designed or even consider3d large debt hence why we will get shafted again before they revise it to potentially suit others 

How does anyone know?

I can't find it published anywhere.

So far I have gleaned:

Clubs aren't allowed to start 2 consecutive seasons in adminstration.

Clubs get a 12 point penalty for entering administration. 

Clubs get an enforced business plan, with a 3 point penalty for breaking it.

Clubs get some level of embargo whilst in administration. 

There's a 15 point penalty for exiting administration without paying 25% upfront or 35% over time to creditors. 

Failure to pay 100% to football creditors means expulsion from the league - only UK parties appear to be football creditors. 

The EFL can adjudicate on who a football creditor is.

Clubs have to agree to a 2 year business plan to exit administration compliantly.

 

Anyone know of any more bits of the policy?

 

[Oldben]

2 hours ago, kevinhectoring said:

I do say that. The open letter from MM to Gibbo got the ball rolling on a settlement and that process should have been initiated by Q in 2021. Couhig and Gibson both said no one made contact with them about the claims for months. Dealing with them should have been a priority
 

I don’t think your contention about the cram down holds water. @Oldbenposted a marketing circular by a law firm - from 2019 I believe - where they wrote about schemes of arrangement and how they work. The paper went on to say that where football creditors are concerned, schemes might  not provide a full solution because the compromise might contravene the FC rule. 
 

Q’s proposal was no different. 
 

None of us is in a position to say whether the EFl was wrong or right in its analysis. This is because it turns on the insolvency policy which we have not seen. But at best it was a grey area and Q needed to ensure EFL was onside with Q’s analysis well in advance of Q putting all their eggs in one basket (and telling Rooney he’d be able to sign players after the famous Thursday meeting with EFL). It was a train wreck of monumental proportions which demonstrated that Q and its advisers had not spotted the dangers outlined in the circular Oldben posted. 

I’m not saying at all that the EFL are blameless. They were weak in dealing with the Gibbo claim (and they are now paying the price). But their view on the cram down would simply have come from their legal team and it’s not a view anyone should have been surprised by. 

I wonder if what's usual applies here, the biggest issue is that a clubs never been placed in administration, owing what derby owes and I think not even close to the size of debt.

If Derby are liquidated, could mm be told that he can't be a company director.

That might influence mm decision to further help Derby?

https://www.burytimes.co.uk/news/20025886.bury-company-director-disqualified-168-000-owed-taxman/

 

[Elwood P Dowd]

Andy

@DERBY5HIRE

this is what I have: Q1 - there are 2 bids, at just below the threshold to secure "golden share" at 40 mil 1 UK 1 US, BUT! the bids are NOT enough to pay football creditors and HMRC. That's all I have, for now, no idea when admin will make formal announcement #dcfc

4:57 PM · Mar 29, 2022
 

it refreshing that Q can trust Andy to keep what he is told to himself and not share it on Social media??????

[alexxxxx]

Football creditors have to be paid, that's the absolute minimum to remain in the league. 

Hmrc need to be paid enough to accept. 

[CornwallRam]

3 hours ago, davenportram said:

Erm - the golden share is a red herring

 

1) exit Admin under an agreement that does not meet EFL minimum results in points deduction but the golden share is transferred

2) exit admin and meet EFL requirements golden share is transferred
 

if football creditors paid in full and HMRC and other creditors agree a payment plan for what’s left then golden share is transferred in either scenario.
 

There is no threshold for golden share transfer

 

Unfortunately Dav, I don't think you're correct on that.

The golden share is contingent on paying the football creditors 100%. The problem is that there is legally a queue of other creditors in front of them.

Quantuma and HMRC definitely come before them. Both MSD loans also do, but might have alternative security which could alter things.

If the bids don't satisfy the creditors that outrank the football creditors, then they haven't reached the threshold to retain the golden share.

That said, it's pretty much totally dependent on HMRC, and Quantuma already said that they won't agree to anything until they see speak to the preferred bidder...so Andy is definitely making it up.

[Van der MoodHoover]

11 hours ago, angieram said:

Thanks, Boycie. It's easy to miss the actual news in these threads amongst all this twaddle about grammar and the like! ?

If only I hadn't flounced out of the Daily Updates thread it would all have been in one place for people to read. ?‍♀️

Angie, Angie, start the flounce..... ?

[Steve How Hard?]

10 minutes ago, Van der MoodHoover said:

Angie, Angie, start the flounce..... ?

If you don't f$#*ing flounce

You're not a mod....

 

[PistoldPete]

14 minutes ago, CornwallRam said:

Unfortunately Dav, I don't think you're correct on that.

The golden share is contingent on paying the football creditors 100%. The problem is that there is legally a queue of other creditors in front of them.

Quantuma and HMRC definitely come before them. Both MSD loans also do, but might have alternative security which could alter things.

If the bids don't satisfy the creditors that outrank the football creditors, then they haven't reached the threshold to retain the golden share.

That said, it's pretty much totally dependent on HMRC, and Quantuma already said that they won't agree to anything until they see speak to the preferred bidder...so Andy is definitely making it up.

But if the fact is that football creditors are maybe only £4m it would seem pretty ridiculous that we are expelled from the League for not being able to pay £4m when there are said to be £40m bids on the table.   

[TuffLuff]

Here’s a thought, but it serves everything that’s possibly come outside these last few days.

The bids currently do fall below ‘the golden share’ (a phrase I hadn’t heard of until tonight btw), roughly £10 million below what is needed. Then Mel is offering to loan ‘the rest’ to essentially save the club. So Mel isn’t directly involved with a deal but, he kinda is?

I don’t know, that’s just some guesswork, but it connects a few dots that are about.

[Rev]

I do think @angieram should start posting in the Daily Updates thread again, even if that update is there's no update today, if that makes any sense.

There are members of the forum who sometimes miss nuanced, sarcastic and parody posts, myself included, who could do with a gold standard informative thread to reference just what's going on!

For instance, one particular poster used to do Tweets as if they were from Nixon, and they were so convincingly done I couldn't tell if they were genuine or not, bit in the paper tomorrow about that!

It's a time when we're living in a powderkeg, and giving off sparks, I'd like Angie's bucket of sand back, please?

A @Curtainsstyle video to finish the post seems appropriate.

 

 

[i-Ram]

1 minute ago, Rev said:

I do think @angieram should start posting in the Daily Updates thread again, even if that update is there's no update today, if that makes any sense.

There are members of the forum who sometimes miss nuanced, sarcastic and parody posts, myself included, who could do with a gold standard informative thread to reference just what's going on!

For instance, one particular poster used to do Tweets as if they were from Nixon, and they were so convincingly done I couldn't tell if they were genuine or not, bit in the paper tomorrow about that!

It's a time when we're living in a powderkeg, and giving off sparks, I'd like Angie's bucket of sand back, please?

A @Curtainsstyle video to finish the post seems appropriate.

 

 

Nice to have a bonnie Tyler on this thread for a change. Not that miserable fecker who always thinks the world is about to end.

[Rev]

Just now, i-Ram said:

Nice to have a bonnie Tyler on this thread for a change. Not that miserable fecker who always thinks the world is about to end.

He can't help it, he's holding out for a Hero.

[i-Ram]

2 minutes ago, Rev said:

He can't help it, he's holding out for a Hero.

This thread. It’s a heartache.

[Carl Sagan]

*still* waiting 

https://media.tenor.com/images/ce11e07edc7a70cec2068499040bac40/tenor.gif

Edited March 29, 2022 by Carl Sagan

[Grumpy Git]

I'd say our plight is less Golden Share and more Golden Shower.

[jimtastic56]

Watkins has his third goal for England tonight . We could of got him in 2018 from Exeter for £2 mill. He is now worth more than DCFC. Football is just crazy.

[Curtains]

[Woodley Ram]

22 minutes ago, jimtastic56 said:

Watkins has his third goal for England tonight . We could of got him in 2018 from Exeter for £2 mill. He is now worth more than DCFC. Football is just crazy.

Not according to the Administrators ??

Edited March 29, 2022 by Woodley Ram

[Rev]

50 minutes ago, i-Ram said:

This thread. It’s a heartache.

That's as maybe, but have you ever seen Lorraine? 

Apparently, she's pissed off on holiday with the keys to the ticket office.

[cstand]

56 minutes ago, i-Ram said:

This thread. It’s a heartache.