The Administration Thread

[kevinhectoring]

3 minutes ago, Brailsford Ram said:

In terms of the history of Derby County this analysis is quite worrying. Robert Maxwell's stakes in companies dwarfed anything that Chris Kirchner has so far acquired. Maxwell was much higher in the global 'big league' as you put it than CK and he too was backed by Goldman Sachs with loans of £50m. He moved in such grand circles that on the day he went overboard he was due to meet no other than the Governor of the Bank of England for 'a chat.' We all know what happened next. Derby County survived because fortunately Maxwell had moved on not long before due to the perceived abuse he had been subjected to from the Derby County fanbase remember the banner - 'Fat Cheques - Not Fat Czechs.' Fortuitously, all we lost was the £5m transfer money Liverpool paid for Mark Wright and Dean Saunders - Maxwell trousered it for himself.

I do wish you would stop coming up with these gems Kevin, they can be somewhat distressful.

This post is a wonderful example of a false syllogism 

[Guest]

3 minutes ago, kevinhectoring said:

This post is a wonderful example of a false syllogism 

And yours is yet another wonderful example of a sillyogism.

Edited April 7, 2022 by Brailsford Ram

[jono]

1 hour ago, Grumpy Git said:

I can see it playing-out now. EFL accept our plan to suspend the 15 point deduction based on paying 35% of non-football debts over two years.

We stay-up this year after Reading lose all their last six games and Derby pip them on GD for 21st spot.

The season after next, Rooney's Slync.io Rams buoyed by a fresh line-up of ex-internationals and aspiring youth, go on a storming run and at the final whistle on the last game of the season are firmly sat in second spot with a 14 point cushion over Everton in third.

10 minutes after the game Kieran Magiure spots an aritmetical error in Quantuma's "Great British Financial Plan", and it transpires that only 34.99% of the debts were cleared. EFL instantly deduct us 15 points and we lose both PO semi-finals 1-0 to Peterborough.

You forgot to mention, Peterborough’s winning goal was an OG in extra time and that Keogh had come back on a free in the January but slipped while trying to clear the ball off the line 

[Eatonram]

In October Kirchner stated, and I paraphrase "I am not a Billionaire, I'm not sure this matters, however the Admins are very dilligent and just to get to this stage I had to prove funds of £100m in liquidity"

Now of course it may just be a big con and the administrators have had the wool pulled over their eyes.....but I doubt that.

[Ghost of Clough]

2 hours ago, duncanjwitham said:

My understanding is that there would be an agreement as to how all the debt is being handled, at the point we exit admin.  We'd know if we are going to be paying 25% now, 35% later or neither. I don't see how we get to 2 years down the line and randomly decide to chuck a bit more at HMRC out of the goodness of our hearts.

Sort of. If we agree to pay it but then don't, we would be due a penalty.

The EFL have the power to decide whether it will be the season that occurred in, or the following one.

[duncanjwitham]

4 minutes ago, Ghost of Clough said:

Sort of. If we agree to pay it but then don't, we would be due a penalty.

The EFL have the power to decide whether it will be the season that occurred in, or the following one.

Yeah, I said as much in a subsequent post. But I don’t believe what Kieran Maguire is saying is correct - that if we don’t pay 25% up front (or agree 35% over time), the points deduction would be delayed for 2 years in case we decided to pay it off later.

[Turk Thrust]

35 minutes ago, nogbad van 50 said:

There you go Col
 

“Implications for creditors

Under the new rules, unsecured creditors must receive a minimum of:

25p in the pound, paid on takeover of the clubs’ assets by the purchaser, or

35p in the pound, paid within three years.

Failure to meet this requirement will result in a further 15-point penalty the following season.

Whilst unsecured creditors will welcome this measure, it may put off would-be purchasers. It is also currently unclear how this minimum repayment rule will relate to the ‘prescribed part’ – the ring fenced fund set aside for unsecured creditors of any company out of the net floating charge realisations.

Creditors will also welcome the abolition of the requirement to exit administration by Company Voluntary Arrangement (CVA). Instead, the club’s share in The Football League may now pass to the purchaser, subject to certain requirements. This certainty of continuation in the league should reduce the insolvency period and the associated costs. It should also deliver a better overall return for creditors by increasing the number of potential purchasers, rather than a CVA process largely controlled by the club’s previous owners.

The controversial ‘Football Creditors Rule’ remains unchanged, despite running contrary to normal principles of insolvency law, including the pari
passu rule that all unsecured creditors should be paid an equal percentage of their debt. The Football Creditors Rule bypasses the statutory order of priority by requiring full repayment of debts to clubs and players for transfers and wages, before any other unsecured creditors.  The justification for the rule is that it ensures the continuation of business in league football.  Other creditors will, however, take some comfort from the new minimum returns required for unsecured creditors.”

Got it. Thanks Rich.

[Wolfie]

Oh lordy it's going to be a very long "quiet few weeks" until the deal is done, if the current endless speculation about CK's funding so far is anything to go by.

[RoyMac5]

 

[PistoldPete]

Wasn't there an EFL Board meeting today? So expect something from John Percy anytime now.

[Sparkle]

3 hours ago, Turk Thrust said:

Is this correct? No one seems to have picked up on it. I haven’t heard of this before. Anyone checked the rules?

EFL rules are guidelines and EFL guidelines are rules - once you understand this you will know that the EFL does what it wants when it wants and you have to accept it or face years of punishment either justified or not. 

[Carnero]

https://gulfnews-com.cdn.ampproject.org/c/s/gulfnews.com/amp/sport/golf-in-uae/local/slyncio-delivers-big-style-on-the-demands-of-hosting-dubai-desert-classic-1.85324254

[Turk Thrust]

2 hours ago, kevinhectoring said:

Bamboozled us they have. They have given CK exclusivity and given away their right to speak to other bidders because they put themselves under pressure to name a ‘preferred bidder’.  Eggs in one basket, element of competition discarded. And they seem to have got nothing in return. They have given him an option on the club !! 
WHAT HAVE THEY BEEN DOING FOR 7 MONTHS ? 

 

You don’t know. I don’t know. None of us know what has happened in the last few months. We don’t know the issues that have surfaced, the challenges that have had to be dealt with, the countless underlying problems, the complexities, the meetings, the negotiations that have taken place. 

[alexxxxx]

I'm not totally sold on this guy but if we can field a team come August then I'll be satisfied. I suppose he has some more funding behind this than his own personal funding.

I do have questions over his conduct.. I would much prefer an Appleby led consortium but can't see that happening now.

[Woodley Ram]

34 minutes ago, RoyMac5 said:

 

That would be some from Burnley then? That's close to Preston. I think Mr Maguire is spot on when it comes to accounting, maybe he should stick to that?? 

[curb]

2 hours ago, Gee SCREAMER !! said:

I think without getting into the nitty gritty of his incoming and outgoings, seeing a gross profit within the public domain that would equate to the management of accrued debt and the covering of some nice loan fees and free transfer wages for at least 15 players going forward would help everyone relax about us not being in the same scenario in 2 years. 

I'll get the answer if we get more points deducted to be honest.

If we get more points deducted it means he’s got the club at the lowest price possible, it doesn’t mean he hasn’t got the means to fund a rebuild program, it might even mean he’s got more to spend on rebuilding because some of the money hasn’t been spent on paying off MM’s debts.

[curb]

1 minute ago, Woodley Ram said:

That would be some from Burnley then? That's close to Preston. I think Mr Maguire is spot on when it comes to accounting, maybe he should stick to that?? 

“Sources close to Preston, and I’ll go no further than that”

 

He’s not going to Blackpool, then.  ?

[PistoldPete]

5 minutes ago, Woodley Ram said:

That would be some from Burnley then? That's close to Preston. I think Mr Maguire is spot on when it comes to accounting, maybe he should stick to that?? 

Sources close to Preston? Ridsdale? He is very astute when it comes to money you know. 

Edited April 7, 2022 by PistoldPete

[Chester40]

52 minutes ago, RoyMac5 said:

 

Dumped girlfriend says her ex's new girlfriend may be slimmer but she doesn't care cos her ex has a very small package.

What a surprise.

Edited April 7, 2022 by Chester40

[Ram-Alf]

1 hour ago, Brailsford Ram said:

In terms of the history of Derby County this analysis is quite worrying. Robert Maxwell's stakes in companies dwarfed anything that Chris Kirchner has so far acquired. Maxwell was much higher in the global 'big league' as you put it than CK and he too was backed by Goldman Sachs with loans of £50m. He moved in such grand circles that on the day he went overboard he was due to meet no other than the Governor of the Bank of England for 'a chat.' We all know what happened next. Derby County survived because fortunately Maxwell had moved on not long before due to the perceived abuse he had been subjected to from the Derby County fanbase remember the banner - 'Fat Cheques - Not Fat Czechs.' Fortuitously, all we lost was the £5m transfer money Liverpool paid for Mark Wright and Dean Saunders - Maxwell trousered it for himself.

I do wish you would stop coming up with these gems Kevin, they can be somewhat distressful for us senior citizens.

Rumour has it the chat was in a submarine in the Mediterranean Sea, Unfortunately Uncle Bob forgot to put on his diving suit.

Kevin and Ian were at a property and were being hounded by the press, One day there was a knock on their door, One of the Brothers tells the people knocking on the door to duck off or I'll call the Police...the response was...we are the Police ?